Procedures For Exportation Of Gold And Purchase Of Diamonds
- The gold to be exported shall be a minimum weight of 50Kgs.
- The mineral to be exported shall be sealed in the premises of PMMC and in the presence of Customs Officials, PMMC representatives and that of the agent. After sealing, the Gold will be kept in the vault of PMMC awaiting export.
- PMMC will supply the agent with assay certificates to determine the purity of gold being exported.
- All Bank of Ghana and Customs, Excise and Preventive Services (CEPS) export documents will be completed by the Agent in conjunction with PMMC (and the agent's Bank where necessary).
- The agent shall nominate a carrier and provide all relevant flight details to PMMC 24 hours before export.
- Transportation of gold will be done from PMMC premises accompanied by the agents representative to the carrier.
- Cost of Insurance and Freight will be borne by the agent.
- The agent will undertake to ensure that the export value of the gold Dore Bars being exported is repatriated to Ghana according to the London (AM) Gold Fix on the day the Gold is shipped .
Funds relating to all transactions will be transferred through PMMC's US Dollar account with the Bank of Ghana.
- The agent is responsible for arranging a market overseas. Marketing contracts to be executed by the agent shall be subject to the approval of the Bank of Ghana or Minerals Commission.
- PMMC will export the Gold using its License to the address given by the agent.
- The agent will incur a fee of not more than 0.5% of the value of the gold for each and every shipment, payable before or on the day of export to PMMC. This excludes smelting and assay charges which are separate.
- PMMC agrees to smelt and or assay gold at the request of the agent. The fees payable for such services are:
Assaying - $50 per bar
Smelting - $20 per kg gold
- Application forms for Licenses to purchase Diamond may be obtained by any foreign company and/individuals from the PMMC. Completed forms must be returned to the Managing Director of PMMC with a non-refundable fee of USD$100.
- Processing of application forms requires a confidential status report on the company. Whilst this is being done, a temporary license may be issued not exceeding six months. A company so issued with a temporary license may commence purchase of rough diamonds only upon the payment in full US$1,000 per month for the period approved and an up-front payment transfer of not less than USD$250,000 is required. All unutilized funds will be transferable. Fees for permanent Licenses are US$12,000 per annum. This is renewable every year.
- Permanent license holders are required to purchase not less than US$150,000 worth of diamonds per month.
- All buying agents are provided with an office at Diamond House with basic office furnishing for the purpose of buying rough diamonds.
- A temporary or permanent buyer must engage resident valuer(s) to purchase the rough diamonds by negotiating directly with local winners and agents alongside other buyers at competitive prices.
- All purchasing activity must be done in this office at Diamond House and not at the mining sites.
- Rough diamonds purchased by License Buying Agents are kept in a special box at the end of each working day and transferred to PMMC for security safe keeping until required by the agent.
- A commission of not more than 3% on the export value of rough diamonds shipped at the request of the agent to a designated address is paid to PMMC.
- A license will be withdrawn immediately for the following reasons:
- Inactivity for a period exceeding 21 days without prior notice
- Buying diamonds outside the premises
- Infringement or violation of Ghana 's Mining Laws
- An official adverse report on the status of the company
- Buying malpractice including dealing with solely selected agents/winners
- Using the office for other purposes other than buying diamonds
Precious Minerals Marketing Corporation
P O Box 108
Tel: +233 21 664931-4
Fax: +233 21 662586
Telex: 20-5-Dimond GH