Jewelry Purchase Reporting Requirements
Does purchasing our jewelry trigger a report to FinCEN or any other government entity?
No. We are not a dealer of precious metals, so we do not need to develop or implement a written anti-money laundering program according to FinCEN. Other than purchases with greater than $10,000 in cash, there is no trigger or reporting or tracking requirement we must follow according to the U.S. Law, as we are a retailer of jewelry whose sales are primarily to the public, and we do not buy more than $50,000 in gold from the public … we buy our gold from a private dealer. See 31 C.F.R. § 1027.100. Keep in mind, we can take gold from private parties and turn it into jewelry as long as they understand we cannot provide funds for their gold … only credit towards their purchase (some people want to give us their gold bars to turn into jewelry … that is fine, but we cannot give you any cash back in the process). So the public can give us their bullion to turn into jewelry without causing us to lose our “retail” status according to the law … which we do not want to do, as we do not want to deal with any reporting requirements and support our customers’ privacy as well as our own. See 31 C.F.R. § 1027.100
24k gold | .9999 fine gold | Tips
Made in the Melting Pot of America with Family Values 🍀👍
