ROUGH DIAMONDS

EXPORT AND BUYING PROCEDURE

1. Introduction

PMMC is responsible for the marketing of the rough diamonds produced in Ghana. The marketing system in operation is open to all prospective foreign companies desirous of purchasing Ghana diamonds. Interested foreign companies are required to send applications indicating thier intentions to purchase diamonds in Ghana, for considerations.

2. Characteristics of Ghana diamonds

Ghana diamonds are generally small in size. They are mainly industrial but about 10 – 15% of them are gems cuttable and polishable for use in jewellery production. Gem diamonds of sizes one carat and above are few and may not be available in commercial quantities. The average size of diamonds of Ghana origin is over 10 stones per carat 10 stones per carat.

I. Interested Companies are required to send applications to PMMC for License to purchase rough diamonds in Ghana. Click here to print an appplication form.

II. PMMC will supply the requisite forms to be completed and returned by the company.The processing fee is US$200.00.

III. Upon approval the applicant will be issued License for a period of one year renewable

IV.PMMC License fee is: US$30,000(Thirty thousand USD).

V. PMMC will conduct due deligence report on the company during this period

VI. The receipt of a satisfactory due deligence report entitles the company to annual renewal of license.

VII. Companies issued with license will be provided with furnished office accomodation in the PMMC Diamond House Building in Accra.

VIII. All purchasing of the diamonds must be done in the office at the Diamond House.

IX. Companies issued with license will be required to to have diamond valuer who will be resident in Accra,Ghana, to purchase the rough diamonds on thier behalf, directly from the local Winners(ie.Suppliers).

X. Funds for the purchase of the diamonds in Ghana are to be transferred from the License holders Bank to PMMC Account at the Bank of Ghana (i.e. Central Bank of Ghana), prior to the commencement of purchases.

XI. Diamonds are not to be purchased by direct cash payments, but through Bank to Bank payments. PMMC will supply the Bank of Ghana transfer instructions to the License holder to facilitate the transfer of funds for operations.

XII. Diamonds purchased by license holders will be secured in a metal specie boxes at the end of each working day, to be kept in PMMC vault and released upon request by the license holder.

XIII. Exports (shipment) of the rough diamonds purchased will be undertaken by PMMC upon the request of the License holder to designated overseas address given by the License holder.Diamonds purchesd must be paid for prior to shipment

XIV. PMMC will complete all the export documentation (i.e. Bank of Ghana and Ghana Customs Service forms); and organize the sealing of the parcel on behalf of the License holder.

The diamonds to be exported shall be accompanied by the following documents.

--Invoice indicating quantikty in qarats and value in both US Dollars and local currency.
--Bank of Ghana and Customs export documents.
--Aiway Bill.
--Kimberley Process Certificate.

XIV. PMMC will be responsible for the delivery of the parcel to be exported to the Airline (currently KLM) at the Kotoka International Airport, Accra.

XVI. PMMC charges export fee of two(2%) per cent on the value of rough diamonds to be exported.

XVII. Offences
A License may be cancelled for any of the following offences: -

--Unsatisfactory due diligence report on the Company .
--Inactivity of the License holder for a period of one month, without prior notice to PMMC.
--Purchasing diamonds outside the Diamond House Office allocated to the License holder
--Purchasing diamonds from only some selected local winners.
--Using the office allocated for other purposes than the purposes of the diamonds.