Terms & Conditions

Verreaud-Diamonds

1. Object of Purchase

The seller sells and transfers to the buyer diamonds previously procured by the seller and stored in a Swiss high-security bonded warehouse. The purchase price is understood to be plus or minus any excess or shortfall resulting from the actual condition of the diamonds.

Deviations of up to 20 euros shall be disregarded in this respect. The vendor shall select the diamonds in such a way that, as far as possible, there are no significant deviations in value, but at most deviations of up to 5% of the agreed purchase price.

If the seller grants the buyer a discount, the buyer can receive this – according to his selection made in the online form using the selection menu under the item Discount request – as a financial discount on the purchase price or by transferring further diamonds with a value corresponding to the discount.

1.a. Storage Contract and Safekeeping

The seller has stored the contractual diamonds in a Swiss high-security bonded warehouse. Further details can be found in the storage certificate pursuant to clause 4.

2. Payment and Transfer of Property

The purchase price shall be transferred to the seller’s control account notified to the buyer within one week of the conclusion of the contract, without taking into account any quality-related surcharges or discounts in accordance with clause 1. The release of the purchase price to the seller shall only be effected by a controller of funds appointed by the seller after the transfer of ownership of the diamonds covered by the contract without objection.

Until the purchase price has been paid in full in accordance with sentence 1, ownership of the contractual diamonds shall remain with the seller.

The transfer of ownership shall take place concurrently with full payment of the purchase price in accordance with sentence 1 and shall be effected by the Seller assigning to the Buyer its claim for return of the contractual diamonds against the high security bonded warehouse (Sections 929, 931 BGB [German Civil Code]).

3. Certificate

For each diamond sold and stored, the buyer is given an internationally recognized certificate from leading gemmological institutes such as GIA, AIG, AGS, IGI or CGL with the storage certificate, which confirms the value-forming properties of each diamond and thus its value.

4. Storage Note and Proof of Property

The buyer shall receive a storage certificate from the seller for the diamonds that are the subject of the contract, which identifies both the seller and the high-security bonded warehouse. This shall also serve as proof of ownership of the buyer and authorization to access the diamonds that are the subject of the contract.

5. Adjustment of Value

The contracting parties are aware that cut diamonds have individual characteristics, which is why there may be deviations between the advance payment of the purchase price and the value of the diamonds as stated in Clause 1. As soon as this deviation exceeds the insignificance limit according to Clause 1, any overpayment will be refunded to the buyer without delay. If the transferred diamonds have a higher value, the buyer must make a corresponding additional payment within two weeks of transfer of ownership.

6. Warranty, Guarantee

In addition to the statutory warranty rules, the seller assumes a guarantee for a period of 3 years after transfer of ownership, according to which the buyer is entitled to return the object of purchase if a current, internationally recognized certificate from a gemological institute shows a value that is lower than the (possibly discounted) purchase price.

7. Seller’s Right of First Refusal

After the expiry of three years from the transfer of ownership, the seller shall have a right of first refusal, notwithstanding the rights under Clause 6, and shall declare to the buyer up to two weeks before the expiry of three years whether it will exercise this right and then prepare a purchase offer on the basis of a certificate valuation. The buyer has no legal claim to redemption by the seller.

8. Statutory Cancellation Right

The buyer, who is a consumer, is entitled to the statutory right of revocation as set out in our revocation instructions.

9. Declaration of the Buyer

The buyer undertakes to inform the seller immediately of any change in his personal and financial circumstances with regard to the information provided in this contract, in particular any change in his address for service and any departure from Germany.

10. Miscellaneous

10.1. The contract is subject to the law of the Federal Republic of Germany to the exclusion of the UN Convention on Contracts for the International Sale of Goods. This choice of law shall only apply to consumers in the European Union to the extent that it does not restrict the mandatory consumer protection provisions of the member state in which the consumer has his habitual residence.

10.2. If the buyer is an entrepreneur, the place of jurisdiction for all disputes arising from this contract is the registered office of the seller. If the buyer is a consumer, the statutory place of jurisdiction shall apply.

10.3. Amendments or additions to the contract do not require a stricter form than this contract.

10.4. Should any provision of the contract be invalid or unenforceable in whole or in part, the validity and enforceability of all other provisions of the contract shall not be affected thereby. The parties shall replace the invalid or unenforceable provision with a valid and enforceable provision that comes closest to the economic purpose pursued by the parties with the invalid or unenforceable provision. The same applies to any loopholes in this contract.

Information about the seller

Verreaud Ltd.
A11 2 Alexandra Gate
Cardiff CF24 2SA
United Kingdom
Companies House Cardiff: Company Number
15272592
E-mail: info@verreaud-diamanten.ch
Phone: +41 41 53 30 195
www.verreaud-diamanten.ch