(1) As used in this chapter, the following words and phrases have the meanings ascribed in this section unless the context clearly indicates otherwise:

(a) “Dealer” means any person, corporation or partnership that engages in the business of purchasing precious items for the purpose of reselling such items in any form. The term “dealer” does not include a manufacturer, retail merchant, pawnbroker licensed under the Mississippi Pawnshop Act (Article 7, Chapter 67, Title 75, Mississippi Code of 1972) or person in the wholesale business, nor does it include any person who purchases precious items at a social gathering in a private residence.

(b) “Local law enforcement agency” means the chief of police for businesses located within the jurisdiction of a municipality and the county sheriff for businesses located outside the jurisdiction of a municipality.

(c) “Permanent place of business” means a fixed premises either owned by the dealer or leased by the dealer for at least one (1) year.

(d) “Precious item” means any of the following:

(i) An article made, in whole or in part, of gold, silver or platinum.

(ii) Precious or semiprecious stones or pearls, whether mounted or unmounted.

(e) “Purchase” means the acquisition of a precious item or items for a consideration of cash, goods or another precious item.

(2) This chapter shall not apply to any person who purchases precious items from a retail merchant, pawnbroker licensed under the Mississippi Pawnshop Act, manufacturer or wholesale dealer, nor does it apply to any person who purchases precious items at a social gathering in a private residence.

(3) For purposes of this section, the term “private residence” means a separate dwelling or a separate apartment in a multiple dwelling, which is occupied by members of a single-family unit.