How to Import Gold from Ghana to UAE? – [Steps Explained]

UAE is the biggest destination for African Gold. The volume of Gold Traded in UAE is growing significantly high over the years. Dubai is also one of the major exporters of Gold in the region.

Hence, gold trading as a whole in UAE is a prospective business establishment with many key players already operating in the region. With the DMCC Free Zone, Gold Trading has evolved from tangible Gold Bar trading and Jewelry to digital Gold.

Import Gold from Ghana to UAE

Commodities Trading in Gold is a lucrative business for investors. Raw Gold of any purity or bullion (over 99.5% purity) makes entry into UAE. Gold Bars, nuggets, or gold dust are not acceptable in Dubai Customs.

All the legal documentation, together with the Certificate of Origin and Proof of Taxes paid are to be submitted for customs clearance in UAE.

As the gold reaches the UAE, the registered Gold Traders will get it cleared through Customs. The Gold Trader has partnerships with internationally accepted Security Transport companies and also warehouse companies to store Gold and Precious metals.

Scope of Transport Security Companies in Gold Import in UAE

There are many global security companies such as Trans Guard, Brinks, G4S, etc. These Security Transport Companies will move the Gold to the Nominated Refineries in UAE.

There are about 14 Gold Refineries in UAE that provide fine gold to their sellers for distributing it to the buyers who will be transforming it to jewelry for retail and other commercial uses.

Gold Purchase Procedures in UAE for a Gold Trading Company

Knowing your Client is an important aspect of the Gold Trading business. As it is a high-net-worth business, the channels of operations must be clear and free from any suspicion. Hence, the Know-your-Client form is a vital component to start with and collect all the required documents and Agreements stating the quantity, purity information, initial base price, etc.

Steps Involved in Export Gold from Ghana to UAE?

Following are the steps in registering the seller and buyer by the gold trading company

• The Miner from Arica must prepare the corporate offer for the buyer or the gold trading company in UAE.
• The buyer reviews and both parties agree on principle, & sign the KYC form.
• The seller must send all the credentials, and proof of fund documents, to the buyer for review. All the due diligence is to be conducted by the buyer and seller, and vice versa to avoid getting into any scam.
• The Seller must pay all the export document processing fees, required taxes, duties, freight & Insurance cost, and other expenses related to the delivery of the Gold Bars to the Designated International Airport.
• The buyer must be notified at least 3 days before the date of transport with all the details of the shipment. Failure to update will cause delays in customs clearance, and reaching the Buyer on time.
• As the Consignment reaches the buyer’s Designated Airport, either the Buyer or the authorized Security Transport division of Brinks, Trans guard, G4S, must receive the shipment and transport it to the specific Refinery assigned by the buyer to initiate the refining or processing of the Gold Bars.
• The Buyer will pay for the Customs Clearance, Security Transport, Storage, and refining process and reduce these expenses from the final price paid to the seller.
• Also, weighing and sealing of refined gold is a crucial process and must be going through a strict compliance process as per the guidelines of the Security Industry Regulatory Agency (SIRA) and Dubai Multi-Commodities Centre (DMCC) Regulations.
• There should not be any tampering with the Boxes of Gold after the refining and weighting process. The Seller cannot touch the gold during this stage. The seller can oversee the process of weighting 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 the ownership changes to the buyer after this stage.

Documentation Requirements for Importing Gold from Ghana, Africa

• Delivery documents as per Sales & Purchase Agreement (SPA) – Shipment Contract Number, copies of the document for Customs Clearances
• Original Performa Commercial Invoice in favor of the buyer.
• Certificate of Origin and Certificate of Circulation of Merchandise
• Original Bill of Lading/ Bill of Entry (BOE)/ Customs Declaration Form
• Mark the Shipment as “believed to contain gold” and Custom Code for Raw Gold Ingot form is 71081210. Also, mark the Air Way Bill as “Air Freight Pre-Paid” and show the Gross & Net Weight of the shipment.

For Customs Clearance and transfer of payments, the above-listed documents need to be in place. For the Refinery to accept the shipment, Banks, and Government Authorities to process the clearance faster, a few additional documents will be handy for the seller to avoid any delays.

Additional Documents Required for Government Authorities

• Inventory of Good Report – Packing List with a 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 – Seller/Supplier/Owner stating that payments of all duties, charges, taxes to relevant authorities at the origin.
• The Gold Bars are of non-criminal origin and can be imported legally to UAE and other countries.
• Shipping Approval Certificate
• Any additional documentation requested by the Customs Authorities or the refinery in the importing country.

Additional Documentation for Gold Coming from the Democratic Republic of Congo

If the Gold is coming from the Democratic Republic of Congo or neighboring countries, the Import Country requires the following documentation, as follows:

• UN Clearance
• Interpol Clearance Certificate
• Compliance that Gold is pure and not an alloy of other minerals. There are specific tests to determine the purity of Gold Bars for authenticity.

Hence, in a nutshell, the Gold Trading Company must follow the above steps to ensure they import legit Gold to UAE from Ghana and other African Countries.

To know more about Gold Trading License in UAE, talk to our expert business consultants right away!

Contact Us: Aurion Business Consultants