DGSE Companies, Inc. (NYSE MKT: DGSE), a leading wholesaler and retailer of jewelry, diamonds, fine watches, and precious metal bullion and rare coin products, today applauded the passage of H.B. 78, the landmark legislation enacted by the Texas legislature and signed by Gov. Rick Perry, that completely eliminates the sales tax levied on purchases of gold, silver and platinum bullion and numismatic coins in Texas. The law went into effect on Tuesday, October 1.
James Vierling, Chief Executive Officer and Chairman of the Board, stated, “This is a victory for the small bullion buyer. Prior to this legislation, Texans were paying as much as 8.25% sales tax on all precious metals purchases under $1,000, a tax that was especially onerous to small investors. As a way to mark this significant milestone, DGSE is hosting promotional activities in our Texas stores around the implementation of the new law.”
The legislation eliminates tax differences between precious metals and other investments, on the grounds that gold and silver can be considered a currency. It also creates an incentive for precious metals investors to do business with Texas dealers, rather than order from out-of-state dealers over the internet.
About DGSE CompaniesDGSE Companies, Inc. wholesales and retails jewelry, diamonds, fine watches, and precious metal bullion and rare coin products through its Bullion Express, Charleston Gold & Diamond Exchange, Dallas Gold & Silver Exchange, and Southern Bullion Coin & Jewelry operations. DGSE also owns Fairchild International, Inc., one of the largest vintage watch wholesalers in the country. In addition to its retail facilities in Alabama, Florida, Georgia, Illinois, North Carolina, South Carolina, Tennessee and Texas, the Company operates internet websites which can be accessed at www.bullionexpress.com, www.dgse.com, www.cgdeinc.com, and www.sbcoin.com. Real-time price quotations and real-time order execution in precious metals are provided on another DGSE website at www.USBullionExchange.com. Wholesale customers can access the full vintage watch inventory through the restricted site at www.FairchildWatches.com. The Company is headquartered in Dallas, Texas and its common stock trades on the NYSE MKT exchange under the symbol "DGSE." This press release includes statements which may constitute "forward-looking" statements, usually containing the words "believe," "estimate," "project," "expect" or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, continued acceptance of the Company's products and services in the marketplace, competitive factors, dependence upon third-party vendors, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.
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