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

5. Prohibitions relating to acquisition, possession or disposal of semi-fabricated precious metal

 

 

(1) Save as is otherwise provided for in this Act, no person may acquire, possess or dispose of, either as principal or as agent, any semi-fabricated 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 the unwrought precious metal which has been refined and made into such semi-fabricated precious metal;
(d) he or she has obtained a certificate from the Regulator authorising him or her to acquire or to-dispose of such semi-fabricated precious metal;
(e) such semi-fabricated precious metal does not exceed a prescribed mass and is acquired in accordance with a special permit issued by the Regulator for scientific purposes;
(f) he or she holds a precious metals beneficiation licence; or
(g) he or she holds a jeweller's permit.

 

(2) No person may have in his or her possession any semi-fabricated 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).