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Precious Metal and Gem Dealers

STATUTES & RULES:  Title 59 O.S. §§ 1521-1532 - Oklahoma Precious Metal and Gem Dealer Licensing Act

Oklahoma Administrative Code: Title 160, Chapters 1,3,5 and 60 (Click link and select "VIEW CODE", then Title 160 Department of Consumer Credit)

DESCRIPTION: This license allows a business which has a permanent location in Oklahoma to take, receive, or transfer USED precious metals or gems in the course of business. Precious metals are Platinum, Gold, or Silver, but not in the form of coins. Gems are precious stones or items containing precious stones. The licensee can conduct business only at the location listed on the license.

TIME FRAME TO ISSUE: The approval process requires up to 60 days to complete.

FEES: The fees for this license include: a $425.00  investigation fee, a $400.00 inspection fee, and a $300.00 license fee for a total of $1125.00.

LICENSING PERIOD: This license is valid for one year, beginning on January 1st.

LICENSING RENEWAL: This license may be renewed by submitting renewal documentation before December 1st each year.

PREREQUISITES: The business must have a $10,000.00 bond at the time of application, and a full set of fingerprints and photograph of each owner or officer of the company.