Buying gold in Providence, RI
Rhode Island does not charge sales tax on qualifying gold bullion and coins. Jewelry is taxed at the 7% state rate plus any local tax. The combined state and local sales tax rate in Providence is about 7%.
Gold has one national spot price in US dollars: the prices on this page are the same as on the gold price in the United States page. What differs in Providence is tax, explained below and on the Rhode Island page.
Sales tax on gold in Providence
Not on investment bullion. Precious metal bullion and investment/legal-tender coins are exempt (R.I. Gen. Laws 44-18-30). Paper currency, tokens and medals, copper items and jewelry are taxed at 7%. The combined state and local rate is about 7% here.
Full state rules: gold price and tax in Rhode Island.
Tax when you sell gold in Rhode Island
Profits on gold are generally taxed by Rhode Island like other investment gains, under its income tax rules. At the federal level, the IRS treats bullion and most gold coins as collectibles: long-term gains (assets held more than a year) are taxed at your ordinary rate, capped at 28%, and short-term gains as ordinary income.
Selling gold or gold jewelry to a dealer in Rhode Island
- License: A license from the Rhode Island Attorney General is required to buy precious metals (R.I. Gen. Laws 6-11.1-1, 6-11.1-2). Sworn application; the AG may require an NCIC check or fingerprint-based national background check. Fees: $50 investigation fee, $50 a year, plus $50 a year per branch (from 2013). The AG's Precious Metals Regulatory Enforcement Unit rules are at 110-RICR-20-00-1.
- Hold period: 14 days. The statute (6-11.1-5, as amended in 2013) requires items to be kept unaltered for 14 days, counted from the later of the dates the police chief or the Attorney General receives the report; police may extend the hold by 15 days with probable cause of theft. The older AG rule (110-RICR-20-00-1, text unchanged since 2005) still says 7 days after notifying police; the later statute is taken as controlling.
- What the dealer records: Attorney General report form for every purchase: date and hour, seller's name, address, phone and date of birth, a photocopy or digital image of photo ID, seller's signature, and a description with serial numbers or marks. Weekly, copies of the past 7 days' forms go to the local police chief and are filed electronically with the Attorney General. Keep a copy of each form for 1 year from the sale (6-11.1-4(d)). A 2023 bill (H 5841) would have raised this to 3 years, but no record of it being enacted was found.
- What sellers need: Seller shows photo ID with date of birth and current address (copied) and signs the form (6-11.1-3, 6-11.1-4; AG rule). No minimum age found in the statute text.
- Payment: Catalytic converters must be paid by check only (6-11.1-4(b)); no payment rule found for jewelry or other precious metals.
- Who is exempt: Bullion (coins, bars, medallions) with no serial numbers or identifying marks is exempt from the 14-day hold (6-11.1-5).
- The law: Purchase and Sale of Precious Metals, R.I. Gen. Laws chapter 6-11.1 (6-11.1-1 to 6-11.1-14); Attorney General rules 110-RICR-20-00-1 (first adopted 2005, refiled 2022).
Dealers report a customer's sale to the IRS on Form 1099-B only for certain forms and quantities, such as 1-kilo gold bars, 1,000 ounces of silver bars or 25 or more Krugerrands or Maple Leafs; American Eagles and smaller lots are generally not reported. Any business that receives more than $10,000 in cash in one transaction or related transactions files IRS Form 8300. Bring a photo ID when you sell.
Tax and duty information last reviewed October 2026. Rules change — confirm with your dealer or tax authority before a large purchase.