How gold is priced in France
French investors follow the price of the Napoléon, the 20-franc gold coin, and of the kilo bar (lingot); jewellery is valued per gram, mostly in 18 carats (750). The figures here are spot gold converted at today's EUR/USD rate — the metal value before premiums and, for jewellery, 20% VAT.
VAT
Investment gold is exempt from VAT in France (Article 298 sexdecies A of the tax code, implementing the EU VAT Directive): bars of at least 995 fineness, and coins of at least 900 fineness minted after 1800 that are or were legal tender. That covers the Napoléon and most bullion coins. Jewellery carries 20% VAT.
Tax when you sell: flat tax or capital gains
When you sell gold bars or coins you pay either the taxe forfaitaire sur les métaux précieux — 11% plus 0.5% CRDS, so 11.5% of the sale price, whether or not you made a profit — or, if an invoice proves when and for how much you bought, you can opt for the capital gains regime: the gain is taxed at 19% plus social contributions, reduced by 5% for each year of ownership after the second, and fully exempt after 22 years. A French dealer usually withholds the tax; in a private sale the seller files form 2091 (or 2092 for the capital gains option) within a month. Gold jewellery generally falls under a separate 6.5% tax, due only on sales above €5,000.
The Napoléon and French hallmarks
The Napoléon (6.45 g of 900 gold, 5.806 g pure) is the most traded gold coin in France, with a daily price per coin that usually carries a premium over its gold content. Gold articles sold in France must meet a legal fineness — 999, 916, 750, 585 or 375 — and carry the state guarantee mark (poinçon de garantie), applied under the supervision of the customs service, plus the maker's mark. Gold items under 3 g are exempt from the state mark but must still meet a legal fineness.
Tax and duty information last reviewed October 2026. Rules change — confirm with your dealer or tax authority before a large purchase.