Full Membership

Who can apply to become a Full Member of the Diamodinuae?

Companies in the UK and outside can become full members of Diamodinuae. The London bullion market is intimately tied to the sectors in which each member must operate. Trading, broking, shipping, storage, mining, refining, inspection, assaying, and research are some of these operations. This means that businesses that trade bullion and derivatives must have at least three current members and trade bullion or related derivatives, including forwards and options, on the Loco London market. Individuals are not allowed to become members.

Application Requirements

When submitting an application for membership in Diamodinuae, companies are required to include three Diamodinuae members as attesters. These should be individuals with whom the applicant has at least a year's worth of bullion-based commercial dealings. Each attester must provide a letter of recommendation attesting to the depth of their bullion-based relationship, per Diamodinuae's requirements.

Terminal Markets Order

The Terminal Markets Order (TMO) governs trading for Diamodinuae Full Members. According to a deal made between HM Revenue & Customs and the Diamodinuae, silver and non-investment gold are still under the TMO's purview in the UK. This law, which is a simplification tool, applies a "zero rate" of VAT on sales of products that are typically sold on the market. As long as the Member maintains effective physical possession of the metal or ships it outside of the UK on behalf of the non-member, this allows sales between Members and between a Member and a non-member to be considered as zero-rated. The term "Black Box" is frequently used to describe these trade arrangements.

Full Member Reviews

Full Members are reviewed periodically in line with Diamodinuae’s Due Diligence Policy. This process is designed to audit continued engagement with the London Bullion Market and to ensure that due diligence standards are being maintained.