§ 563-39. Methods of purchase.

A. 

An establishment may either purchase precious metals or gems by weight or may purchase precious metals or gems without weight, depending upon the individual object. A licensee must prominently display a sign which will notify customers of which method of purchase is utilized.

B. 

Purchase by weight. In order to advertise that a precious metal and gem exchange establishment purchases precious metals or gems by weight, the establishment must have scales which are approved, tested and sealed by the Office of Consumer Affairs of Suffolk County. All sales must be by pennyweight, and if the establishment purchases a precious metal or gem by weight, the seller must be told the weight (in pennyweights) and the price per pennyweight. In addition, if an establishment is buying precious metals or gems by weight, the establishment must post the current price paid, per pennyweight, based on purity; and such signs shall be clear, conspicuous and located in close proximity to, and where they are readily visible from, the scale used for such sales.

C. 

Purchase not by weight. If a precious metal and gem exchange establishment does not utilize a scale, it must display a sign stating that precious metals or gems are not purchased by weight.

D. 

Nothing in this section, however, shall prohibit an establishment which purchases by weight from purchasing an object for more than its value based upon its weight.

Amended 11-25-1980 by L.L. No. 28-1980; 2-9-1982 by L.L. No. 5-1982; 12-17-2002 by L.L. No. 4-2003; 6-10-2003 by L.L. No. 21-2003; 5-12-2009 by L.L. No. 18-2009