17. Gold

17.1 Export of gold jewellery by manufacturing jewellers

All applications for permission to export gold jewellery by manufacturing jewellers should be referred to the South African Diamond and Precious Metals Regulator in terms of the Precious Metals Act, 2005 (Act No. 37 of 2005).

Exporters should be aware that:

(a) the full sale proceeds of all exports must be received in South Africa in foreign currency or Rand from a Non-resident Rand account in the name of the non-resident and/or Rand from a vostro account held in the books of the Authorised Dealer; and

(b) each shipment for export must be supported by the prescribed SARS Customs Declaration.

17.2 Other exports of gold

All applications for permission to export gold in any form should be referred to the South African Diamond and Precious Metals Regulator in terms of the Precious Metals Act, 2005 (Act No. 37 of 2005).

17.3 Acquisition of gold for legitimate trade purposes

The acquisition of gold for legitimate trade purposes by e.g. manufacturing jewellers, dentists, is subject to the approval of the South African Diamond and Precious Metals Regulator. After receiving such approval, a permit must be obtained from SARS which will entitle the permit holder to approach Rand Refinery Limited for an allocation of gold.The holders of gold, having received the approvals outlined above, are exempt from the provisions of Regulation 5(1).

17.4 Advances against gold

Payment of an instalment of the purchase price of gold sold to an Authorised Dealer is not regarded as an advance against gold and is permissible.

17.5 Krugerrand coins

All applications from overseas banks and other relevant entities for large quantities of Krugerrand coins should be referred to Rand Refinery Limited.

17.6 Marketing of South African gold

South African gold producers may elect to sell their total gold output to approved counterparties, once exempted by the Financial Surveillance Department from the provisions of Regulation 5.

The full export proceeds must be received in South Africa in foreign currency or Rand from a Non-resident Rand account in the name of the non-resident and/or Rand from a vostro account held in the books of the Authorised Dealer.

17.7 Importation of gold

All applications for the importation of gold must be referred to the South African Diamond and Precious Metals Regulator in terms of the Precious Metals Act, 2005 (Act No. 37 of 2005).