PRECIOUS METALS ACT 37 OF 2005

The purpose of the Precious Metals Act is to provide for the acquisition, possession, smelting, refining, beneficiation, use and disposal of precious metals; and to provide for matters connected therewith.

Offences and penalties

(1) Any person who-
(a) contravenes section 4(1) or (3), 5(1) or (2), 7(5) or (6), 8(6), (7) or (9), 9(5), (9) or (10) or 11(1) or (2);
(b) buys unwrought or semi-fabricated precious metal without having satisfied himself or herself that the vendor thereof is lawfully entitled to sell or dispose of such metal; or
(c) maliciously places any unwrought or semi-fabricated precious metal in the possession or on the premises of any other person with intent that such other person may be convicted under this Act, is guilty of an offence and liable on conviction to a fine not exceeding one million rand or to imprisonment for a period not exceeding 20 years or to both such fine and such imprisonment.
(2) Any person who-
(a) contravenes section 4(4), 7(8) or (9), 8(4) or (10), 9(7), (8), (10) or (11), 10(1) or (2), 13 or 15(1) or (2) or 22(1);
(b) being an authorised dealer contemplated in section 14(1), buys unwrought or semi-fabricated precious metal from any person who has not produced a licence, permit or certificate as provided in that section;
(c) being an authorised dealer contemplated in section 14(1), fails to obtain and retain the certificate contemplated in section 14(2); or
(d) fails to comply with any lawful request to produce and exhibit the register or proper books of account required to be kept by him or her in terms of this Act, is guilty of an offence and liable on conviction to a fine not exceeding five hundred thousand rand or to imprisonment for a period not exceeding 10 years or to both such fine and such imprisonment.
(3) If any person convicted in terms of subsection (1) or (2) is at the time of his or her conviction the holder of a licence, permit or certificate contemplated in this Act, he or she shall forfeit such licence, permit or certificate and any right of renewal thereof for such period as the court convicting him or her may direct.

Source: SABINET