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z. <br />• purchases and loans. Wkea-eay-eet-49-regi#red-a€-e-eergeret4en;-#t <br />she��-be-perferned-by-#ts-fires#dent- <br />This definition shall not be construed so as to include Persons <br />engaged in the following: <br />(a) Purchases of precious metals or gems directly from other <br />dealers, manufacturers or wholesalers for retail or wholesale inven- <br />tories, provided the selling dealer has complied with the provisions <br />of this article, if applicable. <br />(b) Purchases of precious metals or gems directly from a duly <br />qualified fiduciary who is disposing of the assets of an estate being <br />administered by such fiduciary. <br />• (c) Acceptance by a retail merchant of trade-in merchandise <br />previously sold by such retail merchant to the person presenting that <br />merchandise for trade-in. <br />(d) Repairing, restoring or designing jewelry by a retail <br />merchant, if such activities are within the normal course of such <br />merchant's business. <br />(e) Purchases of precious metals or gems by industrial refiners <br />and manufacturers insofar as such purchases are made directly from <br />retail merchants, wholesalers or dealers, or by mail originating <br />outside the city. <br />(f) Regular purchasing and processing of nonprecious scrap <br />• metals which incidentally may contain traces of precious metals <br />recoverable as a by-product. <br />