How gold is priced in South Africa
South African gold prices are the dollar spot price converted into rand per ounce — so a weaker rand pushes the local price up even when the world price is flat. Jewellery is mostly 9K and 18K.
The Krugerrand
First minted in 1967, the Krugerrand was the world's first modern bullion coin. It weighs 33.93 g of 22-carat gold and contains exactly one troy ounce of pure gold; ½, ¼ and 1/10 oz versions are also made. Rand Refinery supplies the gold and the South African Mint strikes the coins.
VAT
Krugerrands are zero-rated for VAT (they are gold coins issued by the South African Reserve Bank). Gold bars and foreign bullion coins carry the standard 15% VAT. Profits on selling Krugerrands are subject to normal capital gains or income tax.
Recent changes
The February 2026 Budget proposed repealing a separate zero rate for bullion sold to the Reserve Bank, the Mint and banks, and in June 2026 the Constitutional Court ruled that recycled gold does not qualify for it. Neither change affects the Krugerrand's zero rating.
Tax and duty information last reviewed October 2026. Rules change — confirm with your dealer or tax authority before a large purchase.