Services
Two business lines of equal weight. Each has its own sequence and its own set of documents.
Doré intake
Intake of unrefined gold, import into Dubai, presentation to a refinery, settlement against the assay.
Doré is gold as it leaves production: unrefined, of unknown exact fineness, and worth what an assay says it is worth. Velcura takes such material in, imports it into Dubai under its own name, and presents it to a refinery for refining.
Velcura does not refine. The refining is carried out by a refinery in Dubai at which Velcura is onboarded as a customer. What Velcura is responsible for is everything around it: the counterparty review before the material moves, the export and import documentation, the transport, and the settlement once the assay result is in.
Settlement follows the assay, not the declaration. What a counterparty states about fineness is a starting point for the paperwork and never the basis for payment.
| Term | What applies |
|---|---|
| What Velcura needs first | A complete CIS, for onboarding and the compliance review. Nothing moves before it is in and checked. |
| Customs entry | Into Dubai, in Velcura’s own name. |
| Assay | In Dubai, at the refinery. Settlement follows the assay and not the declaration. |
| Payment | Normally within 48 hours of the assay report, through a regulated channel. |
| Delivery terms | DAP or CIF, agreed per lot together with the allocation of cost and risk. |
- 01Counterparty reviewCompany, beneficial owners, mining and export authorisation, screening. Nothing moves before this is complete.
- 02AgreementQuantity, assay basis, settlement terms and the allocation of cost and risk, fixed in writing before shipment.
- 03Export and transportExport documentation in the country of departure, insured transport, and a route that can be described.
- 04Import and assayCustoms entry into Dubai, delivery to the refinery, assay.
- 05SettlementPayment against the assay result, on the terms agreed at the start.
- Origin record for the material
- Issued by: Counterparty
- Mining and export authorisation
- Issued by: Authority in the country of departure
- Export declaration
- Issued by: Customs, country of departure
- Airway bill and insurance certificate
- Issued by: Carrier and insurer
- Import declaration
- Issued by: UAE customs
- Assay certificate
- Issued by: Refinery
- Settlement statement
- Issued by: Velcura
Bullion trading
Purchase and sale of bullion at 995 and finer on Velcura’s own account, between commercial counterparties.
Velcura buys and sells bullion on its own account. It takes the position itself: it is the buyer when it buys and the seller when it sells, and it carries the risk of the position for as long as it holds it.
This is not a brokerage. Velcura does not bring two parties together and does not earn a commission on a trade between them. A counterparty contracts with Velcura and with nobody else.
Both sides of a trade are commercial counterparties. Velcura does not sell to consumers, does not offer an investment product, does not operate a savings plan, does not deal in derivatives or forward contracts, and does not hold metal or funds for anybody else.
| Term | What applies |
|---|---|
| Form | Bars only. No grain, no coin, no jewellery. |
| Sizes | 1 kg and 400 oz. |
| Smallest lot | 1 kg. |
| Fineness | 995 and finer, in parts per thousand. |
| Position | Velcura is the buyer when it buys and the seller when it sells. It does not act between two other parties. |
| Settlement | Through a regulated channel, against the delivery documents. |
- 01Counterparty reviewThe same review as on the doré side. Company, beneficial owners, screening, source of funds.
- 02TermsProduct, form, fineness, quantity, pricing basis, delivery point and settlement, fixed in writing.
- 03VerificationBars are identified against their refinery marks and serial numbers, and against the accompanying certificate.
- 04DeliveryInsured transport between the agreed points, documented at every handover.
- 05SettlementPayment on the terms agreed, against the delivery documents.
- Contract note
- Issued by: Velcura and counterparty
- Bar list with serial numbers
- Issued by: Seller
- Refinery certificate
- Issued by: Refinery of manufacture
- Transport and insurance documents
- Issued by: Carrier and insurer
- Delivery receipt
- Issued by: Receiving party
- Settlement statement
- Issued by: Velcura
What a first conversation needs
Write with the line and the position you have in mind. The reply sets out what a first review requires and which documents it needs, so the second message can be the substantive one.