Growth Through Partnerships
Our core focus is to add value in the lives of both our staff members and customers. Customer-centricity and our global network are a few of the many reasons why Rand Refinery offers high quality services and efficiency to consistently meet each customer’s unique needs.
Who We Bring Value Change To:
At Rand Refinery, we aim to align with key players to unlock immense value change. We strive to treat our miners and employees with integrity, honesty and provide a safe working environment. Our price offering to our customers is accurate and fair, and we’re driven to continue creating value change from our local to international regulators and governments.
The requirements and procedure to initiate an application to trade with Rand Refinery are listed below:
- Rand Refinery is primarily a gold and silver refinery and while deposits may contain base metals and platinum group metals, these other metals will not be paid for.
- Rand Refinery acts as an agent only and never takes ownership of any metal. Metal will be refined or smelted and sold or swapped into the bullion market on the customer’s behalf.
- Rand Refinery only transacts on a principal-to-principal basis and does not transact through intermediaries or third parties.
- Potential customers need to have relevant permissions and permits before we will consider sourcing gold from them.
- Rand Refinery will only contemplate refining and smelting transactions with customers from countries which are:
- not subject to international embargoes or sanctions and not deemed to be the origin of conflict minerals or a corridor for the trans-border movement of such minerals. Please refer to the following:
- OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict Affected and High Risk Areas (Supplement on Gold)
- LBMA Responsible Gold and Silver Guidance.
- Rand Refinery will only transact in terms of a formal signed agreement with the OWNER of the gold. The owner of the gold must be a registered company; an individual cannot register in his/her private capacity.
- In addition, for scrap customers and refiners we require independent verification of their responsible gold and silver compliance.
Responsible gold and silver requirements:
- Independent Audit to confirm the following: Policies, Procedures and Processes must be established to ensure that a Depositor can conform to Responsible Gold and Silver Principles. Typically, this audit will ensure that the Depositor conforms to the “5-Step” process outlined in the OECD due diligence guidance, which forms the basis of the LBMA’s Responsible Gold and Silver Guidance and the Responsible Jewellery Council’s certification process.
- Chain of Custody Audit – Material deposited at Rand Refinery must be of known provenance. Systems must be established to enable an independent 3rd party to verify all stages of processing in order to provide assurance on the veracity of deposited material.
If the above criteria, and those listed on our enquire to trade forms are met, and the customer wishes to gain further information with regard to Rand Refinery’s requirements, kindly complete the Pre-KYC form and return to a Sourcing representative.
Rand Refinery welcomes feedback from our clients as part of our constant drive toward improving customer service.
If you have any feedback for us, whether positive or negative, please click on the link below to complete the email form:
Regulators / Permits
Product Web Site - Krugerrand
Associated Companies - Gold Zone
South African Gold Mining Houses
International Gold Organisations and Exchanges
Retail Sales Pricing
Retail sales pricing is updated on a daily basis. Please see the current price lists:
This Week's Pricing
Please note that the price lists for each day are only available after the am or pm fix on that specific day.
Glossary Of Terms
ALLOY – A solid mixture of two or more chemical elements, including at least one metal. In the case of gold, it is mixed with a baser metal or metals to lower the purity, influence the colour or add durability.
ANODE – Generally refers to impure copper cast into a special shape for incorporating into an electrolytic refinery for the final purification process.
ASSAY – The testing of gold or silver to determine its fineness or purity.
ASSAY MARK – The stamp by an assayer on a bar or piece of precious metal to guarantee its fineness.
BENEFICIATION – Quite a buzzword these days, in the gold sector, beneficiation of product means adding value to gold beyond the price at which gold is traded internationally.
BLANK – A blank disc of metal with milled edges used to make a coin.
BULLION – The generic word for gold and silver in bar or ingot form.
BULLION ASSAY – Analysis of Gold and Silver in bullion using Proof-Corrected Fire Assay. Sample types include mine bullion, fine gold and jewellery as well as dental alloys.
BULLION COINS – Contemporary precious metal coins minted by official agencies in unlimited numbers for investment purposes.
- A measure of the weight of precious stones. 1 carat = 0.2053 gm
- A measure of the proportion of gold in a gold alloy, on the basis that 24 carat is pure gold, often expressed as K or k, eg 18k is 75% gold.
CAST BAR – A cast bar is made by the process of forming a bar in a mould (contrast minted bar).
CERTIFIED GOLD – Certification adds one dimension to the requirements of responsible gold by guaranteeing that the gold was also mined with respect to the environment and not recycled from scrap or other secondary, untraceable sources as well as that the chain of custody through refining was traceable.
COMEX – The Commodity Exchange in New York, a division of NYMEX.
CUSTOM SMELTING – Basically this means that materials received from customers (mostly borax slags and dust) are loaded through an arc furnace, mixed with fluxes and reductant to form three major products: slag, metal and flue dust.
DELIVERY – The actual transfer of the ownership of gold or silver. It may not involve physical movement of metal and is usually made by a simple paper transfer in the LBMA clearing system.
DMCC – A strategic initiative of the Dubai government, The Dubai Multi Commodities Centre (DMCC) was created to establish a commodity market place in Dubai, and provide industry-specific market infrastructure and a full range of facilities for the gold and precious metals, diamonds and coloured stones, energy and other commodities industries.
DME – The Department of Minerals and Energy, which is the regulatory body for minerals and energy resources in South Africa.
DORÉ – An unrefined (therefore impure) alloy of gold with variable quantities of silver and smaller quantities of base metals, which is produced at a mine before passing on to a refinery for upgrading to London Good Delivery standard, usually consists of 85% gold on average.
DQS – DQS, based in Germany, is the first assessment and certification organization to be authorized for almost all standards and specifications. The service spectrum comprises assessments according to more than 70 recognized standards and technical or industrial specifications, as well as internal company requirements. Website: www.dqscert.com.
EAGLE – The earliest legal tender US gold coin first minted in 1795. It is 900 fine.
EVALUATION – The evaluation of gold through assaying to assess a measure of purity or fineness of the gold.
FACE VALUE – The value of a coin or paper money, as printed on the coin or bill itself by the minting authority. While the face value usually refers to the true value of the coin or bill in question, it can sometimes be largely symbolic, as is often the case with bullion coins.
FERRULE – A metal ring or cap put around the end of a pole or shaft to prevent splitting or to give added strength.
FINDINGS – Findings are the components that jewellery makers use to assemble their jewellery and include items such as clasps, earring backs and hooks.
FINENESS – The proportion of precious metal in an alloy expressed as parts per 1000.
GOLD – Latin name Aurum. Chemical symbol Au.
GOLD FIXING – Held twice each working day at 10.30am and 3.00pm GMT.
GOLD LOAN – The provision of finance in gold for a gold-related project or business, typically in mining or jewellery inventory finance, which provides a combination of generally inexpensive funding together with built-in hedging.
GOLD STANDARD – A monetary system with a fixed price for gold, and with gold coin either forming the whole circulation of currency with in a country or with notes representing and redeemable in gold.
GOOD DELIVERY – The specification which a bar must meet in order to be acceptable for delivery in a particular market, for example London Good Delivery.
GRAIN – One of the earliest units of weight for gold, one grain being the equivalent of one grain of wheat taken from the middle of the ear.
GRANULES – Bullion, including its various alloys presented for sale in granulated form, often referred to as grain.
GREEN GOLD – Please see RESPONSIBLE GOLD
HALLMARK – A mark or number of marks made on gold or silver jewellery and other fabricated products to confirm that the quality is of the fineness marked on the item.
INTERNATIONAL STANDARDISATION ORGANISATION – The ISO is a network of national standards institutes in 153 countries on the basis of one member per country. The Central Secretariat is based in Geneva and the South African member of the ISO is the South African Bureau of Standards (SABS).
JUST-IN-TIME STOCKS – These are gold or silver bars which are warehoused by Rand Refinery close to the client’s premises, to ensure a fast supply when required. The stock is paid for by the client when the metal is taken out of the stock.
KILOBARS – (1000 grams) is the world’s most widely traded small gold bar, popular among investors and jewellery manufacturers as it is normally sold at an extremely low premium above the prevailing value of its gold content.
KRUGERRAND – South African gold coin first issued in 1967 with a fineness of 916.6. The Krugerrand bullion coin, with 180 serrations, is linked to the daily gold price while the proof Krugerrand (with 200 serrations) is available in limited quantities with a yearly fixed price. A proof coin is punched three times and the bullion coin only once. The imagery on the proof coin is frosted whereas the bullion imagery is of the same finish as the rest of the coin.
LEGAL TENDER – Legal tender is payment that, by law, cannot be refused in settlement of a debt denominated in the same currency.
LBMA – The London Bullion Market Association was formally incorporated on 14 December 1987 to represent the interest of the participants in the wholesale bullion market and to encourage the development of the London market in every possible way.
LBMA GOOD DELIVERY LISTS – Lists of acceptable refiners of gold and silver whose bars meet the required standard (of fineness, weight, marks and appearance) of the London Bullion Market Association
LONDON GOOD DELIVERY – This an international standard in terms of which gold bars must have a minimum gold purity of 99.5%. Central banks normally hold gold in the form of these bars.
LONDON GOOD DELIVERY REFEREE – To become an LBMA-approved London Good Delivery Referee a refinery has to demonstrate its ability to conduct assays of gold and silver to the highest possible levels of precision and accuracy; manufacture gold and silver reference samples free from detectable inhomogeneity, assayed to very high levels of accuracy and meet very demanding sample manufacturing standards (99,5 fineness upwards for gold and 99,9 for silver). All referees have to conduct over 7 000 assays to become accredited.
LONDON METAL EXCHANGE – The London Metal Exchange is the world’s premier non-ferrous metals market.
LOCO – The place or location at which a commodity eg. loco London gold, is physically held.
LOGISTICS – The international transport and storage of precious metals, including specialised security due to the nature of the goods.
MILLER CHLORINATION PROCESS – This is a pyrometallurgical process whereby gold doré is heated in furnace crucibles. The process is able to separate gold from impurities by using chlorine gas which is added to the crucibles once the gold is molten. Chlorine gas does not react with gold but will combine with silver and base metals to form chlorides. Once the chlorides have formed they float to the surface as slag or escape as volatile gases. The surface melt and the fumes containing the impurities are collected and further refined to extract the gold and silver.
This process can take up to 90 minutes produces gold which is at least 99.5% pure with silver being the main remaining component. This gold can be cast into bars as 99.5% gold purity meets the minimum London Good Delivery requirements of the London bullion markets.
However some customers such as jewellers and other industrial end users require gold that is almost 100% pure, so further refining is necessary. In this case, gold using the Miller process is cast into anodes which are then sent to an electrolytic plant. The final product is 99.99% pure gold sponge that can then be melted to produce various end products suited to the needs of the customer.
MAPLE LEAF – Canadian gold coin with a fineness of 999.9
MINTED BARS – A bar punched out of a strip of gold which has been produced by continuous casting. The punched out bar is then minted in a purpose-designed minting press, similar to the process used to make coins. (contrast cast bar).
MINTED COIN – A coin punched out of a strip of gold which has been produced by continuous casting. The punched out coin is then minted in a purpose-designed minting press.
NUMISMATICS – The specialized sector of the coin business for the study and collection of rare coins and other media of exchange, particularly those with archaeological and historic interest.
NYMEX – A US futures exchange consisting of two divisions, NYMEX (the New York Mercantile Exchange) and COMEX (the Commodities Exchange).
OHSAS – Occupational Health and Safety Systems Act promulgated by the South African government.
OHSAS Certificate – The Occupational Health and Safety Systems certification.
ORE – Originally from the Old English for crude or unwrought metal. It refers to any economic mineral deposit of precious or other metal.
Enquiry to trade – Purchasing VAP Products (Except Krugerrands)
Enquiry to trade – Local Krugerrand Pre-Application Form
Enquiry to trade – Depositing of Mined Gold
Enquiry to trade – Depositing of Secondary Material
PARALLEL STREAM SAMPLING – Refers to the process whereby two samples are taken simultaneously from the same feed material in order to verify that the end result would not have a variance of more than 1%. This means that if sample A has a specific grade, sample B should not vary by more than 1% when compared to sample A. If this is not the case, the deposit is resampled to ensure that the required conditions are met.
PLATINUM GROUP METALS – (PGMs) refers to six metallic elements clustered together in the periodic table. These elements are all transition metals, and include ruthenium, rhodium, palladium, osmium, iridium, and platinum. They have similar physical and chemical properties, and tend to occur together in the same mineral deposits.
PRECIOUS METALS – Metal of great value being gold, silver, platinum and other platinum group metals.
PRECIOUS METALS ACT – The parliamentary Act regulating precious metals in South Africa. Download the Precious Metals Act of 2005 here
WET CHEMICAL – Traditional Wet Chemical techniques including gravimetric, titrometric and potentiometric.
Sample types include solutions, effluents and electrolytes.
WHITE GOLD – A gold alloy containing whitening agents such as silver, palladium or nickel as well as other base metals. Often used as a setting for diamond jewellery.
WOHLWILL PROCESS – The electrolytic method of gold refining was first developed by Dr. Emil Wohlwill of Norddeutsche Affinerie in Hamburg in 1874. Dr. Wohlwill’s process is based on the solubility of gold but the insolubility of silver in an electrolyte solution of gold chloride (AuCl3) in hydrochloric acid.
VAULT – A place of safekeeping for precious metals, with high security measures in place for access.
I am a jeweller and would like to buy gold product from Rand Refinery
- Rand Refinery will only transact with a registered company that is in possession of a valid Jewellers’ Permit/Works Recovery license. Rand Refinery does not transact with individuals in their private capacity.
- Rand Refinery can assist with specific products relevant to the jewellery and dental manufacturing industry, such as granules, plate, wire, solder paste etc.
- Before new customers can purchase from our retail range of value-added products, a Krugerrand Pre-Application Form is to be completed and returned, with the relevant documents for security screening, to the email address provided on the form.
- Orders of 50gms and less will be levied with an administration fee of R250.00
Can I purchase gold bars from Rand Refinery?
- In regard to gold bullion bars, Rand Refinery is not able to supply these as we act as agent for selected gold producers in the refining, marketing and sale of their gold production. In so doing, we have liaison arrangements with members of the London Bullion Market Association (LBMA) for the sale and distribution of their products.
- Should Rand Refinery not be in a position to assist with your needs, please contact any of the LBMA members on lbma.org/members
Can I purchase gold bars from Rand Refinery?
Can I purchase gold on behalf of my client?
- Rand Refinery only transacts on a principal-to-principal basis and does not transact through intermediaries. Please put your client in direct contact with us.
Can I get current pricing on gold in South Africa?
- Rand Refinery publishes two daily retail sales price lists, including an am price fix and a pm price fix. A history of the daily price lists is also available. See Customer Zone > Retail Sales Pricing
Can I purchase gold directly from a gold mine?
- No – gold mines do not sell finished product. The gold needs to be refined before sale, and in South Africa, this is done by Rand Refinery. Rand Refinery then markets and sells the gold to the London Bullion Market Association in London which in turn has members who sell physical gold to the public.
- For ease of reference, we have listed the details of the three parties that you should approach for purchasing gold.
We are looking for a reliable source for gold dust and gold bullion bars. Can Rand Refinery supply any of these commodities?
- Rand Refinery does not supply gold dust. Please see the first question on this page regarding the sales of gold product for jewellers.
- Rand Refinery does not sell gold bullion bars. Please see the second question on this page regarding gold bars.
- In addition, please note that Rand Refinery sources gold in various forms from all over Africa – sources that are known to Rand Refinery and have been approved by the company. Gold is analogous to currency and for this reason Rand Refinery does not take any criminal or money laundering risks in any of its transactions.
- Rand Refinery has been in business for over 90 years and has developed long-standing relationships with customers that are stringently and continuously checked for legal and company references in order to comply with all Financial Intelligent Control Act purposes.
- Rand Refinery does not transact at any discount to the London market and in fact its gold products are offered at significant premiums to the London market.
- In the case where a company is approved as a purchaser for retail sales after a stringent background check, goods will only be dispatched after cleared funds have been credited to Rand Refinery’s nominated bank account.
I would like to buy silver locally in South Africa
- Rand Refinery does not carry large stock of silver, and our obligation is to fulfill international orders as a first priority
- It is no longer regulation to be in possession of a precious metals permit for the purchase of silver, but Rand Refinery requires you to be a registered company (an individual cannot register in a private capacity).
- Orders of 50gms and less will be levied with an administration fee of R250.00
- Before new customers can purchase from our retail range of value-added products, an Application to Trade form is to be completed and returned with the relevant documents for security screening. This application form can be requested from our CRM (see Contact Us for details)
What is the difference between Responsible Gold, Certified Gold and Rand Pure?
- All Rand Refinery gold is responsible gold which follows the ‘Chain of Custody’ requirements consistent with the Organisation of Economic Co-operation and Development (OECD) Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict Affected and High Risk Areas. It further complies with the London Bullion Market Association (LBMA) Responsible Gold Guidance and the World Gold Council certification of ‘Conflict-Free’ gold.
- Certified gold adds one dimension to the requirements of responsible gold by guaranteeing that the gold was also mined with respect to the environment and not recycled from scrap or other secondary, untraceable sources as well as that the chain of custody through refining was traceable.
- The RandPureTM mark has been introduced by Rand Refinery as an iconic symbol that not only guarantees responsibility from mine to retail, but also exceptional fineness and craftsmanship. The following codes are used: EC – Excellent Craftsmanship, AF – Absolute Fineness, CF – Conflict Free, VM – Virgin Metal, CD – Contributes to Development.
Who cannot apply to trade with Rand Refinery?
- As a reminder Rand Refinery will not respond either by reply e-mail or other communication to any agent, middle man, or third party on requests for information or process any applications to trade for an agent on his or his customers behalf even where a fee to process has been paid. Rand Refinery only deals with principles in the deposit or purchase of precious metals products. Agents who require information to enable you to inform customers of your own, are advised to have such parties approach Rand Refinery directly.
I would like to enquire about obtaining Proof Gold (5 9’s – 99.999% pure) for Bullion Analysis. I have been told that I will be able to purchase this from Rand Refinery. Do I need to get some form of Legal Document for the purchase, use and transport of gold?
- Rand Refinery does sell au proof wire (32gm). However, you need to be in possession of a valid permit from SADPMR. You will need to request an Application to Trade form, which can be requested from our CRM (see Contact Us for details). The whole application process takes about 4 weeks and there is an application fee of R2500.00 excluding vat.
Does Rand Refinery buy/sell platinum group metals (PGMs)?
- No, Rand Refinery is a gold and silver You would need to contact Impala Refining Services for information on PGMs.
Does Rand Refinery have a storage facility for coins and/or bars?
- At the moment, it does not cater for storage facility for coins.
What are the different payment options accepted by Rand Refinery?
Rand Refinery is required to adequately apply FICA requirements throughout all its transactions, especially as this relates to the potential of money laundering using precious metals as a conduit. As a result:
- no cash, credit cards, cheques or bank guaranteed cheques will be accepted.
- no cash deposits directly placed into our account will be accepted, only inter account transfers.
- only Electronic Fund Transfers (EFT’s) into our account will be accepted as payment.
Does Rand Refinery give discounts?
- No, Rand Refinery does not give any discounts.
I would like to buy Krugerrand coins.
- Rand Refinery does not sell Krugerrands to the general public, but rather through independent registered wholesalers and dealers.
- Rand Refinery distributes its Krugerrand range of coins through authorised and approved International Dealers: Coins and Minted Bars and South African Dealers: Coins and Minted Bars.
- The price for Krugerrands is based on the gold or silver content of the coin, plus a small premium to cover manufacturing and distribution costs.
- Gold Krugerrands are not subject to VAT due to its legal tender status whereas silver Krugerrands are subject to VAT.
- Any dealer who would want to sell Krugerrands would be required to complete Rand Refinery’s Krugerrand Pre-Application Form. It should be returned, with the relevant documents for security screening, to the email address provided on the form.
Does the Krugerrand have a face value?
- No the gold Krugerrand does not have a face value. The value of the coin is based on the fine gold content as priced twice daily on the London market. The silver Krugerrand has a face value of R1.
I am visiting South Africa and would like to buy a gold bar or Krugerrand. Can I take this out of the country – what is the procedure?
- Rand Refinery distributes its Krugerrand range of coins through authorised and approved International Dealers: Coins and Minted Bars.
- Gold bars are categorised as unwrought gold under the South African Precious Metals Act (visit Department of Minerals and Energy for more info on this legislation) and can therefore not be purchased in South Africa.
My child has a school project on gold. Does Rand Refinery have literature on the process of gold and the history thereof?
- Depending on the nature of the project, there is a wide variety of material available on this site. Information on the mining industry generally can also be found on the website of the Chamber of Mines of South Africa and those of our shareholders – click here for links to other relevant websites.
Can I tour the Rand Refinery facility?
- Due to safety and security concerns, no public tours are allowed through the refinery. In certain circumstances, such as visting VIPs from other countries, management may approve strictly supervised tours through the refinery.
Does Rand Refinery supply replica gold bars?
- Rand Refinery can arrange for a quotation through its supplier, or the customer can contact Gold Reef City Mint (GRCM) directly, if they require a non-Rand Refinery specific bar – goldreefcity-mint.co.za
What Act applies to the regulation of gold in South Africa?
- The Precious Metals Act of 2005 provides for the acquisition, possession, smelting, refining, beneficiation, use and disposal of precious metals in South Africa. Rand Refinery’s
refining licence is issued under the Precious Metals Act of 2005. Download the Act here.