Diamonds From Sierra Leone

In Sierra Leone, there are diamonds in large quantity. Sellers are ready to go through the control of GGDO (Government Gold and Diamond Office) and under the procedure accordingly with the Mines Policy in Sierra Leone (document available). The Exporter (Buyer) opens an account in one of the 7 commercial banks in Sierra Leone.

Exporters shall be allowed to effect purchase of precious Metals/Minerals in United States Dollars and to open foreign currency accounts in accredited commercial banks in Sierra Leone to finance their operations. Exporters shall be allowed to dispose of funds freely but shall be required to show evidence of importation of all foreign currency inflows All of the seven commercial banks have correspondent US Banking arrangements.

Name of Bank:

• US Correspondent Bank First International Bank [SL] Ltd.
• Commerz Bank,
• USA Guaranty Trust Bank [SL] Ltd.
• CITI Bank NA, New York, NY
• Rokel Commercial Bank [SL] Ltd.
• CITI Bank, NA, New York, NY S
• ierra Leone Commercial Bank Ltd.
• HSBC, New York, NY
• Standard Chartered Bank Standard Chartered Bank, New York, NY
• Union Trust Bank HSBC, New York, NY
• Ecobank

Procedure

1. Seller issues Manifest and Full Corporate Offer (FCO) ,
2. The Buyer submit an LOI and / or RWA (Ready, Willing and Able) with full banking coordinates and permission to do a soft probe,
3. The Seller and Buyer exchange signed and sealed contract with full banking coordinates,
4. Exporter (Buyer) and his Gemmologist Valuator travel to Sierra Leone,
5. Seller presents the parcel to the Exporter (Buyer) and his Gemmologist.
6. He give them all the necessary time necessary to examine, verify and test stones according to Manifest information
7. When they finish and conclude an agreement on prices, the Exporter (Buyer) and he pays the diamonds to seller.
8. In case the Export (Buyer) do not have a Diamond Exporter License, he has to pay Royalty for Export License Holder - fixed at 2 percent of Export value to Seller if he has a license or to the Exports License Holder
9. Seller issues authorization letter to Exporter (Buyer) to leave the country with the parcel (in 3 copies: one for the GGDO, one for Customs, One for the Exporter) At this stage, the Exporter (Buyer) is the owner of the parcel and all next documents will be issued at his name
10. The Exporter (Buyer) take possession of the parcel and hand it to GGDO for re-valuation and tax calculation,
11. GGDO issues final Schedule B and tax calculation
12. The Exporter (Buyer) pays the stipulated duties and charges of 3 percent of Export value and the parcel of goods is sealed at the GGDO office in the presence of Customs and other Security Personnel. Taxes can be paid by certified check.
13. Thereafter, a Certificate of origin and the Kimberley Process Certificate (KPC) are issued by the GGDO and the Exporter (Buyer) is free to leave Sierra Leone without further harassment or the parcel being opened again at the airport.
14. All this can be done in one day or two days maximum.

NB:

• The Exporter (Buyer) can get from Ministry of Mineral Resources through the Mines Division, an Alluvial Diamond Exporters License.
• A cost of approximately 41. 500 US Dollars per calendar year for the Alluvial Export License. "The government reduced export license costs from 40,000 dollars to 35,000 dollars due to a drop in demand for the gem amid a slowing in the diamond market."
• About 2. 000 US Dollars will be necessary to register in Sierra Leone as an Exporters (Buyer) foreign company.
• With this license, the Exporter (Buyer) will not have to pay the Royalty of 2 percent of the estimated value of the parcel for Export license Holder.
• The license allows the owner to have five Alluvial Diamond Exporters Agent certificate.
• The two first License Certificate are free of fees.
• The Agent works under the Main License

• The Director of Mines,
• Ministry of Mines and Mineral Resources,
• 5th , Youyi Building,
• Brookfields,
• Freetown,
• Sierra Leone;
• tel.  (232-22) 240-420 or 240-176;
• fax (232-22) 240-574

Contact Information

[ Home ] [ Up ]

Send mail to webmaster@sbigroup.co.za with questions or comments about this web site.
Copyright © 2010 Shiebrook International c.c.
Last modified: 11/25/10

Hosted By -