What Is Gold Doré? Purity, Assay and What a Buyer Is Actually Purchasing
A doré bar is semi-refined gold, cast at or near the mine. What varies is not the concept but the assay, and that is what you are settling on.
· 5 min read
The short definition
Doré is semi-pure gold alloy, cast into bars at a mine site or a first-stage smelter, before final refining. It is the form in which most newly mined gold leaves its country of origin. A doré bar typically runs 70 to 90% gold, with silver as the main balance and small quantities of copper and other base metals.
It is not jewellery-grade, it is not a good-delivery bar, and it carries no refiner’s guarantee of fineness. It is an industrial intermediate sold for onward refining, and it is priced on its assayed gold content rather than its gross weight.
Why assay is the whole transaction
Because doré is an alloy of variable composition, its value is entirely a function of what an assay says is in it. A 1 kilogram bar at 85% gold and the same bar at 72% gold differ in value by a sixth, and nothing visible on the bar distinguishes them.
Settlement is therefore on assayed content, determined by an accredited laboratory rather than declared by the seller. Buyers can and should appoint their own assayer or refiner in addition to any certificate the seller provides — settlement on the buyer’s own assay is normal practice in this trade.
- Typical purity
- 70–90% Au, lot-specific
- Main balance
- Silver, with minor copper and base metals
- Priced on
- Assayed gold content, not gross bar weight
- Settlement basis
- Independent laboratory assay
A stamp is not evidence
Doré bars often carry a stamp from the producing mine or a local refiner. That marking indicates who claims to have cast the bar; it does not establish fineness, and it is trivially reproduced. Where a bar carries a refiner’s stamp, the useful checks are whether that refiner exists, whether it is licensed, and whether the stamp corresponds to an assay of the actual metal.
Treat the stamp as a starting point for enquiry rather than a conclusion.
The documentation a lawful export carries
Gold is the commodity where provenance documentation matters most, and where its absence is most consequential. A lawful consignment out of East or Central Africa should carry:
- A valid mining licence or dealer’s licence for the selling entity.
- An export permit issued by the relevant mineral authority.
- Revenue-authority or central-bank clearances applicable in the country of origin.
- A certificate of origin.
- An assay certificate from an accredited laboratory, on the actual lot.
What to establish before you engage
Every one of those documents can be verified with the body that issued it, and that verification is the substance of the work rather than an administrative step at the end. Confirm the licence is current and held by the entity actually selling, confirm the export permit covers this consignment, and arrange independent assay before value moves.
Gold offers arrive with more urgency and more documentation than any other commodity we handle. Both are reasons to slow down rather than speed up.
Questions Buyers Ask
What is gold doré?
Semi-refined gold alloy cast into bars at or near the mine, before final refining. It typically contains 70 to 90% gold with silver as the main balance, and is sold for onward refining priced on assayed gold content.
What purity is a doré bar?
Lot-specific, but commonly 70 to 90% gold. Because purity varies materially between bars, value is established by independent assay rather than by any figure stamped on the bar.
Can I appoint my own assayer for gold doré?
Yes, and it is standard practice. Buyers may appoint an independent assayer or refiner of their choosing and settle on that assay. A seller who objects to independent verification of gold content has told you something useful.
