In Pierce's press release, he said the law would violate the Commerce Clause in the United States Constitution, which would mean the law applies differential treatment of in-state and out-of-state economic interests or could be considered protectionist.
"Should legislators move to adopt the law, the Dealers Association would have the right, and they believe the grounds, to file for an immediate injunction," the press release states."
It also claims the law would violate the Supremacy Clause in the Constitution, which disallows any law that would prohibit business anywhere in the U.S. or abroad.
Pierce also is against having to report to the police on a daily basis. He said that on Monday, June 20, ASE purchased 60,000 diamonds in just one day.
"Imagine trying to report and account for those diamonds," he said. "I would have to hire additional staff members just to satisfy the reporting requirements of this law."
Finkle said that he thinks the best way for any records to be kept is by getting a copy of the seller's license and taking a quick photo of an item as a recording in a book that his business received, say, a 14-karat gold chain.
"Do you know how many are out there?" he said. "If you put it up with a picture, people can say, 'Wow, that's my ring.'"
He also argued that the price of gold fluctuates daily. It is something he feels law enforcement doesn't understand, but he hopes they would be willing to work with the industry to figure out a law that would be more business-friendly.
"I hope we're going to work it out so it will work for all of us," he said. "I want to solve their problem if they see it as a law enforcement problem."
Domalewicz said he would not comment on the details of the bill, as he said it is nearly finished but is still in the process of being tweaked. He did say it is a bill that has bipartisan support from legislators such as Wanda Willingham, a Democrat, and Patrice Lockart, a Republican.