24K Gold

[canuckamuck]

Is it possible to sell gold refined from ore in Thailand or are permits required? Is anyone here familiar with the law?

And before the speculation begins - no I do not have a gold mine or know where one is.

[PoorSucker]

Do you have a shop or are planning to sell to a shop?

[canuckamuck]

Do you have a shop or are planning to sell to a shop?

I don't have any gold personally, but I do know a guy who has some which he has been holding for many years. I am just trying to advise him.

[IanForbes]

Yah don't need a gold mine. Just scrape a bit off each statue...

I think most gold jewelry stores would answer your question. They seem to buy and sell gold all the time. I know many Thais who use gold jewelry as a form of investment and don't even wear it.

[canuckamuck]

I know the Thai shops are not interested in 16K gold because they usually deal in 20-22K gold. I assume they also do not want pure gold because it is a bit soft for jewelry. But I don't know so I am asking.

I know that some countries have restrictions on selling gold from ore, requiring that you have a certificate of claim or something like that. Is the same true here?

[Tywais]

Thai Gold is normally 96.5%.

Baht is a unit of weight measurement for Gold in Thailand where 1 Baht is equal to 15.244 grams in raw bullion form or 15.16 grams when it sold as jewellery. Thai Gold is also measured in "Salung" which is a smaller unit than Baht, where 1 salung is a quarter baht (0.25 baht) or 3.81 grams.

A purity of 96.5 percent means in 1 Baht of Gold 96.5 percent of it is pure gold while the rest is made of metals such as silver.

Thai Gold shops mostly have all the prices displayed in the unit of baht and of 23 carat purity. 99% pure gold is also sold in some shops in Thailand. Gold is sold in many forms such as jewellery, bars, biscuits, commemorative coins, chinese coins, etc. The price of each form of gold may differ from the standard price for gold bullion bars because of other charges such as making charge, craftsmanship, purity, etc. Many gold shops also buy gold and their buying price is often 100 baht less than the selling price.

Thai gold facts

[canuckamuck]

Thank you Tywais, that is good info

[gregb]

There is no problem selling gold of any fineness in Thailand, although if you are not selling something that is 96.5% and weighed in baht, finding a sales channel can be difficult.

If when you say "24k gold" you mean a 999 PAMP bar, then there are several places in Chinatown you can go to sell those. The easiest one to find is Hua Seng Heng, because you just need to follow the crowds. Look for the busiest shop on Yaowarat Road and that will be them. If on the other hand, you are talking about a random, ungraded piece, then you will likely need to go to a refinery that can properly assay the item. So if you are selling something that isn't immediately recognizable, I would advise going to Bangkok Assay (www.bkkassay.com)

They are professional and will give you a reasonable price near spot. They do have a minimum charge of a few thousand baht for their services though, so ideally you would want a sufficient amount of gold to justify the fees.

[Naam]

I know the Thai shops are not interested in 16K gold because they usually deal in 20-22K gold. I assume they also do not want pure gold because it is a bit soft for jewelry. But I don't know so I am asking.

I know that some countries have restrictions on selling gold from ore, requiring that you have a certificate of claim or something like that. Is the same true here?

the same is neither true in Europe nor here. if the gold is 999 (24k) nobody is able to tell whether it's derived and refined from ore or from jewelry.

[kwonitoy]

I know the Thai shops are not interested in 16K gold because they usually deal in 20-22K gold. I assume they also do not want pure gold because it is a bit soft for jewelry. But I don't know so I am asking.

I know that some countries have restrictions on selling gold from ore, requiring that you have a certificate of claim or something like that. Is the same true here?

I think you might be referring to an Assay certificate. Gold ore is an unrefined product, it has to be sent to an authorized refinery/smelter who can remove the gold from the ore and verify and stamp its purity. Goldshops as far as I know can't do this.

They can make you something nice from a nugget but can't verify its purity

[canuckamuck]

I know the Thai shops are not interested in 16K gold because they usually deal in 20-22K gold. I assume they also do not want pure gold because it is a bit soft for jewelry. But I don't know so I am asking.

I know that some countries have restrictions on selling gold from ore, requiring that you have a certificate of claim or something like that. Is the same true here?

the same is neither true in Europe nor here. if the gold is 999 (24k) nobody is able to tell whether it's derived and refined from ore or from jewelry.

I am sure you and Kwonitoy are right, someone else has given me bad info about needing a claim certificate. Thanks for the help

[garrfeild]

If it is European type gold then you will not be able to sell it in Thailand. As said already if it is not 96.5 pure they are not interested.

[Kwasaki]

Do you have a shop or are planning to sell to a shop?

I don't have any gold personally, but I do know a guy who has some which he has been holding for many years. I am just trying to advise him.

Does the guy know that it is 24 carat gold.

24 is usually only in collector coin form or sold to Goldsmiths in beads.

If so I cannot see any reason why he can't sell it to a Goldsmith.

[Soutpeel]

I know the Thai shops are not interested in 16K gold because they usually deal in 20-22K gold. I assume they also do not want pure gold because it is a bit soft for jewelry. But I don't know so I am asking.

I know that some countries have restrictions on selling gold from ore, requiring that you have a certificate of claim or something like that. Is the same true here?

If its in ore form you will require certificates, as typically its illegal for a private person to hold un-wrought gold, as it would suggest that the ore has been nicked from somewhere