§ 15-16. Definitions.

For the purposes of this article, the following definitions shall apply:

Coin means any piece of gold, silver or other metal fashioned into a prescribed shape, weight and degree of fineness, stamped by authority of a government with certain marks and devices, and having a certain fixed value as money.

Dealer means any person engaged in the business of purchasing secondhand precious metals or gems, removing in any manner precious metals or gems from manufactured articles not then owned by such person or buying, acquiring or selling precious metals or gems removed from such manufactured articles. "Dealer" shall mean any employer or principal on whose behalf a purchase is made and any employee or agent who makes any such purchase for or on behalf of his employer or principal. This definition shall not be construed so as to include persons engaged in the following:

(1)

Purchases of precious metals or gems directly from other dealers, manufacturers or wholesalers for retail or wholesale inventories, provided the selling dealer has complied with the provisions of this chapter.

(2)

Purchases of precious metals or gems from a duly qualified fiduciary who is disposing of the assets of the estate being administered by such fiduciary in the administration of an estate.

(3)

Acceptance by a retail merchant of trade-in merchandise previously sold by such retail merchant to the person presenting that merchandise for trade-in.

(4)

Repairing, restoring or designing jewelry by a retail merchant, if such activities are within his normal course of business.

(5)

Purchases of precious metals or gems by industrial refiners and manufacturers, insofar as such purchases are made directly from retail merchants, wholesalers or dealers or by mail originating outside this state.

(6)

Persons regularly engaged in the business of purchasing and processing nonprecious scrap metals which incidentally may contain traces of precious metals recoverable as a by-product.

Gems means any item containing precious or semiprecious stones customarily used in jewelry.

Precious metals means any item, except coins, composed in whole or in part of gold, silver, platinum or platinum alloys.

State Law reference— Similar provisions, Code of Virginia, § 54.1-4100.

State law reference

Similar provisions, Code of Virginia, § 54.1-4100.