Gold

Key Steps and Documentation to Finalize the Deal

 

This page outlines the essential steps and documentation required to finalize a gold dore sale in Europe. It covers:

  • Procedure
  • Seller's Responsibilities
  • Buyer's Responsibilities
  • Buy-Sell Process
  • SCO or Contract

This page ensures you understand all necessary requirements and procedures to successfully complete a gold dore transaction in Europe.

 

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KENYA

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UGANDA

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GHANA

With our direct support and our partners in the area, we help you to manage the negotiation in all of his waiting while supporting you until the first operation and from there all the others.

Sierra Leone

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MALI

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Follow the Steps, Secure Your Deal!

Your Guide to a Smooth and Successful Gold Dore Transaction in Europe

  • Procedure: A step-by-step guide on how to complete the transaction, including key milestones and actions for both parties.
  • Seller's Responsibilities: Detailed information on the documents the seller must provide, such as ownership proof, compliance certificates, and export licenses.
  • Buyer's Responsibilities: An overview of the buyer's obligations, including financial guarantees and fund blocking requirements.
  • Buy-Sell Process: An explanation of the process from initial agreement to final delivery, including shipping and payment terms.
  • SCO or Contract: Clarification on the role of the SCO (Soft Corporate Offer) or formal contract in securing and formalizing the sale.

Process

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1 - What documents must the seller provide before the contract is signed?

Before the contract can be signed, the seller is required to provide several key preliminary documents, including:

  1. Certificate of Incorporation: Documentation proving the legal establishment of the seller's company or entity.

  2. Gold Dealer's License: A valid license authorizing the seller to deal in gold, ensuring compliance with industry regulations.

  3. Passport of the Official / Legal Representative: A valid passport of the individual authorized to act on behalf of the seller.

  4. Registration at the Mining Cadastre Portal: Proof of registration with the relevant mining authority, demonstrating compliance with local regulations.

3 - Contract Signing and Documentation for Fund Blocking

1. Legal Documentation

1.1. Seller’s Notification to Buyer: Before the Buyer instructs their bank to block the funds as outlined in Article 2, the Seller must provide the Buyer with the following documents:

  • Apostilled or legalized proof of the Seller's ownership of the gold.
  • Apostilled or legalized documents verifying the Seller's company status, including but not limited to registration and certificate of incorporation.
  • Apostilled or legalized proof of the Seller’s authorization to export gold.

1.2. Bill of Lading and Shipping Documents: After the Buyer has instructed their bank to block the funds, the Seller must send the Buyer the bill of lading and all relevant documents related to the gold shipment.

1.3. Seller’s Responsibility: The Seller is not responsible for the freight forwarder’s verification of documentation or flight plans. The Seller remains solely responsible to the Buyer for any issues related to shipment operations, including nonfeasance, misfeasance, or malfeasance.

1.4. Delivery to Free Zone: The Seller is responsible for delivering the gold to the free zone of the European International Airport (CIF, Europe) using either their own export license or a valid legal export license.

2 - Roadmap planning

Step 2: SCO or Contract with Attached Documents

In this step, the seller must provide the following documents along with the Soft Corporate Offer (SCO) or formal contract:

  1. Application for an Export Permit / Export Permit: The export permit or application demonstrating approval for the exportation of the gold.

  2. Gold Movement Permit: Documentation permitting the movement of gold between locations, essential for logistical purposes.

  3. Exporter’s Tax Identification Number: The tax identification number of the exporter, required for tax and compliance verification.

  4. Certificate of Origin: Proof of the gold’s origin, validating its authenticity and adherence to trade standards.

These documents are crucial for ensuring that all legal, regulatory, and operational requirements are met before finalizing the contract.

4 - What are the procedures for payment and documentation upon delivery?

  1. Pre-Arrival Documentation: Forty-eight (48) to seventy-two (72) hours before the shipment arrives, the Seller must send the Buyer copies of the following documents via fax or email:

    • Shipment Reference
    • Number of Boxes and Bars
    • Gross and Net Weight
    • Detailed Packing List with Estimated Fine Gold Content
    • Airway Bill Number
    • Flight Number
    • Date and Estimated Time of Arrival
    • Copy of the Invoice, duly signed and stamped
    • Certificate of Origin
    • Certificate of Ownership
    • Double Original of Export Permit
    • Export License
    • Non-Criminal Origin Document (NOC)
    • Local Analysis Report for purity, weight, and quantity of Gold bars (AU)
    • Any other documents specified in the Requirement List

  2. Labeling and Shipment Documentation: The Seller must label each box containing gold bars with the Buyer’s name, address, representative, and phone number before arriving at Rome Fiumicino customs. The shipment must be identified with all relevant contract codes and include:

    • Five originals of the Pro Forma Invoice, signed and stamped
    • Certificate of Origin
    • Certificate of Ownership
    • Preliminary Assay Report or Government Issued Report
    • Airway Bill with "Air Freight Prepaid" marking
    • Government Issued Export Permit
    • Customs and Excise Tax Paid Receipts
    • NOC (for Rome-Fiumicino Free Zone)
    • Certificate of Circulation of Merchandise
    • Packing List and Insurance Certificate
    • Any additional documentation requested by import authorities or refineries

  3. Payment Procedure: Upon successful delivery and testing of the gold:

    • The Buyer makes a deposit via wire transfer (MT103) based on the Pro Forma Invoice amount.
    • Upon confirmation of gold quality and receipt of the final analysis report, the Seller issues the final invoice.
    • The Buyer must make the final payment in US dollars or EUR (based on the exchange rate on the day of the final report) via swift transfer.

  4. Final Settlement: Payment is only made after the Buyer receives the final invoice reflecting the exact weight and purity of the gold. The final payment should coincide with the transfer of ownership of the gold from Seller to Buyer.

  5. Spot and Annual Contracts: During the closing meeting for the trial delivery, the parties will discuss and finalize terms for spot delivery and an annual contract in an addendum to the SPA.

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