The terms and conditions which are outlined below describe the process of selling gold, silver or platinum bullion by you (the customer) to us (The Royal Mint) as part of the ‘buy back’ service. This is a process in which we are purchasing gold, silver or platinum bullion (in the form of gold, silver or platinum coins or gold, silver or platinum bars) from you. Postage of items to The Royal Mint as part of this process denotes acceptance of the terms and conditions which are listed below.
Account Opening and Identification
- In order to apply to sell gold, silver or platinum to The Royal Mint, the customer must firstly have a registered and approved account on the royalmintbullion.com website and must be at least 18 years of age upon registration.
- A registered and approved account requires certain identifiable information and documentation to be provided in order to establish the identity and address of the individual. Failure to provide any requested identification documents may result in a failure to open or the subsequent closure of the customer’s Royal Mint Bullion account.
- In addition to this, the customer must be the actual legal owner of all gold, silver or platinum which is to be valued, sold or attempted to be sold to The Royal Mint. The customer must be acting on his or her own behalf and not as the agent or representative of another person, individual, company or organisation.
- At the request of The Royal Mint, the customer must provide recognised documentation that complies with the requirements set by The Royal Mint that the items which they wish to sell are their own property.
- Items may also be dispatched by way of hand delivery to the dispatch address in accordance with our instructions
- All items sent to The Royal Mint must be dispatched via a recorded, trackable and insured delivery service (such as Royal Mail Special Delivery Guaranteed ® service) and posted to the instructed address (“Dispatch Address”).
- Items may also be dispatched by way of hand delivery to the Dispatch Address in accordance with our instructions.
- All items posted to the Dispatch Address are at the customer’s own risk and any associated postage and insurance costs are to be incurred by the customer and shall not be paid by The Royal Mint. Insurance for the item(s) should be provided separately by the customer’s chosen delivery company. It is the responsibility of the customer to ensure the level of insurance offered by the delivery company is sufficient to cover the possible value of the item(s) enclosed within the delivery.
- All items are the property of the customer and safe transit of the item is the responsibility of the customer until received and signed for by The Royal Mint or its elected agent(s) who may be acting on behalf of The Royal Mint.
- Before dispatching items to The Royal Mint, the customer must first contact The Royal Mint for a preliminary valuation and for The Royal Mint to provide the customer with the Dispatch Address and dispatch details. Customers must send items to the Dispatch Address provided after requesting a valuation. Items which are sent by the customer to the wrong address are the responsibility of the customer and not of The Royal Mint.
- As part of the initial quotation process, the customer is required to list the quantities of the items being sent to The Royal Mint on the form which is provided to the customer and all elements of the form need to be completed in full and to the best of the knowledge of the customer. The Royal Mint reserves the right to reject any forms (and the items they are sent with) which are not properly completed and signed. The Royal Mint also reserves the right to reject delivery of any package which appears to be opened, damaged, or tampered with in any way.
- Items may also be dispatched by way of a collection service from the customer’s registered address to the Dispatch Address in accordance with our instructions.
Valuation and assay
The process of generating a valuation for gold, silver or platinum bullion and making an offer is as follows.
- The customer must visit the royalmintbullion.com website and enter required details about the gold, silver or platinum bullion which they wish to sell on the valuation page. This form requires details which will be submitted to The Royal Mint customer service representatives and used to provide an indicative valuation of the items.
- The price which the customer is offered is an ‘indicative’ valuation and is based on both the information which the customer has provided The Royal Mint as part of the quotation process and the current gold, silver or platinum price. The Royal Mint will endeavour to ensure that this price is as close as possible to what the customer will receive when the item is received and assayed although on occasion (for example, the item being of a lesser quality than expected or changes in the precious metal price) this may not always be the case
- If the customer chooses to accept the indicative price which has been offered and chooses to sell the item, a packing slip will be sent to the customer. This packing slip contains identifiable information by form of a unique reference number. This packing slip will show the Dispatch Address. This may not be the address which is listed on the website and it is the responsibility of the customer to ensure that items are sent to the correct address. Failure to do so may result in loss of the item and The Royal Mint shall not be held responsible for this.
- Once the item has been posted to The Royal Mint by the customer, the item should be considered sold and the contract for sale shall be formed between us (“Contract”). This is binding and the item cannot be returned by request of the customer, or the Contract revoked, at a later date.
- All items received as part of this service are opened and packaged under high-definition video cameras with a time and date stamp on the video in order to protect both parties involved. If The Royal Mint receives an item and the contents of the package are not the same as those which have been declared on the packing slip, it will inform the customer of this. If there is any on-going dispute as to the status of this, The Royal Mint will endeavour to provide video evidence of the process to the customer.
- Once the items have been received by The Royal Mint they will be assayed for purity and authenticity by trained precious metal experts to determine their value. The Royal Mint will endeavour to perform this assay process within three (3) working days of receiving the items and although this is usually sooner, in the event of circumstances beyond the control of The Royal Mint, this may on occasion take longer.
- Once the item(s) have been assayed and valued, they will be sold at the precious metal price provided by the London Bullion Market Association (LBMA) which is detailed on the LBMA website. For gold and platinum, the price is set twice a day and both gold and platinum will be sold on the ‘AM’ price on the next working day following the assay process. For silver, the price is set once daily and as such, silver will be sold on the daily price on the next working day following the assay process.
- For gold items, 96% of the valuation of the gold content of the item will be paid to the customer (based on the valuation method detailed above). For silver, 90% of the valuation of the silver content will be provided to the customer and for platinum products, 90% of the value of the platinum content will be provided to the customer.
- Part of the assay process may involve damaging the item by way of applying force; scratches; acids and other substances which may damage the appearance and condition of the item. This process is required in order to test the purity of the metal and The Royal Mint cannot be held responsible for any damage which occurs as part of the normal assay process.
Receiving payment for sold items
- Following receipt and assay of the items, payment will be made into the customer’s Royal Mint Bullion account. The Royal Mint will endeavour to transfer this money within three (3) working days after receiving and assaying the items and although this is usually sooner, in the event of circumstances beyond the control of The Royal Mint, this may on occasion take longer.
- Payments made to the customer’s Royal Mint Bullion account may be withdrawn and deposited into the customer’s elected bank account or used across the website by the customer to purchase other items.
- Whilst items are in transit to The Royal Mint it is the responsibility of the customer to ensure that items are adequately insured against loss, damage or theft. The Royal Mint strongly suggests that customers enquire with the relevant chosen postal service regarding an adequate level of cover as The Royal Mint is unable to offer assistance with this.
- It is solely the responsibility of the customer to ensure they dispatch the item to the Dispatch Address and that the customer includes all relevant and required completed documentation.
- If the customer chooses to post an item to The Royal Mint without first requesting a valuation, or for any items sent to The Royal Mint without a completed customer form, The Royal Mint may be unable to locate the item. The Royal Mint shall not be held responsible for any loss or damage to any items at any time before reaching the dispatch address.
- All phone calls and email correspondence between The Royal Mint and customers or potential customers may be stored and recorded for security and training purposes. Any such recording may be relied upon and used by The Royal Mint in the event of any dispute.
Incorrect and counterfeit items
If items received by this process prove to be materially incorrect (for example the weight of the item is not materially correct), The Royal Mint will contact the customer to inform them of this and discuss either an alternative valuation or return of the item to the customer.
If during the assay process the item is found to be not authentic (i.e. the item is a counterfeit or forgery) the customer will be contacted by The Royal Mint to inform them of this, provided The Royal Mint is legally permitted to do so. The Royal Mint may also contact relevant legal, governmental or regulatory authorities as part of any legal requirement during this process.
We refuse the right to supply any valuation.
Our liability for any losses you may suffer as a result of us breaching the Contract or for negligence or otherwise shall in all cases be limited to the actual value of the item(s) the subject of the Contract and we shall not be responsible for indirect loss or consequential loss however arising. This paragraph does not exclude or limit our liability to you for any matter for which it would be illegal or unenforceable for us to exclude, or attempt to exclude, our liability.
We will have no liability to you under these terms if we are prevented from, or delayed in, performing our obligations under these terms by anything outside our reasonable control including, but not limited to, strikes, lock-outs or other industrial action, civil commotion, riot, invasion, terrorist attack or threat of terrorist attack, war (whether declared or not) or threat or preparation for war, fire, explosion, storm, flood, earthquake, subsidence, epidemic or other natural disaster, impossibility of the use of railways, shipping, aircraft, motor transport or other means of public or private transport, impossibility of the use of public or private telecommunications networks or the acts, decrees, legislation, regulations or restrictions of any government.
These terms and our Contract will be governed by the laws of England and Wales. Any dispute arising from, or related to, these terms or our Contract shall be subject to the exclusive jurisdiction of the courts of England and Wales.