As used in this chapter, the following terms shall have the meanings indicated:
A person who, for compensation or valuable consideration, is employed either directly or indirectly by a dealer.
Any person, corporation, partnership, or association which, in whole or in part, engages in the ordinary course of repeated and recurrent transactions of buying or receiving precious items from the public within this state.
Elemental gold having an atomic weight of 196.967 and the chemical element symbol of Au, whether found by itself or in combination with its alloys or any other metal.
An ornamental item made of a material that includes a precious gem or coins made into jewelry.
The police agency of the City of Royal Oak.
Elemental platinum having an atomic weight of 195.09 and the chemical element symbol of Pt, whether found by itself or in combination with its alloys or any other metal.
A diamond, alexandrite, ruby, sapphire, opal, amethyst, emerald, aquamarine, morganite, garnet, jadeite, topaz, tourmaline or pearl.
Jewelry, a precious gem, or an item containing gold, silver or platinum. "Precious" item does not include the following:
Coins, commemorative medals, and tokens struck by, or in behalf of, a government or private mint.
Bullion bars and discs of the type traded by banks and commodity exchanges.
Items at the time they are purchased directly from a dealer registered under this Act,[1] a manufacturer, or a wholesaler who purchased them directly from a manufacturer.
Industrial machinery or equipment.
An item being returned to or exchanged at the dealer where the item was purchased and which is accompanied by a valid sales receipt.
An item which is received for alteration, redesign, or repair in a manner that does not substantially change its use and returned directly to the customer.
An item which does not have a jeweler's identifying mark or a serial mark and which the dealer purchases for less than $5.
Scrap metal which contains incidental traces of gold, silver, or platinum which are recoverable as a by-product.
Jewelry which a customer trades for other jewelry having a greater value, and which difference in value is paid by the customer.
Elemental silver having an atomic weight of 107.869 and the chemical element symbol of Ag, whether found by itself or in combination with its alloys or any other metal.
[1]
Editor's Note: See MCLA § 445.481 et seq., the Precious Metal and Gem Dealer Act.
