TPD investigation shuts down south Tulsa Gold and Diamond Buyers

TULSA - A Tulsa business has been shut down for operating without a license, but the company's problems don't look to be over.

Investigators have accused Gold and Diamond Buyers of buying and immediately selling stolen property.

Detectives from the TPD Burglary Unit converged on the company's south Tulsa property Tuesday afternoon.
A 17-year-old larceny suspect told police he sold the wholesaler two stolen luxury watches valued at a combined $80,000 in exchange for $8,500. When police went to retrieve the stolen property, they learned the watches were long gone.

"They are not required to hold on to it for very long," said Burglary Sgt. Gene Watkins. "But in this case, they didn't at all."

Businesses like Gold and Diamond Buyers are legally required to hold onto purchased items a minimum of 10 days before reselling.

Watkins says without a license, stolen merchandise becomes very hard to track. And while Tulsa police do not have the authority to make a felony arrest in the case, Watkins says what the company committed criminal actions.

That responsibility now falls upon the Oklahoma Department of Consumer Credit, which authorized Gold and Diamond Buyer's closure late Tuesday.

Watkins hopes to see legislation during the next session that will give officers like him the authority to take action without state assistance.

"As law enforcement, we would like to get to where we can enforce the state laws," Watkins said. "We are hoping that our lawmakers can get that done."

He also hopes to see that authority extended to all second businesses, such as pawn shops and businesses that buy used electronics.

In the meantime, Watkins says gold businesses can expect to see TPD investigators making frequent checks to make sure they are following the rules.

"If you don't have your license, we are going to be reporting to Consumer Credit," he said.

2NEWS did ask an employee of "Gold and Diamond Buyers" to put us in touch with an owner or manager of the business, but no one chose to speak with our crew.

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