On Offer Now
| Commodity: | AU Gold |
| Form | Gold Dore Bar |
| Purity | 94% – 96% |
| Origin | DRC |
| Country of Export | Uganda |
| Supply Capacity | 60kg – 100kg |
| Agreement Type | Spot or 12 months |
| Price | Provided on Enqury |
| 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
- 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. Buyer also sends a live link to the USDT wallet for verficiaton. 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, date accepted 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 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 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 an SBLC. We carry all costs from Uganda until the buyer’s country 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
The minimum monthly supply we do on CIF is 100 kg on a 12 month SPA. We will not send any stock to the buyer’s country without an SBLC or upfront payment.
Standby Letter of Credit (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 in Dubai. The buyer must provide the refinery name and address and the Seller will first approve the refinery.
Payment
Payment can be TT, or SWIFT immediately after the final ASSAY at the testing refinery.
Procedures
- Seller and Buyer agree and the parties sign the SPA.
- The Seller will send the Buyer the required SBLC verbiage.
- The Seller will provide his CIS and RWA containing the SKR.
- The Buyer will send the Seller the following Documents:
- An RWA letter from the Buyer’s bank on the bank letterhead not older than 48 hours signed by a bank officer.
- Buyers CIS.
- Buyer proof of funds stamped and signed by a bank officer.
- Upon receipt of the submission documentation, a comprehensive due diligence will be conducted for which the process will take a minimum period of 3 working days.
- The seller will complete the process of the documentation and agreements with its funder.
- The receiving bank will send to the Buyer’s bank a SWIFT MT199 requesting RWA and the Buyer’s bank will reply with RWA. This will be a handshake between the banks that the SWIFT MT760 can be received.
- Seller will request for swifting of the MT760 to the banking coordinates that will be provided. The SWIFT MT760 must be done within 48 hours failing to swift within 48 hours, the buyer will be charged a 2% penalty per day.
- A hard copy of the MT760, that was swifted, must be signed by two bank officers reflecting a photo of their business cards sent with the MT760. The signatures must be in blue ink.
- The gold will be ready for transport in 21 days after receiving the SBLC.
- The buyer will send the Seller the booking confirmation receipt from the refinery.
- Seller will notify Buyer of his flight booking information and when the Seller expects to land in Dubai.
- The buyer will ensure the Gold is cleared from Customs by its clearing agent.
- Buyer will transport the Gold via Transguard to the refinery after release from customs.
- The buyer will ensure that the Gold is fully insured from its arrival in Dubai to the point of refining and final ASSAY. The Buyer will be held fully liable for the gold from the time of entry into Dubai to the point of final payment.
- On the day of testing, the buyer and seller will meet at the refinery for testing of the Gold.
- After the final ASSAY, Seller will issue the buyer with the final proforma invoice with exact weights as per ASSAY.
- Buyer will make immediate payment upon commercial invoice and ASSAY to the seller.
- Once payment is received and reflected 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 SBLC 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 as both parties must carry their own costs. The buyer might have a concern that he will raise the SBLC and not receive the gold. You are covered in the SPA for this. Should we not deliver the gold to you within 30 days of you swifting the SBLC then you may cancel the SBLC. The Cancellation clause in the SPA protects against none performance.
You will never lose any money on raising the SBLC. Your bank will ask you to transfer the funds for the SBLC into a savings account and they will block the account in favor of issuing the SBLC. A savings account will pay you a minimum of 3% per month which more than covers the SBLC cost. You can make more than 36% pa just by blocking your funds for the year over and above the profit from the gold. Your funds never leave your bank account and at know time are you at risk.
From our side, we have to carry the costs of taxes, insurance and logistics. This is in access of 8%. We carry all the risks while your funds are safe 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.