ID and Cash Limits for Buying Gold in South Africa

In South Africa, dealers in gold, Krugerrands and jewellery that take payments of R100,000 or more have been accountable institutions under the FIC Act since 19 December 2022: they must register with the Financial Intelligence Centre, verify your identity and report any cash payment of R50,000 or more (above R49,999.99). There is no legal cap on cash. Selling to a second-hand dealer or pawnbroker always needs your original ID document or passport.

Facts checked 31 October 2026 · Not financial, legal or tax advice

At a glance

Situation	Rule	Notes
Buying	ID and due diligence by FIC-registered dealers on payments of R100,000+.	Payment in any form counts, single or linked. Many bullion and Krugerrand dealers check ID on every sale.
Paying cash	No legal cap.	Cash above R49,999.99 is reported to the FIC.
Selling	Original ID document or passport at any amount to a second-hand dealer.	The dealer copies it and keeps it for five years.
Reported	Cash threshold report (section 28) for cash over R49,999.99.	Suspicious and unusual transactions (section 29) at any amount.

The rules in detail

Item 20 of Schedule 1 to the Financial Intelligence Centre Act (FICA) covers businesses dealing in high-value goods that receive payment in any form of R100,000 or more, in one or linked operations. This includes dealers in precious metals and stones, Krugerrands, jewellery and watches. Since 19 December 2022 they must register with the FIC, run a risk management and compliance programme, identify and verify customers, and report.
Under section 28, cash of more than R49,999.99 must be reported to the FIC. The threshold rose from R24,999.99 on 14 November 2022, when the rule stopped adding together a series of cash transactions.
Splitting payments to avoid a report is still caught: under section 64, conducting two or more transactions to avoid a reporting duty is a criminal offence, and the dealer must report it as suspicious.
There is no general legal cap on paying cash in South Africa.

When you sell

Jewellers buying second-hand gold, gold buyers and pawnbrokers must be registered with the SAPS under the Second-Hand Goods Act 6 of 2009.
You must give your full name, physical address and an original ID document or passport. The dealer records your ID number, contact details and the item, copies your ID and keeps it for five years.
The dealer may not resell or melt the item for seven days, and must report suspected stolen goods or false ID to the police.
Sales to an FIC-registered dealer of R100,000+ also bring FICA checks, and cash over R49,999.99 is reported.

Silver and travel

Silver items worth R100,000+ fall under the same high-value goods rules; the Precious Metals Act itself covers only gold and platinum-group metals.
FICA's cross-border cash reporting (section 30) started on 1 July 2026: you must report cash above the prescribed threshold when an official asks.

The FIC published draft guidance for dealers in precious metals and stones (draft PCC 126) on 30 September 2026, with comments closing on 16 October 2026. It treats R100,000 as the value of a single item or bundle that makes a dealer an accountable institution and names Krugerrands as covered coins. It was not final as of October 2026.

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Gold ID and Cash Limits in South Africa: FAQ

Do I need ID to buy gold in South Africa?

An FIC-registered dealer must verify your identity on purchases of R100,000 or more, however you pay. Many bullion and Krugerrand dealers apply FICA checks to every customer.

What is the FICA cash reporting limit?

Dealers and other accountable institutions report any cash transaction above R49,999.99 to the Financial Intelligence Centre under section 28. Paying cash isn't illegal.

Do I need ID to sell gold to a pawnshop or gold buyer?

Yes. Under the Second-Hand Goods Act you must show an original ID document or passport, which the dealer copies and keeps for five years.

Sources (6)

General information for individuals buying or selling gold, checked October 2026. Rules change and dealers may ask for more than the legal minimum; check with the dealer or the regulator. Not legal advice.