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BULLIONSTAR TERMS AND CONDITIONS
1. Legal Entity
BullionStar Pte. Ltd. uses the names of “BullionStar”, "Bullionstar" or “Bullion Star" on the web site www.bullionstar.com. These names refer to the company BullionStar Pte. Ltd., incorporated in Singapore with company registration number 201217896Z.
2. Acceptance of Terms and Conditions
By placing an order with BullionStar Pte. Ltd. (BullionStar), the Customer confirms that he/she has read and accepted the Terms and Conditions as stipulated in this text. Unless explicitly specified, these Terms and Conditions apply to all orders regardless of whether these are buy orders, sell orders, scrap orders, storage orders and regardless of whether the orders are placed through the website, in person, by telephone, by e-mail or otherwise. Unless explicitly specified, these Terms and Conditions also apply to all orders regardless of which location or jurisdiction products or services are offered. By placing an order with BullionStar, the Customer agrees to the Terms and Conditions stipulated in this text.
BullionStar may amend or vary these Terms and Conditions at any time by posting a revised version on its website. The revised version will be effective upon posting. If the revised version includes a substantial change, the Customer will be notified with 7 days prior notice using the e-mail on the Customer's BullionStar account.
Agreement variously means the binding agreement entered into when a Customer place an Order with BullionStar that a Customer enters into.
BullionStar means BullionStar Pte Ltd., a Singaporean company.
BullionStar Account means an account maintained by BullionStar on behalf of a Customer for transacting, holding and storing products and services offered by BullionStar, including the BullionStar Stored Value Facility.
Customer means a person or other entity that registers an account online at the BullionStar website, or transacts with BullionStar without opening an account via any acceptable method, and that accepts these Terms and Conditions.
Order means a purchase, sale or storage request placed by a Customer, either online, in person, via phone, via email or via any other method of communication that has been accepted by BullionStar.
Bullion means bullion bars and coins, in gold, silver, platinum or palladium in physical form.
Stored Value Facility, as defined by the Singapore Payment Systems (Oversight) Act (CHAPTER 222A), means a facility which is purchased or otherwise acquired by a person, the user, to be used as a means of making payment for goods or services up to the amount of the stored value that is available for use under the terms and conditions of the facility, and payment for the goods or services is made by the holder of the stored value in respect of the facility.
Holder of Stored Value Facility means BullionStar Pte Ltd.
User of Stored Value Facility means a BullionStar Customer.
NETS payment means a payment made using the Singapore based Network for Electronic Transfers (NETS).
Cryptocurrencies mean digital currencies in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank such as e.g. but not limited to Bitcoin, Bitcoin Cash (ABC), Ethereum and Litecoin.
Investment Precious Metals means precious metals in the form of a bar, ingot, wafer or coin that meet certain criteria as defined in the Singapore IRAS e-Tax Guide “GST: Guide on Exemption of Investment Precious Metals (IPM)”, and that are exempt from Singapore Goods and Services Tax (GST).
BSP means Bullion Savings Program.
Bullion Savings Program Gram or BSP Gram means 1 gram in fine weight of gold, silver or platinum, backed by BullionStar’s inventory of the respective precious metal and convertible to physical bullion products in increments of 100 gram gold, 15,000 gram silver and 1,000 gram platinum.
Terms and Conditions means these Terms and Conditions
Website or ‘web site’ means the website owned and registered by BullionStar Pte Ltd, located at www.bullionstar.com.
5. Terms and Conditions when a Customer is Buying from BullionStar
The prices of the products offered by BullionStar follow the spot-price for precious metals as well as other price mechanisms. BullionStar reserves the right to reject orders placed by Customers who have not paid for previous orders within the time frame stipulated by these Terms and Conditions. BullionStar furthermore reserves the right to cancel or refuse any order for whatever reason including but not limited to events where:
(a) The payment has not been initiated or has not reached BullionStar within the time frames given by these Terms and Conditions.
(b) Extraordinary situations arise in the precious metals market.
(c) Price, stock, delivery time or availability has been published erroneously due to computer-related problems or due to human factors.
(d) Deliveries from BullionStar's suppliers have been delayed or cancelled.
(e) The price or other information has been published erroneously.
(f) The order is deemed questionable, suspicious, abusive or of significant risk to BullionStar.
If BullionStar cancels an order, BullionStar will contact the Customer to either rearrange the terms of the sale or repay the received amount. If BullionStar has cancelled an order, the Customer has the right to demand full reimbursement of the amount paid. BullionStar reserves the right to retain funds from orders placed by Customers who have outstanding debts to BullionStar.
Investment Precious Metals as defined in IRAS e-tax Guide, GST: Guide on Exemption of Investment Precious Metals (IPM), are exempted from Goods and Services Tax (GST) in Singapore. In the event that BullionStar offers products that are not exempted from GST, the price listed on the website will include GST.
BullionStar sells bullion products in bullion condition, unless otherwise noted. Bullion products are produced for investment purposes and often have minor defects such as scratches, marks, rough surfaces, deformities, spots, milk spots, discoloration and other similar minor defects. BullionStar does not change or replace items which are in normal bullion condition. For products sold in proof condition, BullionStar does change or replace products in cases where any visible defect is pointed out at the time of the Customer collecting the item when delivery method personal collection has been selected. BullionStar does not change or replace any items brought back to BullionStar retroactively.
For BullionStar Mint Gold Bars and BullionStar Mint Silver Bars, there's a minimum holding period of 7 days, from the time of the order placement, until the bars can be sold back to BullionStar. This website may contain information that BullionStar Mint Gold Bars, BullionStar Mint Silver Bars and Singapore Silver Merlions can purchased or traded with no spread between the buy and the sell price or with a certain spread between the buy and sell price. Such information refers to orders settled in Singapore Dollars where the Customer purchases a quantity of bars or coins qualifying for the lowest price tier as presented on the website. For orders with a lower quantity than the lowest price tier or for orders settled in other currencies than Singapore Dollar, a different spread between the buy and sell price may apply.
BullionStar may offer products or services for sale in multiple countries. These Terms and Conditions apply to all orders regardless of which location or jurisdiction products or services are offered. BullionStar does not have any permanent establishment in any country other than Singapore. The Customer agrees that BullionStar may use an agent to fulfill order handling, vault storage, dispatchment and administrative services as required in jurisdictions other than Singapore. The Customers contractual counterparty is however always BullionStar Pte. Ltd.
The Customer can select desired country in which to view or order products by clicking on dropdown box to the right of Show Products In (mobile: Location). The Customer acknowledges that products ordered in one country will only be delivered in or from that country and can not be delivered in any other country or transferred in between countries.
7. Price for Customer Orders
The price for an item/items ordered by a customer is locked in at the time an order is placed, specifically, at the time the Customer confirms the purchase by clicking "Confirm", “Place Your Order” or similarly in the online checkout or when the Customer instructs a BullionStar representative to place an order in the shop, via phone, e-mail or any other means of communication. When an order has been confirmed by the Customer in the checkout on the website or via any other means of communication, an order confirmation is sent by e-mail. When an order is placed in the shop, the Customer is handed a physical order confirmation which also serves as the receipt for the products ordered. The formal invoice is sent to the Customer via e-mail when the Customer’s full payment has been registered by BullionStar. BullionStar reserves the full unconditional right to determine the price to which BullionStar offers to buy and sell products. Customer orders for precious metals are binding. By placing an order, the Customer enters into a binding Agreement as stipulated in these Terms and Conditions. All orders regardless of availability status i.e. whether the products ordered are in stock or not are binding and final.
8. Order Payment
The payment for an order must be sent (initiated) within one banking day from the order placement for all payment methods except for cryptocurrencies where the payment must be sent (initiated) within 20 minutes. If an order is placed during a non-banking day, the payment must be initiated the next banking day. In the case of a bank transfer, the order number, which is obtained when placing the order, should if possible be marked in the message field of the bank transfer form used for transmitting payment to the recipient/beneficiary, BullionStar.
The funds must reach BullionStar within four (4) banking days of placing the order. BullionStar reserves the right to demand payment sooner than the above mentioned time frame. In such case, the Customer will be contacted after placing the order. All bank charges are fully borne by the Customer.
If the payment is not initiated within one banking day of placing the order, or if the funds have not reached us within four banking days, BullionStar reserves the right to cancel the order and charge the Customer an administrative fee of S$60. In addition, BullionStar reserves the right to charge the Customer any negative difference in price for the products ordered from the time the order was placed to the time when the order was cancelled, as well as any other costs incurred when processing the aborted order including but not limited to costs for sending out reminders, collection fees, legal fees and court fees. The invoice for an aborted order, if not paid, may be handed over to a collection agency or to a court for collection. The Customer agrees and understands that if the customer has unsettled invoices such as outstanding invoices for products or cancellation fees, any funds paid to BullionStar will be allocated towards the unsettled outstanding debts first starting with the earliest outstanding debt. As precious metals orders are binding without exception, BullionStar reserves the right to use all and/or any of the funds paid in by the Customer towards fulfilling previous orders regardless of whether the order status has been changed to "aborted" or not or towards the administrative fees charged or towards the charges for any negative difference in price for the products placed under the aborted orders. If only partial funds for an order has been received, BullionStar will remind the Customer to settle the outstanding owed amount. If full payment has not been received within twentyeight (28) days of the order placement, BullionStar reserves the right to abort the order, charge the Customer an administrative fee of S$60 and credit any remainder to the Customer's BullionStar account.
The Customer acknowledges that the Customer bears the full responsibility to send funds, including cryptocurrency funds, to the correct account number or cryptocurrency address as designated by BullionStar on the order confirmation. For Bitcoin Cash, the Customer acknowledges that BullionStar only accepts and sends coins from the ABC chain and do not accept or send coins from the Bitcoin Cash SV chain.
The Customer acknowledges that BullionStar reserves the right to return the funds, if possible, and/or terminate the order if there are doubts over the origins of the funds. If the need arises, BullionStar reserves the right to conduct a full Know Your Customer (KYC) due diligence investigation on a Customer. The KYC due diligence investigation may include questions and verification about where the funds originate from and whether the Customer is indeed the entity or representative of the entity behind the purchase. If no supporting information is provided, BullionStar reserves the right to cancel the order or place the order on hold. BullionStar will not be responsible for any losses due to insufficient/unclear bank and identification details provided by the Customer.
The Customer acknowledges that any unclaimed funds of unknown origin accrue to BullionStar following a period of six years from the funds received by BullionStar.
8.1 Cash/NETS/Card Payment
For orders placed with Singapore as location, the Customer may choose to walk in to BullionStar's shop to place an order for cash, NETS or card payment or may choose to place an order online with cash, NETS or card payment as payment method. In the case where cash, NETS or card payment is selected, the Customer must proceed to BullionStar's shop at 45 New Bridge Road, Singapore, no later than the next business day to make payment. No appointment is necessary.
BullionStar reserves the right to conduct a full Know Your Customer (KYC) due diligence investigation on a Customer paying cash. The KYC due diligence investigation may include questions and verification about where the cash originates from and whether the Customer is indeed the entity or representative of the entity behind the purchase. BullionStar may request to view and copy identification of the Customer as well as request to view and copy other substantiating documents requested.
BullionStar reserves the right to change the payment method, from cash payment to payment via bank account. BullionStar will in such a case notify the Customer and may give the Customer a grace period to be able to transfer or deposit the funds to any of BullionStar's bank accounts.
8.2 Cheque Payment
For orders placed with Singapore as location, a Customer may choose to place an order in the shop or online with cheque as payment option. In the case where cheque is selected as payment method, the Customer is required to send or hand over the cheque to BullionStar within one banking day from the order placement day.
All cheques must clear with the funds irrevocably available in BullionStar's account before any delivery is initiated.
9. Stored Value Facility
BullionStar is the holder of a single-purpose Stored Value Facility as defined under the Payment Systems (Oversight) Act (Chapter 222A). As the holder of a Stored Value Facility, BullionStar allows its Customers, the Users of the Stored Value Facility, to fund and maintain funds on their BullionStar account. With the Stored Value Facility, BullionStar Customers can fund/top up their accounts to subsequently purchase goods and services from BullionStar, keep funds on account, and withdraw funds at any time. Holders of single purpose Stored Value Facilities do not require the approval of the Monetary Authority of Singapore (MAS), and as such, BullionStar Pte. Ltd., the holder of BullionStar’s Stored Value Facility, does not require the approval of the Monetary Authority of Singapore.
The Customer can maintain funds indefinitely in the Stored Value Facility, but can only use BullionStar’s stored value facility towards purchases of products and services from BullionStar. BullionStar is not a remittance business, currency exchanger or money transfer service, and no features offered by BullionStar may be used to transfer funds to third parties, including to other Customers.
BullionStar does not charge any account maintenance fees. A Customer can request a partial or full withdrawal of funds from his/her BullionStar account at any time via the BullionStar website. BullionStar does not charge any fee for receiving or sending funds, but all bank charges for receiving and sending funds are borne by the Customer. Funds kept on account with BullionStar are non-interest bearing.
The Stored Value Facility can only be used for settling orders in Singapore and cannot be used to settle orders in any other jurisdiction where BullionStar may offer products.
9.1 Funding a BullionStar Account
To fund a BullionStar account, a Customer should first notify BullionStar of the Customer’s intention to fund the account. This can be done by sending a notification through Your Account > Add Funds (mobile: Menu > Cash & Bullion Account > Add Funds), or by specifying the funding amount in the “Fund your BullionStar account” field in the online checkout. Fund notifications are not binding and will expire if the funds are not received by BullionStar within 7 days of the notification.
Funds on a BullionStar account can be held in the following currencies: Singapore Dollars, US Dollars and Euros. Funds in one currency on a Customer’s BullionStar account cannot be transferred to another currency on that Customer’s BullionStar account and cannot be transferred to another Customer.
A Customer can fund an account using the following methods:
Singapore Dollar: PayNow, domestic or international bank transfer, cash, cheque
US Dollar: Domestic or international bank transfer
Euro: Domestic or international bank transfer
Funds will be kept on a Customer’s BullionStar account until the Customer places an order settled by using the funds on account or until the Customer withdraws the funds.
The minimum funding amount for a BullionStar account is SGD/USD/EUR 1,000 per transaction.
At the time of purchasing items from BullionStar, Customers can choose whether to use funds on their BullionStar account or settle the order via any of the other payment methods available.
When a Customer selects BullionStar account as payment method, the purchase costs will immediately be withdrawn from the Customer’s BullionStar account, assuming there is a sufficient credit balance in the account. A Customer selling products to BullionStar may elect to have the proceeds of a sell order credited to the Customer’s BullionStar account for use towards future purchases of products and services from BullionStar, or for later withdrawal. Sales proceeds for items sold to BullionStar will normally be credited to a Customer’s BullionStar account within one banking day of the later of a) BullionStar taking possession of the said items sold, or b) the Customer placing the sell order. In all cases, Customers are required to provide the requisite Customer and bank information to BullionStar in advance of any sales. In rare cases, the crediting of funds may take up to six banking days.
9.2 Withdrawing Funds from a BullionStar Account
A Customer may withdraw funds from the Customer’s BullionStar account at any time. A Customer withdrawal request is typically processed within one banking day assuming the Customer has provided BullionStar with the necessary requested Customer and bank information. In rare cases, withdrawals may take up to six banking days or be further delayed if placed on hold for verification purposes or due to suspicions or abnormal account activity.
BullionStar does not charge any fee for withdrawals although all bank charges are borne by the Customer. There is no maximum or minimum withdrawal limit.
A Customer can withdraw funds from the Customer’s BullionStar account using the following methods:
Singapore Dollar Account: Domestic or international bank transfer sent in Singapore Dollars, cash or cheque.
US Dollar Account: Domestic or international banks transfer sent in US Dollars.
Euro Account: Domestic or international bank transfer sent in Euros.
9.3 Miscellaneous Provisions BullionStar Account
If a Customer has an outstanding obligation or liability to BullionStar, BullionStar may use the funds on that Customer’s BullionStar account to settle the outstanding invoice when the amount is more than 14 days past its due date. Holding a negative balance on a BullionStar account is prohibited. In a rare case where a Customer has multiple currency balances and a negative balance arises on one currency balance as a consequence of an order being amended, the Customer agrees that BullionStar may offset a negative balance in one currency by using funds maintained by the Customer in another currency. BullionStar may also offset the negative balance with any funds subsequently added to that Customer’s account.
A Customer may only open one BullionStar account. In providing Customer information online or via any other means of communications, a Customer must provide true and correct Customer information to BullionStar. For security reasons, transactions relating to the Stored Value Facility can only be carried out by the Customer being logged in to the Customer’s account and not via telephone, e-mail or any other way of communication. The Customer acknowledges that any transaction relating to the Stored Value Facility will have to be initiated from the Customer’s account.
When utilizing a BullionStar account to store value under BullionStar’s Stored Value Facility, the Customer must maintain that account with correct and up-to-date information. A Customer must furthermore select a PIN code, in addition to a password, both of which are required on the BullionStar website every time the Customer initiates a transaction related to that BullionStar account. A Customer can update the Customer’s account information anytime by logging into the BullionStar website. When placing orders with BullionStar and/or utilizing the services related to the Stored Value Facility, the Customer authorizes BullionStar to make inquiries in regards to establishing Customer knowledge and/or to validate that Customer’s identity. This may include but not be limited to asking a Customer for a copy of the Customer’s identification, a copy of a utility bill, asking about the Customer’s occupation, background or purpose of transaction and source of funds. In cases where BullionStar has requested such due diligence information but is unable to complete the verification process of the due diligence measures, BullionStar shall not commence or continue the business relationship with the User or Customer. In case BullionStar is unable to complete the verification process due to the Customer being unresponsive or the Customer refusing to send in the requested documents and/or reply to the questions asked by BullionStar and BullionStar as a consequence must transfer back funds to the Customer and/or close the Customer's BullionStar account, BullionStar will debit an administration fee of SGD 100. In the case of BullionStar closing a BullionStar account due to, for example, but not limited to, the customer being unresponsive or refusing to send in requested documents and/or reply to the questions asked by BullionStar or the Customer does not settle storage fee invoices despite repeated e-mail and mail reminders or the Customer abusing BullionStar's system and BullionStar can not via phone, e-mail or mail reach the customer, any assets or funds on the customer's BullionStar account accrue to BullionStar following a period of six years after BullionStar, via letter to the Customer's registered address on his/her BullionStar account, having notified the customer about the account closure instructing the Customer to provide BullionStar with bank account details for transfer of the assets on the Customer's BullionStar account.
If any Account is opened in the names of two or more persons ("Joint Account"), these Terms and Conditions and all obligations under these Terms and Conditions will bind them jointly and severally. BullionStar Joint Accounts are operated with a single signing authority, where instructions from any one of the Joint Account holders will be accepted and such instructions will be binding on the other Joint Account holders.
In the case of a BullionStar Joint Account, instructions from any one of the Joint Account holders to close the said Joint Account will be accepted by BullionStar, and such instructions will be binding on the other Joint Account holder(s).
In the case of Joint Accounts, any communications or notice served in accordance herewith on one of the persons shall be deemed validly served on all the persons.
10. Personal Collection of Orders
For orders placed with Singapore as location, Customers can choose to pick up their items ordered online in person at BullionStar's shop at 45 New Bridge Road, Singapore by selecting "Personal Collection (Pick-up)" as delivery method in the checkout. For orders placed with New Zealand as location, Customers can choose to pick up their items ordered online in person at New Zealand Vault, 1 Willis Street, New Zealand by selecting "Personal Collection (Pick-up)" as delivery method in the checkout. Upon the online order being placed, the Customer can proceed to pick up location to pick up the items ordered assuming that the payment has been settled. Alternatively, for orders placed with Singapore as location, the payment can be settled at the same time as the customer is collecting the items. For locations other than Singapore, pre-payment is required. No appointment is necessary. For verification purposes, the Customer must bring identification for the collection if the items have been pre-paid.
An authorized representative of the Customer can also pick up the order, provided that sufficient identification including a copy of the Customer's identification and a signed letter of authorization from the Customer is presented. BullionStar requires the Customer or his/her authorized representative to sign an acknowledgement upon receiving the items from BullionStar. BullionStar reserves the right to refuse to hand over the items ordered, in the event that the identity of the Customer or his/her authorized representative or their relationship is not verified, or in the event the payment for the items ordered is not confirmed.
In the case where the release date in the online checkout was indicated as immediately, the products are typically available for pick up as soon as the payment has been received and processed by BullionStar. For items listed with a specific release date in the online checkout, the items will normally be available within 7 business days of the listed date. In extraordinary cases with circumstances outside of BullionStar’s control such as, but not limited to, delays from our suppliers, transportation delays and so forth, BullionStar reserves the right to initiate the delivery within 60 days of the placed order. BullionStar insures all deliveries from its suppliers. In the unlikely event that the items are damaged or missing in transit from its suppliers, BullionStar reserves the right of further delay of the delivery or repayment upon settlement of the claim with its insurer. All items must be picked up by the Customer no later than seven (7) days after the later of a) the order placement if the payment will be settled at the time of collection, or b) the payment confirmation e-mail in the case where the order has been pre-paid. If for any reason the Customer or the Customer’s authorized representative is unable to pick up the order within this period, BullionStar reserves the right to process the ordered items into vault storage and debit storage charges as well as a withdrawal charge in accordance with BullionStar's fee schedule for vault storage. The Customer can however, assuming valid reasons, contact BullionStar to request an extension, or to arrange another delivery option such as delivery to the Customer's address.
Extensions for picking up of items ordered shall be given at the discretion of BullionStar and shall not exceed six (6) months from the date of confirmation of the order. For ordered items not picked up within six months, a late pick up fee of SGD 49 per order will apply in addition to the storage fees. In a case where an order is not picked up within six months from the date of confirmation of the order, the Customer agrees that he/she will automatically sell the uncollected items back to BullionStar at BullionStar's prevailing customer sell price to cover for the storage fees and late pick up fee. Any excess amount will be credited the Customer's BullionStar account. Unclaimed items will accrue to BullionStar following a period of six (6) years.
11. Shipment of Orders
BullionStar will always bear the risk for the delivery until the Customer has signed for the parcel.
Shipping will be initiated as soon as possible after the full payment has been received. Delivery for items in stock listed as available for immediate delivery, will normally be initiated within three (3) weekdays upon receiving payment. For items listed with a specific delivery date, delivery will normally be initiated within 7 business days of the listed delivery date. In extraordinary cases with circumstances outside of BullionStar’s control such as, but not limited to, delays from our suppliers, transportation delays and so forth, BullionStar reserves the right to initiate the delivery within 60 days of the placed order. BullionStar insures all deliveries from its suppliers. In the unlikely event that the items are damaged or missing in transit from its suppliers, BullionStar reserves the right of further delay of the delivery or repayment upon settlement of the claim with its insurer.
For orders that are shipped; in the unlikely event that a parcel has not reached the Customer within 21 days from the time the Customer received the e-mail notification of the order being sent, the Customer must contact BullionStar, which will conduct an investigation of the shipment.
If the Customer's package is damaged or opened upon delivery, the Customer must notify the courier/post office immediately and make a note of the damages on the delivery receipt before contacting BullionStar.
If the Customer orders several items with different delivery times, the items will be delivered at the time when all items are available for delivery.
All coins are delivered in coin flips or coin envelopes unless otherwise stated.
In the case where a shipment for a pre-paid order is returned to BullionStar, BullionStar keeps the parcel for six (6) months during which time the Customer can make claim for the parcel. BullionStar will debit a fee of S$60 plus shipping costs to resend the parcel. If the parcel is unclaimed following six (6) months, BullionStar reserves the right to process the items into Vault Storage and charge storage fees and withdrawal fees in accordance with the Schedule of Storage Service Fees. In the event that the parcel is unclaimed after 6 years, ownership of the items in the parcel will accrue to BullionStar.
All items ordered are shipped from the location ordered. If the Customer, for example, has selected Singapore as location, the items are shipped from Singapore. The customer is responsible for any import costs such as, but not limited to, import taxes, import duties, import tariffs or import declarations where applicable.
BullionStar does not take any responsibility for losses or damages in regards to uncollected or returned parcels.
12. Storage Agreement between the Customer and BullionStar
This Agreement represents BullionStar’s assurance to its Customers that Customer owned bullion products stored under this Agreement are held under the direct legal ownership of the Customer. Customers are assured that all bullion products are securely stored, protecting the Customer’s unencumbered ownership of the bullion. All allocated bullion stored under this Agreement shall be recognized to be the property of the Customer at all times with BullionStar only acting in the capacity of storage provider. This storage Agreement and the storage services provided under this Agreement is not a financial or fiscal service or a financial or fiscal product but an Agreement for providing storage of physical precious metals.
When the Customer selects to purchase bullion from BullionStar, the delivery is effectuated to the Customer at the time of BullionStar setting the order status of the order to “Stored in Vault” and notifying the Customer thereupon by sending the Customer an e-mail to the Customer’s registered e-mail address. BullionStar is thereafter merely acting as a Vault Storage Provider and cannot and will not encumber, lease or collateralize the Customer’s bullion in any way.
The Customer can place an order for physical withdrawal of his/her bullion online at BullionStar’s website anytime 24/7. The Customer can select to have the withdrawn bullion shipped to the Customer’s delivery address, or for bullion stored in Singapore, personally collect the withdrawn bullion in BullionStar's shop at 45 New Bridge Road anytime during the shop’s opening hours. For bullion stored at other locations, the Customer can select to have the withdrawn bullion shipped to the Customer’s delivery address or personally collect the withdrawn bullion following one (1) business day of the later of a) placing the withdrawal order online or b) of BullionStar receiving payment for the withdrawal order, and if applicable, any other outstanding debt owed to BullionStar by the Customer.
12.1 Buying Bullion for Storage
When an order has been placed with vault storage as the delivery method, the order is visible under the Customer's account at Your Account > Cash & Bullion Dashboard (Mobile: Menu > Cash & Bullion Account > Cash & Bullion Dashboard) when the Customer is logged in. Orders that are payment pending are highlighted in italics with the text “PENDING PAYMENT". The pending payment amount can be found on the row for "Of which is payment pending:" at the bottom of the Bullion Portfolio listing under the Cash & Bullion Dashboard. Bullion that is payment pending cannot be sold or physically withdrawn. Once BullionStar has received the payment from the Customer, the marking for payment pending will be removed and the Customer can sell or physically withdraw the bullion at any time with the exception of BullionStar Gold Bars and BullionStar Silver Bars where a minimum holding period of 7 days apply. All bullion bought for vault storage are displayed under the Customer's Cash & Bullion Dashboard regardless of in what location the bullion is stored.
The ownership certificate, found at BullionStar’s website under Your Account > Vault Certificate (mobile: Menu > Cash & Bullion Account > Vault Certificate) when the Customer is logged in, is revised as soon as an order is confirmed by BullionStar. For buy orders, the ownership certificate is revised as soon as BullionStar has processed the Customer's payment.
12.2 Selling Stored Bullion
The Customer can at any time place orders to sell stored bullion to BullionStar at BullionStar’s website. The Customer is responsible to ensure that the Customer fills in the correct Customer information including selecting the correct preferred cryptocurrency and inputting the correct payment details, such as e.g. bank account number or cryptocurrency address, when selling bullion to BullionStar. The Customer furthermore acknowledges that BullionStar assumes no responsibility for losses resulting from inaccuracies in payment details such as the Customer e.g. selecting an incorrect cryptocurrency or the Customer inaccurately inputting the bank account details or cryptocurrency address. The Customer must always approve any sell order by entering the Customer PIN code to verify the transaction. The Customer must read and agree to the Terms and Conditions in this Agreement and agree that the order is binding before placing the order.
BullionStar will verify the Customer’s order and initiate payment, within 6 business days of the order placement.
Sell orders that have been placed by the Customer are removed instantly from the Cash & Bullion Dashboard and from the ownership certificate.
In the event of very large orders, unforeseeable events, large price fluctuations, extraordinary situations etc., BullionStar reserves the right to initiate payment, as soon as possible, within 30 business days.
BullionStar reserves the right to restrict payment to a certain payment method for a specific order. For Customers collecting cheque or cash payment personally at BullionStar’s shop in Singapore for orders with Singapore as storage location, proof of identity documents are required when collecting the payment. Furthermore, the Customer will have to sign relevant documentation to acknowledge receiving the payment.
For Customers who would like to use the proceeds from a Singapore sell order to buy items from BullionStar in the future, the Customer can select to have the funds kept on the Customer’s BullionStar account. This option is not available for vault sell orders from countries other than Singapore.
12.3 Withdrawal from Storage
The Customer is allowed to withdraw any and all bullion products stored under the Customer’s account with BullionStar at any time by placing an order to withdraw being logged in on the Customer account on BullionStar’s website. The bullion can either be collected personally or shipped to the Customer’s shipping address. To withdraw bullion, the Customer selects the vault storage location, the quantity the Customer would like to withdraw for each item, and proceeds to the checkout where the transaction is finalized. For the Bullion Savings Program, the Customer can convert/withdraw the BSP Grams to physical bullion in increments of 100 gram gold, 15,000 gram silver or 1,000 gram platinum at anytime by placing an order to withdraw for the Bullion Savings Program through the Customer's account on BullionStar's website.
The Customer must always approve any withdrawal by entering the Customer PIN code to verify the transaction. In case the Customer would like to personally collect bullion stored in Singapore, the Customer can proceed to BullionStar's shop at 45 New Bridge Road, Singapore, upon having placed the withdrawal order. No appointment is necessary for withdrawals in Singapore. In case the Customer would like to personally collect bullion stored in New Zealand, the Customer needs to contact BullionStar to book a date and time for the personal collection of the bullion stored at New Zealand Vault, 1 Willis Street, Wellington. The Customer needs to give BullionStar a minimum of one (1) business day's notice following the withdrawal order being settled before the order can be collected. Identification must be presented in order for BullionStar and/or New Zealand Vault to release the withdrawn bullion to the Customer. The Customer will be required to sign a confirmation acknowledging that the Customer has received the withdrawn bullion.
The ownership certificate will be immediately revised after the Customer has placed a withdrawal order.
A fee will be applied for each instance a withdrawal is initiated in accordance to the Schedule of Storage Service Fees.
All withdrawal orders are binding. If the Customer decides not to proceed after ordering a withdrawal, the Customer will still be liable to pay the withdrawal fee.
Full withdrawal of the Customer’s allocated bullion holdings is always allowed assuming that the Customer has settled any outstanding fees or debts owed to BullionStar before the release of the bullion.
13. Storage: Allocation
All bullion products stored with BullionStar, or BullionStar's designated agent/s, as the Customer’s storage provider are fully allocated in physical metal, insured for all risks and stored in vault storage.
All bullion products purchased by Customers are fully physically allocated. BullionStar guarantees that the total amount of physically allocated bullion in storage matches the total amount of bullion owned by vault Customers. All bullion products purchased by Customers are owned directly by the Customer.
Bullion products held under direct Customer ownership will never be subject to any kind of encumberment such as leasing, collateralization or any other type of derivative transaction of any type, and will remain the Customer's property for safekeeping until sold or withdrawn by the Customer.
The Customer agrees that the bullion owned by the Customer will be physically stored in BullionStar's vault or in a vault operated by a BullionStar vault partner or storage agent.
By going to Your Account > Live Audit Report (Mobile: Menu > Cash & Bullion Account > Live Audit Report, Customers can audit their bullion allocation in all vault storage locations, to check that their bullion holdings matches their records, matches the uploaded photographs under the account, and matches the third party audits conducted by the LBMA-approved auditor. Customers can furthermore view the third party Audit Protocols and view BullionStar’s Insurance Certificates when being logged in to their accounts.
The Bullion Savings Program (BSP) is a savings product offered by BullionStar. BSP Grams are backed by physical bullion in BullionStar's non-customer owned inventory stock. The Customer is able to verify the backing of the BSP Grams under Your Account > Bullion Savings Program (mobile: Menu > Cash & Bullion Account > Bullion Savings Program) upon logging in to his/her account. This product allows Customers to buy, sell and convert/withdraw BSP Grams. BSP Grams can be converted/withdrawn to physical bullion in increments of 100 gram gold, 15,000 gram silver and 1,000 gram platinum to products pre-defined by BullionStar. BSP Grams can be sold back to BullionStar at any time. The price of BSP Grams fluctuates with the price of physical precious metals. BullionStar reserves the right to alter the price mechanism for, and/or restrict or alter the availability of BSP Grams at any time due to, but not limited to, changes in the spot market price or spot market conditions, changes in the price or conditions in the physical market of precious metals, extraordinary situations on the precious metals markets, situations with significant risks for BullionStar, or changes of the legal framework under which BSP Grams are covered. Free BSP Grams may be awarded to Customers from time to time as an incentive for the Customer to try BullionStar's services. BullionStar reserves the right to retract BSP Grams awarded without cost to a Customer one year subsequent to the BSP Grams being awarded in case the Customer hasn't utilized his/her account for any purchases during the said period. BSP Grams are not a commodity contract as defined by The Commodity Trading Act (Chapter 48A). Delivery for BSP Grams can only be conduced in increments of the weights as pre-defined by BullionStar.
14. Storage: Ownership
The Customer shall obtain full and unencumbered ownership of the Customer’s allocated bullion products when the Customer has settled the outstanding amount for the bullion itself as well as for the services provided as stipulated in this Agreement. As non-serial numbered bullion products are fungible, BullionStar guarantees that the Customer is owner of the exact amount of bullion products purchased, allocated to the Customer’s account as evidenced by the Live Audit Report and audited by the third party LBMA-approved auditor. BullionStar also lists the serial numbers of all serial numbered bullion bars allocated to a Customer in the Live Audit Report.
The Customer’s ownership of the Customer’s bullion is evidenced by the bullion being listed in the Cash & Bullion Dashboard under the Customer’s online account with BullionStar. BullionStar furthermore issues a confirmation through an order status update sent to the Customer via e-mail as soon as the order has been finalized. An ownership certificate stating the type and quantity of bullion currently held by the Customer in the vault can be generated, viewed and printed from Your Account > Vault Certificate (Mobile: Menu > Cash & Bullion Account > Vault Certificate) at any time. The ownership certificate lists all products for which the Customer has paid in full. The ownership certificate is updated as soon as any new transaction is finalized such as buying, selling or withdrawing bullion. The ownership certificate indicates all bullion items stored by the Customer as well as the current per unit retail buy price from BullionStar for the respective items.
The Customer has full legal ownership to the exact quantity of the exact bullion product type ordered. As soon as the payment for an order has been processed by BullionStar, the allocated quantity of products of the product type ordered, assuming that the item was listed as in stock at the time of ordering, will be held under the Customer's direct legal ownership. If the Customer has ordered items which are not in stock at the time of the order, the items will be held under the Customer’s direct legal ownership as soon as they are in BullionStar’s possession.
The Live Audit Report displays the full list of BullionStar’s vault account number records. All Customers can verify that this record contains the correct balance of the different bullion product types stored with BullionStar as storage provider. All other Customers can likewise verify their holdings. The Live Audit Report records are exactly matching those in BullionStar’s administration system internally and are also used for the purpose of the third party audits. The Live Audit Report furthermore displays all the serial numbers of all bullion bars held on behalf of customers. The sum of total bullion owned by BullionStar account holders exactly matches the quantity stored in the vault. The reconciliation is furthermore documented by BullionStar taking pictures of the Customer’s holdings at the time of processing the order into vault storage and by third party audits conducted by a London Bullion Market Association (LBMA)-approved auditor.
All storage orders where BullionStar has indicated to the Customer on its website that the products are available in stock will be processed by BullionStar into Vault Storage within 7 business days of receiving the full payment for the order. Orders with products listed for pre-sale at the time of the Customer placing the order will be processed by BullionStar within 7 business days of the transit date indicated in the Checkout and on the order confirmation. In extraordinary cases with circumstances outside of BullionStar’s control such as, but not limited to, delays from our suppliers, transportation delays and so forth, BullionStar reserves the right to delay the processing into Vault Storage up to 60 days of the placed order. BullionStar insures all deliveries from its suppliers. In the unlikely event that the items are damaged or missing in transit from its suppliers, BullionStar reserves the right of further delay of the delivery or repayment upon settlement of the claim with its insurer.
15. Secured and Insured Storage of the Customer’s Bullion
BullionStar and BullionStar's vault storage partners or agents shall only act as storage provider for allocated bullion to which the Customer holds full ownership. The sole purpose of BullionStar handling the allocated bullion belonging to the Customers is for the purpose of storing it. The Customer has full direct legal ownership of all allocated bullion and can sell, physically audit or physically withdraw his/her bullion at any time.
BullionStar and/or its vault service provider ensure that Customer bullion products are held for Customers solely and that the bullion cannot be encumbered in any way by e.g. leasing or collateralization.
The Customer agrees that bullion products owned by the Customer can be identified anonymously under the Customer’s vault account number as updated in the Live Audit Report published by BullionStar. The Customer can thus login to his/her account and go to the Live Audit Report to view all Customer bullion holdings in all locations per Customer account number. The serial numbers for all serial-numbered bullion bars for all Customer holdings are reflected under the Live Audit Report. This facilitates the Customer in auditing that there is no double allocation of bullion, as bullion can never be double-assigned to multiple Customers, and that the pictures and serial numbers, where applicable, of Customer bullion holdings are matching with the Live Audit Report records of Customer bullion holdings.
When a Customer bullion order is processed into vault storage, the administration officer processing the order signs the order confirmation with his/her initials to confirm that the correct items have been prepared for the order to be processed into Customer vault storage. Another administration officer double checks that the correct items have been prepared and signs with his/her initials to confirm that he/she has double checked the items. The order preparation is done under camera surveillance.
Customer owned bullion that is stored by BullionStar, on behalf of its Customers as storage provider, is stored separately from BullionStar’s own stock inventory. The Customer can access pictures of the his/her stored bullion items under Your Account > Photos of Your Stored Bullion (Mobile: Menu > Cash & Bullion Account > Photos of Your Stored Bullion) to verify its existence and to verify that it matches the quantity as recorded in the Live Audit Report.
BullionStar reserves the right to change the order and storage structure, preparation or packing procedure at any time to improve the procedure, to make Customer withdrawals and Customer audits more effective, to facilitate for external audits or to comply with other requirements.
The vault used by BullionStar to store bullion is under strict surveillance. All bullion is fully insured as evidenced by the insurance certificate under Your Account > Insurance Certificate (Mobile: Menu > Cash & Bullion Account > Insurance Certificate). In the event BullionStar sub-contracts the storage to an independent storage provider, the insurance cover for the bullion may be assigned the sub-custodian. In such a case, BullionStar will however ensure that the storage provider holds adequate insurance and store the bullion under strict surveillance.
BullionStar conducts frequent inventory audits. Third party external audits are conducted half-yearly by an LBMA-approved auditor. The protocols of the external audits are published under Your Account > Auditor Protocols (Mobile: Menu > Cash & Bullion Account > Auditor Protocols).
16. Storage: Account & Transaction Security
The vault system is designed with multiple security features to avoid illicit access. With the quadruple security of e-mail, password, PIN code and 2-factor authentication, Customers can rest assure that their accounts are safe. The Customer must not disclose the password or PIN code of their account to any third party or allow any third party access to the password or PIN code.
For security reasons, vault orders and vault transactions can only be carried out by the Customer being logged into the Customer’s account and not in persion, via telephone, e-mail or any other way of communication. The Customer acknowledges that any vault orders or vault transactions will have to be initiated from the Customer’s account.
Bullion held in the vault can only be bought from BullionStar, sold to BullionStar or be physically withdrawn by the Customer thus avoiding any third party insecurity in any transaction. The Customer agrees not to allow any third party to transact using the Customer's account.
The Customer must be logged in to change any Customer information on the Customer’s account. All changes made on the Customer's account will trigger an automatic e-mail to the Customer's registered e-mail address. The customer must notify BullionStar immediately in the event the Customer receives an e-mail detailing changes that have not been initiated by the Customer.
Although optional, BullionStar strongly advises all Customer account holders to enable 2-factor authentication. There are two options for 2-factor authentication, Google Authenticator or SMS Text Message. With Google Authenticator, the Customer will scan a QR-code from a pop-up on BullionStar's website or input a secret key using the Google Authenticator app upon enabling 2-factor authentication via Google Authenticator on BullionStar's website. The Customer will then have to input a Google Authenticator Code upon every login attempt. With SMS Text Message 2-factor authentication, a code will be sent via SMS text message to the Customer's mobile phone upon every login attempt. The Customer is then required to enter the code sent to the Customer's mobile phone to complete the login and access his/her BullionStar account.
17. Bullion Savings Program (BSP)
Bullion Savings Program Grams or BSP Grams refers to 1 gram in fine weight of gold, silver or platinum backed up by BullionStar's inventory of the respective metals. The Bullion Savings Program allows Customers to buy BSP Grams of gold, silver or platinum towards a physical bullion product. Personal collection may be taken at any time, without any withdrawal fee, for increments of 100 gram in gold, 15,000 grams in silver or 1,000 grams in platinum. BSP Grams are backed up by BullionStar's non-customer owned precious metals stock inventory. BSP Grams are not traded or related to any commodity market. The Customer can only buy, sell or take delivery of BSP Grams through BullionStar’s website and cannot resell or convert the BSP Grams elsewhere.
BullionStar backs up the BSP Grams with at least the same amount of physical precious metals. BullionStar publishes daily data on the backing of the Bullion Savings Program for logged in customers under Your Account > Bullion Savings Program (Mobile: Menu > Cash & Bullion Account > Bullion Savings Program).
BullionStar reserves the right to allocate the Customers' withdrawal of BSP Grams from one brand of bullion to the other of the same metal. BullionStar reserves the right to price BSP Grams to a by BullionStar determined price, which may or may not be a pre-defined price mechanism, including but not limited to the spot price of precious metals, price premiums, market conditions and risks for BullionStar. BullionStar reserves the right to amend or change the buy and/or sell price and/or conditions for conversion/withdrawal of BSP Grams at any time.
BSP Grams are not a commodity contract as defined by The Commodity Trading Act (Chapter 48A).
BSP Grams can only be bought, sold or withdrawn with Singapore as storage location and is not available in any other countries.
There are no minimum or maximum limits to the amount of BSP Grams the Customer can purchase although BullionStar reserves the right to reject orders or limit the supply of BSP Grams. There are no additional surcharges for buying, selling or converting/withdrawing BSP Grams except for BullionStar's ordinary storage charges as follows in the Schedule of Storage Service Fees in this Agreement.
18. Storage Service and Fees
The Customer agrees to make payment of storage fees to BullionStar in accordance with the fee structure as presented in the Schedule of Storage Service Fees, in order to continue to take advantage of the services provided by BullionStar as outlined in this Agreement.
BullionStar may modify the fees upon not less than seven (7) days' notification to the Customer.
Storage charges are invoiced 1 March each year or when you sell or withdraw your bullion - whichever takes place first. Storage related fees and charges are due and payable within thirty (30) days of the date on the invoice issued to the Customer. If BullionStar does not receive the payment due within the prescribed 30 day period, BullionStar may assess a late fee for each remainder as well as interest as specified in the Schedule of Storage Service Fees for as long as the past due amount remains unpaid, but in no case will the late fee and interest be greater than the maximum amount allowed by applicable law. The Customer grants BullionStar a security interest and lien on the bullion stored under this Agreement. Notwithstanding the late fees, BullionStar may at its discretion, exercise the security interest and lien, by selling part or all of the bullion belonging to the Customer to secure payment of the invoiced expenses, if payment is not made within thirty (30) days of it being due. Where such sale of bullion does not produce enough funds to cover for the invoiced expenses, BullionStar may take further steps to recuperate the outstanding amount. In the event the sale of bullion under this clause results in excess proceeds, BullionStar shall remit those funds to the Customer.
19. Authorization for BullionStar to Act as Agent
The Customer authorizes BullionStar as an agent, limited in scope, to arrange for the storage, moving and coverage of the Customer’s precious metals holdings, arrange sub-custodians etc. as deemed necessary in the situation. BullionStar may sub-bail the storage of bullion to a secure facility operated by an independent storage service provider. BullionStar may transfer the bullion within different vaults without giving prior notice to the Customer.
BullionStar's vault storage sub-custodian and agent for storage and handling of bullion in New Zealand is New Zealand Vault.
The Customer acknowledges and agrees that BullionStar may enter into agreements as agent on behalf of the Customer for the purpose of storing, moving, covering and auditing the Customer’s precious metals holdings.
BullionStar reserves the right to publish anonymous Customer bullion holding lists on its website based on the Customer vault account numbers. BullionStar furthermore reserves the right to supply independent third party auditors with Customer bullion holdings lists based on the Customer vault account numbers for the purpose of independently audit all Customer holdings.
BullionStar, or its service provider for storage, conducts frequent stock inventory audits as well as external audits. BullionStar may publicize the result of such audits on its webpage.
20. Opening an Account
The Customer must open an account online to purchase bullion online, to store bullion in vault storage or to utilize the Stored Value Facility. To open an account, the Customer must enter the Customer’s correct Customer information including an address and choose a password. At the time of placing the first order or transaction, the Customer must also select a PIN code consisting of a minimum of 4 digits. The Customer will have to re-enter the PIN code for certain subsequent transactions relating to vault storage or relating to the Stored Value Facility.
When the Customer has opened an account, the Customer will receive an account opening confirmation sent to the Customer’s registered e-mail address. The Customer will also receive e-mail order confirmations for buy orders, sell orders, bullion withdrawals as well as for funding and withdrawal notifications relating to the Stored Value Facility. The Customer shall notify BullionStar immediately in the event the Customer finds any discrepancies on the Customer’s account or on any e-mail notifications, e-mail updates, e-mail statements, in any SMS text messages or in any other communication sent to the Customer’s registered e-mail address, registered mobile phone number or registered address.
All bullion stored on behalf of the Customer in the vault is reflected to under Your Account > Cash & Bullion Dashboard (Mobile: Menu > Cash & Bullion Account > Cash & Bullion Dashboard. The Customer shall notify BullionStar immediately in the event the Customer finds any discrepancies between the Customer’s recorded transactions and the Cash & Bullion Dashboard.
To prevent abuse, each Customer is only allowed to create one account with BullionStar. Any user found to have abused the system or holding multiple accounts may be blacklisted and barred from future transactions with BullionStar. BullionStar reserves the right to retract the free BSP Grams from account users found to have abused the system. BullionStar furthermore reserves the right to merge accounts if the Customer has opened multiple accounts.
BullionStar reserves the right to suspend or terminate a BullionStar account for any reason, including but not limited to events where:
(a) Orders have been placed from the account but where payment has not been initiated at all or has not reached BullionStar within the time frames given by these Terms and Conditions
(b) The Customer has abused BullionStar's system by e.g. but not limited to: opened several accounts and placed an excessive amount of small orders within a short time period leading to unreasonable administrative burden.
(c) The Customer has not responded to, been unwilling to respond, acted suspiciously or responded unsatisfactorily to a Know-Your-Customer, Due Diligence or Periodic Review request.
(d) BullionStar suspects that the Customer is using his/her BullionStar account for illegal or disallowed purposes.
(e) BullionStar suspects that the Customer has attempted or conducted fraudulent activities.
(f) The customer has outstanding debts with BullionStar remaining unpaid following more than six (6) months of the last payment date.
(g) There is an ongoing dispute between BullionStar and the Customer or an ongoing dispute between joint account holders or signatories of the Customer.
(h) The Customer has requested for the account to be locked or closed.
21. Physical Audit by Customer of Stored Metal
For bullion stored in Singapore, BullionStar allows Customers to walk in to BullionStar's retail venue at 45 New Bridge Road, Singapore 059398 to physically audit their metal without any prior notification or appointment. In case the Customer stores a large quantity of bullion or in case BullionStar has arranged with a sub-custodian to store part or all of the Customer's bullion, BullionStar reserves to make an arrangement with the Customer for the Customer to be able to audit the bullion within one (1) business day. For bullion stored in New Zealand, BullionStar allows Customers to physically audit their metal by contacting BullionStar to arrange with the audit. The audit must be ordered and the audit fee, as specified in the Schedule of Service Fees, must be paid in full at a minimum of one (1) business day prior to the audit.
The Customer must bring identification matching the name on the account when doing the audit. There is an audit charge in accordance with the Schedule of Storage Service Fees in this Agreement.
The administrators of a Customer’s estate should inform BullionStar of the Customer's death, accompanied by the death certificate, as soon as reasonably practicable.
Upon being notified of the customer's death, BullionStar will verify the report by attempting to contact the customer at the e-mail address and postal address tied to his/her vault account. As such, Customers should make sure that that their BullionStar account is named and addressed in a way which will match with the death certificate exactly. BullionStar strongly recommends that Customers enter the account name so that it matches that of their bank account. A mismatch between the death certificate and/or the deceased Customer’s BullionStar account and/or bank account can cause difficulties and expenses for a Customer’s estate's administrators.
Unless BullionStar has good reason to doubt the report of the Customer's death, BullionStar shall within 30 days start to process the notification of the Customer's death in good faith.
The Customer's administrators will be requested to send to BullionStar the relevant documents required in the jurisdiction appropriate to the Customer's estate. Usually, the Customer's administrators will be named in the Customer's will, as well as in official documents produced after the Customer's death, and those documents will bear the seal of the official issuing body - usually a court. These documents, and the Death Certificate, are to be sent to BullionStar.
BullionStar will copy these documents for filing purposes and perform the necessary investigation with regard to processing the Customer's vault account. Once BullionStar has received instructions from lawyers confirming who BullionStar can deal with as administrators of the Customer's estate, BullionStar will rename the account as "Estate of deceased."
BullionStar will issue the administrator with instructions for the administrator to detail how the assets held in the vault should be dealt with. BullionStar reserves the right to debit a fee that will not exceed the higher of SGD 500 or 1.5 % of the value of the bullion stored on the account.
23. Terms and Conditions for Selling to BullionStar
When selling products to BullionStar, the Customer can lock in the sell price online at BullionStar's website any time by selecting the relevant products and quantity in the pre-configured list under Sell Gold & Silver (Mobile: Menu > Sell Gold & Silver To Us). The Customer can also lock in the price by walking into BullionStar's shop at 45 New Bridge Road, Singapore.
BullionStar reserves full unconditional right to determine the price to which BullionStar offers to buy and sell products for all products and services.
When placing a sell order online, the Customer is required to enter his/her personal details and select the preferred method of how to get paid. BullionStar and the Customer agree to the Terms and Conditions stipulated in this text by the Customer submitting the order. When the Customer has submitted the sell order, an e-mail order confirmation is sent to the Customer’s registered e-mail address and an SMS text message is sent to the Customer's registered mobile phone. The Customer must thereafter, within one business day, hand over the items to BullionStar in its shop at 45 New Bridge Road (no appointment is necessary) or within one business day initiate a shipment of the items to BullionStar Pte. Ltd., 45 New Bridge Road, Singapore 059398. If the Customer ships the items to BullionStar, the seller bears the risk of the delivery until BullionStar has received and signed for the parcel. BullionStar recommends that all parcels to BullionStar are sent with a traceable and insured shipping method. Items can not be shipped to or handed over to BullionStar's vault partners in other countries than Singapore unless there's a prior agreement between the Customer and BullionStar. In case items are shipped or handed over to BullionStar's vault partners in other countries than Singapore, the price stated on BullionStar's website is not applicable as BullionStar has additional costs for handling of items in these countries and the price must therefore be negotiated between the parties.
By handing over items to BullionStar for testing, the Customer acknowledges that BullionStar has the right to disassemble, split, scrape or in any other way adjust the form of the items necessary to test the metals. The Customer furthermore acknowledges that BullionStar has the right to use X-Ray equipment, electronic test devices, spectrometers and chemical testing solutions on the items. BullionStar does not take responsibility for any damages or changes that may occur on the items during the authentication and verification process.
The listed price for which the Customer can sell bullion bars on BullionStar’s website is valid for Investment Precious Metals (IPM), as defined by the Inland Revenue Authority of Singapore, in original bullion condition subjected to BullionStar's approval of the order. The following price deductions are applicable for bullion bars that do not qualify as IPM.
- Gold Bar with weight 1 gram - 10 gram: 4%
- Gold Bar with weight 11 gram - 50 gram: 2%
- Gold Bar with weight 51 gram or more: 1.5%
- Silver Bar with weight 31.1 gram - 500 gram: 6%
- Silver Bar with weight 501 gram or more: 3%
- Platinum Bar regardless of weight: 6%
The listed prices for bullion products are valid if the products are in their original condition.
The price reduction for a bar or coin that is not in its original condition is dependent on its severity of damage and whether there is a loss of weight or not. Provided there is no loss of weight, the reduction is normally in the range of 0.5% to 4%.
In the event that a price reduction has to be imposed, the reduction will be communicated directly to the Customer in the shop or if it's a shipped order, a confirmation e-mail with the new pricing will be sent to the Customer. The payment settlement will only be initiated if the Customer agrees to the revised price. If the Customer and BullionStar cannot come to a compromise for the revised price, BullionStar will initiate the return of the bullion at the Customer's cost.
BullionStar will initiate payment for the sold items according to the Customer's instruction as soon as the items have been inspected, tested and verified. For Customer walk-ins, BullionStar is normally able to settle sell orders by cash or by cheque instantly. BullionStar however reserves the right to pay the funds to the Customer's bank account. The payment will be sent to the Customer's bank account within 6 banking days from the point in time when BullionStar takes possession of the items. All bank charges are fully borne by the Customer. If everything is in order, the payment will typically be sent within 3 banking days from the time when BullionStar takes possession of the items. For Customers who would like to use the proceeds from a sell order in Singapore to buy items from BullionStar in the future, the Customer can select to have proceeds of the sell order credited to the Customer’s BullionStar account.
A sell order for precious metals items is binding from the earlier of the Customer agreeing to the Terms and Conditions by submitting the order online on BullionStar's website, or when the Customer hands over the items to BullionStar for the purpose of selling them. There are no cancellation rights when selling. BullionStar generally rejects all orders for Customers that have previously cancelled binding orders. For cancelled orders, BullionStar reserves the right to debit a fee of S$60 plus any price development negative to BullionStar for the products covering the time between the order placement and order cancellation. Orders are cancelled when items in an order placed by a Customer is not handed over or sent to BullionStar within the stipulated time, when items received do not, in part or in full, contain the stipulated fineness of precious metals, or when forged items are handed over or sent to BullionStar.
BullionStar reserves the right to reject sell orders. If BullionStar chooses to cancel an order, regardless of reason, the Agreement is cancelled and the items are returned to the Customer. BullionStar reserves the right to debit shipping costs, Cash on Delivery costs and other costs including a probing cost of S$2 per gram for gold, platinum and palladium or S$0.10 per gram for silver with a minimum of S$60 per parcel if an order is cancelled due to erroneous information from the Customer such as, but not limited to:
- the metal not being a precious metal;
- an incorrect description has been given by the Customer;
- the metal deviating significantly from the purity and weight that the Customer has specified; or
- the metal being of another type than the Customer has specified.
If BullionStar chooses to return the items for any other reasons, there is no extra cost incurred by the Customer.
If items sold to BullionStar, during enhanced testing or at melting, are proven not to contain the weight or purity/karat of the stated metal as the specified on the purchase invoice or Agreement by e.g. the metal being another metal than what was specified, or by the weight or purity deviating, BullionStar will pro-rate the calculation and demand the Customer to pay back the resulting difference. BullionStar furthermore reserves the right to cancel an Agreement where the items sold were subsequently proven not to contain the specified weight of the specified metal or differed in purity. In such cases, BullionStar will demand full re-payment of the funds paid before returning the items to the Customer.
The Customer acknowledges that he/she bears full responsibility to fill in the correct Customer information and payment details such as e.g. selecting the correct preferred cryptocurrency and inputting the correct bank account number or cryptocurrency address, when selling bullion to BullionStar. The Customer furthermore acknowledges that BullionStar assumes no responsibility for losses resulting from inaccuracies in payment details such as the Customer e.g. selecting an incorrect cryptocurrency or the Customer inaccurately inputting the bank account details or cryptocurrency address.
24. PIN Code and Locked Account
The Customer has to select a PIN code consisting of a minimum of 4 digits if the Customer chooses to use BullionStar’s storage services or BullionStar’s Stored Value Facility. The Customer has to re-enter the PIN code for certain subsequent transactions.
The Customer’s account will be automatically locked following a certain number of unsuccessful attempts of entering the PIN code, password or 2-factor authentication code. For an account that is locked, the Customer must contact BullionStar which will instruct the Customer to follow a due diligence procedure which includes, but may not be limited to, the Customer sending in a copy of the Customer’s identification from the Customer’s registered e-mail address and the Customer, subsequent to verification, logging in to the Customer’s account to select a new PIN code.
If the Customer has forgotten the Customer’s password, the password can be reset by following the instructions after clicking the link for "forgot?" under the Login area.
BullionStar protects its customers personal integrity and processes customer information with full confidentiality. Following the EU-regulation on General Data Protection Regulation, effective 25 May 2018, BullionStar would like to inform you how the company handles personal information. Through its e-commerce system, BullionStar collects the personal information that its users and customers have supplied the company with. The following information is collected: name, e-mail, telephone number, address, post code, city and country. In some instances, including but limited to when a customer has funds on his or her account with BullionStar, BullionStar collects additional Know Your Customer information such as e.g., but not limited to, the customer's nationality, a copy of the customer's identification and a copy of the customer's proof of address. The collected information is used to assist registered account holders and customers with information and service. BullionStar also uses personal information for marketing in the form of newsletters and promotional offers via e-mail or mail. It is possible to unsubscribe from the newsletters and promotional offers via the unsubscribe link that all such e-mails contain. BullionStar is keen to protect its customers confidentiality and does not share or sell any personal information with the exception of information that the company is forced to disclose under law. BullionStar saves the users/customers personal information as long as there are legal obligations for the company to do so. As a user/customer, you can at any time request us to supply you with the personal information registered about you. You can at any time request us to change incorrect information and you can at any time request us to delete your personal information provided that there are no legal obligations for us to save it. BullionStar's e-commerce system is rigorously constructed to protect your personal information. There's a limited number of staff members in manager position who have access to handle your personal information. If you have any questions concerning the treatment or collection of personal information, please contact BullionStar, 45 New Bridge Road, Singapore 059398 via mail or send an e-mail to firstname.lastname@example.org.
26. Law and Disputes
This Agreement shall be governed and interpreted according to the laws of Singapore. Any action by either party which does not comply with Singaporean laws shall be deemed void.
Any dispute arising out of, or in connection with this Agreement, shall primarily be subject to mediation between the parties and if not resolved be referred to and resolved by arbitration in Singapore in accordance with the arbitration rules of the Singapore International Arbitration Centre. The tribunal shall consist of one (1) arbitrator and the arbitration shall be held in the language of English.
27. General and Miscellaneous Provisions
a) The Customer guarantees that all representations made to BullionStar are true. The Customer gives BullionStar the warranty that none of the bullion stored under this Agreement is connected to any illegal activities.
b) All instances of fraud or attempted fraud will be reported by BullionStar to the police.
c) The Customer is solely responsible for understanding and complying with all laws, rules and regulations in the jurisdictions applicable to the Customer.
d) The Customer must inform BullionStar of any changes in the Customer's contact details and other information provided to us, including, but not limited to: postal address, e-mail address and mobile telephone number. BullionStar may periodically contact the Customer to validate the information. If the information cannot be validated, BullionStar reserves the right to lock the account until BullionStar can verify the Customer’s information details.
e) Any notice communicated by BullionStar shall, unless otherwise noted in this Agreement, be e-mailed to the Customer’s e-mail address provided by the Customer’s BullionStar account. Any notice by BullionStar will take effect on the 3rd day of it being sent.
f) The Customer or BullionStar account holder agrees to BullionStar sending out periodic e-mails with information about the market, products, events, promotions or similarly. The Customer can always choose to unsubscribe from these e-mails by clicking the unsubscribe link in such an e-mail.
g) In the event that the Customer fails to fulfil the obligations under this Agreement, BullionStar reserves the right to assign a law firm or a debt collection company to act on BullionStar’s behalf. Any costs or expenses incurred in relation to such an act shall be borne by the Customer.
h) The prices of the products offered by BullionStar are determined by different factors such as the spot price of precious metals, market price premiums, demand, supply, market sentiment, shortages of precious metals, production capacity, shipping costs, insurance costs etc. as well as internal price mechanisms and risk controls put into place by BullionStar.
i) Communicating with BullionStar or reading material on BullionStar’s website should not be taken as investment advice.
j) BullionStar does not endorse any broker and does not guarantee the investment of any Customer. The price or value of bullion may fluctuate.
k) BullionStar does not, whether on its own account, on behalf of any of its customers or on behalf of any third parties, engage in or offer any commodity trading services or commodities contracts, as defined by the Commodities Trading Act (Chapter 48A).
l) BullionStar makes no representations about the advisability of purchasing bullion as investment and does not give financial advice.
m) These Terms and Conditions are not a solicitation of any products or services and are not targeting any specific country or market.
n) The Customer may not transfer the rights and obligations under this contract to anyone else.
28 Limitation of Liability
BullionStar cannot be held responsible for any loss or damage in the case the Customer has acted negligently in regard to the security of the Customer’s account generally, or password or PIN code specifically. BullionStar can furthermore not be held responsible for any loss or damage in case the Customer has neglected BullionStar's strong recommendation of enabling 2-factor authentication. Furthermore BullionStar cannot be held responsible for any Customer using an unsecured computer in accessing the Customer’s account.
BullionStar will not be liable for any loss resulting from, but not limiting to, inaccuracies in bank details, inaccuracies in cryptocurrency payment details such as incorrect cryptocurrency selected or inaccurate cryptocurrency address input or other incorrect Customer details supplied by the Customer. BullionStar shall not be liable for any damages or losses, including direct, indirect, consequential or incidental damages, which the user may incur due to the use or termination of the website, or due to the fault or negligence of any entity furnishing any facilities, equipment or services used in connection with the website, or due to the failure or delays in transmission, malfunction of equipment, breakdown or failure of any telecommunications systems, software or hardware provided by any entity used to operate the website, or due to any other cause beyond the reasonable control or anticipation of BullionStar.
If it is determined that BullionStar is held liable to the Customer with regard to any transaction consistent to this Agreement, BullionStar’s liability to the Customer in relation or due to any transaction shall be limited to the amount paid by the Customer in such transaction. In no event shall BullionStar be held liable for any indirect, consequential, or exemplary damages.
28.2 Force Majeure
BullionStar is not liable for failure to perform its obligations if such failure is a a result of Acts of God (including fire, flood, earthquake, storm, hurricane or other natural disaster), war, invasion, hostilities (regardless of whether war is declared), civil war, rebellion, riots, insurrection, terrorist activities, nationalization or other impositions from authorities, market disruption, market closure, market default, blockage, embargo, labor dispute, strike, lockout of, interruption or failure of electricity or telephone service.
If BullionStar asserts Force Majeure as an excuse for failure to perform its obligation, BullionStar must prove that it took reasonable steps to minimize delay or damages caused by foreseeable events. The Customer shall not make any claims for any appreciation in value of the bullion or any damages under any and all circumstances.
BullionStar’s liability in regards to stored bullion shall commence at the time of the Customer’s settlement of the bullion purchased and shall remain in effect until the time when the Customer sells all bullion stored in the vault or is withdrawing the bullion physically.
BullionStar assumes liability for the bullion stored under this Agreement for any and all loss of the bullion according to the accepted liability standards of the bullion industry. BullionStar is not liable for the loss of bullion originating from acts of third parties and from such events that are outside of the control of BullionStar. BullionStar shall not be liable for:
a) any loss to the bullion while in storage due to or as a result of the following situations:
- Events of war
- Insurrection, rebellion, revolutions, civil war, usurped power or action taken by governmental authority
- Riot or acts of civil disobedience
- Use of chemical, biological, bio-chemical or electromagnetic weapons, use of any device employing atomic or nuclear fission and/or fusion or other like reaction or radioactive force or any act of a public enemy
- Judicial action or act of any government or agency or subdivision thereof
- Explosion (whether an act of God or act of man)
- Technical failures, labor disputes or unusual market conditions such as but not limited to market default, market closure and market disruptions
- Any form of cyber-attack on BullionStar’s computers or those belonging to the service provider for which BullionStar has sub-bailed the storage
- Storms, fire (whether an act of God or act of man), flood and other natural disasters
- Terrorism-related activities of any kind whatsoever or activities suspected to be related to terrorism
- Any other event or happening that is outside the control of BullionStar.
b) Any failure to follow instructions of the Customer in the event of situations stipulated in clause 27.3a.
c) Direct or indirect loss or damage, including but not limited to loss of profits or revenue due to buy or sell prices set by BullionStar, profits, revenue, business opportunity or reputation, whether or not caused by BullionStar's fault or neglect and regardless of whether BullionStar has knowledge or not that such loss or damage may result.
d) Shortage or disappearance of bullion following inspection, search or audit by appraisers or government agencies.
e) Loss resulting from negligence of the Customer including, but not limited to, such negligence as mentioned in clause 28.1 or willful misconduct of the Customer.
f) Any loss to the bullion resulting from ordinary leakage, ordinary loss in weight or volume, ordinary wear and tear or natural oxidization.
g) Confiscation, seizure, appropriation, expropriation, requisition for title of use or willful destruction of the bullion under any order of the government and/or public authority.
Liability in case of loss is determined as follows by the discretion of BullionStar:
- First London Market fixing price (LBMA Gold Price and LBMA Silver Price) or London Platinum and Palladium Market fixing price (LPPM Platinum Price and LPPM Palladium Price) for the described Precious Metals on the day of discovery of the loss. In case the fix is not available on that particular day, then the fix from the next immediate business day shall be used or
- Alternatively, a replacement of the lost or defective bullion with other similar type of bullion of equal weight, quality and purity should be effectuated.
The Customer agrees to indemnify BullionStar for any claims by a third party relating to or for the loss of the bullion.
The Customer shall indemnify BullionStar from all losses, cost and expenses, including reasonable legal fees, which BullionStar pays or incurs as a result or arising out of any dispute or litigation, whether instituted by BullionStar or others, regarding the Customer’s right, title or interest in the bullion.
29. Confidentiality and Privacy
BullionStar protects the confidentiality of its Customers. BullionStar will not divulge any Customer information relating to this Agreement or otherwise to any third party unless forced to do so under Singapore law. BullionStar may however disclose Customer information to its employees, agents and contractors for them to fulfill the obligations and requirements as stipulated in this Agreement.
BullionStar respects the privacy of its Customers. BullionStar's practices concerning the collection, storage, processing, analysis, transfer, and/or use of the Customer's personal information reflect BullionStar's commitment and integrity in providing efficient and reliable services. The Customer information that is gathered by BullionStar is used for customer service purposes only.
BullionStar reserves the right to limit, suspend, put on hold or close a Customer account and/or limit access to funds held on a Customer account if the Customer violates the Terms and Conditions in this document or in any other Agreement entered into with BullionStar.
BullionStar may terminate this Agreement upon fourteen (14) days' notice given to the Customer. In case of termination, BullionStar will send a notice to the registered e-mail address of the Customer as provided on the Customer account with BullionStar or alternatively send a notice to the Customer's registered postal mail. The Customer is responsible for the payment of all fees incurred for the sales or withdrawal of the bullion regardless of the reason for the termination.
BullionStar may terminate this Agreement at any time if:
a) The Customer breaches any of the terms of this Agreement
b) The Customer goes into liquidation, or is declared bankrupt
c) The Customer is suspected to be using the service of the company for illegal activities, including but not limited to, money laundering and terrorism financing.
d) The Customer fails to make punctual payment of the fees in accordance with the provisions of this Agreement.
Annex 1 - Schedule of Storage Service Fees (Effective 1 June 2019)
Vault Storage Singapore
Gold Bullion Products: 0.39% per annum
Silver & Platinum Bullion Products: 0.59% per annum
BSP Grams Gold: 0.09% per annum
BSP Grams Silver & Platinum: 0.19% per annum
Daily minimum storage fee: SGD 0.19 per storage jurisdiction. The minimum fee applies in case the calculated daily fee is below SGD 0.19. Customer accounts holding no bullion in Singapore or only holding free BSP grams awarded at account opening are exempted from the minimum fee.
BSP Conversion/Withdrawal per instance: FREE
Vault Withdrawal of bullion products (other than BSP grams) per instance: SGD 129
Customer audit of physical bullion held in the vault per instance: SGD 99
Late payment fee for storage charges/Late collection fee for personal pick-up: SGD 49 per reminder plus monthly interest of 2% on the previously accrued storage charges including on the previously accrued late payment fees.
Storage fees are calculated daily based on the mid-spot price of the metal at SGT 00:01.
Vault Storage New Zealand
Gold Bullion Products: 0.59% per annum
Silver & Platinum Bullion Products: 0.88% per annum
Daily minimum storage fee: SGD 0.19 per storage jurisdiction. The minimum fee applies in case the calculated daily fee is below SGD 0.19. Customer accounts holding no bullion in New Zealand are exempted from the minimum fee.
Bullion Withdrawal per instance: SGD 129
Customer audit of bullion held in the vault: SGD 99
Late payment fee for storage charges/Late collection fee for personal pick-up: SGD 49 per reminder plus monthly interest of 2% on the previously accrued storage charges including on the previously accrued late payment fees.
Storage fees are calculated daily based on the mid-spot price of the metal at SGT 00:01.