Africa Diamond Purchasing Procedures

FOB Africa Diamond Purchasing Procedures

FOB Africa Diamond Purchasing Procedures:

 

Our Trade Desk Represents Buyers Purchasing Rough Diamond Parcels FOB Africa:

 

Rough Diamonds

 

Form: Uncut Rough Stones

Sizes: 5–20 Carats

Clarity: NO LOWER THAN VVS2

Color: NO LOWER THAN H

Pure Whites Only, No Industrial Diamonds, No Fluorescents

TTM: To be agreed between Buyer and Seller at Brinks or Malca.

Quantity: As per seller’s Manifest (unlimited)

1. The Seller Submits a signed and stamped manifest on his letterhead addressed to Madnox Trade Desk. Seller includes Safe Keeping Receipt which can be verified, and clear and detailed pictures of the entire parcel on top of the SKR, with a sign stating “MADNOX VD & DATE”. Seller must also provide a clear copy of their passport and copy of their export license.

 

2. If Seller pays for KPC’s and Security Transport to Buyer CIF destination, Buyer will organize logistics and send a Security Team on the ground for inspection, KPC’s are paid directly to the KPC authority and the diamonds are shipped to Buyer’s destination, TTM inspection takes place at Buyer’s destination and payment is made by MT103, than title changes hands.

 

3. If Buyer has to pay for KPC’s and transport costs, after the SKR is verified and manifest is accepted by the Buyer, the Seller will also prepare a second smaller manifest equal in value to the amount of money advanced by the Buyer to pay for the KPC’s and transport. The second manifest will be held by the security company as a “guarantee for the Buyer” until the stones get to destination, once the diamonds are inspected at CIF destination at the security house, the second manifest will be purchased and paid for by the Buyer as well.

All costs incured by Buyer for KPC’s and Transport will than be deducted from the final payment. Buyer’s Security Team will pay the KPC cost DIRECTLY to the KPC Office in the Country of Origin, no money will EVER be paid to a third party Company or directly to the Seller to pay for the KPC’s.

4. Rough Diamonds are Shipped to Brinks or Malca at Buyer’s CIF Destination.

The following Documents must be included:

  1. A. Four originals of Commercial Invoices in favor of the Buyer.
    B. Certificate of Origin.
    C. Certificate of Ownership.
    D. Certificate of Intent to Export Permit with all Taxes and Fees Paid.
    E. Official declaration that the products are free and clear and of all non
    criminal origin, unencumbered and free of any liens, and no association to any
    terrorist activities, and free to be transferred from Seller to Buyer.
    F. Manifest: numbers of Carats per parcel with full description of the stones
    G. Airway Bill with prepaid shipping, with numbers of sealed parcels.
    H. Certificate of Intent to Transfer Title from Seller to Buyer.
    I. Certificate of Insurance from departure port to buyer’s destination.
    J. Kimberly Processing Certificates for each and every parcel, for every shipment.

5. Parcel(s) will be unsealed at Brinks or Malca at Buyer’s CIF destination in the presence of the Buyer’s Gemologist and Seller or Seller’s Signatory.

  • The Seller authorizes the security company to export the parcel to the Buyer.
  • At destination, Buyer and Seller open the parcel in the secure premises of the security company and authenticate the parcel as the original and correct parcel.
  • Based on the result of the authentication, the parcel is accepted:
    • Buyer signs Commercial Invoice and “Authentication Report” for the Buyer to activate the payment to the Seller, Similarly the Buyer will submit copies of all the relevant documentation signed over to him for submitting to his bank to confirm the release of the payment to the Seller.
    • In the event the parcel is not the original and correct parcel and the parcel is different of more than 5% than the manifest agreed, the price will be adjusted.
  • The security company transfers the originals of the SKR, KPC and export documentation to the Buyer, thus effectively and legally transferring ownership of the parcel to the Buyer.
6. Deal is closed, both parties can enter into a long term contract and increase quantities if available.

 

BUYER RESERVES THE RIGHT TO REFUSE PARCELS FROM CERTAIN COUNTRIES, AND WILL ONLY DEPLOY SECURITY TO COUNTRIES WHERE BUYER FEELS COMFORTABLE AND FAMILIAR WITH DURING THEIR NEXT PLAN TRIP TO THAT SPECIFIC COUNTRY.

If any Brokers are involved, we will only transact directly with the Seller of the Stones, no exceptions, no brokers are ever invited to the TTM/Viewing.