SPECIAL INVITATION LIMITED TO BASOTHO COMPANIES TO PARTICIPATE IN LETŠENG DIAMONDS’ ROUGH DIAMOND TENDERS
LETŠENG’S ROUGH DIAMOND TENDER PROCESS
All Letšeng Diamonds’ rough diamonds are sold on tender in the international diamond market, by invitation only. The tender process is as follows:
• Eight rough diamond tenders are held per year
• Pre-approved clients are invited to participate in specific tenders
• Bidding takes place via an electronic bidding platform
• The bidder who has submitted the highest bid at the closing of the tender, shall purchase the diamond (or parcel of diamonds), unless the reserve price is not met
• All diamond sales take place in US Dollars
• Payments need to clear in the designated US Dollar bank account within five working days, before diamonds are released to the successful bidder
• All costs, including but not limited to, shipping, bank and/or any currency exchange charges are for the successful bidder’s account
INVITATION TO PARTICIPATE
Letšeng Diamonds invites all qualifying Basotho owned and controlled companies to apply to participate in its rough diamond tenders.
• All potential clients are required to meet pre-registration competence criteria
• A financial, legal and competence due diligence will be conducted on each applicant
• Applicants who pass the due diligence will be required to register on the electronic bidding platform
SUBMISSION OF REQUIRED DOCUMENTATION
The required documentation is listed below. Submissions must be made ELECTRONICALLY via email to [email protected] and ONE HARD COPY needs to be submitted to the offices of Letšeng Diamonds at Letšeng Diamond House, Cnr. Kingsway and Old School Road, Maseru, Lesotho where a register of submissions shall be kept.
The following qualifying criteria is applicable:
• Only Lesotho registered companies may apply
• Companies have to be wholly owned and controlled by Basotho nationals
• Companies need to submit proof of available funds for the purchase of rough diamonds
• Companies must identify the source of their financing
• Companies must clearly set out which categories of rough diamonds (sizes, qualities and colours) they are interested in purchasing and what they intend to do with the rough diamonds
PRESCRIBED FORMAT FOR SUBMISSION
Applicants shall submit the required documents in the following order:
• Cover Letter
• Company ownership including Ultimate Beneficial Owners
• Direct and indirect shareholder information required (Name/Address/Contact details/ID or Company Registration certificate)
• Proof of company registration (registration certificate or Articles of Association)
• Proof of company address
• Company Directors Information (Name/ID/Position/Passport copy/Address/Contact details)
• Police clearance certificate for every Director
• Declaration on whether any of the Directors are classified as Politically Exposed Persons in terms of the UK Bribery Act of 2010 and the Lesotho Money Laundering and Proceeds of Crime Act of 2008
• Valid tax clearance and VAT registration certificates
• Relevant import code(s)
• CV’s of relevant diamond expertise within the company
• Letter of reference and good standing from Bank
• Three trade references
• Audited Financial Statements for last three years
Additional follow-up information may be requested prior to approval of any applicant as a potential bidder.
Applicants will have to obtain a valid Diamond Dealer’s license from the Commissioner of Mines before they will be allowed to register on the electronic tender platform.
The closing date for submissions is Friday 27th March 2020 at 15h00.
Letšeng will neither be responsible for nor pay for any expenses or losses which the Applicant may incur in response to this invitation. Letšeng reserves the right to withdraw this invitation at any stage without notice.
Queries regarding this invitation may be addressed to the Email address: [email protected] or Tel. No: +266 2222 1000/1224.