In Mauser Military Rifles of the World, Fifth Edition, by Robert Ball, page 442, it shows a rifle with that serial number was shipped from Hamburg to Z.A.R. in 1896. Ball's book shows that rifles with that serial number started with letter "A" or with letter "B" - both series were ordered in June 1896, and were shipped in July, August and September 1896. But likely does not assist you to help with the whereabouts of that rifle today ...
As per that table in the Ball book, "all" ZAR bolts were finished in the white - and the long rifles of that serial number, would have had straight bolts. The carbines would have had turned down bolt handles.
I believe that the DWM consortium was created in November or December 1896, so those rifles probably had the "Ludw. Loewe & Co Berlin." stamping on them - as you surmised.