TERMS OF AGREEMENT In terms of the agreement, Rand Refinery has undertaken to remove all clauses, in relation to the requirement, from its application forms as well as its website
Photo by: South African Mint
The Competition Commission and precious metal smelting and refining complex Rand Refinery have agreed that those dealing in Krugerrands no longer have to be members of the South African Association of Numismatic Dealers (SAAND).
The agreement follows an investigation by the commission into allegations that Rand Refinery makes it a condition for anyone who wishes to be appointed as a bullion Krugerrand dealer to be a member of the SAAND, which is a voluntary association in the South African numismatic industry.
In terms of the agreement, Rand Refinery has undertaken to remove all clauses in relation to the requirement from its application forms, as well as its website.
The agreement has been filed with the Competition Tribunal for confirmation as an order by the tribunal.
The commission’s investigation found that the requirement for SAAND membership could be used to raise entry barriers into the local numismatic industry.
Rand Refinery and the South African Mint jointly manage the business of bullion Krugerrand through an incorporated joint venture, Prestige Bullion.
Rand Refinery has, therefore, been tasked by Prestige Bullion to manage the sales and marketing of bullion Krugerrand in South Africa and abroad. To this end, Rand Refinery is the sole supplier of bullion Krugerrand to primary dealers locally and abroad.