F.A.Q

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The following are some of the questions that we are asked frequently.

Before you read the following section or ask any questions that are not covered here, you can download a Draft Sales & Purchase Agreement (SPA) at SPA_for_Sellers.doc or SPA_for_Buyers.doc

What is the price that you would pay for my gold?

The price is based on the LBMA Second Price Fixing or Spot Bid Price multiplied by the percentage of purity and minus a discount agreed between us.

Can you pay in advance for a) the Export Custom Duties, b) the transportation costs to Dubai, c) fees to a Diplomat to carry the gold, or any other expense?

We would never do Advance Payments for any expenses.

When do I get paid for my gold and when transfer of ownership of the gold takes place?

We always pay within 3 Dubai business banking days after the smelting of the gold and after the assay by our nominated and fully licensed Assayer and final signature of the Final Commercial Invoice by the Buyer and Seller (or their authorized representatives in the SPA) and always only in the presence of one of the Buyer’s Bank officers.
The transfer of ownership of the gold will automatically go to the Buyer the moment the Final Commercial Invoice is issued according to the weight of the gold by the refinery, the Assay Report by the Assayer or the refinery, and above all after the Final Commercial Invoice is signed by the Buyer’s Bank Officer certifying that the invoice is true, original and signed by the Buyer, and from that moment on, the Seller has the security of payment within 3 Dubai Business Banking Days (which are Monday to Thursday)signed and confirmed by the Buyer’s Bank Officer.

Can you open an SBLC for the value of the gold that we are going to ship you?

Please note that we no longer require you to issue a 2% Performance Bond prior to us issuing a SBLC or LC, since we no longer issue SBLCs or any other Bank Instrument, other than a PoF (Proof of Funds) confirming that we have the capacity to purchase at least 1,000 Kg per week, which we only issue after we receive the fully completed CIS Form, together with all supporting documents from the Seller and passes detailed due diligence from our Legal Department and our Bankers.

What would happen if the shipment is found by Dubai Customs to have illegal or not all paperwork according to their specifications to enter the country?

You have the choice to either request the shipment to be sent back to you (if its not confiscated by the Customs Authorities) at your own expense, or submit all the necessary and missing paperwork within 15 days, if the Customs Authorities accept to do so. In this case, our signed Agreement will be null and void, and we would lose our time and expense to deal with the Dubai Customs officials upon the arrival of the goods, and you would lose the shipping cost that you have paid. In case the Customs Authorities receive the paperwork within the time specified by them (usually 15 days), then we can continue with the rest of the procedures in the signed Agreement.

Can you provide us with Bank References?

We can certainly provide bank references for at least the last 30 years, as soon as we receive a copy of your Financial Statements and your bank references that you are a company or an individual doing reputable business and having been a good client for at least 5 years. Proof of Product (PoP) must also be sent via swift from your bank to our bank, in order to be able to issue a Bank Reference Letter.

For more information contact us at info@ekagoldfzc.gold or visit www.ekagoldfzc.gold