Procedures for Purchase of Gold and Diamonds PDF Print E-mail
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A license will be withdrawn immediately for the following reasons: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
The Managing Director
Precious Minerals Marketing Corporation
P O Box 108
Tel: +233 21 664931-4
Fax: +233 21 662586
Telex: 20-5-Dimond GH