54.1-4100 - Definitions. - Virginia Statutes

§ 54.1-4100. Definitions.

For the purposes of this chapter, unless the context requires a differentmeaning:

"Coin" means any piece of gold, silver or other metal fashioned into aprescribed shape, weight and degree of fineness, stamped by authority of agovernment with certain marks and devices, and having a certain fixed valueas money.

"Dealer" means any person, firm, partnership, or corporation engaged in thebusiness of (i) purchasing secondhand precious metals or gems; (ii) removingin any manner precious metals or gems from manufactured articles not thenowned by the person, firm, partnership, or corporation; or (iii) buying,acquiring, or selling precious metals or gems removed from manufacturedarticles. "Dealer" includes all employers and principals on whose behalf apurchase is made, and any employee or agent who makes any purchase for or onbehalf of his employer or principal.

The definition of "dealer" shall not include persons engaged in thefollowing:

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

2. Purchases of precious metals or gems from a qualified fiduciary who isdisposing of the assets of an estate being administered by the fiduciary.

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

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

5. Purchases of precious metals or gems by industrial refiners andmanufacturers, insofar as such purchases are made directly from retailmerchants, wholesalers, dealers, or by mail originating outside theCommonwealth.

6. Persons regularly engaged in the business of purchasing and processingnonprecious scrap metals which incidentally may contain traces of preciousmetals recoverable as a by-product.

"Gems" means any item containing precious or semiprecious stonescustomarily used in jewelry.

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

(1981, c. 581, § 54-859.15; 1988, c. 765.)