PMMC to add value to raw gold (Centre Spread)

23/05/2010
Story: Mary Mensah
The Precious Minerals Marketing Company (PMMC) will from next year add value to raw gold by converting it into jewellery before exporting it to maximise returns.
Consequently, the PMMC is to partner with other international jewellery companies for the project to take off on schedule.
The Managing Director of the Company, Mr Reuben Damptey made this known in Accra when the Parliamentary Select Committee for Employment, Social Welfare and State Owned Enterprises paid a familiarisation visit to the PMMC.
He said the company decided to seek a joint ventureship due to the expense involved in the purchasing of the machinery besides the international jewellers have a ready market for the products.
He indicated that already the company had received proposals from companies in Turkey, Egypt and Italy which will be critically examined before submitting a proposal to the board of directors for adoption.
Mr Damptey said the company will maintain its hand -crafted and traditional designs but will also produce other new designs for the market.
He said over the years PMMC have contributed towards the foreign exchange earnings of the country and added that gold exports for 2009 amounted to $75.48 million as against $32.87 million in 2008 representing an increase of 129 per cent.
He said Diamond export has seen consistent growth over the years until it was hit by the 2008 global financial crises which contributed to the continued reduction in the market price of the product whilst the local cost of production went up significantly leading to downward trend in the company’s exports.
The Managing Director said diamond exported by the company amounted to $7.32 million in 2009 as against $20 million in 2008 but revenue from production and sale of gold jewellery has increased consistently and total revenue realised in 2009 amounted to GH¢2, 237, 349.
Mr Damptey said between 2002 to 2009 the company has paid GH¢520,336 as dividend to government and have also met their corporate tax obligations.
He said socially the impact of the company has been felt by the creation of about 500,000 jobs in the small scale mining sector, employment of jewellers in Accra and setting the pace for the growth of the jewellery industry in the country among others.
He said the PMMC is faced with a number of challenges which include keen competition, the upsurge of jewellery shops arround the country selling mainly imported jewellery among others.
The leader of the Committee, Prince Jacob Hayibor, who is Member of Parliament for Hohoe North said the commiittee decided to visit the company to have an insight into their operations in order to be well informed.
He said the mandate of the committee was deruived from Article 103 of the 1992 constitution and order 184 of the standing order of parliament and has 20 members and their duty is to review and study on a continues basis the operations of state enterprises with a view to determining their economy and eficiency.
Mr Hayibor said praised the board and staff of the PMMC for their hard work and dedication and urged them to work even harder in order to meet their aspirations.