On Offer Now
| Commodity: | AU Gold |
| Form | Gold Dore Bar |
| Purity | 94% – 96% |
| Origin | Uganda |
| Country of Export | Uganda |
| Supply Capacity | 60kg – 2000kg per month |
| Agreement Type | Spot or 12 months |
| Price | Provided on Enquiry |
| Currency | USD $ |
| Incoterms 2020 | X-Works or CIF |
X-Works
The gold sale is concluded in Uganda and the buyer is responsible for exporting the gold to his destination at his own cost.
Oversight
In order to mitigate risk for both parties, all our transactions are overseen by both customs and the police. We provide a safe environment for our clients to purchase gold from us. Oversight is important for both buyer and seller safety, eliminating any possibility of either party being scammed.
You are Covered
- Customs Oversight
- Police Oversight
- Full Security
ASSAY
Testing and smelting of the gold can be done at one of the two refineries below which are approved by our insurance carrier. We are not allowed to use any other refineries and we cannot afford to lose our insurance coverage. The refineries below are fully registered and have good reputations with clean criminal records. The cost of the refinery booking and testing is for the buyers account.
- Simba Refinery
- Euro Gold Refinery
Payment
After the buyer has received the final ASSAY report, the seller will issue the buyer with a commercial invoice stating the net purity and weight for each gold dore bar. Payments can be made using one of the following methods:
- USDT
- Cash USD
Where to make Payment
The place of payment is determined by Customs and our insurance carrier. The only options for making payment are as follows:
- Pay outside the refinery walls at the Customs Security Van. There will be a heavy police presence so it is totally safe.
- The gold will be taken with the buyer in the same Customs van to Duck Hunter Security where the buyer would have opened an account. Once the gold is safely inside the premises, the gold will be checked by the buyer to ensure it is the same as when tested then only the buyer makes payment.
- The gold will be taken with the buyer in the same Customs van to Cyclops Security where the buyer would have opened an account. Once the gold is safely inside the premises, the gold will be checked by the buyer to ensure it is the same as when tested then only the buyer makes payment.
Transfer of Ownership
Transfer of ownership if given when we have received full payment as per the commercial invoice issued to the buyer.
What is Not Allowed
We work strictly with the law and all our transactions must comply with the regulations stipulated by Customs and our insurance carrier. The below are not allowed:
- The Gold cannot be sold to a local refinery as this is illegal. Any buyer attempting to do this will be arrested.
- It is illegal to make payment inside a refinery or leave the gold at the refinery after ASSAY as it will be seen as the refinery buying the gold.
- We do not accept TT or Swift payments as the funds will not reflect immediately.
Procedures
- The buyer has completed the enquiry form stipulating the quantity of gold required.
- The buyer accepts the price and requests the SPA.
- Buyer and seller signs the SPA.
- The Seller produces the proof of product.
- The buyer produces a video showing the buyer’s face and logging into his USDT account (hide your login details) and shows the USD balance in the wallet. The buyer also sends a live link to the USDT wallet for verification. If the buyer is paying cash USD then a video is required showing the buyer and the buyer lifting up the cash bundles and flipping the notes.
- The buyer will make the refinery booking, accept the date by both parties and send the seller the confirmed booking with proof of booking payment.
- The day before the refinery booking, the buyer will show Customs proof of its funds. We cannot check the gold out of the security company without Customs verifying the funds as we have to pay the security company to bring the gold to the refinery. Customs are there to ensure both sides must comply and it is a requirement of our insurance carrier as well.
- The buyer will bring its own lock box to the refinery. Once the final ASSAY is completed Customs will pack the gold in the buyer’s box with the buyer present and the buyer will lock his box and keep his key.
- If the buyer is paying outside of the refinery then the box will be taken to the Customs security van where the buyer will check this gold and then make payment. If the buyer is paying cash then the cash must be present before the box is brought outside. If the buyer has chosen one of the security companies as the place of payment then Customs will take the box and the buyer in the same van to the security company where the buyer will check the gold and make payment.
- Transfer of ownership will be given once we receive the full payment.
Proceed to SPA
If you are happy with the terms and the offer then you may proceed to the SPA by submitting the buyer info so that we can draft the SPA.
CIF
CIF is conditional upon the buyer issuing either an MT542 blocked funds or an MT760 (SBLC). We carry all costs from Uganda until the buyer’s destination airport.
All costs arising from the buyer’s destination international airport up to the final ASSAY will be for the buyer’s account. This includes customs clearing, security, logistics, taxes, import duties if any and insurance.
Monthly Supply
CIF Terms:
- Minimum Order Quantity – : 200 kg
- Maximum Monthly Delivery: 4 tons
- Payment Terms: CIF is contingent upon the buyer issuing either an MT542 or an MT760 (SBLC).
- Minimum Value of the Instrument: $100 million.
MT542 Blocked Funds
The buyer will issue an MT542 cash-backed funds for one year and one day from a AAA top world bank approved by the Seller. The Seller will provide the banking coordinates of the receiving bank on request of the MT542 to be swifted.
Standby Letter of Credit MT760 (SBLC)
The buyer will issue a cash-backed confirmed, direct, irrevocable, transferable, divisible and assignable SBLC for one year and one day from a AAA top world bank approved by the Seller with the Seller as the beneficiary. The Seller will provide the banking coordinates of the receiving bank on request of the SBLC to be swifted.
ASSAY
The testing refinery must be a fully registered refinery public refinery. The buyer must provide the refinery name and address and the Seller will first approve the refinery.
Payment
Payment will be done via SWIFT MT103 immediately after the final ASSAY at the testing refinery.
Procedures
- The Seller and Buyer mutually agree to and will both execute the Sale and Purchase Agreement (SPA).
- A fully executed copy of the SPA will be provided to each party.
- The Seller will provide his Corporate Information Sheet (CIS) to the Buyer and proof of product.
- The Buyer will similarly share its CIS with the Seller.
- The Seller will send the Buyer an email requesting that the MT542 or MT760 be SWIFTed to the banking coordinates provided. The verbiage to be used by the Sender bank in the MT542 or MT760 will be attached as Appendix 1 at the end of this agreement.
- The receiving bank may at times first request that the sending bank send an MT799 (POF and RWA) prior to the MT542 or MT760. This will be communicated to the Buyer via email if so requested.
- The Buyer will, within 24 hours, instruct its bank to send the SWIFT MT542 or MT760 to the banking coordinates provided by the Seller.
- Within 7 days, the Buyer’s bank officer must, via bank-to-bank courier, send a hard copy of the SWIFT transmission, signed in wet blue ink and stamped, to the receiving bank.
- A comprehensive due diligence will be conducted on the Buyer’s CIS and MT542 or MT760. This process is expected to take no more than four banking days.
- The Seller will notify the Buyer via email, the exact date when the delivery will take place.
- The Seller will apply for the necessary export documents, which is expected to take approximately 5 days.
- Upon receipt of the export documents from the relevant ministry, the Seller will provide the Buyer with a complete set of these documents for approval by the refinery and pre-clearance in Dubai.
- The Buyer will send the Seller the booking confirmation receipt from the refinery.
- The Seller will share their travel itinerary with the Buyer, including the date of arrival at Buyer’s International Airport.
- Upon arrival at the destination airport, the Buyer’s clearing agent will facilitate the customs clearance of the gold, and the Buyer will arrange for its transport to the refinery using a registered security company.
- The Buyer will ensure that the gold is fully insured from its arrival in the destination country until its final assay. The Buyer assumes full responsibility for the gold from the time it enters its country until the completion of the final payment.
- On the day of the assay, both the Buyer and Seller will meet at the refinery for the gold testing.
- Following the final assay, the Seller will issue the Buyer a proforma invoice reflecting the precise weight determined by the assay.
- The Buyer will promptly remit payment to the Seller upon receipt of the proforma invoice.
- Once payment has been received and confirmed in the Seller’s bank account, the Seller will transfer ownership of the gold to the Buyer.
Trial Order
We will not deliver a trial order without an MT 542 or MT760 or the Buyer paying for the stock. The Buyer does not want to take any risk and neither do we.
Performance Bond
We do not issue a performance bond, as each party is responsible for their own costs. The buyer may have concerns regarding the issuance of the instrument and the potential non-receipt of the gold. However, this is addressed within the Sales and Purchase Agreement (SPA). Should we fail to deliver the gold within 30 days of you issuing the instrument, you have the right to cancel the transaction. The Cancellation Clause in the SPA ensures protection against non-performance.
You will not incur any financial loss when issuing the MT542 or MT760. Your bank will require you to transfer the funds for the SBLC into a savings account, which will be blocked in favor of issuing the instrument. This savings account will earn a minimum of 3% interest per month, which more than offsets the cost of the SBLC. By locking your funds for the year, you could earn more than 36% annually, in addition to the profit generated from the gold transaction. Importantly, your funds remain in your bank account at all times, and there is no risk of loss.
On our side, we are responsible for covering the costs of taxes, insurance, and logistics, which amount to over 8%. While we assume these risks, your funds remain secure in your bank account.
Proceed to SPA
If you are happy with the terms and the offer then you may proceed to the SPA by submitting the buyer info so that we can draft the SPA.