Some of the Buyers I represent, have been moving their TTM locations to Dubai. They feel they would have more success closing deals there. It is a free trade zone and for many Sellers, it's easier to get a visa to Dubai as opposed to the USA. Recently, one of my clients was a victim of a scam in Dubai and I just want to pass this information on to my associates in the business to help you to navigate these turbulent waters of gold and diamonds trading from an informed place.
This client paid for a flight to transport the Seller to Dubai. They reserved a hotel room and sent their agent to meet the Seller's representative with a security escort to safely tramsport the Seller's agent to the refinery. When the Seller's representative arrived, they cleared customs and disappeared. They left the airport and the Buyer never heard from them again.
This is a new scam beginning to emerge as the latest tactic in gold and diamond trade. The Seller cons a Buyer or multiple Buyers to pay for their travel and visas. They pretend they will meet the Buyer in Dubai and then disappear. Sometimes they don't even have gold! In most cases, the Seller already has another Buyer in place that they will sell to at a higher price. They make their money and get free travel from the Buyer(s) who paid for the Seller's travel and these Buyers never receive any gold/diamonds.
Buyers beware! A legitimate Seller will either pay their own travel or invite you to their country for a cash and carry deal. The cash and carry deals will eventually lead to CIF terms, but you usually have to work your way up to this.
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