For the purposes of this chapter, unless the context requires
a different meaning:
COIN
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
A.
Any person, firm, partnership, or corporation 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 the person, firm, partnership, or corporation; or buying,
acquiring, or selling precious metals or gems removed from manufactured
articles. "Dealer" includes all employers and principals on whose
behalf a purchase is made, and any employee or agent who makes any
purchase for or on behalf of his employer or principal.
B.
The definition of "dealer" shall not 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 that the selling dealer has complied with the provisions
of this chapter.
(2)
Purchases of precious metals or gems from a qualified fiduciary
who is disposing of the assets of an estate being administered by
the fiduciary.
(3)
Acceptance by a retail merchant of trade-in merchandise previously
sold by the 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, dealers, or by mail originating outside
the commonwealth.
(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
Any item containing precious or semiprecious stones customarily
used in jewelry.
PRECIOUS METALS
Any item except coins composed in whole or in part of gold,
silver, platinum, or platinum alloys.
Each dealer shall maintain for at least 24 months an accurate and legible record of the name and address of the person, firm, or corporation to which he sells any precious metal or gem in its original form after the waiting period required by §
115-4. This record shall also show the name and address of the seller from whom the dealer purchased the item.