For the purpose of this chapter, the following definitions shall apply unless the context clearly indicates or requires a different meaning.
BULLION. Gold, silver or platinum at a level of purity above 80%, in the form of a bar or coin, and used only for investment purposes.
COIN. A small piece of metal, usually flat and circular, authorized by a government for use as money or created by a public or private entity for commemorative, collectible or investment purposes.
INVESTMENT GRADE METAL DEALER. Any person or business engaged in the practice of purchasing, trading for or otherwise acquiring pre-owned coins or bullion to resell, hold as collateral for a loan, or otherwise make a profit. The person or business must not exclusively engage in the practice of buying and/or selling coins or bullion to be an INVESTMENT GRADE METAL DEALER. A bank is not an INVESTMENT GRADE METAL DEALER.
JEWELRY. An object designed for the adornment of the body, usually made of gold, silver, platinum or other metals, often with precious or semiprecious stones or such organic substances as pearls, coral and amber. Examples of JEWELRY would include, but not be limited to rings, necklaces, watches, earrings and bracelets. If JEWELRY contains any amount of gold, silver or platinum, it is also a precious metal as defined below. Coins and bullion are not JEWELRY for the purpose of this chapter.
PRECIOUS METALS. Any amount of gold, silver or platinum. This includes any amount of gold, silver or platinum mixed with or attached to any other substance(s). Coins and bullion are not PRECIOUS METALS for the purpose of this chapter.
SECONDARY JEWELRY OR PRECIOUS METAL DEALER. Any person or business engaged in the practice of purchasing, trading for, or otherwise acquiring pre-owned jewelry or precious metals to resell, hold as collateral for a loan, or otherwise make a profit. The person or business must not exclusively engage in any of these practices to be a secondary jewelry or precious metal dealer.
(Ord. 2013-1, passed 3-24-2013)