“We founded this department because we saw an opportunity to do things differently”
“We’re passionate about customer service, and we go out of our way to get the best value for the gold our Sellers sell to us, either directly or through our network of buyers.”
EAT has been in business for decades and currently has over 120 employees worldwide. Which includes Operations Center is based in Africa, Europe Asia and U.A.E. (where we also have full facilities for smelting, assaying and paying on the spot small quantities of gold up to 2 Kg as long as you submit all the legal documentation like mining license, proof of payment to Ministry of Finance of royalties, while all other gold must only be shipped C.I.F., where we would only pay after smelting and assaying. No other procedures to buy gold and no advance payments for the Seller to pay taxes, shipping and any other expenses are accepted).
In addition to the above, we also have offices in Miami USA, Nicosia Cyprus, Bucharest Romania, and London UK. The company has Clients in over 50 different countries. EAT has a Working Capital that can easily handle over $6 Billion in Gold Purchases per year (which is more than 150 tons per year with our preferred deliveries of 1,000 Kg, or even 2,000 Kg on a monthly supply, per customer with max 3 customers due to the limitation of our nominated refineries to refine more than 1,000 Kg per day).
DUE DILIGENCE AND COMPLIANCE REQUIREMENTS
The Shareholders and the company have bank accounts with the Major Banks in the U.A.E. (Emirates N.B.D., Emirates Islamic Bank, N.B.A.D. (National Bank of Abu Dhabi), Mashreq Bank, HSBC, Citibank, Standard Chartered Bank and First Gulf Bank) from which both the Shareholders and the company has again gone through detailed due diligence and compliance procedures for money laundering by their Bank’s Legal and Compliance Departments, since it is not easy to open bank accounts for companies trading in Precious Metals in the U.A.E.
The company, besides the Government Agencies and banks, has also gone through strict due diligence and compliance procedures with G.4.S. Security Services (www.g4s.com), Brinks Security Services (www.brinks.com) and the Dubai Government Authority – Dubai Multi Commodities Centre D.M.C.C. (www.dmcc.ae), in order to be able to be registered and be a Client with them and deal in gold trading.
All of the above make all our Sellers feel comfortable that they deal with a top, reputable company and they do not lose their time trying to find out whether the Buyer is legitimate and respected.
Please note that every Seller to EAT will also have to undergo full due diligence and compliance procedures undertaken by our Legal Department in order to satisfy our Precious Metals Trading License requirements from the Government, our Banks (that in order to make payments over $500,000, need to have clearances for the recipient by their Central Bank), Local Authorities at the Seller’s Export Country & Police, Interpol, United Nations, Scammers List, Export Country Embassies Black List, the Security, Transport & Customs Clearance Companies, like G.4.S. and Brinks, and D.M.C.C., just to mention a few, in order to be able to do business with EAT, since the last thing we are interested in doing for any profit is to do business with scammers, criminals, terrorists or any other illegal entity.
Banks will be unable to process a transaction that involves a breach of sanctions, and authorities may require the disclosure of information. The bank is not liable if the Seller, or any other person, fails or delays to perform the transaction, or discloses information as a result of actual or apparent breach of such sanctions. Shipments, trans-shipments or transit to, from or through Iran, Cuba, North Korea, Sudan, and Syria is prohibited, as well as any party which is sanctioned by the United Nations, United States or the European Union, or United Kingdom, is to be involved in the transaction in any manner. Please also note that Israel is also on the list of sanctioned countries for the U.A.E. No party in any of those countries (which includes any aircraft or vessel flagged in, or owned or operated by a party in, such country) is to be involved in the transaction in any manner. The Banks may not complete a transaction which involves such a party, or any party in the above countries.
We mainly buy only gold bars C.I.F. and pay within 3 days after the Assay Results from our nominated Assayer and always based either on the previous day’s L.B.M.A. second fixing on the day of the Assay Result or we can also consider the Spot Bid Price. If the Seller isn’t satisfied with the Assay result from our nominated Assayer, they can just take back their gold and pay only for the expenses incurred on their behalf (customs clearance, transport via security company, insurance, smelting and assay results) and paid by EAT.
In the case that both parties proceed with the sale, then all the expenses (including the re-smelting, transport, security & security costs to move the gold bars to a smelting house) if incurred in the importing country will be covered by the Seller, in addition to any costs in the Export Country (taxes, insurance, security transport, shipping, etc.), without any cost to EAT (the Buyer).
Our target group is…
Buying Gold from Sellers
- Gold Mining Companies, Small Scale Miners, Gold Brokers and Gold Dealers from all over the world
2. Companies or Individuals looking to sell their gold in quantities of more than 10 Kg and preferably a minimum of 100 Kg per month with a yearly contract
- Our weekly capacity for purchasing gold is 2 MT per week, which makes it over 8 MT per month or 150 MT per year.
Selling Gold to Buyers
EAT have agreements with over 40 major banks and refineries around the world to trade any quantity of gold to companies and high net worth individuals around the world and if you are also interested to buy gold from us, we can resell quantities of over 100 Kg per shipment for +2% premium over the Spot or London Fixing price (and only after receipt of a non-refundable 15% Security Down Payment) on the day of order/payment, or +3% premium for quantities less than 100 Kg. Delivery can be arranged within 1 business banking days from receipt of full payment.
We can supply an almost unlimited quantity of gold.