Before selling Krugerrands this November, South Africans should first work out whether each coin is a bullion piece or a proof. That is the advice from The Gold Avenue, the Sandton buyer of Krugerrands, gold, diamonds and luxury watches based at Illovo Point. Both types carry the same name and can look much the same at first glance, but they are valued differently. A seller who knows which type they have will find it easier to follow how an offer is worked out.
Many households take stock of their finances in November. People are budgeting around year-end bonuses, and the new year’s school fees are not far off. Families going away in December also start thinking about what they keep in the safe at home. Anyone thinking about selling should start by establishing exactly what they have.
Bullion or proof: same name, different coin
Most South Africans know the bullion Krugerrand. It is struck to contain a fixed quantity of fine gold, and that gold content sets its value. Because the buyer is paying for the metal and not the appearance, a fingerprint, a scuff or a light scratch makes almost no difference to a bullion coin.
Proofs are another matter. A proof Krugerrand has a mirror-bright finish and usually comes in presentation packaging with a certificate. Condition and presentation count when a proof is assessed, so proofs are valued separately from bullion coins. If sellers think they have proofs, The Gold Avenue asks them to tell its Purchasing Consultants at the start and to bring the box and certificate.
The most important advice for anyone with proofs is to leave them uncleaned. A proof finish marks easily, and wiping or polishing it can cause permanent damage. Bullion coins that have spent years in a drawer should also be left alone. Sellers should bring them as they are and let the testing equipment do the work.
Testing done in front of the seller
Bullion or proof, every coin at The Gold Avenue is assessed while the seller watches. In a private booth, a Purchasing Consultant weighs each Krugerrand and tests it on a Niton XRF gold analyser. In seconds the analyser confirms the 22 carat gold content, without leaving a mark on the coin. There is no back room, and the coins stay in the seller’s view throughout.
Each size is assessed separately. The Gold Avenue buys one ounce, half ounce, quarter ounce and tenth ounce Krugerrands in both bullion and proof. It buys single coins, full sets and mixed lots. Sellers who are not sure what they have can bring everything. Each coin is then identified and priced on its own as part of the free valuation.
How the price is worked out
A Krugerrand has no fixed rand price. A bullion coin is priced using three things: the live international gold price, the rand exchange rate on the day, and the local trade prices dealers are paying at the time. Both the gold price and the rand change throughout the day, so a price given on a Monday will not hold on a Thursday. For that reason, The Gold Avenue does not give firm prices over the phone before it has seen the coins.
Sellers who want to do the sums beforehand can read the company’s plain guide to the Krugerrand price in rands. The guide sets out the three factors that determine the gold value of each size and explains a calculation mistake people often make. With that background, a seller can follow each step when the offer is explained.
The gold in a proof still counts, but its finish, packaging and certificate are also assessed. This is one reason the company asks proof owners to mention them before the assessment starts.
The selling process, step by step
When you Sell Krugerrands at The Gold Avenue, every visit follows the same steps. The seller can phone, WhatsApp, email, book online or simply walk in. The Krugerrands are weighed and tested at the desk, and the consultant makes an offer and explains how it was calculated. The valuation is free and the seller is under no obligation to sell, so they can take the offer away and think it over.
Once a seller accepts, their details are captured on an iPad and they sign a one page Sale Agreement electronically. Payment is made straight away. It can be an immediate EFT through a business banking platform with immediate clearance across participating South African banks. It can also be cash, subject to ID, compliance and the cash available on the premises, and larger cash amounts need a few business days’ notice. Most visits take 10 to 15 minutes, and returning clients are often finished in less than five.
Every purchase complies with FICA. The Gold Avenue is registered with the Financial Intelligence Centre as a Krugerrand dealer. Sellers therefore need to bring a South African ID, passport or South African driver’s licence, plus proof of banking details so the EFT goes into an account in their own name. The company warns that a buyer who will pay without checking ID leaves the seller with no record of the sale, and it sees that as a red flag, not a convenience.
Selling from outside Johannesburg
Sellers who cannot travel to Sandton have other options. The Gold Avenue can arrange a secure courier for sellers elsewhere in South Africa, or a home or office appraisal if that suits the seller better. Couriered Krugerrands are tested on arrival exactly as they would be at the desk, and the offer is explained before anything is agreed. If the seller accepts, payment is made by immediate EFT. If they decline, the Krugerrands are returned.
The company also offers a Buyback Agreement for people who need money now but expect to want their Krugerrands back later. The Gold Avenue buys the coins and pays the seller, who can buy them back on an agreed date at a set price. Until then, the coins are kept as insured stock in a safe.
Tips for a November visit
Walk-ins are welcome during business hours. Sellers who book ahead receive directions with photos of the entrance, parking and lift, and a booth will be ready when they arrive. Saturday visits are by pre-booked appointment only. Anyone planning to sell before the December break should keep their Krugerrands in the original tubes, capsules or boxes and carry them discreetly. They should also avoid posting about the sale on social media or in community groups.
Since it opened in April 2022, The Gold Avenue has served more than 3,000 clients and holds a 5.0 rating on Google.
Learn more at https://thegoldavenue.co.za/
About The Gold Avenue
The Gold Avenue buys Krugerrands, gold jewellery, diamond jewellery and luxury watches from Office 804, 8th floor, Illovo Point, 68 Melville Road, Illovo, Sandton, 2196. Trent Saldsman, Founder and Managing Director, started the company in April 2022 as a secure, professional and transparent alternative to the traditional pawn and gold buying trade. He was a Finalist in the Absa Eric Ellerine Entrepreneur Award 2024. The Gold Avenue is a registered second hand goods dealer under the Second-Hand Goods Act and is registered with the National Credit Regulator and with FICA. It is a member of the Second-Hand Dealers and Pawn Board and the Jewellery Council of South Africa. Opening hours are 08:00 to 17:00 Monday to Thursday, 08:00 to 16:00 on Friday, and Saturday by pre-booked appointment only.
Media Contact
The Gold Avenue
Email: [email protected]
Phone: +27 10 109 0080
Website: https://thegoldavenue.co.za
