ROLE OF PMMC IN TRADING AND EXPORT

OF PRECIOUS METALS FROM GHANA

Presented By:
Mr George Abradu-Otoo
( Managing Director of PMMC)

28th September 2015

BRIEF HISTORY OF PMMC

The Growth of Precious Mineral Marketing Company (PMMC)

PMMC was established in 1963 as the Ghana Diamond Board

with the responsibility for the purchase and marketing of the
Ghanas rough diamonds.
It later became the Diamond Marketing Corporation by the
diamonds Decree (NRCD 32) in 1972.
It became Precious Minerals Marketing Corporation by PNDC
Law 219 in 1989 following regularization the of smallscale gold
mining operations in Ghana.
In 2000 it was converted by Act 461 (Statutory Corporations
Conversion to Companies Code) to a limited liability company
wholly owned by the State to operate under the Ghanas
Companies Code (Act 179 of 1963) as Precious Minerals
Marketing Company Limited.
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VISION & MISSION OF PMMC

Vision
To attain market leadership in purchase of gold
from small-scale miners, diamond trading,
jewellery manufacture, and sale of jewellery in
Ghana and provision of service to gold
exporters.
Mission
To trade cost-effectively in gold and diamond locally
and internationally, efficiently produce quality
jewellery through highly motivated staff to ensure
customer satisfaction and enhance shareholders
value.
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OUR SERVICES
To achieve the vision and mission, PMMC is mandated to do
the following:

Grade, assay, value and process precious minerals

Buy and sell precious minerals.

Promote the development of precious minerals and the

jewellery industry in Ghana.

To appoint licensed buyers for the purchase of precious

minerals produced by the small scale miners;

To ensure Kimberly certification for rough diamonds exports.

ROLE OF PMMC (CONTD.)

To Grade, Assay, Value & Process
precious Minerals
In implementing the above role, we at
PMMC ascertain the quality and purity
of gold exports from Ghana thereby
determining the actual value and the
proceeds thereof that will come to
government
This meets one of the cardinal objectives
for which the company was set by
government
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ROLE OF PMMC (CONTD.)

To buy and sell precious minerals

PMMC purchases gold from small-scale miners and

diamond winners, and export abroad on behalf of the
small-scale companies who are licenced with PMMC.
PMMC already has an existing contract to sell its gold to
an overseas gold refinery. However, applicants with
favourable terms may be considered.
Overseas buyers seeking to purchase gold from Ghana
may contact other licenced gold buyers. However, any
offers received from suppliers are to be confirmed with
PMMC for advice on genuineness of transaction.
Overseas Buyers of gold are strictly advised NOT to pay
cash directly to any local suppliers of gold upfront.
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ROLE OF PMMC (CONTD.)

For the purposes of classification, small-scale
miners are artisanal miners who are licenced to
operate on a small piece of land and who are
required to market their produce through
PMMC or designated agents affiliated to PMMC.
Part of the gold purchased are used for
jewellery production, and the remaining
exported overseas.
As a government policy, the company exports
gold on behalf of third parties for a commission.

ROLE OF PMMC (CONTD.)

To Appoint Licenced Buyers for the Purchase of Precious
Minerals Produced by Small Scale Miners
To facilitate the purchase of precious minerals produced by
licenced small-scale miners, PMMC engaged the services of
buyers who go through registration process to execute their
task. Licences are renewed yearly.

The buyers in turn sell the gold to the Company at its Head
Office in Accra or any of its branches. PMMC has thus
succeeded in sending the market to the doorstep of the
producer to minimize smuggling.

This creates employment for the informal sector.

ROLE OF PMMC (CONTD.)

Promote the development of precious minerals & the
jewelry industry in Ghana
PMMC has 6 retail jewellery shops with 4 in Greater Accra
and one each in Kumasi and Takoradi, and an online jewellery
shop with over 400 jewellery items.
We handcraft our own jewellery at our Head Office production
plant with all jewellery being 18K gold.
Our items include: wedding bands & rings, engagement rings,
dress rings, jewellery sets, bracelets & bangles, necklaces &
chains, earrings, cufflinks and we also custom make to order.
Much of our jewellery have adinkra symbols each with a
specific meaning. We have the largest selection in Ghana and
we are your one-stop for all your gold jewellery needs.
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GOLD EXPORT PROCEDURE

Gold for export must be delivered to PMMC
laboratory accompanied by a letter, indicating the
date of export, address of recipient and the
Airline.
The exporter is required to supply the full
delivery details such as address and telephone
number of the recipient overseas.
PMMC issues assay invoice which indicates the
weight and purity of the gold being exported.
Completion of documents such as packing list,
assay invoice, Bank of Ghana forms and
Instruction of Despatch of Goods (IDG) forms.

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GOLD EXPORT PROCEDURE (contd.)

Gold for export is sealed in metal boxes in the
presence of the following:
I. Customs Division of the Ghana Revenue
Authority;
II. PMMC Officials; and
III.The Exporter or his representative.
PMMC conveys the goods in the bullet-proof
bullion van with its security to Kotoka
International Airport and hands it directly to the
airline.
Insurance and Airfreight charges are borne by the
exporter or the overseas buyer.
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DIAMONDS BUSINESS
PMMC is responsible for the marketing of rough
diamonds produced in Ghana. The marketing
system in operation is open to all prospective
foreign companies desirous of purchasing Ghana
diamonds. This is done in compliance with the
KPCS (Kimberly Process Certificate Scheme). This
is overseen by the KPCS secretariat in PMMC.
Interested foreign companies are required to send
applications indicating their intentions to
purchase diamonds in Ghana for consideration.

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DIAMOND CUTTING &

POLISHING
PMMC in 2012 set up a diamond cutting and
polishing plant. It was meant to add value to the
raw diamonds prior to export.
However, the factorys operations have been
halted since 2014.
Prospective investors may apply for a partnership
in revamping the factory, we are looking for stateof-the-art machinery

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BENEFITS TO EXPORTERS & REFINERIES

UNPARALLELED SECURITY ESCORT

For the purposes of escorting gold to the
airport for export, PMMC has its own in-house
security team and armed Police personnel.

VAULTING
PMMC has an enormous vaulting facility to
accommodate the bullion safety when there is
any change in flight schedule.

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BENEFITS (contd.)
LOGISTICS
PMMC already has a customized armed
bullion vehicle to transport the gold to
the airport.
The vehicle is followed by a security
detailed convoy as well. No
incidence/disturbance recorded.
ADEQUATE INSURANCE COVER
PMMC has insurance cover for all bullion up
to the tarmac of the airport.

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BENEFITS (contd.)
RELIABLE SOURCE OF PRODUCT
PMMC is best recognized for its trusted source
of gold.
PROPER DOCUMENTATION
PMMC exports are well documented and
channeled
through
proper
authorities
required by law thus Bank Of Ghana export
certification procedure and Ghana Revenue
Authority(
Customs
division)
for
examinations.
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OPPORTUNITIES
AVAILABLE
Prospective investors can register, buy
from & ship through PMMC
Set up refinery to process gold (value
addition)
Direct investment in mining
exploration leading to viable find,
mine development and operation
Look for Joint Venture Partnership
with existing operator(s)
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END!!!
THANK YOU
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