This notice explains how Zeek Gold quotes prices, values diamonds, and meets its legal obligations when buying gold, silver, platinum, coins, diamonds and watches. Please read it together with our Terms and Conditions, Privacy Policy and POPI Policy.
1. Market Volatility and Price Disclaimer
All advertised purchase prices, buying rates and spot price figures shown on this website, on social media, in advertisements or given by telephone are based on current international precious metal market rates and may change without notice.
Because gold, silver and platinum markets are volatile, any price quoted online or verbally is an indicative estimate only and is not binding. The live spot prices on our gold and silver price page are market values for pure metal content, not Zeek Gold’s buying price.
A final purchase offer is only made after Zeek Gold specialists have physically inspected, tested and evaluated the item(s).
Zeek Gold may update its buying rates several times a day to reflect international market data, including price references from the London Bullion Market Association (LBMA) and COMEX.
2. Pricing Policy
All prices are shown in South African Rand (ZAR). Zeek Gold does not deduct any commission or evaluation fees from its offers.
While every effort is made to keep prices accurate, in line with section 23(9) of the Consumer Protection Act, Zeek Gold is not bound by a displayed price that contains an inadvertent and obvious error, once the error has been corrected and reasonable steps have been taken to inform consumers of the error and the correct price. Zeek Gold may also correct inaccurate prices or descriptions in its advertising and online listings.
Zeek Gold reserves the right to decline to buy any item at its sole discretion.
All sellers must be 18 years or older and must present a valid original South African ID (Smart ID card or green barcoded ID book) or passport to complete any transaction.
3. Diamond Valuation and Origin Disclosure
Offers for diamonds and gemstones are based on origin, grading and current secondary market demand.
Natural diamonds
Offers for natural diamonds take into account:
- Current Rapaport Diamond Price List market guidelines
- Rarity and demand
- Independent grading reports, such as those from the Gemological Institute of America (GIA) or the European Gemological Laboratory (EGL)
Lab-grown diamonds
Although lab-grown diamonds are chemically the same as natural diamonds, they do not have the same scarcity value. Because they are produced on a large scale and supply has increased rapidly, lab-grown diamonds usually have a much lower resale value on the secondary market.
Zeek Gold uses professional gemological testing equipment, including UV fluorescence and other industry-standard methods, to determine a diamond’s origin. All offers are final only after physical inspection and verification.
4. Seller’s Warranty of Ownership
By offering any item for sale to Zeek Gold, the seller warrants that:
- they are the lawful owner of the item(s);
- the item(s) are free from any liens, claims or encumbrances; and
- they have the legal authority to sell the item(s) and transfer ownership.
The seller agrees to indemnify and hold Zeek Gold harmless against any future ownership claims, disputes or legal action arising from the sale of the item(s). If Zeek Gold suspects that an item is stolen, it will not buy the item, and the item will be held and reported to the South African Police Service (SAPS).
5. Second-Hand Goods Act Compliance
Zeek Gold is registered with the South African Police Service as a second-hand goods dealer under the Second-Hand Goods Act, 2009 (SAPS registration 25/13/2/09/2022).
Under section 21 of the Act, every seller must give the dealer their full name, physical address and an original identity document or passport before a transaction. Accepted identification:
- Smart ID card
- Green barcoded ID book
- Passport
As the Act requires, Zeek Gold keeps a copy of the seller’s identity document or passport and a record of each transaction for at least five years. Transactions cannot be processed without valid identification.
6. FICA Compliance and Cash Threshold Reporting
Zeek Gold is an accountable institution under the Financial Intelligence Centre Act (FICA). In line with current regulatory requirements:
- cash transactions above R49,999.99 must be reported to the Financial Intelligence Centre (FIC); and
- additional verification, or proof of the source of funds, may be required for high-value transactions.
These procedures form part of South Africa’s anti-money laundering (AML) and counter-terrorist financing (CTF) regulations.
7. Privacy and Data Protection (POPIA)
By transacting with Zeek Gold, you consent to the collection and processing of your personal information in accordance with the Protection of Personal Information Act (POPIA). This may include your identification documents, contact details and transaction records.
This information is collected to comply with the law, including the Second-Hand Goods Act and FICA. Records are kept for at least the period the law requires (a minimum of five years) and are not shared with third parties, except where required by law enforcement agencies or regulatory authorities.
Our Information Officer is Rajab Lwabaga. For questions about your personal information, see our POPI Policy. For complaints, email [email protected].