History of the Rand Refinery
Founded during the gold rush era in South Africa, the Rand Refinery was founded in 1920 by the Chamber of Mines. It was first established in an effort to refine the gold produced by South Africa's gold mines domestically instead of in London by the Royal Mint of England.
Initially, South Africa's gold mines would send low quality ingots to the refinery, where they would refine gold to 99.6% purity and then pass it on to the South African Reserve Bank to be sold on the London and Zurich bullion markets.
Today, the Rand Refinery works alongside the South African Mint and South African Reserve Bank to produce, market, and distribute the iconic Gold Krugerrand bullion coin. While it doesn’t actually manufacture the coins, it exclusively provides the gold used to produce them. This is because the South African Mint is the only facility with the legal power to mint legal tender currency, which includes the Krugerrand.
Besides its contribution to the Krugerrand, the Rand Refinery also produces a collection of cast and minted gold and silver bars. The refinery is also working to protect South Africa’s jewellery manufacturing industry through its Silver and Gold Mentorship Programme.
Rand Refinery’s reputation
The Rand Refinery has a strong reputation as a trusted and respected institution in the precious metals industry. It is a full member of the London Bullion Market Association as well as the Responsible Jewellery Council (RJC), marking its adherence to stringent quality and purity standards.
The Rand Refinery is also one of the five companies accredited as Good Delivery Referees by the LBMA and is trusted by investors, central banks, and governments alike for its high-quality products. It is the only precious metals refiner in Africa to be accredited by the LBMA.
Rand Refinery bullion products
Rand Refinery offers a number of gold and silver bullion products, namely cast and minted bars.
Rand Refinery gold bars
Rand Refinery produces a variety of investment-grade gold bars in different weights and designs, ranging from smaller 1 oz Rand Refinery gold bars up to the colossal 1kg Rand Refinery cast gold bar. These bars are cast from 999.9 pure 24-carat gold.
Each Rand Refinery gold bar is stamped with the Rand Refinery logo on the top, featuring the Springbok animal in the inner of a two-ring circle. The outer ring of the circle is embossed with the words 'Rand Refinery Ltd' on the top and 'South Africa' on the bottom. Under the logo is the bar's weight next to the word 'GOLD'. Below this is the purity and year of issue as well as another smaller logo.
Most of the Rand Refinery's individually serialized gold bars are in 400 oz sizes, sent to the London Gold Market and held by many of the world's central banks. In fact, most of the gold bars held by the International Monetary Fund are from the Rand Refinery (or were in the 70s).
Rand Refinery Krugerrand coin
The Rand Refinery’s claim to fame is the South African Krugerrand. First introduced in the 1960s as a way to market South African gold around the world, the Krugerrand is the world’s first ever gold bullion coin, made from 22-karat gold. The Gold Krugerrand is available in numerous sizes, from 1/10 oz Gold Krugerrand Coin to ½ oz Gold Krugerrand Coin and the standard 1 oz Gold Krugerrand Coin.
The Krugerrand is a collaborative effort between the Rand Refinery and the South African Mint. While the Rand Refinery produces the bullion coin blanks, the South African Mint stamps these coins. Since 1998, the Rand Refinery has been solely responsible for marketing the coin internationally. The Krugerrand coin features the iconic image of Paul Krufer, the first Boer president of the South African Republic on the obverse side. The reverse displays the national animal, the Springbok, which is also part of the Rand Refinery logo.
The quality of the Krugerrand is impossible to replicate. It is the combination of high-quality material, artistry of manufacturing, and exact coin specifications (always available on the South African Mint site) that make a genuine Krugerrand stand out from any fake (although there are excellent copies sold legally). But for many experts it is its distinctive yellow-orange color (coming from the copper in the alloy) that really makes it delightfully unique.
Other Rand Refinery bullion products
Besides their cast and minted gold bars and work on the gold Krugerrand, the Rand Refinery also produces a range of minted silver bars in weights of 100 oz, 1kg, 100g, and 500g.
Buy Rand Refinery gold bullion from StoneX Bullion
If you’re looking to invest in a world-famous bullion brand, a gold or silver bar from Rand Refinery makes an excellent choice. As one of Europe’s leading precious metals dealers, we’re proud to offer a range of Rand Refinery bullion products here at StoneX Bullion.
Being an affiliate member of the London Bullion Market Association (LBMA), our company stands out amongst competitors for our commitment to good trading practices and high quality products. We source directly from producers wherever possible to offer high-quality investment products to our clients at the most competitive price possible.
Browse through our range of Rand Refinery gold bullion bars and invest in a product that’s rich with history and value.