General Terms and Conditions (GTC) for the sale of precious metals by customers to companies of the GVS Group

Version: 1 June 2026

GVS attaches particular importance to ensuring that the sale of precious metals is fair, transparent and reliable. These GTC have been deliberately drafted in clear and easily understandable language and, taking into account the particular features of precious metals trading, have been designed to be as customer-friendly as possible. They are intended to provide customers with clear guidance while also taking into account the particularities arising from price formation on international precious metals markets, price fixing, legally required anti-money laundering and compliance checks, and the statutory limitations on the right of withdrawal.

These General Terms and Conditions (GTC) apply to all contracts for the sale of precious metals to companies of the GVS Group concluded through publicly accessible retail customer channels, in particular GVS-operated retail online shops, other means of distance communication and the premises of a GVS branch.

They apply to contracts with consumers and business customers who sell precious metals to GVS through these retail customer channels. Unless expressly distinguished, consumers and business customers are jointly referred to as “customers” in these GTC.

The contractual partner shall in each case be the company of the GVS Group with which the customer concludes the specific transaction. Even where other companies of the GVS Group are involved for the purpose of optimising logistics, payment or invoicing, that company shall remain the sole contractual partner.

A consumer is any natural person who enters into a legal transaction for purposes that are predominantly outside their trade, business or self-employed professional activity. A business customer is any natural or legal person, or partnership with legal capacity, who enters into a legal transaction in the course of their trade, business or self-employed professional activity.

1. Scope of Application

1. These GTC, in the version valid at the time of price fixing, shall apply to all contracts for the sale of precious metals by customers to companies of the GVS Group which are concluded either at a distance, in particular through GVS-operated online shops or other means of distance communication, or on the premises of a GVS branch.

2. Any terms and conditions of the customer that deviate from or supplement these GTC shall apply only if GVS has expressly agreed to their applicability.

3. Special provisions may additionally apply for country-specific circumstances, such as mandatory consumer-protection provisions for consumers or anti-money laundering rules of other countries, supplementing these GTC.

4. These GTC shall not apply to registered wholesale partners or to transactions concluded on the basis of separate wholesale GTC, framework agreements or individual agreements. In such cases, the separately agreed terms and conditions shall take precedence over these GTC.

2. Sales Process and Price Fixing

2.1 Entry of Data in the Web Shop

The customer may select precious metals for sale to GVS in the web shop at any time and provide the necessary details, in particular the type, quantity, weight, fineness, condition and any available documents or certificates. The purchase prices displayed in the web shop are based on financial and commodity markets, are calculated automatically using current market data and are updated regularly.

2.2 Price Fixing and Main Obligations of Both Parties

1. By clicking the “Sell Now” button, the customer makes a binding declaration that they wish to sell the specified precious metals to GVS at the price displayed in the web shop (“price fixing”). The price at the time of price fixing shall be decisive, even if market prices subsequently change.

Upon price fixing, the following main obligations arise:

• The customer shall be obliged to sell the declared precious metals at the fixed price and to properly deliver the relevant items to GVS within the shipping deadline.
• The customer shall be obliged to cooperate in the identification and verification of origin process and to provide the documents and information required for this purpose fully, truthfully and in a timely manner.
• GVS shall be obliged to purchase the declared precious metals at the fixed price, provided that the shipping deadline is observed, the inspection of the goods, in particular with regard to authenticity, weight, fineness and condition, does not reveal any material discrepancy from the customer’s information, and the legally required compliance and anti-money laundering checks, including identification and verification of origin, are completed successfully and in a verifiable manner.

2. If one or more of the requirements set out in Clause 2.2(1) are not met, in particular in the event of material discrepancies between the customer’s information and the inspection of the goods, or if compliance and anti-money laundering checks cannot be completed successfully, GVS shall be entitled to adjust the purchase price in accordance with the actual characteristics determined for the goods, reject the purchase or withdraw from the contract. If GVS incurs financial disadvantages due to breaches of duty by the customer or unmet requirements, such as price losses or charges, GVS may charge these to the customer insofar as the customer is at fault.

2.3 Confirmation and Information on Shipping/Collection

After price fixing, the customer shall receive a confirmation email containing the material sales data and the further processing steps. This confirmation documents the price fixing and provides information on the next steps, namely shipping by the customer or collection by GVS; however, it does not replace the still-required inspection of the goods and verification of the customer’s information. At this stage, GVS may request additional documentation for identity verification or verification of origin.

3. Handover of the Goods

3.1 Shipping and Handover Options

1. The customer may:

• send the precious metals to GVS themselves, for example through an insured shipping provider offering shipment tracking;
• personally hand over the precious metals at a receiving point specified by GVS; or
• arrange collection through GVS’s collection service or a high-value transport service arranged by GVS.

2. The customer shall be obliged to package the goods carefully and securely for transport and to choose a suitable method of shipment that provides sufficient insurance cover and shipment tracking. GVS expressly recommends shipment through insured high-value transport services or appropriately insured shipping providers, as well as use of the GVS collection service.

3.2 Shipping Deadline and Consequences of Non-Compliance

1. Following price fixing, the customer must generally send the sold precious metals to GVS, or hand them over to a shipping provider, within one business day. If collection of the goods is arranged by GVS, the customer shall ensure that the sold precious metals can be properly handed over to the commissioned collector on the agreed collection date. If shipment or handover within this period cannot be demonstrated, GVS shall be entitled to cancel the price fixing, recalculate the sale at current prices or reject the purchase. Any resulting disadvantages, in particular price losses and charges, may be charged to the customer insofar as the customer is at fault.

2. Unless shipment is expressly arranged by GVS, the customer shall bear the risk of loss or damage to the shipment during transport and, in the event of a dispute, must prove receipt of the shipment by GVS, for example by means of tracking information or a receipt confirmation from the transport service provider.

3. Shipments that do not comply with the requirements in the web shop or these GTC shall be made at the sender’s risk and expense. GVS may treat such shipments as a general offer to sell, which GVS may accept or reject after inspecting the items. In this case, GVS shall not be required to honour any prior price fixing.

3.3 Over-the-Counter Transaction at a Branch

Customers also have the option of entering into an over-the-counter transaction at a GVS branch. In an over-the-counter transaction, price fixing, inspection of the goods, compliance checks and payment take place simultaneously at the same location. The purchase price shall be determined by the price applicable at the time the transaction is completed. All contractual obligations shall be fulfilled upon completion of the over-the-counter transaction.

4. Inspection of Goods and Compliance Checks

4.1 Inspection of Precious Metals

1. GVS shall promptly inspect precious metals sent or handed over to it for authenticity, weight, fineness and condition. Standard testing methods shall be used, including visual inspection, magnetic testing, density testing and touchstone testing using testing acid. More extensive examinations may be necessary in individual cases.

2. Such testing may leave minor marks or changes on the surface of the goods. The customer agrees to the professional performance of the tests necessary for the valuation. Minor testing marks which are necessary and unavoidable when the inspection is professionally carried out, in particular on areas of the goods that are not visible or are only visible to a limited extent, shall not be deemed damage to the goods.

If a clear assessment is not possible using standard methods, GVS may carry out further examinations or reject the purchase.

3. If, during the inspection, GVS identifies material discrepancies from the customer’s information, for example regarding authenticity, weight, fineness or condition, GVS shall be entitled in accordance with Clause 2.2(2) to adjust the purchase price, reject the purchase in whole or in part, or request additional evidence.

4.2 Information Regarding the Goods, Origin and Title

1. The customer shall be obliged to provide all information regarding the goods fully and truthfully, in particular concerning their type, weight, fineness, condition and available certificates or documents. Upon price fixing, the customer warrants that the precious metals are of lawful origin, do not originate from a criminal offence and are free from third-party rights. At GVS’s request, the customer must provide suitable evidence of the origin of the precious metals, such as previous invoices, proof of inheritance or confirmations of gifts.

2. Until the purchase has been fully processed and payment has been made, the customer shall remain the owner of the precious metals. Title shall pass to GVS once GVS has initiated payment of the purchase price. If third parties assert claims after completion of the sale, or if it becomes apparent that the customer’s warranties, for example regarding lawful origin or the absence of third-party rights, are incorrect, the customer shall indemnify and hold GVS harmless in full, insofar as the customer is at fault.

4.3 Compliance, Anti-Money Laundering and Identity Checks

1. Before completion of the sale, GVS shall carry out a legally required and internal company KYC check.

2. The sale may be completed only once GVS has successfully carried out these checks and classified the customer as “compliant”. As long as such confirmation has not been issued, or if documents are incomplete, contradictory or implausible, GVS may reject the transaction at any time or request additional documents. If insufficient or late-submitted documents result in rejection or delay and GVS thereby incurs demonstrable disadvantages, such as price losses or charges, GVS may charge these to the customer insofar as the customer is at fault.

3. The customer may also hand over items to GVS without prior price fixing and thereby initiate the KYC check. In this case, because no price has been fixed, the KYC check shall not result in any potential costs for the customer.

5. Exclusion of the Right of Withdrawal and Price Errors

5.1 No Right of Withdrawal for Precious Metals

1. In the case of sales of precious metals by the customer to GVS, consumers generally have no statutory right of withdrawal or cancellation where the purchase price depends on fluctuations in financial markets over which GVS has no control and which may occur within the withdrawal period. In Austria, this follows in particular from Section 18(1)(2) of the Austrian Distance and Off-Premises Contracts Act (FAGG); in Germany, from Section 312g(2) no. 8 of the German Civil Code (BGB). Corresponding statutory exemptions apply in other Member States of the European Union. For contracts with a Swiss GVS company concluded via the internet or other means of distance communication, there is generally no general statutory right of withdrawal or cancellation. For contracts with customers outside the European Union and Switzerland, in particular in Singapore or the United Arab Emirates, the existence of statutory withdrawal or cancellation rights shall be governed by the mandatory provisions of the law applicable in the individual case. Mandatory statutory provisions in the individual case shall remain unaffected. Business customers shall have no contractual right of withdrawal or cancellation after price fixing.

2. Once price fixing has occurred, the sale is therefore generally binding. Withdrawal, cancellation or revocation by the customer after price fixing is excluded unless mandatory statutory provisions provide otherwise in the individual case. The customer is expressly informed in the web shop and in these GTC that, following price fixing, they have no statutory right of withdrawal or cancellation unless mandatory statutory provisions provide otherwise in the individual case.

5.2 Technical Disruptions and Obvious Pricing Errors

1. Purchase prices are calculated automatically using current market data and displayed in the web shop. Technical disruptions, transmission errors or obvious mistakes may result in incorrect prices being displayed.

2. If a displayed price differs obviously and materially from the usual market price, GVS shall be entitled to correct or cancel any price fixing based on that price. In such case, GVS may reject the purchase or submit a new offer to the customer on the terms actually applicable. If the customer does not accept the corrected offer, the sale shall be reversed and GVS shall return the goods to the customer, unless statutory reasons prevent their return. Further claims shall exist only if GVS acted intentionally or with gross negligence.

6. Payment

1. After all checks have been completed, including checks of the goods, origin and compliance, and after final settlement, GVS shall inform the customer of the amount to be paid out. Payment shall generally be made by bank transfer to the account specified by the customer no later than three business days after completion of all checks. Other methods of payment may be agreed in individual cases.

2. Any bank charges, in particular for international transfers, may be deducted from the payment amount unless agreed otherwise. Before making payment, GVS may carry out an additional identity check, particularly in the case of higher amounts or irregularities within the meaning of anti-money laundering regulations.

7. Data Protection

1. GVS shall process the customer’s personal data solely in accordance with statutory provisions and the privacy policy available in the web shop. The data shall be used in particular to process the sale, carry out legally required identity and compliance checks, and fulfil statutory retention obligations.

2. Data shall be disclosed only to third parties required for processing the sale or fulfilling statutory obligations, such as banks, transport and logistics service providers, affiliated companies of the GVS Group and public authorities. GVS shall take appropriate technical and organisational measures to protect personal data against loss, misuse or unauthorised access.

3. Details of data processing, including purposes, legal bases, retention periods and customer rights, are set out in the privacy policy, which forms part of the contract.

8. Liability

1. GVS shall be liable for damages only in cases of intent and gross negligence. In cases of slight negligence, GVS shall be liable only for damages resulting from the breach of essential contractual obligations. In such case, liability shall be limited to the amount of damage typically foreseeable.

2. These limitations of liability shall not apply to personal injury, claims under the Product Liability Act or other cases of mandatory statutory liability. GVS shall not be liable for delays or impediments to performance resulting from force majeure or circumstances beyond GVS’s reasonable control, including natural events, strikes, governmental measures or system disruptions at banks, for as long as such events continue.

9. Final Provisions

1. For consumers, and subject to mandatory consumer-protection provisions, the law of the country in which the GVS company identified as the contractual partner has its registered office shall apply. Accordingly, if the GVS company identified as the contractual partner has its registered office in Austria, Germany or Switzerland, Austrian, German or Swiss law shall apply, respectively. For contracts with consumers in other Member States of the European Union, as well as outside the European Union and Switzerland, in particular in Singapore or the United Arab Emirates, the mandatory consumer-protection provisions of the law applicable in the individual case shall remain unaffected. The statutory rules on jurisdiction shall apply.
If the customer is a business customer, the law of the country in which the GVS company identified as the contractual partner has its registered office shall apply. To the extent legally permissible, the place of jurisdiction shall be the registered office of the GVS company identified as the contractual partner.

2. Should individual provisions of these GTC be or become invalid, the validity of the remaining provisions shall remain unaffected. The invalid provision shall be replaced by the applicable statutory provision. Amendments and supplements to the contract must be made in text form, such as by email, unless mandatory law requires a stricter form.