Gold, Silver, and Platinum: Legal Titles and Hallmarks
All objects made of gold, silver, or platinum sold commercially in France must comply with the statutory purity standards (titres légaux). The purity — the quantity of fine metal per thousand parts of the alloy — is expressed in thousandths (millièmes) and must meet one of the legally prescribed thresholds (CGI Art. 521 and 522). Legal standards: Gold: 999‰, 916‰, 750‰, 585‰, and 375‰. Only objects with at least 375‰ gold content may be sold at retail under the designation "or" (CGI Art. 522 bis). Silver: 999‰, 925‰, and 800‰. Platinum: 999‰, 950‰, 900‰, and 850‰.
The hallmark system
Every object in a precious metal sold in France must carry two hallmarks (CGI Art. 523 and 524): a maker's mark and a guarantee mark.
Objects bearing a purity hallmark applied by a body in another EU member state providing equivalent consumer information guarantees may be sold in France without further French hallmarking. Absent such evidence, French hallmarking is required before the object may be sold.
Professionals' obligations
All professionals holding precious metal objects must keep a livre de police (police register) of all purchases, sales, receipts, and deliveries (CGI Art. 537). Buyers of gold at the retail level must file an annual declaration of retail gold purchases with the tax authorities by 31 January of the following year (CGI Art. 1649 bis). For transactions above €1,000 with non-regular clients, identity verification is required under anti-money-laundering rules (C. mon. fin. Art. R 561-10).
The Tax Regime: Forfait or Ordinary Gains
Sales of precious metals, jewellery, and gemstones by private individuals are subject either to the forfait tax or, on election, to the ordinary capital gains regime for movable property.
The forfait tax
The default regime is a flat tax calculated on the gross sale price, regardless of whether a gain or a loss was made (CGI Art. 150 VI and 150 VM):
- Precious metals (gold, silver, platinum as raw materials or objects not meeting the jewellery/art definition): 11% + 0.5% CRDS for French residents = 11.5% effective rate.
- Jewellery, objects of art, collectibles, and antiques (including gemstone-set jewellery): 6% + 0.5% CRDS = 6.5% effective rate.
No minimum threshold applies to precious metals. For jewellery and objects in the art/antiques category, sales at or below €5,000 per object are exempt. Non-residents domiciled outside France are also generally exempt. The tax is collected by the French-domiciled intermediary, or filed by the seller on Form 2091 within one month of the sale.
Option for ordinary capital gains taxation
An irrevocable election to be taxed under the ordinary movable property gains regime is available where the seller can justify the date and price of acquisition (CGI Art. 150 UA). The election is filed on Form 2092. Under this regime: the gain = disposal price (net of costs) minus acquisition price (including all acquisition costs and restoration expenses, but not maintenance); an annual abatement of 5% per year beyond the second year reduces the taxable gain; full exemption from income tax is achieved after 22 years; the remaining gain is taxed at 19% income tax + 17.2% social charges = 36.2%; losses are not deductible. For jewellery/art/antiques, the €5,000 exemption threshold does not disappear on election of the ordinary regime.
The ordinary regime is almost always advantageous for objects held for more than 22 years (gain fully abated, no income tax, social charges apply only to a small residual base — far less than 11.5% or 6.5% on the full price) and for objects received by inheritance within the past two years and sold close to the inheritance value (minimal gain, far less than the forfait on the full price). For shorter holding periods and significant gains, the forfait is usually more efficient and the calculation should be performed before electing.
Silver and Platinum: Practical Notes
Silver and platinum are both classified as precious metals under the forfait tax regime, attracting the 11.5% rate for French residents. Investment-grade silver and platinum bars and ingots meeting the purity thresholds (≥995‰) are treated as precious metals rather than collectibles. Decorative silverware and silverplate meeting the 925‰ or 800‰ sterling standard falls in the precious metals category; pieces below 800‰ sold primarily for craftsmanship or age value may be reclassified as antiques or collectibles and taxed at 6.5%.
For platinum jewellery at 950‰, 900‰, or 850‰, the dog's-head guarantee mark is required. Platinum alloys below 850‰ do not carry the platinum guarantee mark and may not be sold as platinum objects.
Diamonds: The 4Cs and Certification
Diamonds are natural crystals of pure carbon. Their hardness of 10 on the Mohs scale makes them the hardest naturally occurring substance. The commercial value of a gem-quality diamond is determined by four criteria — the 4Cs:
- Colour: the closer to colourless, the higher the value. Graded from D (colourless) to Z (light yellow). Rare natural colours (pink, blue, green) command significant premiums.
- Clarity (pureté): degree of freedom from internal inclusions and external blemishes. Graded from Flawless (FL) to Included (I1–I3).
- Carat weight: one metric carat = 0.2 grams. Price per carat rises non-linearly with weight — a 2-carat stone is worth far more than twice a comparable 1-carat stone.
- Cut: the quality of the stone's faceting, determining how light is reflected and refracted. A well-cut stone maximises brilliance; a poor cut dissipates light even in a flawless stone.
Certification
When purchased from a professional, a diamond should be delivered in a sealed pouch accompanied by a certificate from an accredited laboratory. The two most internationally recognised laboratories are the Hoge Raad Voor Diamant (HRD) in Antwerp and the Gemological Institute of America (GIA). In France, the Laboratoire Français de Gemmologie (LFG) provides equivalent services. The absence of a certificate can result in a significant discount on resale and raises the possibility of fraud. A certificate from an unrecognised laboratory carries much less weight than one from HRD, GIA, or LFG. The global trade in rough diamonds is subject to the Kimberley Process Certification Scheme (EU Council Regulation 2368/2002), which aims to prevent the trade in conflict diamonds — all rough diamonds traded internationally must be accompanied by a Kimberley Process certificate.
Coloured Gemstones: Rubies, Sapphires, and Emeralds
Only three minerals carry the designation of pierre précieuse de couleur in French commercial usage: rubies, sapphires, and emeralds. All other coloured stones are classified as semi-precious stones (pierres fines) or ornamental stones.
- Ruby: corundum with a dominant red colour (the finest being "pigeon's blood" red). Hardness 9. Most valued rubies historically originate from Burma (Myanmar); Mozambique, Thailand, and Sri Lanka are also significant sources.
- Sapphire: corundum (same mineral family as ruby, distinguished by colour). Blue sapphires dominate the market; Ceylon (Sri Lanka) stones are among the most prized. Hardness 9.
- Emerald: a variety of beryl with a dominant green colour. Hardness 7.5. Colombian emeralds are considered the benchmark; Zambian, Brazilian, and Zimbabwean stones are also traded. Inclusions (jardin) are accepted as inherent to emeralds to a greater degree than in diamonds.
Unlike diamonds, coloured gemstones have no standardised international grading system. Value depends on colour, weight, cut, clarity, and — critically — geographic origin. A Burmese ruby and a Thai ruby of identical apparent quality can have very different market values. An investor or buyer without deep expertise should never acquire significant coloured stones without a certificate from a qualified gemmological laboratory and, for important stones, an opinion on geographic origin.
Pearls
French law and commercial practice draw sharp distinctions between the types of pearl:
- Fine pearls (perles fines): natural concretions secreted accidentally, without any human intervention, inside wild molluscs. Rarer and significantly more expensive than cultured pearls. Weight is measured in grains (1 grain = 0.25 carats = 0.05 grams).
- Cultured pearls (perles de culture): pearls whose formation inside a living mollusc is artificially triggered by human intervention. These form the bulk of the modern pearl market.
- Imitation pearls (perles d'imitation): entirely or partially man-made objects designed to replicate the appearance of natural or cultured pearls but lacking their physical, chemical, or crystalline properties. No investment value.
The price differential between fine pearls and cultured pearls can be ten to one or more. The principal valuation criteria are diameter (for cultured pearls), colour, lustre (the depth of reflection — the orient of fine pearls), shape, and for strands, the matching of all the above across stones. Gemological examination to distinguish fine from cultured pearls is essential before any significant purchase.
Other Minerals
Beyond gemstones, decorative and collector minerals — crystals, tourmalines, aquamarines, amethysts, and rare mineral specimens — can have significant value based on beauty, purity, formation size, or rarity. There is no formal regulatory framework for their trade: the mineral market operates informally through mineral fairs and exchanges (bourses aux pierres) held in France and internationally. The tax treatment of gains on their sale follows the general precious objects/collectibles forfait regime (6.5%) or the ordinary gains regime on election.
Tax Summary: Precious Metals and Gemstones
| Category | Forfait rate (French resident) | €5,000 exemption? | Option for ordinary gains? | 22-year full exemption? |
|---|---|---|---|---|
| Precious metals: gold (bars/investment coins) | 11.5% on gross price | No | Yes (Form 2092) | Yes (on ordinary gains election) |
| Precious metals: silver, platinum (raw form or objects sold by weight) | 11.5% on gross price | No | Yes | Yes (on ordinary gains election) |
| Jewellery (gold, silver, platinum set pieces) | 6.5% on gross price | Yes (≤€5,000 exempt) | Yes | Yes (on ordinary gains election) |
| Gemstones sold as jewellery or bijoux | 6.5% on gross price | Yes (≤€5,000 exempt) | Yes | Yes (on ordinary gains election) |
| Gemstones sold as collectibles or objects of art | 6.5% on gross price | Yes (≤€5,000 exempt) | Yes | Yes (on ordinary gains election) |
| Gold/silver/platinum coins minted before 1800 (treated as collectibles) | 6.5% on gross price | Yes (≤€5,000 exempt) | Yes | Yes (on ordinary gains election) |
Whether you are assessing the tax on a jewellery sale, evaluating a diamond purchase, or planning the succession of a precious metals collection, our guides cover the full French framework for tangible luxury asset investment.
Book a ConsultationThis article covers precious metals, jewellery, and gemstones as movable property assets for private individuals in France. The tax regime for gold coins and bars that meet the definition of investment gold (or d'investissement) under CGI Art. 298 sexdecies A is covered in detail in the separate article on gold investment. The forfait rates cited (6.5% and 11.5%) include the 0.5% CRDS component applicable to French-domiciled sellers.
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Key Legal References
Purity expressed in millièmes (thousandths)
Legal purity standards: gold 999/916/750/585/375‰; silver 999/925/800‰; platinum 999/950/900/850‰
Minimum 375‰ gold content required to be sold at retail under the designation ‘or’
Hallmarking requirement: every object in precious metal sold in France must carry both a maker’s mark (poinçon de maître — diamond-shaped, maker’s initial and personal symbol, applied at completion of manufacture) and a guarantee mark (poinçon de garantie — eagle’s head for gold, Minerva’s head for silver, dog’s head for platinum; applied by customs, approved control body, or authorised holder). Poinçon de responsabilité applied to imported objects meeting a legal purity standard (replaces maker’s mark for imports). EU-equivalent hallmarks from other member states accepted without further French hallmarking
Exemptions from hallmarking requirement: antique pieces made before 1838; post-1838 pieces already bearing old French guarantee marks
Livre de police: mandatory register for all professionals holding precious metal objects — all purchases, sales, receipts, and deliveries must be recorded
Annual declaration of retail gold purchases: required from buyers of gold at retail level; filed with tax authorities by 31 January of the following year
Identity verification: required for transactions above €1,000 with non-regular clients, under anti-money-laundering rules
Forfait tax scope and option: taxe forfaitaire on gross sale price of precious metals, jewellery, objects of art, collectibles, and antiques. Irrevocable option to elect ordinary capital gains regime (Form 2092) where date and price of acquisition can be proved, or holding of >22 years evidenced by any means. No minimum threshold for precious metals. €5,000 per-object exemption for jewellery/art/collectibles. Non-residents domiciled outside France generally exempt. Collected by French-domiciled intermediary; seller files Form 2091 within one month if no intermediary
Forfait rates: 11% on precious metals (gold, silver, platinum as raw material or objects sold by weight/purity); 6% on jewellery, objects of art, collectibles, and antiques. +0.5% CRDS for French residents: effective 11.5% and 6.5%
Ordinary movable property capital gains regime: gain = disposal price (net of costs) minus acquisition price (including all acquisition costs and restoration expenses, not maintenance); 5% annual abatement per year beyond year 2 of ownership; full income tax exemption after 22 years; 19% income tax + 17.2% social charges on abated gain; losses not deductible
Kimberley Process Certification Scheme: UN-endorsed international framework to prevent trade in conflict diamonds (blood diamonds). All rough diamonds traded internationally must be accompanied by a Kimberley Process certificate
