The Virginia Precious Metal Dealer Bond is required for those who would like to obtain a permit as a dealer of precious gems and metals in the state. A dealer, as defined in the Virginia Administrative Code, is any person engaged in the purchasing of secondhand precious metals or gems, removing in any manner precious metals or gems from manufactured articles not then owned by such person or buying, acquiring or selling precious metals or gems removed from such manufactured articles.
What is the purpose of a Virginia Precious Metal Dealer Bond?
Unlike insurance, the bond is in place to protect the public from you. If there is a claim placed on your bond and you are found at fault the surety company will issue a payout, however, you will have to pay them back. The amount of the surety bond must be in the penal sum of $25,000 and must be issued by a surety company licensed to do business in the state of Virginia.
How do I get a Virginia Precious Metal Dealer Bond?
Complete our easy to navigate online application. Within one business day, one of our licensed agents will contact you with a no-obligation quote for your bond (the “premium”). Once any necessary paperwork is signed and the premium payment is processed, your surety bond will be shipped to you via USPS Priority Mail (overnight shipping options also available).
The surety bond experts at Surety1 are here to help you get bonded quickly and reliably. We work with over a dozen “A” rated surety markets to ensure we find you the lowest rate for your bond. We are also licensed in all 50 states and maintain an A+ rating by the Better Business Bureau.