Selling Gold in Miami, FL: Tax, the Seybold, and the Rules

Miami changed the math for small sellers on August 1, 2025, when Florida scrapped the $500 minimum on its bullion sales-tax exemption. That matters here, where a downtown building holds over 300 jewelers and where gold flows have drawn federal attention. Know the rules before you walk in.

The tax change that actually affects you

For years, Florida's sales-tax exemption on gold, silver, and platinum bullion only applied when a single transaction exceeded $500. Below that, you paid tax. Effective August 1, 2025, the Legislature amended § 212.08(7)(ww), Florida Statutes, through House Bill 7031 to eliminate that $500 minimum. The Florida Department of Revenue confirmed the change in Tax Information Publication TIP No. 25A01-03, issued July 1, 2025.

The exemption itself dates to 1999. Florida Administrative Code Rule 12A-1.0371 defines the covered bullion as gold, silver, and platinum in the form of bars, ingots, or plates normally sold by weight. Two limits still bite. Palladium bullion is not included and remains subject to state sales tax unless it qualifies under a separate exemption, such as being part of an official U.S. legal-tender coin issue. Non-U.S. coins are exempt only on single sales exceeding $500.

If you are selling metal rather than buying it, sales tax usually falls on the buyer's side of a taxable purchase, not on your payout. But the rule shapes the market you are selling into, so it is worth understanding. Our gold price page shows where the spot number sits before any dealer spread.

What a taxable transaction costs in Miami-Dade

When tax does apply, a business operating in Miami-Dade County charges a combined rate of 7%. That is the 6% state sales tax plus a 1% local discretionary surtax. The surtax applies only to the first $5,000 of any sale, so it caps out quickly on larger tickets. Bullion that meets the exemption pays neither part.

The downtown jewelry district

Most of Miami's metal trade concentrates in one place. The Seybold Building at 36 NE 1st Street is a 166,000-square-foot historic building described as the second-largest diamond and jewelry center in the United States, with over 300 jewelers spread across 10 floors. (That ranking comes from the building's own listings rather than an independent audit, so treat it as a claim, not a measurement.)

The structure went up in two stages. The first three levels were completed in 1921, when John Seybold ran a bakery and confectionery on the main floor. Seven more stories were added above the annex in 1925. It is now a City of Miami historic landmark and a contributing property in the Downtown Miami Historic District, and it is on the National Register of Historic Places.

The jewelry identity is tied to Cuban immigration. The reputation started in the 1960s when Buchwald Jewelers set up shop and others followed, and the influx of Cubans opening jewelry shops in the 1980s pushed the building to become the largest jewelry building in Florida. For a seller, the practical point is density: hundreds of buyers under one roof means you can get more than one quote in an afternoon. Read our buy-and-sell guide before you compare offers, so you know what a fair spread looks like.

Why Miami buyers ask more questions

Miami is a documented transit point for laundered South American gold, and that history has made legitimate desks cautious about paperwork. In one federal case, a Texas refinery agreed to a $15 million fine after three former employees of NTR Metals in Miami were convicted in a $3.6 billion money-laundering matter involving South American gold smuggled between January 2013 and March 2017.

It is not only old news. In a 2024–25 case, three family members were charged with smuggling gold from Colombia through Miami International Airport, hidden inside copper widgets and mislabeled as "electrical connectors." They are accused of wiring about $24.6 million from gold sales through Miami and Colombian bank accounts between December 2018 and May 2022.

None of this touches an ordinary person selling a chain or a few coins. But it explains why a reputable buyer will want your ID and a clear record. Expect that, and do not read it as suspicion of you specifically.

The rules on the seller's side

Florida Chapter 538 governs secondhand precious-metals dealers, and two provisions are worth knowing before you sell. First, there is a holding period: a precious metal, gemstone, or jewelry item must be held for 30 calendar days after the date it is acquired. That is why a local buyer cannot melt your piece the same day, and it is normal, not a stalling tactic.

Second, mail-in and online buyers must register with the state and collect your identification before paying. The required record includes the seller's name, address, and telephone number, plus the seller's driver license number and issuing state or other government-issued identification number. Bring valid ID whether you sell in person or ship. If you are weighing an online option, our pages on selling coins and bullion and cash-for-gold offers cover what to expect from a mailed transaction.

Before you sell

• Confirm whether your item is exempt bullion or a taxable coin, and remember palladium is excluded.
• Weigh your metal and check spot yourself first.
• Get more than one quote; the Seybold makes that easy.
• Carry government ID for any registered buyer.

This page is informational. Figures and rules cited are accurate as of the review date above and can change.

Last reviewed August 2, 2026.