Florida Gold Buying Bill Passes Senate

A new bill that would make mail-in gold buyers follow some of the same rules as brick and mortar jewelers has passed the Florida State Senate–and its backers are optimistic about full passage.
The law is supported by many of the big mail-in gold buying companies–including Cash4Gold and Goldgiant, both based on Florida, according to Ashley Ligas, legislative aide to Senator Dan Gelber (D-Miami Beach), who sponsored the bill.
“A lot of these businesses wanted guidelines on what they were doing,” Ligas says. She notes there is currently a companion bill in the Florida House.”
Gelber’s bill would require Internet gold buying companies to obtain driver’s license numbers from sellers, hold items for ten days before melting them down, and photograph the jewelry they buy and share that database with police.
Ligas noted there are still differences between the requirements for on-line and store-based businesses. “Requiring fingerprinting can work for face to face business but with online based business it is a little more difficult,” she noted. She added said one innovative requirement of the new legislation is it lets the companies post their jewelry in an online database that can be accessed by law enforcement.
Meanwhile, Florida jewelers expressed support for the legislation. “It should be a fair playing field,” says Ray Arnold, Arnold’s Jewelers, Largo, Fla. “If you are a legitimate business that is paying taxes and has a storefront, why should you have to fill out forms and some Internet company not have to?”