Our Terms and Procedure

We have devise the most simplest form of becoming a trader in this business as we are willing to incorporate the small and large scale traders. At Saderat Nigeria, we have made it simple to venture into this trade in the safest way because we understand the complexity of this business. It is for this that we provide various options for our Potential clients. The following options below are been provided for your preferred choice.

CIF Delivery with Bank Instruments for Gold

Basic Procedures for CIF:

  1. Buyer sends a Letter of Interest
  2. Seller issue FCO and bank instrument verbiage specimens in favor of the buyer.
  3. Buyer signed FCO and submits signed and stamped verbiage of bank instrument from buyer's bank to seller for approval. 
  4. Seller sends SPA to Buyer to sign with all banking coordinate of Dubai bank.
  5. The BUYER will issue a SBLC or MT799, Block Fund especially for the SELLER Financier bank in Dubai and in respect of the first shipment of 100 kilograms.
  6. The SELLER pays the shipping cost, taxes and insurance and secures complete export documents for the shipment out of his land to BUYER’S designated refiner. 
  7. The BUYER and SELLER or his REPRESENTATIVE will fly on the same flight to BUYER’S refinery for assay and inspection.
  8. Buyer pays AFTER final assay once buyer confirm carat and purity.

NOTE: The instrument is not cash payment but guarantee of payment after the goods are delivered to the buyer destination and assay report for final payment.

Gold Bar: 96%+ Purity
22 to 23+ Carats
Origin: Ghana, South- Africa, Burkina-Faso, Cameroon, Mali, Nigeria, Congo, Tanzania. 
Min. Orders: 100kg to 1000 kg monthly.
Price: Discount at LBMA Pricing.

Option 2: Certified Bank Cheques with CIF:

The Dubai bank will accepts orders from 100kg to 1000kg. SBLC or a certified post dated cheque. Post dated from 50 to 60 days max. This allows the seller to send it at his own cost. AFTER final assay then the buyer pays the seller. Cheque is then canceled. SBLC and bank cheque can be the value of the 100kg trial order from any top 50 Prime banks.

Bank cheques is post dated for 50 to 60 days expiry as a security.

deposit in case the buyers does not pay for the gold after final assay.

When either a bank instrument or post dated bank cheque is in place and confirmed the seller will send the gold at his own cost to the buyer refinery. For 100kg gold should arrive within 23 days to buyer refinery. As soon as the assay is done and buyer pays by wire transfer or MT103 to seller account then the cheque is canceled if the buyer issues a cheque.

OPTION 3: Buyer Pays Shipping Cost

We also do door to door delivery.

Buyer pays shipper in seller country 

Buyer of CIF only pay $10,000 door to door delivery and the seller will send His/her Representative to buyer destination and payment of the gold after final assay report but during the time of payment the buyer will deduct $10,000 dollar paid to the shipper in seller’s country and pay the seller the remaining balance to his bank account.

Cost Sharing:

A buyer can come to SELLER by invitation letter to see the seller.

There, the buyer can physically meet the seller and assess the gold including the documents.

If buyer wants gold at his refinery then the seller and buyer share the shipping charges and the seller will send his /her Representative to accompany the gold to the buyer refinery.

FOB PROCEDURES:

For all FOB orders from 5kg up to 100kg are Cash and Carry:

  1. Buyer sends a copy of his passport and his flight schedule to seller.
  2. Seller sends invitation letter to invite buyer to see him and the gold.
  3. Buyer and seller signs contract face to face at Seller Company.
  4. Seller and buyer move the gold to the buyer’s refinery choice for assay testing with buyer. 
  5. Buyer and seller are present to witness final assay.
  6. After assay buyer pays seller for gold by wire transfer.
  7. Then buyer takes gold back to his country.

Bank Instruments:

These are the bank instruments we can accept BG,SBLC,MT799/MT760, MT103/22 Instrument value must be 10 Million or more to be accepted with Prime bank for orders from 5kg to 50kg.

Min value of the instrument that the banks will accept is 10M in value.

For 5kg to 50kg gold should arrive within 2 or 3 days to buyer

refinery. We only accept Swifts from Prime banks to seller bank. CIF with Dubai Bank.