Buying Gold and Silver in South Africa
South Africa lies at the southernmost tip of the African continent. By land area, it is the 25th largest country in the world. It is a multiethnic society having a large variety of cultures, religions, and languages. South Africa is the second largest economy in Africa (the first being Nigeria) and is the only African member of the G-20 group. The country contributes 35% to the African PPP. The World Bank has marked South Africa as an upper-middle-income economy. There are only four countries with such economy on the African continent. South Africa’s GDP has tripled since 1996. Within two decades of ending the apartheid system and establishing democracy, the foreign exchange reserves have increased from $3 billion to $50 billion which created a diversified economy. The banking sector of South Africa has strengthened which led to a positive change in the economy.
The country is a cornucopia of mineral riches and has the deepest gold veins and diamond mines. The South African Mint is its official mint and it produces circulation and commemorative coins. Its all-time best-selling products are the South African Krugerrands. There are also many other investment grade bullion pieces issued by this prestigious mint.
Commodity & Futures Markets in South Africa:
South African Futures Exchange
The South African Futures Exchange or Safex is the futures exchange subsidiary of JSE Limited. In 1990, Safex was established as an independent exchange and saw a steady growth. There are two divisions in Safex: the equity derivatives trading and the agriculture derivatives trading, formed in 1995. The exchange exercises its regulatory functions as a self-regulatory authority in accordance with the Financial Markets Control Act, 1989. The FSB (Financial Services Board) supervises the exchange.
Coin Shows in South Africa:
Coin collecting is a highly popular hobby prevalent around the world. You can witness the passion for it as more and more coin enthusiasts are traveling to different states and countries to attend famous national and international coin shows. South Africa hosts several great numismatic events which shall be attended by collectors and dealers from all around the globe. If you are planning to visit South Africa soon, or if you want to see some coin shows outside the US, take a look at the most popular South African coin shows listed below.
This is an annual coin show which takes place in Durban and is open to collectors of coins, antiques, and jewelry, as well as to general public. This numismatic event showcases coin artistry and coin collections. Over 31 dealers will attend this show to sell, buy, and trade coins and collectibles. The biggest participant in this show is the South African Mint which will display a wide variety of collectible coins that will also be on sale. The collectors can view and buy from a vast selection of coins and antiques. Collectors can also get their coins and medals evaluated for free at this show. There will also be various prizes to win. The entry is free. The timings are 9:30 am to 4:30 pm.
Another annual coin show attended by several South African dealers. This 3-day event features an array of exciting new coins along with other renowned coins and bullion. The South African Mint is also a prominent participant, along with other prestigious dealers of South Africa which will sell, buy, and trade coins and collectibles at this show. Many investors and collectors will also attend this event.
Government and Private Mints in South Africa:The South African Mint Company (RF) (Pty) Ltd Old Johannesburg Road, Gateway Centurion South Africa +27 12 677 2777
The South African Mint is the official mint of the Republic of South Africa. The Mint has been operating for over 100 years. Today, the mint manufactures coins for the South African Reserve Bank. It produces both circulation coins as well as commemorative coins. The mint’s South African Krugerrands are one of the most popular investment-grade bullion coins in the world. The mint also has several international clients and offers tailor-made packages of products as per the client’s requirements. The mint incorporated modern and up-to-date technologies to produce superior quality products.Gold Reef City Mint Gate No.1 Rand Refinery Complex, Corner Refinery road and Jack Street, Germiston +27 11 873 5090
The Gold Reef City Mint was taken over from its mother company, the South African Mint, in 1990. However, it still gets support from the mother company whenever needed. The Gold Reef City Mint has shaped itself to become a South African market leader in marketing and manufacturing of numismatics. It has a solid reputation and it's just one of the two privately owned mints which produce legal tender coins for South Africa. The mint manufactures a wide variety of coins, medals, medallions, trophies, badges, corporate gifts, and key rings. The infrastructure of the mint is quite impressive and has the latest modern equipment. The company's main focus is the production of gold, silver, and platinum products. Along with national clients, it has several international clients, too. The mint is also one of the founders of SAAND (South African Association of Numismatic Dealers).
International Bullion Depositories in South Africa:
When investing in precious metals, safeguarding your valuables is a crucial factor. Sensing the difficulty that investors have in storing and safeguarding their bullion investments, many large precious metal companies offer safe and secure storage solutions in different places around the world. South Africa is one of the top spots for investors with large holdings who are looking to spread their investments among several countries. There are many international companies which offer precious metals storage in South Africa.
Bullion Exchanges in partnership with several gold bullion storage companies offers allocated, pool allocated and unallocated storage in South Africa in high-tech, secure vaults with top-notch 24/7 control and surveillance. Just contact us and we will provide you the safest and most convenient way to store your precious metals in South Africa.IBV International Vaults Durban: Shop F119, Gateway Theatre of Shopping, Umhlanga Rocks, Umhlanga, South Africa, 4321 +27 31 566 3984 Sandton: Shop L03-308, Legacy Corner, Nelson Mandela Square, Sandton City, Johannesburg, 4320 +27 11 783 6101
Established in 2004, the company provides a world-class storage service. The clients' commodities are safely protected with full confidentiality. It has several branches in South Africa (see above the addresses of the biggest two). The company provides four different types of safe deposit boxes, which are of different sizes and the monthly and annual rentals for these boxes vary based on their size. Its network is continuously growing, having around 14,000 clients.Knox Titanium Vault Company, Johannesburg No 1 River Street Houghton, Johannesburg, South Africa, 2196 +27 11 646 1919
Clients can protect their precious metal investments by storing them at Knox Titanium Vault Company located in Johannesburg. The company offers them instant and unlimited access to their stored items. It has different types of storage like safety deposit boxes, firearm storage, fine art storage, and boardroom facility. They offer 5 different sizes of safety deposit boxes: small, medium, large, X large, and XX-large. The vault is fireproof and can be accessed only by clients during the office hours. Complete discretion is maintained. Even international clients are eligible to store here.
Vaults and Bullion Depositories in South Africa:
South Africa is one of the most economically stable countries in the world, being regarded as a safe place for storing precious metal holdings. Besides international bullion storage options, there are also local companies which offer precious metals vaults where you can securely store your items. So, if you want to buy and store gold in South Africa, take a look at the below South Africa vault options.Reserve Holdings, Cape Town Office No 1, 1st Floor, Dover House, 42 Orange Street, Gardens, Cape Town, South Africa, 8001 +27 21 426 2991
A very secure vault with walls made of concrete and steel. The vault is monitored 24/7 through camera surveillance as well as armed security and tech control room which functions 24/7. Clients can access their vaults through biometric authentication like hand and face verification. The vault is climate-controlled as it is constructed from a combination of tons of concrete and steel. The vault is also protected with seismic alarm sensors. Master key and lock activation are provided. Private viewing cubicle is present, too.
Tax on Precious Metals in South Africa:
The standard VAT rate of 14% is applied on most goods and services, including gold. Certain South African Gold coins, like the so popular Gold Krugerrands, are exempted from the tax. Check out the condition for exemption at https://www.pwc.co.za/en/assets/pdf/pwc-vat-card-2009-10.pdf
Since we are not tax experts, Bullion Exchanges strongly advises you to cross check with a tax professional before making any precious metals investments in South Africa.
Local Gold and Silver Dealers in South Africa:1. South Cape Coins Address: 97D Langeberg Mall, Voorbaai, Mosselbay, South Africa, 6500 Phone number +27 44 695 4256
Smelters & Refineries in South Africa:
Smelters extract various metals from the ore and create refined precious metals products. Silver and gold smelting is typically conducted by a professional precious metals refinery, such as Bullion Exchanges. South Africa also has numerous plants where refining silver and gold are performed. Pick a gold or silver refinery listed below or allow us to help you in melting gold or silver for you:Rand Refinery (Pty) Limited Refinery Road, Industries West, Germiston, South Africa + 27 11 418 9000SA Precious Metals (Pty) Ltd 162 Tedstone Road , Wadeville, Gauteng, South Africa +27 11 824 4393Cape Precious Metals (Pty) Ltd 13 Link Cl, Montague Gardens, Cape Town, 7441, South Africa +27 21 551 2066Richards Bay Minerals Empangeni, 3880 +27 35 901-3111Rappa Resources (Pty) Ltd 1 Homestread Road, Knights, Germiston, 1401 +27 11 842-0200Rand Carbide - Furnace Control Room (Emalahleni (Witbank), 1034 +27 13 656-6661Falcon Smelters (Pty) Ltd 5 Kreupelhout Street, Wadeville, Germiston, 1428 +27 11 827-4971 / +27 11 827-4977San Africa Precast (Pty) Ltd Westville, Kwazulu-Natal, 3629 +27 31 266-7043Xstrata (Pty) Ltd Kennedys Vale, Steelpoort, Mbombela (Nelspruit), 1133 +27 13 230-5000Silicon Smelters (Pty) Ltd 80 EnyatiVillge Road, Langkrans, Vryheid, 3114 +27 34 942-2007Heraeus SA (Pty) Ltd 29 Atlas Rd, Anderbolt, Boksburg, 1459, South Africa +27 11 918 4374Braemore Platinum Smelters Pty Ltd 6 Waterford Place, Klevehill Park, Johannesburg - 2191 +27 11 465 1895Hansa Silver P.O. Box 8293, Centurion, 0046, Doringkloof, Centurion 0832263595