Precious Minerals Marketing Company Ltd

Mission To trade cost effectively in gold, diamonds, precious and semi-precious stones locally and internationally, effectively produce quality jewellery through highly skilled and motivated staff to ensure customer satisfaction and enhance shareholder valueServices OfferedPrecious Minerals Marketing Company Limited (PMMC) is a Limited Liability Company operating under the Companies Code, with the Government of Ghana as the sole shareholder. The authorized business of PMMC is(A) To grade, assay, value and process precious minerals(B) To buy and sell precious minerals(C) To appoint licensed buyers for the purchase of precious minerals produced by small scale miners(D) To promote the development of precious minerals and the jewellery industry in Ghana.(E) To do all such things as are indicated or conducive to the attainment of its objectives and functions.(F) To export gold on behalf of third parties for a commission.HistoryThe Company was established in 1963 as Ghana Diamond Marketing Board charged with the responsibility for the purchase and marketing of the country&＃39;s diamonds. In 1965, by Legislative Instrument (LI) 401, the Company was incorporated as a State Owned Enterprise (SOE). With the promulgation of the diamonds decree (NRCD 32) in 1972, LI 916 was enacted to change the company&＃39;s name to Diamond Marketing Corporation. In 1989, PNDC Law 219 was enacted to yet again change the Company&＃39;s name to the Precious Minerals Marketing Corporation. Finally in year 2000, it was converted by Act 461 (Statutory Corporations Conversion to Companies Act) to a Limited Liability Company to operate under the Ghana Companies Code (Act 179 of 1963) as Precious Minerals Marketing Company Limited. The Company&＃39;s head office is located in its Diamond House building in Accra situated on the Kinbu Road adjacent to the Registrar-General&＃39;s Department and next to the Ministry of Foreign Affairs.The Company operates in all the small scale Gold and Diamond areas in the country namely: Accra, Kumasi, Tarkwa , Bolgatanga, Akwatia, Oda and Wa with offices and other local Agents. For its jewellery operations the company operates its own shops in Accra, at Diamond House and in the Mark Coffie House on the Osu Oxford Street. At Kumasi, its shop is in the Ampomah Arcade building at Adum. In Tema the shop is located in the main building of the Trust Bank and in Takoradi on Liberation Road near the N.I.B. Bank and at the Airport departure lounge.GOLD SMALL SCALEGold operations in Ghana are in two sectors 1.The large scale sector and 2. the small scale sector. PMMC is responsible for the small-scale, which is comprised of individuals, small and medium size mining companies. PMMC purchases gold from small scale miners and gold winners popularly known as "galamsey" operators, and export abroad on behalf of the small scale companies who are licensed 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 licensed 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.Diamond Production & MarketingINTRODUCTIONPMMC 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.PMMC has set up a diamond cutting and polishing plant on the Mezzanine floor at their Diamond House premises. The diamond cutting and polishing