This Gold Refinery is owned by foreigners with 10 years in the business and has been licensed in Uganda since 2021. This foreign managed corporation is capable of refining gold to 99.9% in Kampala.
This refinery has full export licensing, issues certificates of origin, full documentation required and exports directly, no need for clearing agents or freight forwarders. It’s a one stop shop.
As bonded warehouse it is not open to the general public, only for registered and qualified clients (Buyers or Sellers). By law it is entitled to receive documented product or such with incomplete documentation. Inside the refinery the consignment has legal protection.
Customs and Mineral Police can inspect the site but as this is a legal export procedure it poses no threat to the consignment. The refinery requires an account holder (This will be me and my partner) with due KYC to be able to build the chain of custody. The booking fee (min $6.000) to onboard the product is refundable and deposited by the buyer (again, me and my partner). The seller is usually free from any financial obligations. To fulfil destination requirements and those for export, a simple ID of the seller will be required to complete the export document set. All-in export fees indicator is 6.5% of spot value on the day of reception.
Due to our special relationship with this facility, there are no fees charged to the seller. No full background check is required of the seller, since the buyer is bringing the seller into the facility. Any background check done, is to advise parties of possible hurdles.
*Here is the procedure*:
1. The Actual Seller or the seller's representative that will be the person who actually deposits the gold sends a copy of his passport to the buyer for a simple ID check. The buyer will schedule a face-to-face meeting with the seller.
2. The buyer and seller meet face to face to discuss the purchase process. At this meeting, a pre-test of a 1 to 5kg sample of the consignment will be scheduled as soon as possible.
3. Seller and the buyer will meet to perform the pre-test of the 1 to 5kg sample. The buyer will notify our refinery. The buyer and the seller will take the sample to the Private Refinery. Seller can order the delivery of the balance of his gold consignment to the refinery as soon as possible.
4. The gold is smelted, assayed and purchased. Payment made immediately in USDT, or as agreed beforehand. If this is a CIF transaction, those terms will have been discussed beforehand in the face-to-face meeting.
5. Transaction done. Seller schedules his next delivery with buyer.
*THIS REFINERY IS ALSO USED FOR
FULL CIF AND FOB-CIF COMBO
TRANSACTIONS*
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