www.Sierraconnekt.com Shipping Scams

The quest to find a local reliable diamond shipping company in West Africa can be difficult. Fortunately for diamond exporters, there are serious alternatives to fraudulent companies such as www.SierraConnekt.com (Pacific Freight Company SL LLC)

Such companies, are owned by Sierra Leonian Thugs looking to take advantage of people for the easy buck. We highly recommend that you contact us for details on their criminal activities before you engage in a business transaction with these jokers.

These criminals will certainly end up behind bars were they belong, we would advise any one thinking to do business with Pacific Freight Company SL LLC to stay as far away as possible from this alleged company and do business with another organization. We can also put you on the right track and recommend an honest and reliable shipping company in Freetown.

Unreliable Shipping Companies in Sierra Leone

Following our previous story about our experience with Pacific Freight Company Limited SL  in Freetown, Mr Haruna Malik agreed in a settlement with our Attorney to ship a smaller parcel at no extra cost in order to attempt to make up for the debacle it created, while shipping a parcel to Miami on January 1st.

Mr Haruna Malik than started singing another song on February 29th, and came up with some lame excuses. Such companies as Pacific Freight Company Limited SL in Freetown are not reliable companies in our experience, they have never refunded us for the payment they received for the service offered.

We encourage any rough diamond buyers who buy in Sierra Leone to stay away from such companies who’s behavior and lack of ethics are not to be recommended to anyone in the industry.

Sierra Leone Shipping Company Scams

Anyone who purchases parcels of rough diamonds in Sierra Leone knows that each parcel must be hand carried out of the country, sealed with its KPC.
Wether you personally bring this parcel to its final destination, or you hire a professional carier.
We will tell you about our experience with one company called Pacific Freight Company Limited SL which website is www.SierraConnekt.com and which just defrauded us on a parcel delivery we paid for in full, and never received delivery off.
They promised us to make it right and after over 3 months, have kept ignoring our request for a full refund, despite their non-performance.
“SierraConnekt” DBA Pacific Freight Company Limited SL had a contract with our Trade Desk, made commitment to deliver a parcel, issued a Commercial Invoice and diverted the shipment to a third destination (Guinea) instead of CIF Miami.
Despite the written commitment to make it right and refund us for the service we paid for, this Company and Mr Haruna Malik its Director of Operations, at Pacific Freight Company Limited SL has not issued a full refund for failure to respect their contractual agreement.
We recommend that you stay away from this company. This types of poor ethics and scams can only be ran by companies who do not value growth with International Companies and Partners.
If you which to know more details about  this fraud from Pacific Freight Company Limited SL. and Mr Haruna Malik feel free to contact us. Our goal is to protect others from these types of scams.

Botswana Rough Diamonds Tenders

Botswana Rough Diamonds Tenders is a way for the Government and DeBeers to get rid off their large inventories due to slighting sales of rough and polished stones.

These tenders are gaining in popularity in many Countries due to the continuing fall of rough and polished diamond sales. South Africa also mandates that their rough diamond sales be sold through government controlled tenders.

You must be a registered and approved diamond buyer in order to participate at these tenders, which are usually organized every months or two.

The Financial Instrument “Hostage Situation”

You probably have heard about “Sellers” requesting financial instruments to sell their diamonds. The problem is that 99% of such so called sellers are scammers.

How are these scams ran? Well, it is pretty simple, this is how most of these scams are set up. The alleged seller will request a financial instrument from the buyer in order to send out his stones, most likely an MT760. Which is an extremely dangerous instrument, as the alleged buyer will borrow against it to find and purchase the stones, or just borrow against it and run away.

Once the instrument is open and activated, the alleged seller will take the buyer hostage, and require the buyer to pay a “release fee” between $50,000 and $200,000 in order to release the instrument from the seller’s bank. See, this is the problem, if a buyer issues an instrument, the only way they can have this instrument cancelled, is only if the seller agrees to release such instrument with his bank in Africa, otherwise, the instrument can possibly remain in effect for month.

If this is the case, the buyer can possible be charged millions of dollars in fees from his bank in bank charges, which can easily put him on his knees. The scammers know this, thus they will require a “hostage fee” in order to release the instrument from their end.

The alleged seller may also request an MT103/23, which is a conditional wire, such wires are now illegal in the USA or most of Europe. Most Banks today will also require proof of product before they agree to release any types of instruments, in order to cut down on the frauds, and reduce their clients liability.

As a general rule, no real diamond buyers in the world will issue an instrument. Some may agree to some type of proof of funds, but most will only issue a POF AFTER they have done at least one deal with the seller. The most intelligent and common thing to do is to start with a small transaction between 100 and 500CT, than once buyer and seller build confidence, to simply increase the quantities for each deliveries after each closings.

What You Need to Know about Botswana Diamonds!

First off, you must understand that diamond sales and sales process greatly varies from one Country to another. In some Countries, sales are entirely controlled by the Government, in others, not so much.

So what is so different about Botswana Diamonds? We have people contacting our Trade Desk offering rough diamond parcels from Botswana…really? Are these offer genuine? This answer is no, such offers do not exit, period!

What do you mean? Well, it is actually very simple, the Botswana Government has made a Join Venture with DeBeers in 1969 creating Debswana Diamond Company Ltd. which controls the market.

In order to jumpstart the economy of the Country, a Botswana law was enacted in order to mandate that all diamonds exported out of Botswana be cut and polished, in order to create employment, so no rough diamonds can exit the Country legally.

Given, some people are illegally smuggling stones out of every diamond producing Countries, however, all these ridiculous rough offers claiming to have Botswana origin are fake!

DeBeers even moved their head office from London to Gaborone a few years ago, and Gaborone now has one of the most extraordinary diamond facilities in the world.

 

Beware of Fake Diamond Exporter’s Licenses in Sierra Leone & Elsewhere

In the Diamond Business, scammers are everywhere, from fake African Sellers to Western Brokers acting as hot shot Diamond Buyers all over the internet, fake rough diamond manifests are flying all over the internet like an Airbus 380 goes around the world, and than are being sanitized by brokers afraid to be circumvented on their commissions, which is even funnier.

These low life will act and pretend to be someone they aren’t, fake seller’s (mostly in Africa) will send you fake export licenses, manifests for astronomical amounts of diamonds, ranging from 10,000 CTS to 500,000 CTS, claiming to be able to supply such quantities monthly (LOL). 99% of these are fake, in order to be able to supply such quantities, you have to be a company like Alrosa or De Beers, and believe me when I tell you that these large mining companies do not send out such manifests through brokers on the internet.

Here are some examples of fake licenses from Sesay Moses of Global Mining Company S/L Limited, John E. Cole (CEO of Fashion Mining and Company SL Limited), these scammers and crooks can be very creative, will promise you the world and the story will change as they go on.

Moses Export License

Scams can go from a request for Buyers to issue an SBLC, seller would provide a fake POP, once the Letter of Credit is open (few banks these days would still let you fall for these scams by the way), they would “take you hostage for ransom” and request a lump sum in order for their bank to release the instrument.

Others will simply set you up with corrupted local cops, get your parcel confiscated and get a cut back from the bribe. There are a million ways for these crooks to scam you over the internet, or on the ground.

The most important thing is never to pay anything up front, never to open any kind of instruments, and always transact at the government offices where the stones will be evaluated by a professional gemologist before paying any money.

Sierra Leone GGDO Export Licenses

The GGDO, The Government Gold and Diamond Office in Freetown Sierra Leone is the government agency in charge of issuing all export licenses for Gold and Diamonds if you want to export these commodities out of the country.

Such licenses can cost up to $45,000 per year, and without purchasing a license, or being able to use someone else’s, you will not be able to get your Kimberley Process Certificate to take the diamonds out of the country.

As of today, there are only 21 Companies with current Diamond Exporter’s Licenses, 40 with Diamond Exporter’s Agent Licenses, and 47 with Diamond Exporter’s Agent Certificate.

Most people will show you a fake license, and purchasing from these scammers can land you straight to prison, not to mention the fact that you will most likely lose your money. You will also need a Diamond Dealer’s License if you decide to purchase rough diamonds on your own.

If you decide to purchase rough diamonds in Sierra Leone, Madnox can save you lots of time, money and headaches with our operations on the ground in Freetown. Feel free to contact us at Vince@Madnox.com or call us for consulting services at +1-305-600-1814

Rough Diamond Value is Falling Since Mid 2014

Rough Rapport index has been falling since mid 2014. Many of the large diamond players such as Debeers and Petra had to lower their prices by 10%, Alrosa, the largest diamonds producer in the world lowered their prices by 16% in September.

This fall in prices comes primarily from a slowing Asian market, pressure from Indian buyers, and first and foremost from over production from mine to market by these large mining companies.

Average-Best-Price-For-Top-Quality-1-Carat-Diamonds-2015-06-02-chart

Regardless of the falling market, we anticipate prices to stabilize within the next 2 quarters, ultimately, the rough diamonds market will recover, and investments in rough diamonds or any precious commodities are still much safer than stocks, which are only backed up by useless paper.

Gold has been picking up steam recently, due to the volatile stock markets in Asia, and will most certainly keep climbing as the Chinese real estate markets slowly implodes in the near future.

12 Carat Blue Moon May Become the Most Expensive Diamond Ever

An extremely rare 12 carat, flawless blue diamond, named the Blue Moon, will be sold at a Sotheby’s auction on November 11th in Geneva, and is expected to become the world’s most expensive diamond ever sold. Sotheby’s expects the Blue Moon to fetch up to $55 Million.

This blue diamond may become the most expensive gem ever sold in auction

The Cullinan Mine has produced some of the world’s largest diamonds in the past and is one of Petra’s largest pit mines. Petra Diamonds is the largest rough diamonds producer is South Africa. Petra has seen a 33% drop in sales from the same period last year.

The Blue Moon’s original size was 29.62 CTS and was purchased, cut and polished by Cora International, a New York Cutting House, who took 6 months to polished the stones, and will be selling it in Geneva. Current world record is being held by The Graff Pink which went for $46.2 million in 2010.