How do I sell gold from Africa to other nations?
Quote from chief_editor on September 17, 2023, 9:46 amFor centuries, Africa has been a major source of the world's most precious metal - gold. Today, legal and ethical export of African gold to international markets is a multi-billion dollar industry. With the right licenses, knowledge and business contacts, Africa's gold wealth can be translated into lucrative trade opportunities.
Mining and Exporting
John Mwangi is the operations manager at a gold mining company in Kenya. "We have to follow very strict regulations," he explains. "All of our gold is certified conflict-free and mined using ethical practices. The Kenyan government keeps close tabs on mining activity through routine inspections." Once mined, the gold is transported in armored trucks to the capital city under police protection.
There the gold is assayed and processed for export by GoldEx, a licensed broker. "We handle all the export paperwork and make sure every shipment meets both Kenyan and international regulations," says Adeola Akindele, CEO of GoldEx. This includes registering each export with proper authorities and paying a 7% export duty. With the paperwork cleared, the gold is flown to Dubai for delivery to waiting buyers.
Oladele Adisa operates a small-scale mine in Ghana. He brings his gold to certified exporters in Accra. "As a small miner, I don't have the expertise or connections to export directly," he explains. Oladele relies on the exporters to handle licensing, paperwork, and transport. They pay him a fair price after taking their commission. "It is mutually beneficial," says Oladele.
Finding International Buyers
Rajesh Patel owns a gold refinery in Mumbai, India. For 20 years, he has imported gold from across Africa. "There is huge demand for gold in India for jewelry and as financial investments," he explains. Patel prefers to work through established exporters like GoldEx. "They handle the mining licenses, export process and security. This ensures the gold I import is legal and certified."
Payment terms are set in advance. "Once the shipment arrives, my team inspects and assays the gold. We transfer payment to GoldEx within 72 hours." This level of coordination and trust is key to successful cross-border gold transactions.
Ahmed Mosuli owns a jewelry shop in Dubai. As a major gold entrepot, Dubai connects African exporters with buyers across Asia and Europe. "I purchase gold from traders in Dubai that gets originally sourced from places like Ghana and Mali," says Mosuli. The traders handle all the complexities of international gold imports and exports. This allows Mosuli to focus on jewelry craftsmanship.
Ethical Gold Trade
By following regulations and inspections, African gold can be exported legally and ethically. "We work closely with mining companies to ensure safety standards and fair labor practices," says Akindele. Mwangi also emphasizes training and occupational safety at his Kenyan mine. "Our miners earn good wages and work in the best conditions we can provide," he explains.
Oladele also prioritizes worker welfare at his small Ghanaian mine. "We are a tight knit community. I want to make sure everyone is well compensated for their hard work and respected." He reinvests some of his profits from gold exports to provide healthcare and improved equipment for his miners.
With the right partners and expertise, the African gold trade can benefit all involved. Transparent, regulated transactions allow sustained economic development at home and robust international commerce. By adhering to best practices, the gold industry can truly strike an ethical and profitable balance.
For centuries, Africa has been a major source of the world's most precious metal - gold. Today, legal and ethical export of African gold to international markets is a multi-billion dollar industry. With the right licenses, knowledge and business contacts, Africa's gold wealth can be translated into lucrative trade opportunities.
Mining and Exporting
John Mwangi is the operations manager at a gold mining company in Kenya. "We have to follow very strict regulations," he explains. "All of our gold is certified conflict-free and mined using ethical practices. The Kenyan government keeps close tabs on mining activity through routine inspections." Once mined, the gold is transported in armored trucks to the capital city under police protection.
There the gold is assayed and processed for export by GoldEx, a licensed broker. "We handle all the export paperwork and make sure every shipment meets both Kenyan and international regulations," says Adeola Akindele, CEO of GoldEx. This includes registering each export with proper authorities and paying a 7% export duty. With the paperwork cleared, the gold is flown to Dubai for delivery to waiting buyers.
Oladele Adisa operates a small-scale mine in Ghana. He brings his gold to certified exporters in Accra. "As a small miner, I don't have the expertise or connections to export directly," he explains. Oladele relies on the exporters to handle licensing, paperwork, and transport. They pay him a fair price after taking their commission. "It is mutually beneficial," says Oladele.
Finding International Buyers
Rajesh Patel owns a gold refinery in Mumbai, India. For 20 years, he has imported gold from across Africa. "There is huge demand for gold in India for jewelry and as financial investments," he explains. Patel prefers to work through established exporters like GoldEx. "They handle the mining licenses, export process and security. This ensures the gold I import is legal and certified."
Payment terms are set in advance. "Once the shipment arrives, my team inspects and assays the gold. We transfer payment to GoldEx within 72 hours." This level of coordination and trust is key to successful cross-border gold transactions.
Ahmed Mosuli owns a jewelry shop in Dubai. As a major gold entrepot, Dubai connects African exporters with buyers across Asia and Europe. "I purchase gold from traders in Dubai that gets originally sourced from places like Ghana and Mali," says Mosuli. The traders handle all the complexities of international gold imports and exports. This allows Mosuli to focus on jewelry craftsmanship.
Ethical Gold Trade
By following regulations and inspections, African gold can be exported legally and ethically. "We work closely with mining companies to ensure safety standards and fair labor practices," says Akindele. Mwangi also emphasizes training and occupational safety at his Kenyan mine. "Our miners earn good wages and work in the best conditions we can provide," he explains.
Oladele also prioritizes worker welfare at his small Ghanaian mine. "We are a tight knit community. I want to make sure everyone is well compensated for their hard work and respected." He reinvests some of his profits from gold exports to provide healthcare and improved equipment for his miners.
With the right partners and expertise, the African gold trade can benefit all involved. Transparent, regulated transactions allow sustained economic development at home and robust international commerce. By adhering to best practices, the gold industry can truly strike an ethical and profitable balance.