How much does a precious metal and gem dealer bond cost in Virginia?
The Commonwealth of Virginia requires precious metal and gem dealers to post $10,000 surety bonds to legally work within the state.
SuretyBonds.com issues these bonds instantly for just $100! No credit check is required, so all applicants pay this low rate. Get bonded now!
|Bond Type||Bond Amount||Cost*|
|$10,000 Precious Metal and Gem Dealer's Bond||$10,000||$100||Buy Now|
Don’t wait to get bonded! SuretyBonds.com issues these bonds in just 5 minutes. Call 1 (800) 308-4358 or click here to get the bond you need.
Why do I need this bond?
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. Requirements under this code include the following:
- Having his or her scales inspected by the Virginia Department of Agriculture and Consumer Services
- Holding all purchases within the jurisdiction of sale for 15 days following the sale for police inspection
- Conducting business only from the permanent location listed on the business license and permit applications
Prohibited acts under this bond include the following:
- Selling, trading or disposing of items already included in a dealer purchase
- Changing, cutting or melting items already involved in a dealer purchase
- Removing items from the licensed premises or other locations specified on the application
- Purchasing items from any juvenile under 18 years of age
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. The dealer, in turn, must reimburse the surety for damages paid out.
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.
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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