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).
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.
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 Accra, which is situated on the Kinbu Road, adjacent to the Registrar-General’s Department and next to the Ministry of Foreign Affairs.
To attain market leadership in service provision, value-addition, trading, and promotion of gold, diamonds, and other precious minerals in Ghana.
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.
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.
Promoting our cohesiveness as a team with our colleagues and stakeholders, we will openly communicate all relevant information consistently and constructively.
Holding ourselves accountable for results, we will reflect our commitment to our vision, mission, core values, and communication consistency.
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.
Our work environment is open, collaborative, honest, and family oriented. Though leaders in the industry we are first of all servants.
Cultivating trust and responsibility, we will ensure our transactions with clients are sacrosanct, not violating the principle of secrecy and corporate ethics.