Gold · 5 min read
What Is Gold Doré?
Gold doré is a semi-pure alloy of gold, usually cast into rough bars at or near the point of production, before it reaches a refinery.
It is a normal stage in the gold supply chain, but it is materially different from refined bullion and should never be quoted or valued as though it were the same product.
How doré differs from refined bullion
Refined bullion has been processed to a stated fineness and carries markings that identify the refiner and the bar. Doré has not completed that process: it contains gold together with silver and other elements, and its composition varies between casts.
Because composition varies, doré is bought on the basis of assayed metal content rather than gross weight. Two doré bars of identical weight can contain substantially different quantities of gold.
How doré is assayed
Assay is central to any doré transaction. Sampling must be representative of the whole bar, since the alloy is not perfectly homogeneous, and results determine the payable metal content.
Buyers and sellers commonly agree in advance which assay method applies, who performs it, and how disputes over results are resolved.
Who buys doré
Doré is generally directed to refiners or to commercial buyers with refining arrangements, because the material needs further processing before it can be sold as investment-grade product.
A buyer seeking finished bars for resale is usually looking for refined bullion rather than doré.
Documentation considerations
Because doré originates closer to the production stage, source documentation and due diligence receive particular attention, and requirements differ by destination.
Availability, composition and documentation vary by transaction and are confirmed during the enquiry process rather than published in advance.
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