Gold Order Process from Cameroon: A Comprehensive Guide
At Bonas Gold, we specialize in providing high-quality African gold directly to buyers worldwide. Our process is designed to ensure transparency, trust, and seamless transactions from the initial consultation to the final delivery of the gold. Below is a step-by-step guide to buying gold from Africa, detailing the entire procedure from document verification to final assayer and shipment.
Step 1: Verification of Gold and Documents
To initiate the transaction, the Ministry of Scientific Research will provide the buyer with an official pre-assayer test result sheet and documentation related to the goods. This step ensures that the gold has been assessed and verified by the relevant authorities before shipment.
Once these documents are received, the Gold Council Storage House will communicate directly with the buyer’s representative to confirm the logistics. This communication may take place through phone or email, depending on the time zone differences. During this communication, we will confirm whether the buyer is willing to proceed with the consignment and establish the foundation for a long-term trading relationship.
Step 2: Communication and Buyer’s End Evaluation
At this point, our team will assess the buyer’s credibility by looking into their past international trade records to ensure there are no negative issues. If any red flags are identified, the deal will be canceled, and the gold will be returned to us.
However, if all tests and evaluations pass, the buyer will proceed to the next stage.
Step 3: Confirmation of Shipment Details and Documentation
Once positive confirmation is received from the buyer’s end, the Gold Storage Council will register the amount of gold to be shipped and issue the SPA (Sales Purchase Agreement) to their contract department for processing. The necessary shipping documents will be generated, including:
- Confirmation Letter
- SKR (Safe Keeping Receipt)
- Proforma Invoice
The buyer will be informed of the cost structure, which includes taxes and delivery documentation. There are two options for document fees:
- 1 Year: $7,500 USD
- 5 Years: $10,000 USD (renewable)
This fee is paid directly to the seller’s account and enables the finalization of documents, ensuring the gold is ready for CIF delivery (Cost, Insurance, and Freight).
Step 4: Government and Contract Approval
The government will approve the contract within a few days, which will allow the seller to ship the gold to the buyer’s refinery. The seller will be responsible for all shipping costs, including freight, insurance, and allocation fees.
The Ministry of Transport will coordinate the shipment, ensuring all necessary paperwork is in order. The Freight and Export Agency will work with the buyer to provide tracking details such as the Airway Bill (AWB) and tracking number to help track the shipment’s progress.
Step 5: Shipment to Buyer’s Destination
The gold bars will be shipped to the buyer’s destination port, accompanied by the seller’s agent if necessary. The agent will present the Commercial Invoice to the buyer’s representatives, confirming the value and quantity of the gold.
Upon receiving the gold, the buyer will need to pay all associated taxes, fees, and shipping expenses. The payment will be verified in the presence of the seller’s representatives.
Step 6: Assayer of Gold Bars
Once the gold bars are received at the buyer’s destination, the assayer will carry out a detailed test of the gold’s authenticity and quality. The assayer’s report will be completed in the presence of the seller’s agent.
After the assayer confirms the quality, the buyer will transfer the agreed-upon funds back to the seller’s account within 72 hours. This marks the completion of the first payment.
Step 7: Final Confirmation and Second Payment
Upon confirmation of the first payment, the seller will begin preparations for the second tranche of gold. The seller’s commercial agent will work with the buyer to present the Joint Venture Agreement, facilitating the next phase of the transaction.
Final Step: Long-Term Trade Partnership
Once the transaction is completed successfully, both parties are encouraged to enter into a long-term trade relationship. Our aim is to establish a mutually beneficial business partnership that fosters growth, development, and continued success in international gold trade.
For more information about how to buy African gold directly, you can visit the following links:
