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Terms and Conditions of Purchase for Approved Jewelers Transactions

TERMS AND CONDITIONS OF PURCHASE FOR APPROVED JEWELERS TRANSACTIONS (Applicable to Approved Jewelers Purchase Transactions Only)

(Last revised September 21st, 2017)

 

These Terms and Conditions of Purchase for Approved Jewelers Transactions ("Terms and Conditions of Purchase for Approved Jewelers Transactions") set out the terms and conditions that apply to and govern your use of IIDV’s Approved Jewelers Services and www.iidv.com (“the Site”) to (i) seek valuation services for your loose natural polished diamond(s) and/or natural diamond jewelry; (ii) offer IIDV the right to purchase loose natural polished diamond(s) and/or natural diamond jewelry, and (iii) sell such products to IIDV (collectively "Purchasing Services"). The Purchasing Services are Services of IIDV which will be partially executed online via the Site. In order to use these Purchasing Services, you must accept, and agree to abide by these Terms and Conditions of Purchase for Approved Jewelers Transactions, which supplement the Terms that govern the Site.

1. Purchase Conditions

The Purchasing Services offered through Approved Jewelers are made available as follows:

  • Seller Eligibility: The Purchasing Services are available only to individuals aged 19 years of age or older who are residents of, and physically located in, the United States of America ("US"), its territories and possessions ("Seller"). Individuals who are 19 years of age or older, but deemed to be a minor in their local jurisdiction must obtain written and acceptable parental/legal guardian consent in order to be a Seller and use the Purchasing Services. The Purchasing Services are available to private consumers acting in a personal capacity only. This means that the Purchasing Services are not available to those conducting commercial/business activities including, but not limited to, companies (diamond companies or others) or individuals acting on behalf of companies (diamond companies or others) undertaking commercial/business activities. IIDV reserves the right to perform additional checks to verify that the Seller is a genuine private consumer.
  • Articles Accepted:
    • The Purchasing Services are offered only in connection with a customer’s offer to sell (i) loose natural polished diamonds (as that term is defined in ISO 18323) or (ii) diamond jewelry or other articles containing natural polished diamonds, e.g., mounted natural polished diamonds in conjunction with gems ("Article(s)").
    • Therefore, Purchasing Services are not available for any lab-created diamonds, simulants or treated diamonds provided, however, if an Article includes at least some natural diamonds IIDV may purchase the entire Article (e.g., with natural diamonds, other gemstones and the mounting).
    • Further, IIDV will not purchase any Articles that do not contain at least in part some natural polished diamonds.
  • Supporting Documentation: IIDV requires supporting documentation, including without limitation a copy of Seller's proof of identification (passport, US State/Territory issued ID, US State/Territory Issued Driver's License) current and valid, issued by a duly authorized government authority, and other information in order to process a transaction or verify a Permitted Seller's eligibility to utilize the Purchasing Services. The Seller is responsible for providing all such requested information and IIDV shall not be responsible for any losses or damages which may be suffered by an otherwise eligible Seller in the event any such information or materials are not provided. In addition in the case of any proposed transaction involving (i) the sale by Seller and Seller has provided IIDV with a Non-US passport as Seller's proof of identification; and/or (ii) the sale or proposed sale of Articles by Seller to IIDV having a transaction amount of Ten Thousand Dollars ($10,000.00) or greater, IIDV reserves the right to require Seller to provide IIDV with additional supporting documentation in the form of a utility bill that is current (issued within the past three (3) calendar months) (being any of a copy of a gas bill, electric bill, water bill, telephone landline bill, or bank statement), which shows Seller's name and current location/residence within the US.
  • Unsetting of Mounted Articles: Seller agrees and acknowledges that in the case of set or mounted Article(s), IIDV will, as part of the evaluation process, remove the diamonds and gemstones from the setting for inspection and may leave the diamonds or gemstones in an un-set or un-mounted condition. In the event Seller and/or IIDV do not agree to enter into a sales transaction (e.g., Seller rejects the MPQ, or Seller fails to meet the conditions required for eligibility), Seller agrees and acknowledges that any Article(s) may be returned to Approved Jeweler in the un-set or un-mounted condition and it will be Seller's sole cost, expense and responsibility to re-set or re-mount the Article(s) if Seller so desires.


2. Restrictions, Representations and Warranties

  • No Illegal / Criminal Purposes: Seller shall not use the Purchasing Services for any illegal or criminal purpose, including without limitation to traffic in or to attempt to traffic in any stolen goods. IIDV reserves the right to report any criminal or illegal activity, or any activities involving or related to Seller's use of the Purchasing Services that IIDV has reason to believe may be criminal or illegal, to any and all applicable governmental authorities, federal, state or local, including without limitation by disclosing Seller's identity and the information that Seller has submitted to IIDV. In the event IIDV determines or has reason to believe that Seller has provided or attempted to provide it with stolen articles or merchandise, IIDV reserves the right to not return such stolen articles or merchandise to Seller and to cooperate with the appropriate legal authorities in disposing of the stolen articles or merchandise in accordance with applicable laws.
  • Representations and Warranties. By using the Purchasing Services Seller represents and warrants that Seller is acting (i) exclusively on Seller's own behalf and not as another's agent or representative; and/or (ii) if on another's behalf, Seller is acting as an attorney-at-law or an attorney-in-fact by a duly executed written Power of Attorney or appointment in writing as Trustee or Executor, with full legal authority to carry out the transactions contemplated by these Purchasing Services and these Terms and Conditions of Purchase for Approved Jewelers Transactions. In all cases Seller represents and warrants to IIDV that Seller: (i) is the actual legal owner of all right title and interest in and to any and all Articles that Seller offers to sell or sell to IIDV, free and clear of all claims, liens, and/or encumbrances, or (ii) fully authorized by law to transfer on another's behalf to IIDV all right title and interest in and to any and all Articles that Seller on another's behalf offers to sell or sells to IIDV, free and clear of all claims, liens, and/or encumbrances.


3. Purchasing Procedures

All offers to sell and sales of Article(s) to IIDV through the Approved Jewelers Purchasing Services are subject to the following:

  • Submit an Item to an Approved Jeweler: Seller must visit an Approved Jeweler of IIDV. The Approved Jeweler will look at the Seller’s item(s) and decide if they seem eligible for IIDV’s Purchasing Services. If they seem eligible then the Approved Jeweler will present a Take-in Form to the Seller for signing. The Take-in Form includes Seller’s details (name, address, email, etc.), Approved Jeweler’s details and a description of the Article(s). Take-in Form also details the insurance amount for each item. The insurance amount will be determined by the Approved Jeweler in its reasonable discretion and will be based on a review of the Seller’s Article(s). The Approved Jeweler will provide a good faith assessment of the insurance amount for these purposes; however, neither the Approved Jeweler nor IIDV shall be liable for any discrepancy or under-insured amounts. If the Seller signs the Take-in Form then this insurance amount will be deemed to be accepted by the Seller. When signing the Take-in Form, Seller must also confirm agreement (by 'ticking the boxes' as indicated) to the Terms and Conditions of Purchase for Approved Jewelers Transactions and the Agreement to Un-Setting. Upon the signing of this Take-in Form, the Approved Jeweler will take possession of the Article (s) and send it/them to IIDV for evaluation. When submitting an Item to an Approved Jeweler, Seller must also provide a copy of a valid government issued identification.
  • Shipment of Article to IIDV for Evaluation: The Approved Jeweler will send the Seller’s Article(s) to IIDV in an insured UPS shipment. IIDV will provide insurance for the Article(s) for accidental damage (e.g., permanent scratching, staining or breakage, but not un-mounting) at its cost in an amount reasonably determined by the Approved Jeweler, and will notify Seller of the amount of coverage provided in the insurance policy. Damages for Article(s) that are accidentally damaged while in transport or in IIDV's possession, custody or control will be reimbursed to Seller, up to the insured amount and provided that such Article(s) are shipped in accordance with IIDV's instructions. Except as otherwise expressly set forth herein, neither IIDV nor its affiliates shall have any other responsibility or obligation to Seller in connection with accidental damages to Article(s). Seller must disclose to IIDV if they have other insurance that may be primary and may provide coverage for loss of or damage to the Article(s). As soon as the Approved Jeweler has sent the Seller’s item(s), a secure account will be created for Seller and Seller will be able to access Seller's account (using the secure account access information IIDV will then send to Seller) via the online portal (the "Portal") by clicking on the login button on www.iidv.com.
  • Receipt of Articles: IIDV shall use reasonable efforts to notify Seller by email upon receipt of an Article. Articles received by IIDV shall be opened under video monitoring and reconciled against the Take-in Form. Except as to the extent may be covered under applicable insurance policy as set out above, losses resulting from a package arriving in good order with no signs of tampering will not be covered. IIDV may reject, in its sole discretion, any package which is damaged, opened or appears to have been tampered with during transport. In addition, IIDV may reject items which do not conform with the information submitted as part of the Take-in Form.
  • Valuation and the MPQ: IIDV shall review, test and evaluate each Article received. Articles that are mounted on jewelry settings may be unset by IIDV. Seller shall be notified by email and via the secure account on the Portal once a Market Price Quote™ ("MPQ") offer to purchase has been issued by IIDV. IIDV reserves the right not to make an offer for the Article and in such case Seller will be notified by email and the Article will be returned to the Approved Jeweler.
  • Acceptance: Seller has three (3) calendar days after issuance of an MPQ to accept the MPQ from the Portal by selecting the "I Accept" button in the Portal. If Seller has not accepted within three (3) calendar days IIDV will send Seller a reminder email. If Seller has not responded within five (5) calendar days of the issuance of the MPQ then the MPQ will be considered as declined and Seller agrees IIDV’s offer will be rescinded and withdrawn. At that point IIDV will send Seller an email confirming the same and notifying Seller that the Article will be returned to the Approved Jeweler.
  • Proof of Identity and Selection of Payment Method: After MPQ(s) acceptance, Seller has three (3) calendar days to upload identification documents and select a chosen method of payment. If Seller has not provided the required information within three (3) calendar days, IIDV will send a reminder email. If Seller has not provided the required information within five (5) calendar days of the MPQ(s) acceptance, then the Seller agrees that IIDV’s offer will be rescinded and withdrawn. At that point IIDV will send an email to the Seller confirming the same and notifying the Seller that the Article(s) will be returned. Identification documents include a copy of Seller’s government issued identification. The name on the Seller’s government issued identification must match the name previously provided by the Seller when completing the Take-in Form. In addition in the case of any proposed transaction involving (i) the sale by Seller and Seller has provided IIDV with a Non-US passport as Seller's proof of identification; and/or (ii) the sale or proposed sale of Articles by Seller to IIDV having a transaction amount of Ten Thousand Dollars ($10,000.00) or greater, IIDV reserves the right to require Seller to provide IIDV with additional supporting documentation in the form of a current utility bill. Seller is also required to choose a preferred method of payment: Auto Clearing House (“ACH”) transfer or check. If Seller selected ACH transfer, then Seller will be required to provide bank details. ACH transfers may only be issued to accounts located within the United States. The name of the account holder must match the name of the Seller. All such information should be submitted to IIDV through the Portal. Seller represents, covenants and warrants to IIDV that all information Seller submits to IIDV in connection with any Transactions, including without limitation in relation to Seller’s identity, Seller's US residency, and Seller's bank account details are in all cases complete, truthful, and accurate, and in the case of any bank account details, Seller represents, covenants and warrants to IIDV that the Bank account details are not those of any third party or other person. For ACH transactions equal to or exceeding One Thousand and Five Hundred Dollars ($1,500.00), IIDV will request a copy of a voided check from the Seller. IIDV will then proceed to verify the identification information and documents submitted by the Seller. In such cases Seller agrees and acknowledges that the consummation of the transaction and the agreement of the parties on the purchase and sale of the Article(s) is expressly conditioned on and subject to Seller's timely providing such additional documentation and on IIDV's determination in its sole discretion that the proposed transaction complies with all of the Terms, including the Terms and Conditions of Purchase for Approved Jewelers Transactions. Without limitation, Seller agrees and acknowledges that the consummation of any Transactions and/or Purchasing Services is contingent upon IIDV confirming the accuracy and authenticity of the documentation (including identification documentation) that Seller has submitted as well as the successful passing of any additional screening IIDV may undertake in its reasonable discretion to ensure Seller's eligibility. If IIDV determines that Seller is not in compliance with the Terms, including the Terms and Conditions of Purchase for Approved Jewelers Transactions, Seller will be notified via email and Seller's Article(s) will be returned.
  • Purchase Agreement: If IIDV determines that Seller and proposed transaction are in compliance with all of the Terms including any additional screening and/or diligence deemed appropriate or desirable by IIDV in its reasonable discretion, a Purchase Agreement will be issued. This should take approximately one (1) business day once Proof of Identity has been provided and any additional screening and/or diligence has been completed and Payment Method has been selected. An email will be sent to Seller to indicate that Purchase Agreement is ready for signing on the Portal. Seller will be required to electronically sign and submit the Purchase Agreement. Seller has two (2) calendar days to sign and submit the Purchase Agreement. If Seller has not signed and submitted the Purchase Agreement within two (2) calendar days, IIDV will send a reminder email. If Seller has not signed and submitted the Purchase Agreement within four (4) calendar days of the Purchase Agreement issuance, then the Seller agrees that IIDV’s offer will be rescinded and withdrawn. At that point IIDV will send an email to the Seller confirming the same and notifying the Seller that the Article(s) will be returned.
  • Title: Title to Seller’s Article(s) will be transferred to IIDV upon Seller completing, signing and submitting the Purchase Agreement through the Portal.
  • Payment: IIDV shall make reasonable efforts to ensure that payments are instructed to be paid within one (1) business day and paid within three (3) business days following the signing and submission of the Purchase Agreement by the Seller. Checks will be dispatched by US post and may take an additional seven (7) days for delivery. To the fullest extent permitted by law, Seller releases and covenants not to sue IIDV, its affiliated companies, and their respective officers, directors, agents, joint venturers, employees, legal representatives, and suppliers from any and all claims, demands and damages (actual and consequential) of every kind and nature, known and unknown, suspected and unsuspected, disclosed and undisclosed, arising out of or in any way connected with any claims or disputes relating to payments, or alleged lack of payments or third party conversion or theft of payments, in any situations where a check is issued by or on behalf of IIDV to Seller, or a ACH transfer is provided by or on behalf of IIDV to Seller, in accordance with the bank account and/or ACH instructions information provided by Seller.
  • Returns: In the event IIDV cannot accept an Article, does not issue an MPQ for any reason, or Seller cancels its Offer in accordance with the terms hereof, IIDV shall return the Article to the Approved Jeweler in either an insured UPS or Federal Express shipment. Postage and insurance for such return shipments shall be paid for by IIDV. The status of return shipments may be tracked via the courier's website. By sending an item to IIDV, Seller accepts that an Article may be un-set by IIDV. Seller further acknowledges that the process of evaluating Articles may result in staining or scratches to the Articles which may be permanent. Seller accepts that Articles returned hereunder may be un-mounted and assumes all losses, costs and responsibility in connection therewith. Damages for Article(s) that are accidentally damaged while in IIDV's possession, custody or control will be reimbursed to you, up to the amount of the insured amount and provided that such Article(s) are shipped in accordance with IIDV's instructions. Except as otherwise expressly set forth in these Terms and Conditions of Purchase for Approved Jewelers Transactions, neither IIDV nor its affiliates shall have any other responsibility or obligation to you in connection with accidental damages to Article(s).
  • Cancellations: Seller may rescind an Offer to sell an Article at any time prior to Seller's execution of the Purchase Agreement. Seller may notify IIDV of its decision to rescind an Offer through the Portal or by emailing IIDV. IIDV shall arrange for the Article to be returned to the Approved Jeweler within five (5) business days of IIDV's receipt of cancellation notice. All transactions and purchases are FINAL and NON-CANCELLABLE once Purchase Agreement has been signed.
  • Insurance: Shipments of Articles to IIDV using the UPS shipping labels, and any returns of Articles to Approved Jewelers, will be insured as determined by IIDV or the Approved Jeweler as applicable, in their reasonable business discretion, based upon the review of the item by the Approved Jeweler or (if available) the amount of the MPQ, whichever is lower.

 

4. Access to Portal 

Access to the Portal is restricted and requires Seller inputting a username and password. Usernames and passwords will be issued by IIDV. Seller agrees to provide accurate and complete information in connection with Seller's registration through the Portal, and to maintain the confidentiality of Seller's password. Seller is fully responsible for all uses of Seller's password, whether by Seller or others. Seller agrees to (a) log out of the account at the end of each session; (b) keep Seller's password confidential and not share it with anyone else; and (c) immediately notify IIDV of any unauthorized use of Seller's password or account or any other breach of security. 

Seller is solely responsible (to IIDV, its Affiliates and others) for all activity that occurs under Seller's IIDV account. If Seller has the ability to upload content to Seller's account, Seller is solely responsible to backup such content. IIDV reserves the right to delete or remove any content uploaded to any account at any time in its sole discretion. IIDV is authorized to act on instructions received through use of Seller's password, and is not liable for any loss or damage arising from Seller's failure to comply with this Section.