A precious metal license is required when any precious metal dealer engages in the business of buying secondhand items containing precious metals. A precious metal dealer license shall authorize the precious metal dealer to transact business only at the location or locations designated in the license.
A precious metal dealer is defined as any natural person, partnership, or corporation, either as principal or agent engaging in the business of buying secondhand items containing precious metal, including, but not limited to jewelry, watches, eating utensils, candlesticks, and religious and decorative objects.
“Precious metals” are defined as silver, gold and platinum. This includes pawn shops, coin dealers and some jewelry stores. Items containing precious metal means an item made in whole or in part of metal and containing more than one percent by weight of silver, gold or platinum.
How to Apply
The licenses are valid one year from the date of issuance and the fee is $55.00 (Make check payable to “Dakota County”). Both forms below must be included for the application process and mailed to:
Dakota County PS&R
Attn: Shari
1590 Highway 55
Hastings, MN 55033
Applications
Required Holding PeriodEvery precious metal dealer shall keep in possession at the dealer’s business location or other location within the licensing county from the time of the transaction or as close thereto as possible, for a period of no less than 14 days, every secondhand item containing precious metal purchased by the dealer unless the item is purchased or consigned from another dealer licensed under State Statute 325F.733. The item shall not be altered at the time of sale and shall remain unaltered during the required holding period.
For more information, see Minnesota State Statutes
325F.731 - 325F.739.