When is a dealer in precious metals and stones subject to the obligations?
As a dealer in precious metals and stones, you are subject to the obligations explained in this guideline if you ever engage in the purchase or sale of precious metals, precious stones or jewellery in an amount of $10,000 or more in a single transaction. In other words, you are not subject to these requirements if you engage only in purchases or sales of less than $10,000 per transaction. Once you engage in such a transaction of $10,000 or more, whether it is a purchase for inventory, a sale to a client or another type of transaction, the requirements explained in this guideline apply to you from the day of that purchase, sale or transaction and for the future. If you are an agent of the Crown (i.e., a government department or an agent of her Majesty in right of Canada or of a province), you are considered to be a dealer in precious metals and stones effective December 30, 2008, if you sell precious metals to the public in an amount of $10,000 or more in a single transaction. Examples
