The UAE is the largest destination for African gold. The volume of gold traded in the UAE has been increasing significantly in recent years. Dubai is also one of the major gold exporters in the region.As a result, gold trading in general in the UAE is a promising business with many key players already operating in the region. With the DMCC Free Zone, Gold Trading has evolved from trading of tangible Gold Bars and Jewelery to digital Gold.

Import gold from Ghana to UAE

Trading commodities in gold is a lucrative business for investors. Raw gold of any purity or bar (purity above 99.5%) is allowed into the UAE. Gold bars, nuggets or gold dust are not accepted at Dubai Customs.
All legal documents, along with Certificate of Origin and Proof of Tax Paid must be submitted for customs clearance in the UAE
Once the gold arrives in the UAE, registered Gold Traders will clear it through Customs. Gold Trader has partnerships with internationally approved Security Transport companies as well as warehousing companies for the storage of Gold and Precious Metals.

Scope of gold import transport security companies in UAE

There are many global security companies such as Trans Guard, Brinks, G4S, etc. These security transport companies will deliver Gold to designated Refineries in UAE.
There are about 14 Gold Refineries in the UAE that supply pure gold to sellers for distribution to buyers who turn it into jewelry for retail and other commercial purposes.

Procedures for buying gold in the UAE for a gold trading company

Knowing Your Customers is an important aspect of the Gold Trading business. Since this is a high net worth business, the channels of operation must be clear and free from any doubt. Therefore, the Know Your Customer form is a key component to get started and collect all the necessary documents and Agreements outlining quantities, purity information, initial base price, etc.

What are the steps involved in exporting gold from Ghana to UAE?

The following are the steps to register sellers and buyers of a gold trading company Miners from Arica must prepare a company offer to buyers or gold trading companies in the UAE.
The buyer reviews and both parties agree in principle and sign the KYC form.
The seller must submit all credentials and proof of fund documents to the buyer for review. All due diligence will be done by the buyer and seller and vice versa to avoid any fraud.
Seller must pay all export documentation processing fees, taxes, customs fees, mandatory shipping & insurance costs and other costs involved in shipping Gold Bars to the International Airport Nominated.
The buyer must be informed at least 3 days before the shipping date with all details of the shipment. Failure to update will cause delays in customs clearance and reaching the Buyer on time.
When the Shipment arrives at the buyer’s designated Airport, the Buyer or an authorized Brinks, Trans Guard, G4S Security Transportation department, must pick up the shipment and transport it to the       specified Refinery by Buy designated to start refining or processing Gold. Bar.
The buyer will pay for customs clearance, security transportation, storage and refining and reduce these costs from the final price paid to the seller.
Additionally, weighing and sealing refined gold is an important process and must undergo strict compliance as per Security Sector Regulatory Authority (SIRA) guidelines and Multi-Commodity Center Regulations Dubai (DMCC).
There must not be any tampering with the Gold Box after the refining and weighing process. The seller cannot touch the gold during this period. The seller can supervise the weighing and refining process with special permission from the refining unit.
After all the processes, the final Commercial Invoice will be generated by the Seller. The buyer accepts the order and signs the document in the presence of the buyer’s banker.
The invoice amount will be transferred within 3 working days and ownership will change to the buyer after this period.

Documentation requirements for importing gold from Ghana, Africa

Delivery documents according to Sales Agreement (SPA) – Shipping contract number, copy of documents for customs clearance
Original Performa commercial invoice is beneficial to the buyer.
Certificate of origin and certificate of circulation of goods
Original Bill of Lading/Bill of Entry (BOE)/Customs declaration form
Mark the Shipment as “deemed to contain gold” and the Custom Code for the Crude Gold Bar form is 71081210. Also mark the Air Waybill as “Air Freight Prepaid” and display Gross weight & Net weight of  shipment.
For customs clearance and payment transfer, the above documents must be available. For Refineries to accept shipments, Banks and Agencies

Government processes customs clearance faster, some additional documents will be helpful for sellers to avoid any delays.

Additional documents required for government agencies

Good Report Inventory – Packing list with gross weight and net weight of gold content. Net weight of each Raw Gold bar, number of Gold bars per box Serial number of packaging box
Insurance Certificate – Export License & Clearance from Customs Certificate of Title stating that the seller is the legal owner of the goods
Export Title and Declaration – Seller/Supplier/Owner states payment of all duties, taxes, levies to relevant authorities at origin.
The gold bars are not of criminal origin and can be legally imported into the UAE and other countries.
Shipping approval certificate
Any additional documents required by the Customs or refinery in the importing country.

Additional gold documentation comes from the Democratic Republic of Congo

If the Gold comes from the Democratic Republic of the Congo or neighboring countries, the Importing Country requires the following documents:
UN clearance
Interpol customs clearance certificate
Comply that Gold is pure and not an alloy of other minerals. There are specific tests to determine the purity of Gold Bars for authenticity.
Therefore, in summary, the Gold Trading Company must follow the above steps to ensure they legally import Gold into the UAE from Ghana and other African countries.