In South Africa, a license is required to buy and sell raw gold. According to the South African Diamond and Precious Metals Regulator Act, anyone that wants to trade in precious metals, which includes raw gold, must display their precious metals license number on all documents related to the trading of precious metals. It’s important to obtain the necessary license and comply with the regulations to avoid legal issues.
Is It Legal To Buy And Sell Gold In South Africa?
Yes, it is legal to buy and sell gold in South Africa, just keep in mind that a license is required to trade in precious metals.
To apply for a trading license in South Africa, you can contact the South African Diamond and Precious Metals Regulator. The regulator is responsible for the issuing and renewal of licenses as well as the monitoring of compliance with the relevant regulations. You can also find more information on their website at www.sadpmr.co.za.
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When selling gold to a refinery, you’ll typically need to follow these steps:
- Research local refineries in your area or ones that are willing to work with you online.
- Contact the refinery and ask about their process for buying and selling gold.
- Once you have chosen a refinery, you’ll need to send them the gold for evaluation. This will involve sending the gold through a courier service like FedEx or UPS.
- The refinery will perform an assay to determine the value of the gold and what they’re willing to pay for it.
- If you agree to their offer, the refinery will send you payment and return any remaining unpurchased gold.
Remember, it’s always a good idea to compare different refineries and get multiple quotes before agreeing to any sale.
LOCAL CUSTOMERS
Local customers need to have either of the following permits:
- refining permit – issued by the South African Diamond and Precious Metals Regulator (S.A.D.P.M.R.)
- Beneficiation permit – issued by the S.A.D.P.M.R.
- Jeweller’s permit – issued by the S.A.D.P.M.R.
- Authorized Dealer – issued by the S.A.D.P.M.R.
- Certificate – issued by the S.A.D.P.M.R.
- Import permit should they wish to import gold – only issued by the S.A.D.P.M.R. if the customer has a refining permit
- Mining permit – issued by the Department of Mineral Resources
- Second-hand Goods Certificate
- INTERNATIONAL CUSTOMERS
- International customers need to have one or more of the following valid permits/licenses:
- Export permit
- Mining permit
- Gold buyers permit
- Certificate of Origin
- Certificate of Ownership
- Or the permit/license issued by the country of origin to allow the customer to trade in precious metals