Precious Minerals Marketing Company (PMMC) Is the authorised body, legally permitted to grade, assay, value, process buy and sell precious minerals and to license agents in Ghana. PMMC has extensive expertise and state of the art technology in determining the purity of gold, diamond and other precious metals.
Precious Minerals Marketing Company (PMMC) Ltd was established in 1963 as Ghana Diamond Marketing Board charged with the sole responsibility of the purchase and marketing of Ghana’s diamonds. In 1965, by Legislative Instrument (LI) 401, the Company was incorporated as a State-Owned Enterprise (SOE).
The Company now operates as the government’s assayer with the sole mandate of assaying all gold that leaves the country. The jewellery production is also a subsidiary of the Company, operating under the name PMMC Jewellery Ltd (PJL).
What Is Special About PMMC?
PMMC is also a gold refinery company as part of its responsibilities to grade, assay, value, process, buy and sell precious minerals in Ghana.
With the promulgation of the diamonds decree (NRCD 32) in 1972, LI 916 was enacted to change the company’s name to Diamond Marketing Corporation. In 1989, PNDC Law 219 was enacted to yet again change the Company’s name to the Precious Minerals Marketing Corporation with the following functions:
- To grade, assay, value, and process precious minerals.
- To buy and sell precious minerals.
- To perform any functions conferred upon it by the Diamond Decree, 1972 (N.R.C.D. 32).
- To appoint licensed buying agents for the purchase of precious minerals produced by small scale-miners.
- To promote the development of the precious minerals and jewellery industry in Ghana.
- To do all such things as are incidental or conducive to the attainment of its objectives and functions.
Finally, in the year 2000, it was converted by Act 461 (Statutory Corporations Conversion to Companies Act) to a Limited Liability Company to operate under the Ghana Companies Code (Act 179 of 1963) as Precious Minerals Marketing Company Limited with the same functions under the PNDC Law 219.
The following have been the functions of the Company until 2016 when most of the functions changed as a result of the appointment of PMMC as the government assayer.
- Grading, assaying, valuing, and processing precious minerals.
- Buying and selling precious minerals.
- Appointment of licensed buyers for the purchase of precious minerals produced by small-scale miners.
- Production of jewellery.
- To carry on trade and business whatsoever which can, in the opinion of the directors, be a profitable ancillary for the general business of the Company.
PMMC Gold Prices In Ghana:
| Gold Rates per Kg | Gold Price per Kilo [GHS] in Ghana cedi | Low |
|---|---|---|
| 1 Kilo Gold Price (1 kilogram) | 787,248.91 | 784,676.24 |
| 2 Kilos Gold Price (2 kilogram) | 1,574,497.81 | 1,569,352.48 |
| 5 Kilos Gold Price (5 kilogram) | 3,936,244.53 | 3,923,381.19 |
| 10 Kilos Gold Price (10 kilogram) | 7,872,489.06 | 7,846,762.38 |