The Gold Buyer’s RFQ: How to Request a Clean, Comparable Quote

The fastest way to waste a week of gold sourcing is to send a vague enquiry to several suppliers and then try to compare the replies. You end up with quotes that measure different things, on different terms, with different documentation – impossible to line up side by side. A well-built gold RFQ (request for quote) solves this. It tells every supplier exactly what you need, in the same structure, so the quotes that come back are clean, complete and genuinely comparable.

This guide explains what to put in a gold RFQ, how to compare the responses fairly, and includes a template you can copy. It is written from the perspective of a licensed exporter that quotes and ships gold from the DRC and Uganda. For the wider process, start with our pillar guide on how to buy gold in Africa safely.

What a gold RFQ is – and why it matters

An RFQ is a structured request that sets out precisely what you want to buy and on what terms, inviting suppliers to quote against the same specification. Its value is comparability: when every supplier answers the same questions, you can compare quotes on the things that matter rather than on whoever wrote the most persuasive message. A clean RFQ also signals that you are a serious, professional buyer – which tends to get you more serious responses.

What a good gold RFQ should include

A complete gold RFQ covers all of the following, so no supplier has to guess (and no quote arrives missing key terms):

• 1. Product and form – e.g. cast gold bars, and the bar size (100 g, 250 g, 1 kg) or coins.
• 2. Purity – the karat/fineness you want (e.g. 22K, 23K or 24K/999.9).
• 3. Quantity – the volume for this order, and whether it is a one-off or recurring.
• 4. Destination – the delivery country and airport/city.
• 5. Incoterm – the basis you want quoted (commonly CIP to your destination), so costs are allocated the same way across all quotes.
• 6. Documentation required – assay report, certificate of origin, export permit, insurance certificate, Air Waybill, etc.
• 7. Settlement basis – e.g. final settlement on assay at your nominated refinery.
• 8. Timeline – your required or expected delivery window.
• 9. Compliance readiness – confirm you can complete KYC, and ask what the supplier requires.

Specifying the Incoterm (point 5) is the single most important detail for comparability – it decides who pays freight, insurance and duties. See our guide to gold Incoterms (FOB, CIF, CIP, DAP) for how each term changes your responsibilities.

A gold RFQ template you can copy

Paste this into your enquiry and fill in the brackets:

• Buyer: [company name, country, contact]
• Product: [cast gold bars / coins]
• Purity: [22K / 23K / 24K (999.9)]
• Bar size: [100 g / 250 g / 1 kg]
• Quantity: [volume]; [one-off / monthly]
• Destination: [city, airport, country]
• Incoterm requested: [e.g. CIP (destination airport), Incoterms 2020]
• Documentation required: assay report, certificate of origin, export permit, packing list, insurance certificate, Air Waybill
• Settlement basis: final assay at our nominated refinery
• Required timeline: [window]
• KYC: we can provide [company registration, ID]; please confirm your requirements

How to compare the quotes you get back

Once responses arrive, compare them on structure – not just the headline:

• Same Incoterm? Only compare quotes on the same Incoterm. A quote that excludes freight, insurance or duties is not as low as it looks.
• What’s included vs excluded? Check exactly which costs and documents each quote covers.
• Documentation completeness. Does the quote commit to the assay report, certificate of origin and export documents you asked for?
• Settlement basis. Confirm whether settlement is tied to refinery assay – your protection against paying for unverified metal.
• Verification. Does the supplier support independent assay before settlement?
• Supplier credibility. Registration, address, named officers – the basics of a legitimate exporter.

For supplier vetting, see our guide on identifying a legitimate, licensed DRC exporter.

From RFQ to pro-forma invoice to settlement

A clean RFQ leads naturally into a clean transaction. The supplier responds with a quote and, once you proceed, a pro-forma invoice that restates the agreed specification, Incoterm and documentation. From there the process runs through KYC, assay and documentation, insured export through the DRC-Uganda/Tanzania corridor, and final settlement on assay at your nominated refinery. Because everything was specified up front in the RFQ, there are no surprises later. See the full sequence in our gold export procedure guide.

Red flags in a quote

• A quote that ignores your specified Incoterm or leaves it undefined.
• No commitment to the documentation (assay, certificate of origin, export permit) you requested.
• Vagueness about the settlement basis or resistance to refinery assay.
• Requests for advance fees baked into the quote, or payment to a personal account.
• A supplier that cannot be verified (no registration, address or named officers).

For more on avoiding fraud, see our guide on how to spot gold trading scams.

How Congo Rare Minerals handles RFQs

Congo Rare Minerals (Reg. No. CD 893220) responds to RFQs with a clear, written quote and pro-forma invoice that state the product, purity (22K, 23K or 24K – most commonly 22K and 23K), quantity, Incoterm (commonly CIP, Incoterms 2020), documentation and settlement basis. We confirm what is included, support KYC and independent assay, and settle on final refinery assay – so the quote you accept is the deal you get. You can review our operations on the About page.

Frequently asked questions

What is a gold RFQ?

A gold RFQ (request for quote) is a structured request setting out exactly what you want to buy – product, purity, quantity, destination, Incoterm, documentation and settlement basis – so suppliers quote against the same specification and you can compare offers fairly.

What should I include in a gold RFQ?

Product and form, purity (22K/23K/24K), quantity, destination, the Incoterm you want quoted, required documentation, settlement basis, timeline, and your KYC readiness.

Why specify the Incoterm in an RFQ?

Because the Incoterm decides who pays freight, insurance and duties. Without it, quotes are not comparable – one supplier may include costs another leaves to you.

How do I compare gold quotes fairly?

Compare only quotes on the same Incoterm, check what each includes and excludes, confirm documentation and settlement basis, and verify each supplier’s legitimacy.

What is a pro-forma invoice?

A pro-forma invoice is the document a supplier issues once you proceed, restating the agreed specification, Incoterm, documentation and terms before payment and shipment.

How does Congo Rare Minerals respond to an RFQ?

With a written quote and pro-forma invoice stating product, purity, quantity, Incoterm, documentation and settlement on refinery assay – and confirmation of what is included.