MetCon’s Purchasing Guidelines for Bars
19th April 2021
As you know (or if you didn’t), Metal Concentrators SA (Pty) Ltd works with trusted, vetted suppliers, to responsibly and sustainably source the precious metals we use to produce our wealth products.
We also have a transparent and progressive Buy-Back undertaking policy, which means MetCon guarantees to repurchase a product you have purchased from us, with terms and conditions applied.
This article clears the often-murky water of precious metal products, and outlines our distinct purchasing and refining guidelines for bars, applicable to our suppliers and wealth clients.
Cast bars (South African and worldwide)
The process of casting has existed for thousands of years, and the modern process does not differ much from the ancient. A cast bar is cast via a method of moulding or pouring; the metal is heated and then poured into a mould that is designed for a certain weight and shape. Cast bars are usually of a simpler design than minted bars. A kilo bar is an example.
As per South African law, a member of the public may not own cast bars, but can purchase minted bars to their heart’s delight.
We do not accept any cast bars from clients that do not have the appropriate SADPMR permits and/or licenses such as a Refining License, Jewellers Permit and Beneficiation License.
Should a SADPMR permit holder supply a cast kilo bar, a Know-Your-Product (KYP) due diligence will be conducted to determine the origin of the bar before acceptance.
Minted bars (South African and worldwide)
A minted bar is a bar that was manufactured and normally cut from a cast bar that has been rolled to a uniform thickness. The cutting is usually done with a die to create blanks that have required dimensions and weights. All the surfaces (top, base, and sides) are smooth and even. Markings are then applied by a minting press.
Only a few companies in South Africa are licensed in terms of the SADPMR act to manufacture minted bars. MetCon is fully licensed to manufacture and sell minted bars.
We happily accept our own minted bars. We won’t consider purchasing minted bars from any other company.
We look forward to doing business with you!
Buy-Back Policy T&Cs
Different metals have different Buy-Back rates due to the different costs of processing them once bought back. The Buy-Back rate is based on the live metal spot price less an administration margin. All products bought back are subject to inspection and must be in their original packaging. If the packaging or product has been substantially damaged (MetCon reserves the right to determine if it is damaged or not), then an additional sampling and processing fee of 2.00% will be charged on top of the rates mentioned below. Note that if the product is not substantially damaged then MetCon will add VAT to the buy-back price if your product was bought from us inclusive of VAT. If the product is substantially damaged, then MetCon will not add back VAT to the buy-back price.
Learn more about Buy-Back.
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