VAT on Gold in South Korea
Physical gold bars from banks, dealers and shops carry 10% VAT. Jewellery carries 10% VAT on the full price, plus individual consumption tax on very expensive pieces. Today 10 grams of 24K gold cost ₩1,663,324 at the world price and about ₩1,829,656 with tax and duty.
Rules checked 26 October 2026 · Prices Oct 30, 2026, 21:55 UTC · Not tax advice
Gold in South Korea today, with tax
KRW · Oct 30, 2026, 21:55 UTC| Weight | World price, 24K gold | Bar or coin, with tax and duty | 18K jewellery metal, with tax |
|---|---|---|---|
| 1 gram | ₩166,332 | ₩182,966 | ₩137,224 |
| 1 don | ₩623,747 | ₩686,121 | ₩514,591 |
| 10 don | ₩6,237,465 | ₩6,861,212 | ₩5,145,909 |
| 1 ounce | ₩5,173,516 | ₩5,690,868 | ₩4,268,151 |
| 100 grams | ₩16,633,241 | ₩18,296,565 | ₩13,722,424 |
The rules in South Korea
| What you buy | Tax | Details |
|---|---|---|
| Bars and bullion coins | 10% | Physical gold bars from banks, dealers and shops carry 10% VAT. Gold bought and held on the KRX Gold Market is VAT-free; 10% VAT applies when it is withdrawn as bars. |
| Jewellery | 10% | Jewellery carries 10% VAT on the full price, plus individual consumption tax on very expensive pieces. Charged on: full value. |
| Import duty | 0% | No duty is assumed in the local price. Most imported gold enters tariff-free. |
| Tourist refund | Yes | Tax refund for foreign tourists at participating shops (immediate refund for smaller purchases, or refund at departure). |
Compared with nearby countries
VAT on Gold in South Korea: FAQ
Is there VAT on gold in South Korea?
Physical gold bars from banks, dealers and shops carry 10% VAT. Jewellery carries 10% VAT on the full price, plus individual consumption tax on very expensive pieces.
Do you pay VAT on gold bars and coins in South Korea?
Physical gold bars from banks, dealers and shops carry 10% VAT. Gold bought and held on the KRX Gold Market is VAT-free; 10% VAT applies when it is withdrawn as bars.
Is there import duty on gold in South Korea?
No duty is assumed in the local price. Most imported gold enters tariff-free.
Can tourists claim back the VAT on gold in South Korea?
Yes. Tax refund for foreign tourists at participating shops (immediate refund for smaller purchases, or refund at departure).
Why is the gold price in South Korea different from the world price?
KRX prices can move away from the international price when supply is short. In the February 2025 buying rush the premium was very large (about 20% reported at the peak) and KOMSCO cut bar supply.
Sources (2)
- KRX: value added tax on the KRX Gold Market (accessed 2026-10)
- The Korea Times: banks halt gold bar sales as KOMSCO supply runs short (2025-02-12)
Related
General information on the tax a private buyer pays, checked 26 October 2026. Rules change; check with the seller, the tax authority or an adviser. Not tax advice.