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Purchase and Sale of Precious Metals

Purchase of Precious Metals from Russian Subsoil Users

VTB Bank regards cooperation with Russian subsoil users as a priority in the precious metal market. The bank has offices in all the main precious metal producing areas. 

The bank has the following customer relations principles:

  • a multifaceted approach to customer service, which includes, in addition to sales agreements, a package of services such as lending, equipment lease, cash and settlement services, etc.;
  • highly competitive price terms;
  • a flexible approach to pricing, depending on the volumes of metal supplied and the level of relations with the customer.
VTB Bank purchases fine precious metals in bullions from subsoil users. The settlement currency is the Russian ruble.
 
Purchases are carried out on the basis of a sales agreement between VTB and the subsoil user, usually for the whole season. It is mandatory to register the agreement with the Russian State Depository for Precious Metals. This is a framework agreement establishing procedures for pricing and delivery of the metal and settlement.

Pricing options 

  • the price for each batch of metal is set at the point of delivery of the batch to VTB’s depository;
  • advance setting of the metal price: after an agreement is signed (if a customer leaves a deposit (collateral) in the form of VTB promissory notes); after the delivery of raw materials to the refinery (no collateral is required);
  • metal delivered to VTB’s depository is credited to a depersonalised metal account opened for a VTB Bank customer, and is subsequently sold by VTB by debiting the account in accordance with the customer’s instruction. In this case, the price is set on the date the account is debited.
The settlement system envisages customer prepayment upon delivery of the raw materials to the refinery. The bank offers to cover the costs of refining and processing of precious metals.

Sale of standard and non-standard precious metal bullions to jewelry enterprises and industrial consumers

VTB Bank offers standard gold and silver bullions, as well as 99.99% purity bullions weighing from 1 g to 1000 g.   

Sales are carried out based on sales agreements and contracts between VTB (in Moscow) or its branches (in other regions) and purchasers. These are framework agreements establishing the procedures for pricing and delivery of the metal and settlement. Transactions for separate metal batches are concluded within such agreements.

It is also possible to conclude a one-off agreement specifying the amount of metal and price.   

Sales are carried out on a pre-payment basis.   

The metal is delivered directly to the purchaser or given to their representative from VTB’s depository (in Moscow) or from a branch depository (in other regions).

The settlement currency is the Russian ruble.   

Delivery time:

  • minimum: on the payment date (subject to first-run payment and distribution from VTB’s depository in Moscow);
  • maximum: within 3 business days after VTB receives the payment (if the metals are delivered from Moscow to a region).
Key benefits and advantages:
  • presence of VTB branches in all the main regions of precious metal consumption, which minimises the time between payment and delivery, and ensures faster settlements;
  • a multifaceted approach to customer servicing, which includes, in addition to the sales agreement, providing a package of services, in particular, lending, cash and settlement services, etc.
  • highly competitive price terms;
  • a flexible approach to pricing, depending on the volumes of metal supplied and the level of relations with the customer.

Sale of customer-owned precious metals in the Russian market under a commission agreement

VTB, under its own name and paid for by the customer, sells customer-owned precious metals to Russian legal entities.

Sales are undertaken based on a commission agreement concluded between VTB and the customer. Both subsoil users and other Russian legal entities who own precious metals may act as customers.

The object of sales are fine precious metals in bullions.  
 
The settlement currency is the Russian ruble.

The minimum period for the metal sale after VTB receives confirmation from the customer (refinery) that a metal batch is ready and the customer actually receiving the proceeds is from 3 to 5 business days. 
 
Key benefits and advantages:
  • VTB’s superior reliability;
  • VTB’s extensive experience in conducting operations and a wide network of partners, which ensures lower customer expenses on sales of precious metals and increases their efficiency;
  • highly competitive price terms;
  • the bank offers subsoil users a service to cover the cost of precious metal refining and processing;
  • the possibility to accept the customer’s metals directly from their depository (for subsoil users, from the refinery depository).
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