Virginia Precious Metal and Gem Dealer Bond
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How much does a $10,000 precious metal and gem dealer bond cost in Virginia?
Virginia precious metal dealer and gem dealer surety bonds cost $100 and are issued instantly. Click Buy Now to purchase your bond online using our secure bond checkout. It only takes a few minutes to be on your way to getting bonded as a precious metal and gem dealer in Virginia.
Why do I need this bond?
The Commonwealth of Virginia requires precious metal and gem dealers to post $10,000 surety bonds to legally work within the state.
Title 54.1, Chapter 41 of the Code of Virginia defines “gems” as any item containing precious or semiprecious stones customarily used in jewelry. “Precious metals” refer to any items other than coins that are composed in whole or in part of gold, silver, platinum or platinum alloys.
Virginia precious metal and gem dealer bonds ensure that principals (precious metal and/or gem dealers) comply with all provisions of Chapter 23.2 of the Code of Virginia.
If the principal violates the terms of his or her bond agreement and a consumer is financially harmed as a result, the surety will pay for all damages up to the full bond amount.
What’s the fine print?
Precious metal and gem dealer bonds in Virginia remain in full force and effect until violated by the principal or canceled by the surety. To cancel the bond, the surety or the principal must provide written notice to the other party and to the Virginia Beach Commonwealth’s Attorney 30 days prior to the effective date of termination.
How to become a precious metal and gem dealer in Virginia
According to Section 4106 of Chapter 54.1 of the Code of Virginia, “If any county, city, or town has an ordinance which regulates the purchase and sale of precious metals and gems pursuant to Section 54.1-4111, such bond or letter of credit shall be executed in favor of the local governing body.” This means that the bond forms for Virginia precious metal and gem dealer’s surety bonds are available through the dealer’s specific location, and licensing requirements vary from county to county.
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Chapter 5.20 Precious Metals and Gems and Pawnbrokers
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