Ohio Department of Commerce Reminds Ohioans to Only Work with Licensed Precious Metal Dealers

Article presented by Classic Brands …

COLUMBUS — As the weather warms up and Ohioans plan to enjoy community events such as fairs, flea markets and trade shows, the Ohio Department of Commerce Division of Financial Institutions is sharing important reminders before you engage with anyone who buys or sells precious metals. Whether individuals or businesses, anyone who is engaged in the purchasing of gold, silver, platinum, gemstones, or other precious metals from the public must be properly licensed with the state.

Under Ohio law, a “precious metal dealer” is any person or business that buys these items from the public. State law requires all such dealers to obtain a precious metal dealer’s license from the Division before beginning operations. Individuals or businesses who already hold a valid Ohio pawnbroker license are not required to obtain an additional precious metal dealer’s license.

In addition, any entities that plan to operate anywhere other than their primary brick‑and‑mortar business location, such as at a festival, hotel event or other temporary venue, must secure a Temporary Exhibition License for each event they plan on attending. This license is required in addition to the standard precious metal dealer’s license and must be approved by the Division before the dealer is able to conduct business at the temporary site. Only licensed precious metal dealers are eligible to apply for a Temporary Exhibition License, and operating as a precious metal dealer without the required license is a violation of Ohio law and may result in fines or criminal prosecution.

Division Interim Superintendent Ingrid White says these laws are in place to ensure consumer protection, especially in the event Ohioans consider selling precious metals for extra cash or they plan on purchasing these metals due to recent upward trends regarding prices.

“Ohioans deserve to know they are dealing with reputable and qualified professionals when selling their precious metals. Licensing allows us to ensure that dealers are operating fairly, transparently, and in accordance with Ohio law,” White said. “Whether you are a business owner or a consumer, it’s vital that you always confirm that a precious metal dealer is properly licensed before engaging in any transaction.”

The following are signs that a precious metals dealer may not be licensed:

• No license number or proof of licensing when asked
• Won’t show ID, credentials, or business documentation
• Uses high‑pressure sales tactics
• Avoids ID checks or doesn’t provide receipts/records
• Offers testing or weighing that is rushed or done out of view
• Insists on cash‑only transactions
• Products look counterfeit, low‑quality, or improperly packaged

Consumers can search for and confirm a dealer’s license through the NMLS Consumer Access Database available on the Ohio Department of Commerce website. Ohioans who have concerns over any individuals or entities they’ve encountered should contact the Division at 614-728-8400. Individuals are also encouraged to vet precious metals dealers with the Better Business Bureau.