It shall be the duty of each precious metal dealer to retain each and every item containing a precious metal purchased secondhand by him or her in the same state or condition in which it was received, at the place of business where purchased, for a period of not less than ten complete working days, which time period shall begin to run on the first working day following transfer of the duplicate record of the transaction to the Police Department. Furthermore, the article may not be resold, exchanged, altered or otherwise disposed of during the ten-day retention period.