SEE PROCEDURES FOR SALE OF
GOLD AND DIAMONDS
PROCEDURE:
1) Payment Collateral; We will deliver the gold through our reliable
shipping company directly to buyer's destination for payment to us by
wire transfer after buyer has received the gold to confirm the purity
by buyer's refinery in buyer's appointed destination.
Before the delivery and as the buyer is not paying us for the
gold until after the assay report by the buyer's refinery in buyer's
appointed destination, buyer will be required to issue on our behalf
by swift an operative SBLC,POF or BG via MT760 to stand as the
payment collateral that buyer will pay us after the receipt of the
gold at his destination and purity confirmation by buyer's refinery.
Within 24 hours of our bank's receipt and confirmation of the SBLC,
MT760 POF or BG via MT760 swift, the POP/SKR will be released to buyer
and his bank to verify and confirm the GOLD before delivery
and his bank to verify and confirm the GOLD before delivery
to buyer's destination for assay by buyer's refinery for payment to
us by wire transfer and the SBLC, POF or BG canceled since it is just
a payment guarantee.
2) Payment of part Shipping Cost; If buyer is not ready to issue us
the SBLC, POF or BG, buyer will be required to send into the bank
account of our shipping company 50% part of the shipping cost.
Once we
receive the payment slip for the 50%, all documents/POP/SKR will be
given to the buyer and his bank to verify and confirm the gold with
the bank before delivery to buyer's destination for payment to us by
wire transfer less the 50% part shipping cost.
3) Change of Ownership: In case the buyer does not want to lift the
gold from the bank, seller will change the name in the POP/SKR to
the name of the buyer.
Buyer will be required to pay to bank's
attorney account the gold the Bank Custodian Charge (BCC)
for holding the gold safe.
Once the BCC is paid, the POP will be
changed in the name of the buyer and buyer and seller will have TTM at
the bank for the official hand over and payment to the seller at the
bank by wire transfer less the BCC.
4) Issuance of POP in advance; If the buyer needs to have the POP/SKR
from seller to verify and confirm the gold , buyer will be
required to make an Indemnity Refundable
Deposit(IRD) of US$150,000.00 against misuse of POP/SKR . You know
that most buyers once given the POP/SKR
will use the POP/SKR to shop around and to obtain loan from bank and
thereby misusing the POP/SKR. If this happens the buyer looses the
USD150, 000.00 IRD.
If the buyer did not misuse the POP/SKR, the
verification and confirmation of the gold with the bank.
