Gold Doré Explained: Why Verification Has to Come First

Gold doré is semi-refined gold — bars cast at or near the source, typically 85–92% pure, before final refining into bullion. It is a legitimate and important part of the gold supply chain. It is also the single most fraud-prone corner of commodity trading, which is why any serious operator treats verification as the first step, not the last.

Why doré attracts so much fraud

The combination of high value, semi-refined form and cross-border movement makes doré a magnet for schemes: unnamed "sellers", allocations that cannot be traced, mandate letters from people who have never met the principal, and documents that collapse the moment anyone verifies them at source.

Why it is licence-controlled

In South Africa, unwrought precious metal — including doré — is regulated under the Precious Metals Act. Dealing in it lawfully requires the appropriate licensing, and export requires its own permits. A counterparty who suggests bypassing this is telling you exactly what kind of deal they are running.

• Proof of funds from the buyer, and proof of product from the seller — both verifiable.
• A clear beneficial-ownership chain, not a stack of intermediaries.
• An assay and a refinery or inspection arrangement that can be checked independently.
• Correct licensing and permits held by the parties who need them.

Genuine buyers and sellers have this ready and are usually relieved to be asked. The parties who object to verification are, almost without exception, the ones who were never going to close.