How silver is priced in South Africa
South African dealers quote silver in rand per troy ounce for coins and per kilo for bars, while jewellers and scrap buyers work per gram. The figures on this page are the international US-dollar spot price converted at today's USD/ZAR rate — the metal value before 15% VAT, dealer premiums or workmanship. Because silver is priced in dollars, a weaker rand pushes the local price up even when the world price is flat.
VAT: 15% on all silver
South Africa's VAT relief for investment metal is limited to gold: section 11(1)(k) of the VAT Act zero-rates gold coins issued by the Reserve Bank (the gold Krugerrand), and section 11(1)(f) covers gold supplied to the Reserve Bank, the Mint and registered banks. There is no equivalent for silver, so silver bars, silver coins — including the silver Krugerrand — and silver jewellery and cutlery all carry the standard 15% VAT when bought from a VAT-registered dealer. The rate is unchanged: the increases proposed in 2025 were withdrawn, and the February 2026 Budget announced no VAT rate change.
The silver Krugerrand
The Krugerrand range gained a silver version in 2017, the 50th anniversary of the gold coin first struck in 1967. The silver bullion coin contains one troy ounce of 99.9% fine silver and carries the familiar springbok design. Because 15% VAT applies to the silver Krugerrand but not to the gold one, local buyers pay a noticeably bigger mark-up over spot for silver coins than for gold. Outside South Africa the coin is popular too: Singapore, for example, lists it as a GST-exempt investment coin.
How dealers price silver
Dealers set rand prices from the international spot price and the live USD/ZAR exchange rate, then add a premium for minting, import costs, VAT and their margin. Premiums are usually higher on single coins and small bars than on kilo bars, and buy-back prices sit below the selling price. Investors who want price exposure without storing metal can use the JSE-listed NewWave Silver ETN (code NEWSLV) from Absa, which tracks the rand silver price with each unit worth about 1/100 oz. It is an unsecured note issued by the bank, not a fund holding physical silver.
Purity and jewellery
Investment bars and coins are 999 fine (99.9% silver). Jewellery and flatware are usually sterling silver, 92.5% silver, stamped 925 or "sterling". Items marked EPNS (electroplated nickel silver) are base metal with only a thin silver coating and have little melt value. Scrap buyers pay on pure silver content, so a 100 g sterling piece holds 92.5 g of silver — use the calculator with the 925 setting, then expect offers below the metal value.
Tax and duty information last reviewed October 2026. Rules change — confirm with your dealer or tax authority before a large purchase.