How to Import Gold from Ghana to UAE? – Complete Guide
The UAE stands as the largest destination for African gold, with the volume of gold traded in the country experiencing significant growth over the years. Dubai, in particular, emerges as a major gold exporter within the region. Consequently, gold trading in the UAE presents a promising business opportunity, attracting numerous key players who already operate in the area. With the advent of the DMCC Free Zone, gold trading has undergone a transformation from tangible gold bar trading and jewelry to the realm of digital gold.
Import Gold from Ghana to UAE
Commodities trading in gold presents a lucrative opportunity for investors. The United Arab Emirates (UAE) serves as a hub for raw gold, whether of any purity or bullion exceeding 99.5% purity. It’s important to note that gold bars, nuggets, or gold dust are not accepted by Dubai Customs.
To ensure smooth customs clearance in the UAE, all necessary legal documentation, including the Certificate of Origin and proof of taxes paid, must be submitted.
Upon arrival in the UAE, registered gold traders will handle the customs clearance process. These traders have established partnerships with internationally recognized security transport companies and reputable warehouse facilities, ensuring the secure storage of gold and other precious metals.
The Significance of Transport Security Companies in Gold Imports in the UAE
There are several internationally renowned security companies, such as Trans Guard, Brinks, and G4S. These companies specialize in secure transportation services, ensuring the safe movement of gold to the designated refineries in the UAE.
The UAE boasts approximately 14 gold refineries, known for producing high-quality gold that is supplied to sellers for various purposes, including retail jewelry production and other commercial uses.
Gold Purchase Procedures in the UAE for a Gold Trading Company
Understanding your client is a crucial element in the gold trading industry. Given its high-net-worth nature, it is imperative to have transparent and trustworthy operational channels.
As such, the Know-your-Client form plays a pivotal role by facilitating the collection of necessary documents and agreements. These documents outline vital information such as quantity, purity, initial base price, and more.
What are the necessary steps to export gold from Ghana to the United Arab Emirates (UAE)?
Below are the steps for registering sellers and buyers with the gold trading company:
1. The Miner (from Africa) sends the Corporate Offer to the buyer or the gold trading company in UAE.
2. The buyer reviews the offer, and both parties agree on the principle and sign the KYC form.
3. The seller provides all credentials and proof of fund documents to the buyer for review. Both parties conduct due diligence to prevent any scams.
4. The seller is responsible for paying export document processing fees, taxes, duties, freight, insurance costs, and other expenses related to delivering the Gold Bars to the Designated International Airport.
5. The buyer must be informed at least 3 days before the transport date, providing all shipment details. Failure to update may cause delays in customs clearance and reaching the buyer on time.
6. Once the consignment arrives at the buyer’s Designated Airport, either the buyer or the authorized Security Transport division of Brinks, Transguard, or G4S must receive and transport the shipment to the specific refinery assigned by the buyer for gold bar refining or processing.
7. The buyer covers customs clearance, security transport, storage, and refining costs, deducting these expenses from the final price paid to the seller.
8. Weighing and sealing the refined gold is a crucial process that must comply with the guidelines of the Security Industry Regulatory Agency (SIRA) and Dubai Multi-Commodities Centre (DMCC) Regulations.
9. If there is any tampering with the sealed boxes of gold after the refining and weighing process, the process must be redone. The seller cannot touch the gold during this stage. However, with special permission from the refining unit, the seller can oversee the weighing and refining process.
By following these steps, the registration process ensures a smooth and secure transaction for all parties involved.
Upon completion of all necessary procedures, the Seller will generate the final Commercial Invoice. The buyer, in the presence of their banker, accepts the order and affixes their signature to the document.
The payment will be transferred within 3 business days, and ownership will be transferred to the buyer at this stage.
Requirements for Importing Gold from Ghana, Africa
- To comply with the Sales & Purchase Agreement (SPA), the following documents should be provided for smooth customs clearances:
1. Shipment Contract Number
2. Copies of the document
3. Original Performa Commercial Invoice in favor of the buyer
4. Certificate of Origin and Certificate of Circulation of Merchandise
5. Original Bill of Lading/ Bill of Entry (BOE)/ Customs Declaration Form
Additionally, please ensure that the shipment is marked as “believed to contain gold” and the Custom Code for Raw Gold Ingot form is 71081210. The Air Way Bill should be marked as “Air Freight Pre-Paid” and clearly display the Gross & Net Weight of the shipment.
To ensure smooth Customs Clearance and payment transfer, it is imperative to have the aforementioned documents in order. Additionally, to expedite the clearance process by Banks, Government Authorities, and secure acceptance of the shipment by the Refinery, it would be beneficial for the seller to provide a few supplementary documents. This will help avoid any unnecessary delays.
Additional Documentation Needed by Government Authorities
- Inventory of Good Report:
- – Packing List with gross and net weight of gold content
- – Net weight of each Raw Gold bar
- – Number of Gold Bars per box
- – Serial numbers of packing boxes
Insurance Certificate:
– Export License & Permit from Customs
– Certificate of Ownership stating that seller is the lawful owner of goods
Title of Exportation and Declaration:
– Issued by Seller/Supplier/Owner
– States payment of all duties, charges, and taxes to relevant authorities at the origin
The Gold Bars:
– Are of non-criminal origin
– Can be legally imported to UAE and other countries
Shipping Approval Certificate
Any additional documentation requested by the Customs Authorities or the refinery in the importing country.
Enhanced Documentation for Gold Sourced from the Democratic Republic of Congo
When importing Gold from the Democratic Republic of Congo or neighboring countries, the Import Country mandates specific documentation to ensure authenticity. These requirements include:
1. UN Clearance
2. Interpol Clearance Certificate
3. Compliance verification to confirm that the Gold is pure and not an alloy of other minerals. Precise tests are conducted to determine the purity of Gold Bars.
By adhering to these regulations, the import process maintains its integrity and ensures the authenticity of the Gold being imported.
In summary, the Gold Trading Company must adhere to the aforementioned steps to ensure the legitimate importation of gold from Ghana and other African countries to the UAE. For further information regarding the Gold Trading License in the UAE, please do not hesitate to reach out to our team promptly.