For the last two years, I have been studying the Ghanaian market for gold and diamonds. I work with many gold and diamond buyers and Ghana is often requested as a targeted region for purchasing gold. I am going to keep this post short with only a few points with the purpose of offering guidance. My comments are based on actual experience.
1. It is best to travel to Ghana to buy gold. Ghanaian mines in general, prefer to meet you in person and they prefer cash and carry deals. Consignment deals will require some form of down payment. This does not mean that the down payment is necessarily a scam. You should however be very careful that you are dealing with a legitimate company registered with the government before considering any form of down payment. Hire a lawyer when attempting a consignment deal. It is your best protection. Again, cash and carry after the entire parcel has been tested in your presence by the proper government agency. Bring security.
2. Use the PMMC. This is the safest way to buy gold in Ghana. It removes all guesswork. This also means you will have to pay for the gold upfront. I realized this is more expensive, but it really is the best way to go.
In general, you can find many legitimate gold sellers in Ghana. As with all commodities deals, you must do your homework. Don't just accept offers you receive by email or LinkedIn. Conduct your due diligence, hire a lawyer, trade through the PMMC, and you will do well.
3. Diamonds -- Although there are some diamond mines in Ghana, I find that most Ghanaian Sellers are presenting diamonds from Sierra Leone and Guinea. You will generally get a better deal going to these countries rather than buying diamonds in Ghana. This does not mean Ghana does not have diamonds, it is just not as plentiful as the neighboring countries. I know of a few legitimate diamond mines in Ghana and they all do very well. Just be sure that diamonds have all of the proper documentation, especially if the stones are imported from other countries. US regulations on diamond imports are very strict. You really will go to jail if you do not have the proper documentation. Be very careful
Also, below is a link to an important video about the Ghana gold market. I highly recommend this video for newcomers. It gives you very accurate insight into what can happen if you do not respect the scam market in Ghana and other countries as well. Again, I have worked for numerous buyers who have lost money. I know the games out here in the scam market. Instead of telling you my horror stories, I wish to empower you with tools and guidance to insure your success. Best of luck to you all!
Ghana Gold - Africa Investigates - Al Jazeera English
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