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.
3. Variation
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.
4. Interpretations
In these Terms and Conditions:
“Agreement” means the binding agreement entered into when a Customer places an Order with BullionStar that a Customer enters into.
“Bullion” means bullion bars and coins, in gold, silver, platinum or palladium in physical form.
“Bullion Savings Program” has the meaning given to it in section 17 of these Terms and Conditions.
“BullionStar” means BullionStar Pte Ltd.
“BullionStar Account” or “BullionStar account” means an account maintained by BullionStar on behalf of a Customer for transacting, holding and storing Products, Services and BullionStar Account Balances.
“BullionStar Account Balance” is a Customer’s pre-payment of money to BullionStar for their purchase of Products and Services.
“BSP” means Bullion Savings Program.
“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 under the Bullion Savings Program.
“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, Ethereum and Litecoin.
“Customer” means a person that registers any account on any of BullionStar’s Website, or transacts with BullionStar on any Product or Service.
“Customer Due Diligence” or “CDD” both mean a due diligence enquiry on a Customer to obtain Know-Your-Customer information for the purpose of compliance with any regulatory regime or policy of BullionStar which will include requests for information and documents relating to the Customer’s identity and finances such as the Customer’s identification documents, income, source of wealth, and source of funds.
“GST” means the tax which is charged on the supply of goods and services and on the importation of goods in accordance with the GST Act.
"GST Act” means the Goods and Services Tax Act 1993.
“Investment Precious Metals” means precious metals of which the supply and import are exempt from GST under the GST Act.
“Order” or “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.
“NETS payment” means a payment made using the Singapore based Network for Electronic Transfers (NETS).
“Product” or “product” means any product provided, sold, offered or carried by BullionStar, whether on a Website or in a physical store, in or at whatever location or jurisdiction.
“Service” or “service” means any service provided, sold or offered by BullionStar, whether on a Website or in a physical store, in or at whatever location or jurisdiction.
“Terms and Conditions” means the terms and conditions stipulated in this text as update from time to time.
“US Free Shipping Sum” means the amount in respect of “US Free Shipping Sum” amount specified in Annex 2 – Schedule of Shipping Fees.
“US Shipping Fee” means a shipping fee in the amount for “US Shipping Fee” as specified in Annex 2 – Schedule of Shipping Fees.
References to “includes,” “including,” “including but not limited to,” “including without limitation” and words or phrases of similar import shall be deemed to have the same meaning as the words “include(s)” and “including” and shall not be deemed to be terms of limitation but rather be deemed to be followed by the words “without limitation.” References to “such as” shall also not be deemed to be a term of limitation but rather also be deemed to be followed by the words “without limitation.”
Where the context so admits, words importing the singular number include the plural and vice versa and words importing gender include the masculine, feminine and neuter genders.
Save where the context otherwise requires, a reference to a person includes a reference to an individual, a firm, a body corporate and an unincorporated association. A reference to a person also includes a reference to the person’s permitted heirs, trustees, personal representatives, executors, administrators, directors, officers, employees, agents, partners, members, successors and assigns.
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 cancel, refuse or reject any Order for any reason whatsoever, including cases where:
(a) Payment for any current or previous Order of the Customer has not been made, or received by BullionStar, in accordance with 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.
Notwithstanding what is stated elsewhere in these Terms and Conditions, BullionStar reserves the right to retroactively reverse and/or void an order where product item/s inconsistent with the Customer's placed order has been handed out to the Customer mistakenly or erroneously in regards to product type, metal or weight. BullionStar furthermore reserves the right to retroactively reverse and/or void an order where BullionStar has handed out product item/s not fully paid by the Customer.
Where BullionStar deems it necessary to conduct a Customer Due Diligence (CDD) for a transaction: (a) the transaction is conditional upon BullionStar completing the CDD to its satisfaction; (b) the customer must provide all relevant information as requested by BullionStar; (c) where the Customer fails to provide the requested information in a timely manner, BullionStar shall have the right to discontinue the transaction whereupon the Customer warrants to immediately pay BullionStar an administrative fee of SGD 200; and (d) where BullionStar finds itself unable or unwilling to complete the transaction upon the completion of a CDD, the transaction will be deemed as never entered into and any payment made by the Customer will be returned to the Customer in accordance with this Agreement.
When purchasing from BullionStar’s location in Singapore, www.bullionstar.com, Investment Precious Metals are exempted from 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.
When purchasing from BullionStar’s location in the United States, www.bullionstar.us, Sales Tax, where applicable, is presented at the checkout page and is dependent on the state selected for the delivery address.
When purchasing from BullionStar’s location in New Zealand, www.bullionstar.co.nz, certain products are exempted from GST in New Zealand. 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 will change or replace products in cases where any visible defect is pointed out at the time when the Customer first receives the products. BullionStar does not change or replace any items brought back to BullionStar retroactively.
For BullionStar Mint Gold Bars and BullionStar Mint Silver Bars, there is a minimum holding period of 7 days, from the time of the receipt of order payment, until the bars can be sold back to BullionStar. Bars that are in transit, or have not been collected, or have not been stored cannot be sold back to BullionStar. This website may contain information that BullionStar Mint Gold Bars and BullionStar Mint Silver Bars 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.
6. Auctions
6.1 Interpretations for section 6
In this section:
“Autobid” means one or more Bids submitted automatically on behalf of a Customer.
“Bid” means a Customer’s offer of a price at an Auction.
“Maximum Amount” means the amount stipulated by a Customer for an Auction by which Autobids placed on the Customer’s behalf for that Auction must not exceed.
“Winning Bid” means the Bid with the highest price when the Auction ends.
6.2 Auction Details
The products included in an Auction are described within the text of the Auction’s Product Highlights.
Prices are in Singapore Dollars only.
The end date and time of and Auction as reflected on BullionStar’s website is according to the date and time settings on the Customer’s computer.
An Auction may be extended at any time before it expires.
Each Auction may display information on the current number of Bids and bidders. This information is updated on a best-effort basis.
Where there are more than 4 products in an Auction, the Auction is for all products described in Product Highlights notwithstanding that the Auction may not show the photos of all products being auctioned.
For the purpose of a visual display, the system may display only a single product as a representation of an Auction but it may not represent all the products included in the Auction.
6.3 Save to Watchlist
Notifications relating to Auction activities and expiry are subject to the operations and limitations of third-party services. BullionStar will not be liable for any delay or faults relating to such notifications.
6.4 Bids
A Customer may only place a Bid online through his/her BullionStar account. BullionStar will not accept a Bid placed by phone or in-person at BullionStar’s shop.
Every Bid is binding on the Customer.
By submitting a Bid, the Customer will be deemed to have immediately placed and submitted a buy order with BullionStar to buy the Auction products for the Bid price on the condition that the order will become void at the end of the Auction if the Customer’s Bid is not the Winning Bid. The order is subject to these Terms and Conditions including sections 5 and 9.
The minimum Bid increment of an Auction is pre-determined before the Auction. There is no upper limit to the Bid amount.
The Customer warrants not to bid at the same Auction using multiple BullionStar accounts.
BullionStar expressly reserves its rights under section 57(3) of the Sale of Goods Act 1979.
6.5 Autobid
In relation to an Auction, a Customer who activates Autobid must specify a Maximum Amount and irrevocably authorises BullionStar to place Autobids on the Customer’s behalf up to but not exceeding the Maximum Amount. When a Customer has authorised Autobid, a Bid will be automatically placed on the Customer’s behalf once the Customer has been outbid. Each Bid will be one minimal increment above the current highest Bid but not exceeding the Maximum Amount.
Every Autobid is binding on the Customer.
In the event of competing Autobids, the Autobid that was set up the earliest will prevail.
6.6 Winning an Auction
A Customer wins an Auction when his/her Bid becomes the Winning Bid.
When a Customer wins an Auction, the Customer’s order to buy the Auction products becomes unconditional and the price for the Auction products is locked in when the Auction ends at the price of the Customer’s Winning Bid.
BullionStar reserves the right to override, replace and determine the Winning Bid, and retract a notice of an Auction win, in the event of technology issues or faults including lost connectivity, system failure, unregistered bids.
6.7 Condition of Auction Products
All bullion products sold at Auctions are sold in their existing condition and the Customer buys Auction products in their as-is condition.
6.8 Auction Settlement
The Customer acknowledges that he/she will confirm the manner of payment and delivery for an Auction on an Auction Settlement webpage, accessed via an SMS notice which the Customer will receive after winning the Auction.
At Auction Settlement, if the Customer chooses for the Auction items to be delivered, the actual shipping fees will be stipulated according to the items to be shipped and the shipping address.
The stipulated fees and Customer’s instructions at Auction Settlement are binding on the Customer upon confirmation.
6.9 Retracting a Bid
If a Customer retracts a Bid, the Customer will pay BullionStar an administration and participation fee of SGD200, or 10% of the Customer’s highest Bid, whichever is higher. This fee becomes due and payable immediately. BullionStar will have the right to deduct the whole or part of such an amount from the Customer’s BullionStar account.
6.10 Cancellation of an Auction Win
BullionStar reserves the right to cancel a win at an Auction either due to a system error (where the system had not registered a higher Bid in time) or human error. A cancellation of an Auction Win will be a BullionStar-initiated cancellation of the relevant order subject to these Terms and Conditions (where applicable).
6.11 Buy Now
A Customer who submits a Buy-Now order on an Auction commits to a buy order for all the products of the Auction in accordance with these Terms and Conditions.
6.12 Disabling Auctions
BullionStar reserves the right to disable Auctions on a Customer’s BullionStar account at discretion. Such situations may include when the Customer breaches any of these Terms and Conditions, places Bids at an Auction from multiple accounts, misuses or abuses Auctions, retracts a Bid, fails to make full payment for a product which the Customer has won at an Auction within the time as stipulated in these Terms and Conditions.
7. Location
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 is free to select the desired Website for viewing and Ordering Products or Services by clicking on the dropdown box to the right of 'Stock Location' (mobile: 'Change Location'). The Customer acknowledges that Products or Services Ordered from any particular Website will be delivered from the country that corresponds to that Website.
8. Price for Customer Orders
Unless otherwise stipulated, 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 the settlement for an Auction has been confirmed at Auction Settlement, 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. BullionStar reserves the right to charge different prices for products and services depending on what payment method the Customer chooses. 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.
9. Order Payment
In this section:
“Administrative Fee” means an administration fee for an order aborted by or on behalf of a Customer which is an amount that is, for an order related to an auction the higher of S$200 and 10% of the Customer’s highest Bid, or in other cases S$200.
“Cost” means any cost, fee, expense, penalty, duty or charge including those for any reminder, collection, legal service, court application or court proceeding.
“Price Loss” means the decrease in the price of a product in an order from the time of the order to the time when the order is aborted.
The payment for an order must be sent (initiated) within one banking day from the order placement for all payment methods except for online Credit/Debit card payments where the payment must be made within 24 hours and 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.
When purchasing from BullionStar’s location in the United States, only the following payment methods are used: Wire Transfer, Automated Clearing House (ACH) Transfer, credit card payment, and cryptocurrency. BullionStar does not accept e-checks, Billpay, cash, regular cheques or cashier's cheque for its United States location.
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. The Customer bears any fee, charge or cost which the Customer’s bank or payment service provider may impose.
If the payment for an order is not initiated or completed within the stipulated timeframe, BullionStar will have the right to abort the order on behalf of the Customer whereupon the Customer must immediately pay BullionStar the Administrative Fee, any Costs incurred by BullionStar for processing the aborted order, and, in the case of an order that is not the result of an auction, any Price Loss for the products ordered. The invoice for an aborted order, if not fully paid, may be handed over to a collection agency or to a court for collection. If the Customer has any unsettled invoice such as for products or Administrative Fees or Costs or Price Losses, any fund held by BullionStar in the Customer’s favour will be allocated towards the settlement of such an invoice first starting with the earliest outstanding debt. As precious metals orders are binding without exception, BullionStar reserves the right to apply any and all funds held in favour of the Customer towards the payment for any of the Customer’s orders regardless of whether such orders have been aborted, or towards any outstanding Administrative Fee, Cost or Price Loss owing to the Customer’s order. If an order has been partially paid, BullionStar will remind the Customer to settle the outstanding amount and when full payment has not been received within twenty-eight (28) days of the order placement, the terms and conditions of this paragraph applies equally as if payment has not been initiated or completed within the stipulated timeframe and any remaining balance held in favour of the Customer thereafter will be credited 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 Node chain and does not accept or send coins from the Bitcoin ABC chain or 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 owner, identity or origins of the funds. BullionStar reserves the right to conduct Customer Due Diligence (CDD) or Enhanced Customer Due Diligence (ECDD) on the Customer in accordance with the regulatory regime for precious metals dealers in Singapore. The CDD or ECDD may include requests for information verifying the Customer's identity by obtaining information about NRIC number, passport number, occupation, nationality, address, date of birth and contact number. The Customer may be required to show proof of identifying information which BullionStar may copy. The CDD or ECDD may also include requests for information to establish the beneficial owner of funds or metals, questions and verification about income level, source of wealth and source of funds and whether the Customer is indeed the entity or representative of the entity behind the purchase. Where BullionStar has not received adequate information for the conduct of CDD or ECDD as the case may be, or deems that it is unable to complete CDD or ECDD satisfactorily with the information made available to BullionStar, BullionStar reserves the right to cancel the order, place the order on hold, or terminate any and all transactions with the Customer whereupon the Customer shall release BullionStar from all liabilities flowing from any consequential refusal to, delay in, or cancellation of transaction with the Customer. BullionStar will not be responsible for any losses due to insufficient/unclear transaction or 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.
9.1 Cash/NETS/Card Payment
For orders placed with Singapore selected as the 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 or NETS 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 CDD or ECDD on a Customer paying cash generally and specifically in a case where the amount is above SGD 20,000 or equivalent in foreign currency. The CDD or ECDD may include requests for information verifying the Customer's identity by obtaining information about NRIC number, passport number, occupation, nationality, address, date of birth and contact number. The Customer may be required to show proof of identifying information which BullionStar may copy. The CDD or ECDD may also include requests for information to establish the beneficial owner of funds or metals, questions and verification about income level, source of wealth and source of funds 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. If BullionStar is unable to obtain the Customer's identifying information, after requesting for it, the Customer understands that regulations may prohibit BullionStar from completing the transaction and that BullionStar may have to terminate any other transaction entered into with the Customer.
BullionStar reserves the right to change the payment method, from cash or card 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.
If any fund will be returned to the Customer’s credit card for any reason including the termination, cancellation, or modification of an order, BullionStar will return such fund to the credit card in the same currency in which the fund was originally paid. The Customer acknowledges that the Customer shall be responsible for and agrees to bear all loss that may result from currency conversion or any fee, charge or cost which the Customer’s bank or payment service provider may impose.
9.2 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.
9.3 Cryptocurrency Payments
Where a Customer makes a payment to BullionStar in cryptocurrency for an order or commits to receiving payment from BullionStar in cryptocurrency, the customer hereby gives consent to BullionStar to hedge the transaction on a best-effort basis (referred to as "Leg 1”). In the event that any part of the cryptocurrency or fiat amount needs to be returned due to the termination, cancellation, or modification of an order, or for any other reason, BullionStar retains the right to unwind the hedged cryptocurrency or fiat amount from Leg 1 on a best-effort basis (referred to as “Leg 2”). The customer acknowledges and agrees to bear any loss that may result from a price fluctuation between Leg 1 and Leg 2.
10. BullionStar Account Balances
A Customer may place prepayments in various currency denominations on their BullionStar account. These are reflected as BullionStar Account Balances on the Customer’s BullionStar account. The Customer can fund/top up their account to subsequently purchase Products and Services or withdraw such funds at any time.
The Customer can keep their BullionStar Account Balances indefinitely on their BullionStar account but can only use them with BullionStar to pay for BullionStar’s Products and Services.
BullionStar does not charge any account maintenance fee. A Customer can request a partial or full withdrawal of funds from his/her BullionStar Account Balance at any time via the BullionStar website. BullionStar does not charge any fee for receiving or sending funds, but the Customer will bear all bank charges for receiving and sending funds. BullionStar Account Balances do not earn interests.
BullionStar Account Balances cannot be used to pay any third party and cannot be transferred between BullionStar accounts.
10.1 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 or third party.
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 the payment method, the purchase costs will immediately be withdrawn from the Customer’s BullionStar account provided that there is 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 from 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.
10.2 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 provided the Customer has supplied 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 the Customer bears any loss that may result from currency conversion or any fee, charge or cost which the Customer’s bank or payment service provider may impose. There is no maximum or minimum withdrawal limit.
A Customer can withdraw funds from the Customer’s BullionStar account in the following ways:
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.
10.3 Miscellaneous Provisions Relating to the BullionStar Account
If a Customer has an outstanding order, obligation or liability to BullionStar, BullionStar may use the funds on that Customer’s BullionStar account, regardless of currency, to settle the outstanding order or invoice when the amount is overdue. Holding a negative balance on a BullionStar account is prohibited. 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 shall have the right to 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 involving BullionStar Account Balances 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 such transaction must be initiated from the Customer’s account.
A Customer who maintains a BullionStar Account Balance must keep his information on the account updated. 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 a BullionStar Account Balance, 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 provide any document or information requested 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 200. 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 cannot 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 in the names of two or more persons ("Joint Account"), each such person (“Joint Account Holder”) will be bound by these Terms and Conditions jointly and severally. A BullionStar Joint Account is operated with a single signing authority, where instructions from any Joint Account Holder of that Joint Account will be accepted and binding on the other Joint Account Holders of that account.
Upon the demise of a Joint Account Holder, the surviving Joint Account Holders of the same Joint Account shall have the right to the full control and ownership of the Joint Account, subject to these Terms and Conditions.
Instructions from a Joint Account Holder to close a Joint Account will be accepted by BullionStar and binding on every other Joint Account Holder of that account.
Any communication to, or notice served on, the Joint Account Holder of a Joint Account in accordance with these Terms and Conditions shall be deemed validly served on every other Joint Account Holder of the account.
BullionStar reserves the right to debit a fee of SGD 500 or SGD 100 per hour, whichever is higher, to reply to duly authorised requests for information, such as, but not limited to, court proceedings, divorce proceedings and bankruptcy proceedings.
11. Personal Collection of Orders in Singapore or New Zealand
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 or at Auction Settlement. For orders placed with New Zealand as location, Customers can choose to pick up their items ordered online in person at the New Zealand Vault located at 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 when the Customer collects 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 prevailing 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 200 per order will apply in addition to the storage fees.
The Customer hereby covenants that for any order not collected within six months from the date of its confirmation, BullionStar shall have the right to immediately acquire all uncollected items at BullionStar's prevailing Customer sell price without reference to the Customer and all storage and late pick up fees accrued shall be paid out of the proceeds of such sale. Any excess amount will be credited the Customer's BullionStar account. Unclaimed items will accrue to BullionStar following a period of six (6) years. For the aforesaid purpose, the Customer hereby authorises BullionStar to conduct such sale, payment and accrual on behalf of the Customer.
For orders placed with the United States selected as the location, Customers can only choose to have their items shipped to them or have their items stored in the vault. Orders shipped will be subject to a US Shipping Fee. Orders of or above the US Free Shipping Sum will enjoy Free Shipping.
12. Shipment of Orders
BullionStar will always bear the risk for the delivery until the Customer has signed for the parcel (except the products purchased with credit card as detailed at the end of this section).
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 thereafter BullionStar notifies the Customer that BullionStar's courier service provider has provided a signed proof of delivery for that order, the Customer must, within 48 hours of the notice, provide BullionStar with a copy of a police report filed by the Customer about the non-receipt. Failing that, the Customer will be deemed to have signed for the parcel and the order deemed to have been received by the Customer.
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 receives incorrect or damaged items, the Customer must contact us immediately in accordance with our limited-returns policy.
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$200 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 is not responsible for losses or damages in the case of uncollected or returned parcels.
For any order relating to products paid for with credit card where (1) the order was placed with the Singapore location and the products were shipped out of Singapore, or (2) the order was placed with the US or NZ location and the products were shipped, a proof of dispatch shall be binding on the Customer as proof that the Customer has received the products.
13. 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.
For bullion stored at any of BullionStar’s locations the Customer can select to have the withdrawn bullion shipped to the Customer’s delivery address. For bullion stored at BullionStar’s Singapore or New Zealand locations, the Customer can personally collect the withdrawn bullion one (1) business day after the later of a) placing the withdrawal order online, or b) BullionStar receiving payment for the withdrawal order and, if applicable, any other outstanding debt owed to BullionStar by the Customer.
13.1 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 initiate the physical withdrawal of 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 is displayed under the Customer's Cash & Bullion Dashboard across all locations.
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.
13.2 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 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 having selected an incorrect cryptocurrency or the Customer inaccurately inputting the bank account details or cryptocurrency addresses. 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. Notwithstanding what is stated elsewhere in these Terms and Conditions, BullionStar reserves the right to retroactively reverse and/or void a Customer sell order where the price for the product/s sold by the Customer had been published erroneously on BullionStar's website due to computer-related problems, due to problems concerning price data or due to human factors.
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.
A Customer may hold proceeds from a sell order on their BullionStar account for a future purchase from BullionStar.
13.3 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 for the Singapore or New Zealand locations, or shipped to the Customer’s shipping address for all locations. 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 BSP Grams of gold, silver or platinum into physical bullion bars produced by LBMA refineries at any time, subject to product availability, 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, upon selecting the quantity of each item to withdraw, the Customer can select an appointment date at the checkout page where the transaction is finalized to book a date and time for the personal collection of the bullion stored at BullionStar’s Singapore vault facility. Identification must be presented in order for BullionStar 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.
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 located at 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 the 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.
For bullion stored in the United States, the Customer can select to have the withdrawn bullion shipped to the Customer’s delivery address or personally collect the withdrawn bullion from the vault in the United States. In the case of personally collection, the Customer needs to contact BullionStar to book a date and time for the personal collection of the bullion stored at IDS of Texas, located at 11925 N. Stemmons Fwy, Suite 180, Dallas, Texas 75234. 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 IDS of Texas 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 with 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.
14. 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 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. BSP Grams are not a commodity contract as defined by The Commodity Trading Act (Chapter 48A). Delivery for BSP Grams can only be conducted in increments of weights as determined by BullionStar.
15. 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 matches the records in BullionStar’s internal administration system exactly 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 matches the quantity stored in the vault exactly. 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.
16. 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.
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 vaults used by BullionStar to store bullion are 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 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).
17. Storage: Account & Transaction Security
The Customers’ online vault storage account 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 assured 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 person, 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 security risk 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.
18. Bullion Savings Program (BSP)
The Bullion Savings Program is an incremental payment scheme which allows Customers to buy BSP Grams of gold, silver or platinum in increments, then convert their BSP Grams into physical bullion bars produced by LBMA refineries.. 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 customers logged in 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 price determined by BullionStar, which may or may not have a pre-defined pricing 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, including withdrawal increments, of BSP Grams at any time.
BSP Grams are not a commodity contract as defined by The Commodity Trading Act (Chapter 48A).
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.
BullionStar reserves the right to retract BSP Grams awarded at no cost to a Customer six months subsequent to the BSP Grams being awarded, in the case where the Customer has not utilized his/her account for any purchases during the said period. For Customer accounts with past purchases but no current holdings, BullionStar reserves the right to retract the awarded BSP Grams six months subsequent to the last account activity. In the case where a Customer account is closed or locked, BullionStar reserves the right to retract BSP Grams awarded without cost to a Customer one month subsequent to the account being closed or locked.
19. 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 due payment within the prescribed 30 day period, BullionStar may assess a late fee for each reminder 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.
20. 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. BullionStar’s vault storage sub-custodian and agent for storage and handling of bullion in the United States is International Depository Services (IDS) of Texas.
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.
21. Opening an Account
The Customer must open an account online to purchase bullion online, to store bullion in vault storage or to maintain an account balance with BullionStar. 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 a BullionStar Account Balance.
When the Customer has opened an account, the Customer will receive a confirmation sent to the Customer’s registered e-mail address. The Customer will also receive e-mail confirmations of buy orders, sell orders and bullion withdrawals, as well as e-mail notifications about funding and withdrawal activities on their BullionStar Account Balances. 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.
Account Suspension and Termination
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.
(i) The Customer has threatened, abused, insulted, harassed or acted unlawfully against BullionStar or any of its personnel.
Where a Customer's account will be terminated and there is no other agreement with the Customer on asset liquidation and fund withdrawal upon or after termination, bullion held in the account will be liquidated within 1 business day of account termination at the prevailing rate; liquidation will be in the currency which BullionStar deems most appropriate; and funds will be remitted to the customer’s bank account as notified by the customer or held by BullionStar without interest in the absence of such notice.
22. Physical Audit by Customer of Stored Metal
For bullion stored in Singapore, New Zealand or in the United States, BullionStar allows Customers to physically audit their metal by contacting BullionStar to arrange the audit. The audit must be ordered and the audit fee, as specified in the Schedule of Storage 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.
23. Death
A family member of a deceased Customer should notify BullionStar promptly of the Customer's demise and provide a copy of the death certificate as soon as practicable.
The family member(s) of the deceased Customer should obtain from a Singapore court either (1) a Grant of Probate (if the deceased Customer left a will), or (2) a Grant of Letters of Administration (if the deceased Customer did not leave a will) (“Grant”). If a Grant has been obtained overseas, the family member(s) may obtain a Resealing of Foreign Grant from a Singapore court. These are usually done with the help of a lawyer in Singapore.
The personal representative appointed by the Grant must then provide us with a certified true copy of the (1) Grant (or Reseal of Foreign Grant) and (2) identification document of every appointed personal representative.
It is important that the Customer’s name and address on the BullionStar account match the same information on the Grant. Therefore, the Customer should ensure that his/her BullionStar account bears his/her full name and address according to his/her primary identification document.
For a trust account held in the name of a deceased trustee, the succeeding trustee should provide us with a copy of his/her identification document and documentary evidence that he/she has replaced the deceased trustee. The documentary evidence can be a copy of a recent statement of the existing bank account of the trust reflecting the same account number and the name of the succeeding trustee as trustee of the account.
Once we have verified the documents and information, the personal representative will be able to access the deceased Customer’s account. We reserve 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 under the account.
24.1 Terms and Conditions for Selling to BullionStar in Singapore
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 Customer bears all risks 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. Sell orders placed online under www.bullionstar.com with location Singapore selected will require that items are shipped to the vault address in Singapore. For sell orders placed under www.bullionstar.us or www.bullionstar.co.nz, items are to be shipped to BullionStar’s vault in the United States or in New Zealand respectively. See section 23.2 and 23.3 below for more information.
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 or coins on BullionStar’s website is valid for Investment Precious Metals (IPM) including 100 Gram BullionStar Gold Bullion Bars and 1 Kilogram BullionStar Silver Bullion Bars 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 price for a bullion product is valid if the product is in its original condition. The price reduction for a bar or coin that is not in its original condition is dependent on the severity of its damage and whether there has been a loss in weight. Provided there has been no loss in weight, the reduction is normally in the range of 0.5% to 4% (or more for the 100 Gram BullionStar Gold Bullion Bar and the 1 Kilogram BullionStar Silver Bullion Bar).
For any product sold with no spread between the buy and sell price (including the 100 Gram BullionStar Gold Bullion Bar and the 1 Kilogram BullionStar Silver Bullion Bar), original condition means that the product does not exhibit any sign of damage, defacement of its logo or mintmark, or damage, tamper or removal of its original packaging. Where such a product is not in its original condition, BullionStar will assess its sell-price as an IPM without the no-spread feature and according to these Terms and Conditions. When the Customer sells such a product, the Customer must produce on request the original buy-order showing the date when it was first purchased from BullionStar.
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 for an agreement on 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. The Customer bears any loss that may result from currency conversion or any fee, charge or cost which the Customer’s bank or payment service provider may impose. 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 receives a sell order confirmation document from BullionStar after handing 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$200 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.
Notwithstanding what is stated elsewhere in these Terms and Conditions, BullionStar reserves the right to retroactively reverse and/or void any sell order where:
(a) Upon further testing, assaying or melting of received items, the metal type and/or metal purity as determined by BullionStar differs from that stated on the sell order document issued to the Customer.
(b) The price has been published erroneously on BullionStar's website, including in BullionStar's internal system or teller system, due to computer-related problems, due to problems concerning price data or due to human factors.
(c) A mistake such as for example, but not limited to, a misweighing, a payment error or a product input error has led to an incorrect payment to the Customer.
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$200 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.
The Customer hereby warrants that in selling an item to BullionStar where BullionStar determines, whether during enhanced testing, at melting or otherwise, that the item is not consistent with information on the sell order document provided to the Customer at or before the time of BullionStar’s payment for that sale such that the item (a) is of a different weight or purity/karat, or (b) comprises a different metal, BullionStar reserves the right and discretion to either pro-rate the calculation whereupon the Customer shall pay BullionStar the difference as calculated by BullionStar, or to void the sale whereupon the Customer shall repay BullionStar the purchase money in full in exchange for BullionStar returning the item 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.
24.2 Terms and Conditions for Selling to BullionStar in The United States
When selling products to BullionStar in the United States, 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).
BullionStar reserves full unconditional rights 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 their personal details and to 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 two (2) business days initiate a shipment of the items to BStar US, IDS of Texas, 11925 N. Stemmons Fwy, Suite 180, Dallas, Texas 75234. The selling Customer 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.
By shipping items to BullionStar, the Customer acknowledges that for the purposes of testing and verification, 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 prices for bullion products on the sell page 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 seller via confirmation e-mail with the new pricing. 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. The payment will be sent to the chosen payment receiving method within 6 banking days from when BullionStar takes possession of the items. The Customer bears any loss that may result from currency conversion or any fee, charge or cost which the Customer’s bank or payment service provider may impose. 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.
All orders are binding, and there are no cancellation rights when selling. For cancelled orders, BullionStar reserves the right to debit a fee of USD$200 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 are not handed over 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 to BullionStar.
Notwithstanding what is stated elsewhere in these Terms and Conditions, BullionStar reserves the right to retroactively reverse and/or void an order where:
(a) Upon further testing, assaying or melting of received items, the metal form, type and/or metal purity differs from that stated on the invoice.
(b) The price has been published erroneously on BullionStar's website, including in BullionStar's internal system or teller system, due to computer-related problems, due to problems concerning price data or due to human factors.
(c) A mistake such as for example, but not limited to, a misweighing, a payment error or a product input error has led to an incorrect payment to the Customer.
BullionStar reserves the right to reject or cancel sell orders at its discretion. Where BullionStar cancels 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 USD 2 per gram for gold, platinum and palladium or USD 0.10 per gram for silver with a minimum of USD 200 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.
The Customer hereby warrants that in selling an item to BullionStar where BullionStar determines, whether during enhanced testing, at melting or otherwise, that the item is not consistent with information on the sell order document provided to the Customer at or before the time of BullionStar’s payment for that sale such that the item (a) is of a different weight or purity/karat, or (b) comprises a different metal, BullionStar reserves the right and discretion to either pro-rate the calculation whereupon the Customer shall pay BullionStar the difference as calculated by BullionStar, or to void the sale whereupon the Customer shall repay BullionStar the purchase money in full in exchange for BullionStar returning the item 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.
24.3 Terms and Conditions for Selling to BullionStar in the New Zealand
When selling products to BullionStar in New Zealand, 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).
BullionStar reserves full unconditional rights 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 their personal details and to 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 two (2) business days initiate a shipment of the items to New Zealand, Vault, Basement Level 2, Aon Centre, 1 Willis Street, Wellington 6011. 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.
By handing over items to BullionStar, the Customer acknowledges that for the purposes of testing and verification, 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 prices for bullion products on the sell page 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 seller via confirmation e-mail with the new pricing. 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. The payment will be sent to the chosen payment receiving method within 6 banking days from the point in time when BullionStar takes possession of the items. The Customer bears any loss that may result from currency conversion or any fee, charge or cost which the Customer’s bank or payment service provider may impose. 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.
All orders are considered binding, and there are no cancellation rights when selling. For cancelled orders, BullionStar reserves the right to debit a fee of NZD 200 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 are not handed over 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 to BullionStar.
Notwithstanding what is stated elsewhere in these terms and conditions, BullionStar reserves the right to retroactively reverse and/or void an order where:
(a) Upon further testing, assaying or melting of received items, the metal type and/or metal purity differs from the on the invoice stated metal form and purity.
(b) The price has been published erroneously on BullionStar's website, including in BullionStar's internal system or teller system, due to computer-related problems, due to problems concerning price data or due to human factors.
(c) A mistake such as for example, but not limited to, a misweighing, a payment error or a product input error has led to an incorrect payment to the Customer.
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 NZD 2 per gram for gold, platinum and palladium or NZD 0.10 per gram for silver with a minimum of NZD 200 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.
The Customer hereby warrants that in selling an item to BullionStar where BullionStar determines, whether during enhanced testing, at melting or otherwise, that the item is not consistent with information on the sell order document provided to the Customer at or before the time of BullionStar’s payment for that sale such that the item (a) is of a different weight or purity/karat, or (b) comprises a different metal, BullionStar reserves the right and discretion to either pro-rate the calculation whereupon the Customer shall pay BullionStar the difference as calculated by BullionStar, or to void the sale whereupon the Customer shall repay BullionStar the purchase money in full in exchange for BullionStar returning the item 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.
24.4 Selling to BullionStar Generally
Where BullionStar deems it necessary to conduct Customer Due Diligence (CDD) for a transaction: (a) the transaction is conditional upon BullionStar completing the CDD to its satisfaction; (b) the customer must provide all information as requested by BullionStar; (c) where the Customer fails to provide the requested information in a timely manner, BullionStar will have the right to discontinue the transaction whereupon the Customer warrants to immediately pay BullionStar an administrative fee of SGD 200; and (d) where BullionStar finds itself unable or unwilling to complete the transaction upon completion of the CDD, the transaction will be deemed as never entered into and any product belonging to the Customer will be returned to the Customer in accordance with this Agreement.
25. 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 maintain a BullionStar Account Balance. 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.
26. Privacy Policy
This website use cookies and sessioncookies to facilitate activities for individual users. The information is used for identification purposes and to fill in data fields to facilitate the accessibility of services on this website. Cookies are also used for statistical purposes. Sessioncookies are only used for the duration you are logged in to store session information. The information collected is anonymous. If you do not wish to accept cookies, your browser can be set to deny cookies. This however would affect the functionality that you would experience when using this website.
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 required 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 retain it. BullionStar's e-commerce system is rigorously constructed to protect your personal information. There's a limited number of staff members in managerial positions 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 support@bullionstar.com.
27. 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.
28. 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.
29 Limitation of Liability
29.1 Transactions
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 limited 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 such similar causes 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.
29.2 Force Majeure
BullionStar is not liable for failure to perform its obligations if such failure is a result of a superior or irresistible force or Act of God that cannot be reasonably anticipated or controlled.
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.
29.3 Storage
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, including, but not limited to, mysterious disappearance, robberies, burglaries, theft, and employee infidelity. BullionStar shall not be liable for any loss or damage, cost or expense to the bullion while in storage directly or indirectly due to or as a result of the following situations:
a) Events of war, invasion, acts of foreign enemies, hostile acts of sovereign or government entities, warlike operations, hostilities (whether war be declared or not), civil war, rebellion, insurrection, riots, uprising, martial law, military or usurped power.
b) Seepage or any kind of pollution and/or contamination, discharge of pollutants or contaminants, existence or release of which endangers or threatens to endanger the health, safety or welfare of persons or the environment.
c) Use of or effects arising from chemical, biological, bio-chemical, radioactive or electromagnetic weapons. Use of or effects arising from any device employing atomic or nuclear fission and/or fusion or other like reaction or radioactive force or any act of a public enemy. Use of or effects arising from nuclear reaction, nuclear radiation, nuclear detonation or radioactive contamination however such nuclear reaction, nuclear radiation, nuclear detonation or radioactive contamination may have been caused. Use of or effects arising from ionising radiation from or contamination by nuclear sources or nuclear matter. Use of or effects arising from radioactive, toxic, explosive or hazardous or contaminating properties associated with nuclear installation, nuclear reactors, other nuclear assembly, nuclear sources or matter.
d) Natural ageing, gradual deterioration, rust or oxidation or warping.
e) Cessation, fluctuation or variation in, or insufficiency of water, gas or electricity supplies and telecommunications of any type or service.
f) Any loss or damage to electronic data or loss or damage by electronic means including but not limited to any form of cyber-attack or means for inflicting harm caused by computer hacking, computer virus, malicious code or computer corrupting on the Customer’s or BullionStar’s computers, devices, electronic or technical equipment or those belonging to a service provider for which BullionStar has sub-bailed storage.
g) Confiscation, nationalisation, requisition, destruction, seizure, appropriation, detention, embargo, quarantine, occupation and expropriation by or under the order of any government or public or local authority.
h) Technical failures or unusual market conditions such as but not limited to market default, market closure and market disruptions.
i) Loss of use, loss of income, delay or loss of markets, depreciation or any 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.
j) Insolvency, administration, bankruptcy, receivership or voluntary arrangements with creditors of any third party.
k) Any failure to follow instructions of the Customer in the event of situations stipulated in clause 27.
l) Loss resulting from negligence of the Customer including, but not limited to, such negligence as mentioned in clause 28.1 or wilful misconduct of the Customer.
m) Any consequential loss of any kind.
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.
30. 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.
31. Third Party Access
The Customer must not enable any third party to access the Customer’s BullionStar account, open or operate a BullionStar account on the Customer’s behalf, or access the Customer’s computer or mobile device from which the aforesaid can be performed. The Customer must not provide any information, document or any form of verification to any third party which may be used in relation to any account at or transaction with BullionStar. If the Customer authorizes a representative to operate the Customer’s account at or transactions with BullionStar, that representative must open a BullionStar account in the representative’s own name and declare to BullionStar whom the representative acts for.
Without prejudice to any of BullionStar’s rights under this Agreement, where the Customer is in breach of any provision under this section: (a) the Customer fully indemnifies BullionStar for any loss, cost, expense, penalty and fee which BullionStar may incur whether directly or indirectly in relation to the Customer’s breach (Costs); and (b) BullionStar will have the right in respect of the Customer’s account to amend the payment terms of or invalidate any order. Where an order is invalidated under the provisions of this section, BullionStar will return to the Customer any payment made by the Customer towards the order after deducting Costs to the originating source of the payment, or where that is not possible then in the manner which BullionStar deems most appropriate for that purpose.
32. Validity
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 October 2022)
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 200
Late payment fee for storage charges/Late collection fee for personal pick-up: SGD 99 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 199
Late payment fee for storage charges/Late collection fee for personal pick-up: SGD 99 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 United States
FREE for the first year, following which:
Gold Bullion Products: 0.39% per annum
Silver & Platinum Bullion Products: 0.49% per annum
Daily minimum storage fee: USD 0.19 per storage jurisdiction. The minimum fee applies in case the calculated daily fee is below USD 0.19. Customer accounts holding no bullion in the United States are exempted from the minimum fee.
Bullion Withdrawal per instance: USD 129
Customer audit of bullion held in the vault: USD 249
Late payment fee for storage charges/Late collection fee for personal pick-up: USD 99 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.
Annex 2 – Schedule of Shipping Fees
US Free Shipping Sum: USD 98
US Shipping Fee: USD 7.99
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