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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0001209191-09-022296.txt : 20090421
<SEC-HEADER>0001209191-09-022296.hdr.sgml : 20090421
<ACCEPTANCE-DATETIME>20090421214423
ACCESSION NUMBER:		0001209191-09-022296
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20090417
FILED AS OF DATE:		20090421
DATE AS OF CHANGE:		20090421

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			BERRY DAVID W
		CENTRAL INDEX KEY:			0001356921

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11048
		FILM NUMBER:		09762632

	MAIL ADDRESS:	
		STREET 1:		4200 MONTROSE BLVD.
		STREET 2:		SUITE 510
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77006

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DGSE COMPANIES INC
		CENTRAL INDEX KEY:			0000701719
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-JEWELRY STORES [5944]
		IRS NUMBER:				880097334
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		2817 FOREST LANE
		STREET 2:		STE 202
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75234
		BUSINESS PHONE:		9724843662

	MAIL ADDRESS:	
		STREET 1:		2817 FOREST LN
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75234

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DALLAS GOLD & SILVER EXCHANGE INC /NV/
		DATE OF NAME CHANGE:	19930114

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERICAN PACIFIC MINT INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CANYON STATE CORP
		DATE OF NAME CHANGE:	19860819

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Kaizen Capital, L.L.C.
		CENTRAL INDEX KEY:			0001356769
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11048
		FILM NUMBER:		09762630

	BUSINESS ADDRESS:	
		STREET 1:		4200 MONTROSE BLVD.
		STREET 2:		SUITE 510
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77006
		BUSINESS PHONE:		713.529.3660

	MAIL ADDRESS:	
		STREET 1:		4200 MONTROSE BLVD.
		STREET 2:		SUITE 510
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77006

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			KAIZEN MANAGEMENT, L.P.
		CENTRAL INDEX KEY:			0001356770
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11048
		FILM NUMBER:		09762631

	BUSINESS ADDRESS:	
		STREET 1:		4200 MONTROSE BLVD.
		STREET 2:		SUITE 510
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77006
		BUSINESS PHONE:		713.529.3660

	MAIL ADDRESS:	
		STREET 1:		4200 MONTROSE BLVD.
		STREET 2:		SUITE 510
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77006
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>c84137_3x0.xml
<DESCRIPTION>MAIN DOCUMENT DESCRIPTION
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0203</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2009-04-17</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0000701719</issuerCik>
        <issuerName>DGSE COMPANIES INC</issuerName>
        <issuerTradingSymbol>DGC</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001356921</rptOwnerCik>
            <rptOwnerName>BERRY DAVID W</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>4200 MONTROSE BLVD.</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 400</rptOwnerStreet2>
            <rptOwnerCity>HOUSTON</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>77006</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001356770</rptOwnerCik>
            <rptOwnerName>KAIZEN MANAGEMENT, L.P.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>4200 MONTROSE BLVD.</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 510</rptOwnerStreet2>
            <rptOwnerCity>HOUSTON</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>77006</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001356769</rptOwnerCik>
            <rptOwnerName>Kaizen Capital, L.L.C.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>4200 MONTROSE BLVD.</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 510</rptOwnerStreet2>
            <rptOwnerCity>HOUSTON</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>77006</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>984212</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnotes</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                    <footnoteId id="F4"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">This statement is jointly filed by and on behalf of Select Contrarian Value Partners, L.P., Kaizen Management, L.P., Kaizen Capital, LLC, and David W. Berry.  Kaizen Management is the general partner of Select Contrarian, and serves as the investment adviser to Select Contrarian and other persons, and may be deemed to beneficially own securities owned by Select Contrarian and such other persons.  Kaizen Capital is the general partner of Kaizen Management.  Kaizen Capital may be deemed to beneficially own securities owned by Kaizen Management.  Mr. Berry is the manager of Kaizen Capital.  Mr. Berry may be deemed to beneficially own securities owned by Kaizen Capital.</footnote>
        <footnote id="F2">Each reporting person states that neither the filing of this statement nor anything herein shall be deemed an admission that such person is, for purposes of Section 16 of the Act or otherwise, the beneficial owner of any securities covered by this statement.  Each reporting person disclaims beneficial ownership of the securities covered by this statement, except to the extent of the pecuniary interest of such person in such securities.</footnote>
        <footnote id="F3">Each reporting person may be deemed to be a member of a group with respect to the issuer or securities of the issuer for the purposes of Section 13(d) or 13(g) of the Act.  Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) or 13(g) of the Act or any other purpose, a member of a group with respect to the issuer or securities of the issuer.</footnote>
        <footnote id="F4">Includes: (i) 924,966 shares owned by Select Contrarian; (ii) 31,796 shares owned by other persons to which Kaizen Management serves as the investment adviser; and (iii) 27,450 shares owned by Berry Family, LP.  Mr. Berry is the President and sole stockholder of the general partner of Berry Family, LP and may be deemed to beneficially own securities owned by Berry Family, LP.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Select Contrarian Value Partners L.P., By: Kaizen Management, L.P., Title: General Partner, By: Kaizen Capital, L.L.C., Title: General Partner, By: /s/ David W. Berry, Manager</signatureName>
        <signatureDate>2009-04-21</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Kaizen Management, L.P., By: Kaizen Capital, L.L.C., Title: General Partner, By: /s/ David W. Berry, Manager</signatureName>
        <signatureDate>2009-04-21</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Kaizen Capital, L.L.C., By: /s/ David W. Berry, Manager</signatureName>
        <signatureDate>2009-04-21</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ David W. Berry</signatureName>
        <signatureDate>2009-04-21</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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