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. Deposit and final balance – ask for the amount due before shipment, how it is credited, the assay basis and the balance deadline.
• 8. Timeline – your required or expected delivery window.
• 9. Buyer details and requirements – provide personal or company contact details and confirm any applicable bank, refinery or destination requirements.

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: [personal or company name, country, contact]
• Product: [cast gold bars / coins]
• CRM offers testing purchases in 23K or 24K and bulk orders of 5 kg and above. Confirm the product, batch-specific purity, assay, documentation and delivery terms in the FCO and SPA. Testing purchases from 100 g to 4 kg are available in 23K or 24K. Prices, payment and delivery terms are confirmed separately before ordering. The bulk deposit schedule does not automatically apply to testing purchases.
• 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
• Payment schedule: please confirm the deposit before shipment, final assay basis, deposit credit and balance deadline
• Required timeline: [window]
• Buyer details: [personal or company contact details]; please confirm any requirements applicable to this order

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 FCO, shipment and final balance

For purchases of 5 kg and above, submit personal or company details, quantity, purity and nominated refinery or delivery address. After you accept the procedure, CRM sends an FCO for review and signature. A 10% deposit of the agreed purchase value is required before shipment and credited toward the final amount. CRM then coordinates export documentation and transportation. At the refinery, the final balance uses the agreed price and confirmed weight and purity, less the deposit, and is due within 24 hours of assay confirmation. Client-address testing and payment timing follow the FCO/SPA. Ownership transfers after final payment. Testing purchases from 100 g to 4 kg in 23K or 24K have separately agreed terms. Accepted payment methods are SWIFT, USDT on TRC20 or ERC20, and BTC. Read the current purchase procedure.

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

Send personal or company details, product, quantity, purity and nominated refinery or delivery address. CRM confirms availability and the proposed price, testing, documents, payment and delivery terms. After you accept the purchase procedure, CRM sends an FCO for review and signature. Confirm all terms and cost responsibilities in the FCO/SPA.

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, quantity, nominated refinery or delivery address, requested delivery term, required documents, deposit and final balance schedule, timeline, and personal or company contact details.

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?

CRM confirms availability, product, purity, quantity, price, testing, documents, payment and delivery terms. After procedure acceptance, CRM sends an FCO for review and signature. For purchases of 5 kg and above, a 10% deposit is paid before shipment and credited toward the final amount; the refinery balance is due within 24 hours of assay confirmation. Testing purchases from 100 g to 4 kg have separate terms.