(a) Precious metal to be retained for five days.--Each item of precious metal purchased by a dealer in precious metals shall be retained in unaltered condition for five full working days after report of its purchase has been filed with the proper district attorney or his designee.

(b) Precious metal to be available for inspection.--Such item of precious metal shall be available for inspection, during the five working days, by law enforcement officials of the Federal Government, the Commonwealth or any of its municipalities in the course of their law enforcement duties. A search warrant shall not be required unless the inspection is made during hours other than those when the dealer in precious metals is open for business.

(c) Law enforcement officials to give notice when they believe item was stolen.--If a law enforcement official has probable cause to believe an item of precious metal has been stolen, he may give written notice to the dealer in precious metals. Upon receipt of such written notice, such dealer in precious metals shall retain the item in unaltered condition for an additional seven days, unless the law enforcement officer in writing recalls such notice.

(d) Court may order dealer to retain items.--Upon application of the district attorney, any court of proper jurisdiction, under its powers presently prescribed by law, may order the dealer in precious metals to retain such item or items of precious metal at such place and under such conditions as the court may decree.

(e) Where items to be retained.--Each item of precious metal to be retained, pursuant to this section, shall be retained within the county of purchase at the location where purchased by the dealer in precious metals, unless authorized in writing by the district attorney or his designee to be retained elsewhere.