How buying gold from Uganda works

The process

How a purchase would proceed once our supply route is in place:

1. Requirement. You send the gold form, fineness, quantity, delivery point, timing and the documents you require, through the quote form.
2. Review. Who you are and what you need are reviewed, together with what can lawfully be supplied, and we reply with what can and cannot be quoted at this stage, and on what basis.
3. Specification and price basis. Form, fineness, bar format and quantity are agreed, with the LBMA price used and the differential. How gold from Uganda is priced.
4. Documents and due diligence. Both sides are identified and screened. The supplier's licences, beneficial owners and chain-of-custody records, and the export documents for the consignment, are checked before contract.
5. Commercial terms. A contract fixes the Incoterm and delivery point, the assay and umpire terms, and payment.
6. Lawful export and delivery. The licensed exporter ships under its permit for the consignment; the buying refinery assays on arrival, and an independent umpire decides if results differ beyond the agreed tolerance; payment follows the terms of the contract.

New to wholesale gold? Read how gold is bought in bulk.

Two ways to start

• Request a gold quote when you know the form, fineness, quantity and destination. We reply by email with what can and cannot be quoted at this stage, and on what basis. Request a gold quote.
• Request the buyer compliance file when you or your compliance team need to review the supply route first: the documents, origin records, assay and screening a lawful export carries. Request the compliance file.

Who we serve

Private buyers and businesses worldwide: individuals, gold dealers and traders, refineries, jewellers, manufacturers and investment buyers. Both sides are identified before a contract: we will ask for identity documents and, for a business, company and beneficial-ownership documents, and a buyer can ask the same of us once our operating entity is formed. What a buyer may import, and how, depends on the destination country's rules. We never ask for payment before a signed contract.

Sanctions

Every enquiry is screened against the UK, EU, UN and US sanctions lists before we respond in substance, and again before any contract, shipment or payment. We do not deal with sanctioned persons, companies or refineries. Until we have taken UK sanctions legal advice, we do not accept enquiries involving Russia or Belarus: delivery there, payment from or through there, or parties located or incorporated there. We do not accept gold of Russian origin.

Where we are

Under the Act, minerals may be exported only under an export permit for each consignment. Uganda Gold Report is working towards a licensed supply route; none is in place yet. Until it is, we review each requirement and tell you plainly what can and cannot be quoted at this stage. We do not currently hold stock or a Ugandan licence, and we never ask for payment before a signed contract.

Incoterms and title

Documents

• Export permit for the consignment (Form 52)
• Certificate of origin, where applicable, and a certificate of analysis authenticated by the country of origin
• Commercial invoice, packing list and air waybill
• Proof of royalty and export-levy payment, where applicable
• Supplier KYC: company documents, beneficial owners, licences, sanctions and PEP screening
• Mine-level chain-of-custody records for documented-origin lots

You or your compliance team can review the full list first: request the buyer compliance file.

Assay

A sample is taken from the melt, split and sealed. Both sides assay by fire assay; results within an agreed tolerance are averaged, and an independent umpire laboratory decides otherwise. For Ugandan bars, which are not on the LBMA Good Delivery List, the buying refinery's assay on arrival is the reference.

Payment

Refining contracts filed publicly show refiners paying their own suppliers after receipt and assay (in one filed contract, 15 days after sampling). The payment arrangement, whether bank transfer, escrow, a letter of credit or another structure, is agreed for each transaction and depends on KYC/AML checks, banking arrangements, the jurisdictions involved and applicable law. Payment is made only to the contracting party, never to an agent, and never before a signed contract. Listing an option does not mean it is currently available.

Destination markets

• United Arab Emirates. The main destination of Ugandan gold. UAE dealers and refiners must carry out supply-chain due diligence under Ministerial Decree 68 of 2024, with enhanced checks for higher-risk origins.
• India. Refined bars are imported only by nominated agencies and banks, qualified jewellers through the India International Bullion Exchange, or quota holders; doré only by licensed refiners (reported).
• Hong Kong. No import duty on gold; dealers in precious metals register with Customs above a transaction threshold.
• United Kingdom and London market. London settlement accepts only LBMA Good Delivery bars.