Precious Minerals Marketing Company (PMMC) Ltd was established in 1963 as Ghana Diamond Marketing Board charged with the sole responsibility for the purchase and marketing of Ghana’s diamonds. In 1965, by Legislative Instrument (LI) 401, the Company was incorporated as a State Owned Enterprise (SOE). With the promulgation of the diamonds decree (NRCD 32) in 1972, LI 916 was enacted to change the company's name to Diamond Marketing Corporation. In 1989, PNDC Law 219 was enacted to yet again change the Company's name to the Precious Minerals Marketing Corporation with the following functions

• To grade, assay, value and process precious minerals
• To buy and sell precious minerals
• To perform any functions conferred upon it by the Diamond Decree, 1972 (N.R.C.D. 32)
• To appoint licensed buying agents for the purchase of precious minerals produced by small scale-miners
• To promote the development of precious minerals and jewellery industry in Ghana
• To do all such things as are incidental or conducive to the attainment of its objectives and functions