Virginia Precious Metal and Gem Dealer Bond
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What Are Virginia Precious Metals and Gems Dealer Bonds?
Virginia precious metals and gems dealer bonds ensure that dealers follow government regulations and operate honestly. They protect government entities and consumers from financial harm if a gems dealer is fraudulent or noncompliant with licensing laws.
How Much Do Precious Metals and Gems Dealer Bonds Cost in Virginia?
All Virginia precious metals and gems dealer bonds cost a flat rate of $100. No application or credit check is required. Most bonds are also eligible for a 25% multi-year discount if you select an extended term. Select the bond you need below to buy your bond instantly online.
SuretyBonds.com does not charge any additional brokerage fees.
Who Needs a Precious Metals and Gems Dealer Bond in Virginia?
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.
The Commonwealth of Virginia requires precious metal and gem dealers to post $10,000 surety bonds to legally work within the state. Additionally, certain cities and counties in Virginia have separate surety bond requirements for precious metals and gems dealers:
- City of Roanoke Precious Metals Dealers Bond
- Henrico County Precious Metal and Gem Dealer Bond
- Town of South Boston Precious Metals Dealer License
How Do Precious Metals and Gems Dealer Bonds Work?
Virginia precious metal and gem dealer bonds ensure that dealers comply with all provisions of Chapter 41 of the Code of Virginia. If the principal violates the terms of their bond agreement and a consumer is financially harmed as a result, the surety will pay for all damages up to the full bond amount.
How Do I Apply for a Virginia Gems Dealer Bond?
With SuretyBonds.com, you can get your Virginia precious metals and gems dealer bond in minutes:
- Select the bond you need.
- Checkout instantly online.
- Receive your bond documentation via email.
Once you receive your bond, file it with the governing licensing agency to become officially bonded.
How to Become a Precious Metals Dealer in Virginia
You must apply for a permit before dealing precious metals and gems in any Virginia city, county or town. Submit an application form to the proper chief law enforcement officer, with fingerprints and a $200 application fee included. You’ll need to have all weighing devices to be used in the business inspected by an official and provide written approval.
Specific license and bond requirements vary by location. Check with your local licensing and permitting office to determine what you need.
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