F.A.Q

Frequently Asked Questions Regarding Gold Transactions

Navigating the realm of gold transactions can raise numerous questions. Here, we shed light on some common inquiries:

  1. Pricing Inquiries:
    • What price can I expect for my gold?
    • The price is determined by multiplying the LBMA Second Price Fixing or Spot Bid Price by the purity percentage and deducting an agreed-upon discount between us.
  2. Advance Payment Clarifications:
    • Can you provide advance payment for expenses like export customs duties, transportation costs to Dubai, or fees for a diplomat to transport the gold?
    • We refrain from making advance payments for any expenses.
  3. Payment and Ownership Transfer:
    •  When will I receive payment for my gold, and when does the transfer of ownership occur?
    • Payment is processed within three Dubai business banking days after the smelting and assay of the gold. Transfer of ownership occurs upon issuance of the Final Commercial Invoice, signed by both parties in the presence of a buyer’s bank officer.
  4. SBLC Inquiry:
    • Can you open an SBLC for the value of the gold we plan to ship?
    • We no longer require a Performance Bond for issuing SBLC or LC. Instead, we provide a Proof of Funds (PoF) confirming our purchasing capacity, following due diligence.
  5. Customs Clearance Protocol:
    • What if Dubai Customs deems the shipment illegal or lacks the necessary paperwork?
    •  You can request the shipment’s return at your expense or provide missing paperwork within 15 days if accepted by Customs. Failure to comply may render the agreement null and void.
  6. Bank Reference Inquiry:
    •  Can you furnish bank references?
    •  Upon receipt of your Financial Statements and bank references proving reputable business conduct for at least five years, we can provide bank references spanning the last 30 years. Additionally, a Proof of Product (PoP) must be sent via swift from your bank to ours for the issuance of a Bank Reference Letter.

Should you seek further elucidation or wish to delve deeper into the intricacies of gold transactions, do not hesitate to contact us. For more information, contact us today at www.dkegoldfzc.com or [email protected]