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Precious Metals Act, 2005 (Act No. 37 of 2005)

4. Prohibitions relating to acquisition, possession or disposal of unwrought precious metal

 

 

(1) Save as is otherwise provided in this Act, no person may acquire, possess or dispose of, either as principal or as agent, any unwrought precious metal unless—
(a) he or she is the holder of a refining licence and acts in accordance with the terms and conditions of his or her licence;
(b) he or she is an authorised dealer;
(c) he or she is a producer who has won or recovered such unwrought precious metal;
(d) he or she has obtained a certificate from the Regulator authorising him or her to acquire or to dispose of such unwrought precious metal;
(e) such unwrought precious metal does not exceed a prescribed mass and is acquired in accordance with a special permit issued by the Regulator for scientific or beneficiation purposes or to make jewellery; or
(f) he or she is the holder of a precious metal beneficiation licence and acts in accordance with the terms and conditions of his or her licence;

 

(2) The Regulator may only issue a certificate contemplated in subsection (1)(d) to a person in consultation with the National Treasury, in the case of gold, and the National Commissioner.

 

(3) No person may have in his or her possession any unwrought precious metal unless he or she is—
(a) a person contemplated in subsection (1); or
(b) in possession of such precious metal in fulfilment of a contract of employment with any person contemplated in subsection (1).

 

(4) No person may deliver unwrought precious metal in payment of any debt owed by him or her or any other person or in consideration of any service rendered or to be rendered to him or her or any other person.

 

(5) Only a person contemplated in subsection (1)(a), (c), (e) or (f) may make up, smelt or change the form of any unwrought precious metal in his or her possession in terms of that subsection.