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DGME Commodity Receipts (DME CR)
1. Request for Issuance by an Originator
The Originator requests the issuance of DME CR to a vault,
describing the commodity (Gold, any metals, minerals ores,
Diamonds, Precious, or Semi_precious stones) details and other
details available. The originator approving user can
simultaneously submit the request as well as approve the same.
This function is carried out after physically depositing the
commodity in the vault.
2. Creation of
DME CR by Issuer The issuer can submit and approve
the creation of the DME CR after entering all the details of the
commodity.
3. Certification
of DME CR by DGME DME
Gold & Minerals Trading Exchange (DGME) certifies the creation
of the DME CR.
4. Publishing of
DME CR Publishing of
DME CR to large markets, buyers, banks and purchasers of issued
DME CR.
5. Role of DGME
DGME acts an independent administrator of the DME CR System and
is responsible for providing the legal framework, set of
policies and DDME CR "Rules" that govern every aspect of the use
of a DME CR. The DME CR "Rules" is an agreement amongst all
members, binding all all signatories. DGME, as an authority of
the DME CR, is not a Financier or Commodity Trading Principal in
any product related transaction that is the subject of a DME CR
and hence has no conflict of interest in its role as
administrator and regulator. As an administrator of the DME CR
System, DGME will maintain an audit trail of all on-going and
historical System activities. In addition, DGME will retain
custody of all original printed DME CRs and act as agent on
behalf of the Originator and Security Beneficiary members to
hold, release and endorse DME CRs. As a regulator, DGME has
incorporated a variety of risk management procedures into the
DME CR system in order to secure access and transactions on the
electronic platform and will perform reviews of all applicants
and members on an on-going basis to ensure that no member
introduces any unacceptable risk to the system and its
participants. .
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Contact phone: |
+255 746 723
195/ + 255 787697554/
+ 243 810070289/
+ 27 768564810/ + 260 97631714/
+ 971 50 7352699 |
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Fax number: |
Fax (eFax): 1-419-593-6889 |
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Contact e-mail: |
icdialogue@yahoo.fr
or
info@dmexchange.safewebshop.com
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More info: |
For price details of DME CR
issued, Prof of Product
(POP) and Export documentation details,
click here
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The Board of Directors
Legal Disclaimer |
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DME Gold & Minerals
Trading Exchange (DGME) |
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There are several types of
transaction which can be
undertaken on the DME CR System
– “issuance” and “cancellation”
of DME CRs, “endorsement by way
of transfer” of DME CRs,
“pledge” of DME CRs,
“endorsement by way of security”
of DME CRs, and “Release of
Security” over DME CRs.
Issuance is the action whereby a
DME CR is created, and can only
be undertaken by a DME CR Issuer.
Following issuance of a DME CR
DGME prints a DME CR “original”
which it retains in its role as
Depository. DME CR Members are
able to print copies of DME CRs
to which they are entitled
access. DGME provides a
certified copy of a DME CR to
those entitled to receive it.
Cancellation is the action by
which the DME CR ceases to exist.
It can only be undertaken by the
Issuer of the DME CR that is
being cancelled. If an Issuer
wishes to cancel a DME CR
relating only to some part of
the subject goods he must cancel
the existing DME CR and issue a
new DME CR in respect of that
portion which is to remain the
subject of a DME CR.
A DME CR can be transferred from
one member of the system to
another, by way of a “Transfer
Endorsement”. This is effected
by the transferor issuing an
instruction via the DME CR
System to DGME who endorses
accordingly the relevant printed
DME CR that it is holding.
To best protect the interests of
lenders who wish to take
security over DME CRs, security
over a DME CR is created by way
of pledge and Security
Endorsement.
(a)
A pledge can be
created under three alternative
scenarios:
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An Originator or a
subsequent transferee
can issue an instruction
(a “Pledge
Notification”) to DGME
to hold the DME CR as a
pledge for a named
Security Beneficiary; or
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A
prospective transferee
of the DME CR can issue
a ”Standing Pledge
Instruction (Existing
DME CR)” to DGME to hold
the DME CR as a pledge
for a named Security
Beneficiary if and when
the DME CR is endorsed
by way of transfer to
that prospective
transferee
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Prior to goods being
delivered to an Issuer’s
warehouse, the
prospective Originator
can issue a “Standing
Pledge Instruction (Goods
in Transit)” instructing
that Issuer, upon
receipt of those goods,
to issue a “Pre-Pledged
DME CR” naming the
Security Beneficiary who
proposes to finance
those goods. |
(b)
When a pledge is
created under any of the
scenarios described in
(a) above DGME as agent
for the Owner of the goods to be
pledged shall also endorse by
way of security the relevant DME
CR that it is holding, naming
the Security Beneficiary in
whose favour the security has
been created.
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A Security Beneficiary
may release security
over a DME CR by issuing,
via the DME CR System, a
Form of Security
Release. Release of
security over only part
of the goods which are
the subject of a DME CR
can also be effected by
the Security Beneficiary
who issues appropriate
instructions.
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Pledging of DME CR
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1. |
Originator: Deposits
commodity with Issuer (Warehouse) |
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Originator: Request
for DME CR to Issuer |
| 3. |
Issuer: issues DME
CR |
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Originator:
Publishes DME CR to one
or more security
beneficiaries (banks and
financiers) |
| 5. |
Security beneficiary:
Accepts the request and
agrees to finance (subject
to its commercial
discretion) |
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Originator: Pledge
notification in favour
of the security
beneficiary to DGME |
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Security beneficiary:
Provides finance |
Endorsement of DME CR
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1. |
Originator: Deposits
commodity with Issuer (Warehouse) |
| 2.
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Originator: Request
for DME CR to Issuer |
| 3. |
Issuer: issues DME
CR |
| 4.
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Originator:
Publishes DME CR to one
or more potential buyers
(other members of DME CR
system) |
| 5. |
Potential buyer:
expresses interest to
buy (subject to its
commercial discretion) |
| 6.
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Originator: Price
negotiation and
agreement on price |
| 7.
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Endorsement of DME
CR in favour of the
Buyer |
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