History
In the mid 1990s it was decided that given the way and speed with which financial markets in general were developing and changing, combined with the trend of market supervisors to require more vigorous audit trails and reconciliations, the London bullion market would look at developing the electronic matching system for over-the-counter (OTC) settlements.
Initial exploratory work in this connection was undertaken by the London Bullion Market Association (LBMA) Physical Committee, which comprised the clearing members. However, it was subsequently decided that the most effective way of carrying the electronic matching system project forward would be for the clearing members to form a separate company specifically for the purpose of developing and administering such a system. As a result LPMCL was formed in April, 2001.
The LPMCL began to clear platinum and palladium on a loco London basis with effect from September 1, 2009, and since then any transaction maturing on or after September 1, 2009 dealt on a loco London basis clears through the four members of LPMCL.
LPMCL is a company limited by shares and its Equity and User Members comprise those bullion clearers that successfully apply for membership.
LPMMC is a not-for-profit business that maintains an efficient Loco London bullion clearing service to facilitate international trading on the over-the-counter precious metals market centered in London. It ensures only London Good Delivery (LGD) accredited, and quality bars are accepted in the London market for the purposes of transactions permitted under the provisions of the LPMMC Unallocated and Allocated Accounts. LPMMC also ensure all activities are conducted in observance of prevailing regulatory rules and legislation and within the Global Precious Metals Code of Conduct.
Legal Agreements
The LPMMC has drafted both Unallocated and Allocated Precious Metal Account Agreements which are intended to be standard documents for the London Market with regard to the provision of unallocated and allocated precious metal accounts by Members of the LPMMC and their customers.
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.
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). The Company is located in the Diamond House building in London, which is situated on the Kinbu Road, adjacent to the Registrar-General’s Department and next to the Ministry of Foreign Affairs.
Our Vision
To attain market leadership in service provision, value-addition, trading, and promotion of gold, diamonds, and other precious minerals in Ghana.
Our Mission
To provide excellent service as the national assayer and trade cost-effectively in gold, diamonds, and other precious minerals; to effectively produce and market quality jewellery through highly skilled and motivated staff to ensure customer satisfaction and enhance shareholder value.
Our Values
• Responsiveness
Providing prompt response to our clients’ needs and concerns, we will deliver feedback with speed, expressing our sensitivity to their enquiry and how much we care about them.
• Customer Oriented
Exceeding our clients’ expectations, objectives and challenges, we will maximize the value of our services to them whilst respecting their diverse Worldviews.
• Integrity and Honesty
Nurturing a culture of transparency, honesty, trustworthy and ethical in our actions, we will be responsible and honour our commitment to accountability for our actions, success and failures.
• Teamwork
Promoting our cohesiveness as a team with our colleagues and stakeholders, we will openly communicate all relevant information consistently and constructively.
• Discipline
Holding ourselves accountable for results, we will reflect our commitment to our vision, mission, core values, and communication consistency.
• Innovation
Leveraging on our market leadership in the industry, we will strive to use cutting edge applications for better solutions that meet new requirements, unarticulated needs, or existing market need and trends.
• Trust
Our work environment is open, collaborative, honest, and family oriented. Though leaders in the industry we are first of all servants.
• Confidentiality
Cultivating trust and responsibility, we will ensure our transactions with clients are sacrosanct, not violating the principle of secrecy and corporate ethics.