Business Procedure (FCO)

Authorization of Spot Shipment

If you are Looking to buy Gold dore bars or Diamond from Cameroon then you must get the Authorization of Spot Shipment Document. This is done after the seller must’ve registered the gold for transport with a courier and then send you the complete Shipping Documents.

This will be only for the first tranche shipment as all subsequent shipments will not demand this document.

The cost of the Authorization of Spot Shipment Document varies based on the quantity of the consignment and this money is paid directly to the treasury account by the Buyer.

After the presentation of the Authorization of Spot Shipment document, the courier will now begin with the delivery of Gold to the Buyer’s Refinery anywhere in the World.

Cost of the Authorization of Spot Shipment Document

The cost depends on the quantity of gold or diamond.

For Gold:

1-30 Kilos= $4000
31-50 Kilos= $7000
100-500 Kilos=$10,000
500-1000 Kilos= $18,000

For Rough Uncut Diamonds:

10-50 Carats= $3000
51-200 Carats= $6000
201-500 Carat= $8000
501-5000 Carats= $10,000
5001-25000 Carats= $15,000

The Authorization of Spot Shipment was implemented to fight against trafficking of Precious metals which has led to deaths and kidnappings in the mining regions.

According to law the government gets 3% from all gold deals and this document which is issued by the State is to recognize the buyers and mandates with whom the sellers are dealing with, to know the exact amount involved. It is also a means of security to both parties in case of any unforeseen circumstances.

Summary of how a Gold trade in Cameroon should look like

  1. Contact a Genuine Seller
  2. Agree on Price and Sign a contract
  3. Seller registers shipment with courier company and sends you all the shipping documents, registration and taxes.
  4. Buyer Pays for the Authorization of Spot Shipment to the Treasury and sends the document to the seller.
  5. Seller shows the Authorization of Spot Shipment Document to the Courier who then effects transportation
  6. Goods arrive Buyer’s Refinery
  7. Seller Gets paid after final Assay Report.

Anything that is not the above is a scam and you will surely lose money.

Note: Nobody will take their gold and fly oversea, incurring all costs when they can easily sell at their mines to the Chinese at the same world market price.

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