Terms & Conditions

1. Bidder Participation: Bidders agree to participate in Rapaport Auctions in accordance with these Terms and Conditions of Sale.

2. Bidder Qualification: All registration information provided to Rapaport shall be current, complete, and accurate. Bidders must be 18 years of age or older. Permission to bid is granted at the sole discretion of Rapaport and subject to approval by Rapaport. Bidders are eligible to bid subject to prior registration and acceptance as qualified bidders. Bids may only be made by registered and qualified bidders who have completed and executed the required forms and agreements, paid the required bid deposit and provided all relevant documentation. Failure to provide all information and documentation requested may lead to qualification as a bidder being refused. Bidder qualification for this and /or any other Rapaport auctions will remain valid until revoked by Rapaport at any time at its sole discretion. Bidders who are not members of the diamond and jewelery trade shall only be eligible to bid at the sole discretion of Rapaport and upon payment of a bidders` premium of 5% of the winning bid.

3. Bidding: All bids are in US dollars per carat. No bids will be accepted after the Auction Close deadline. Rapaport in its sole discretion reserves the right to limit viewing of the goods and refuse to accept bids from any party for any reason. In addition, Rapaport reserves the right to refuse to sell any particular lot if the highest bid received does not meet the reserve price at Auction Close. Bidders agree not to retract their bids. The highest Bidder is legally bound to purchase the lots awarded in accordance with his / her bid and these Terms and Conditions of Sale. Online bids will appear immediately on the auction website. Paper bids will be entered by Rapaport staff by the end of the day on which they are received. All paper bids must be received by Rapaport at least 5 hours before Auction Close to be considered. Paper bids may be made via Auction Bid Forms that may be emailed or hand delivered to designated Rapaport offices no later than 5 hours prior to Auction close. Rapport does not accept any liability for any failure to inadvertently execute any bids submitted via email or hand delivered to its designated Rapaport offices either timeously or at all. Rapaport offers to execute bids received via Auction Bid Forms by email or hand delivered to its designated offices purely as a convenience to Bidders and undertakes such service on a best efforts basis. Bidder acknowledges that Auction Bid Forms submitted on such basis are entered entirely at his/her own risk. Each lot will have a disclosed closing time (“Auction Close”). Bidding on each lot closes at its specified Auction Close or 60 seconds after the last online bid is received after Auction Close.

4. Binding Contract: Bidder understands that by submitting a bid for any particular lot under a Rapaport Auction he/she has entered into a binding contract to purchase a particular lot under these Auction Terms and Conditions of Sale and if such bid is successful, he /she will be obligated to pay the purchase price, which will be the sum of the winning bid plus the Bidders` premium (if any) and any other applicable local and state tax(es). These Auction Terms and Conditions of Sale shall continue until terminated by Rapaport, which it may do at any time, without notice at Rapaport’s sole discretion. The decision of Rapaport is final.

5. Total Bid Limit: Where applicable, Bidders will be allotted a Total Bid Limit (maximum value of concurrent leading bids) at Rapaport’s discretion. Bidder may apply for an increase in this limit at any time. Bidders may be required to deposit 10% of the Total Bid Limit (wire transfer, cashier’s check, certified fund or hold on credit card) to secure bidding privileges, waived at Rapaport’s option. Deposit will be returned to Bidders within three working days after auction close. Once Total Bid Limit has been reached, no additional bids from this Bidder will be accepted. Application of funds will be in the order of bids placed. Bidders that have established credit facilities with Rapaport may not have to post deposits.

6. Online Bidding : The following provisions will apply to Bidders participating in online bidding:

1. Online Bidders must complete an online registration form and provide a guarantee or bid deposit of 10% of the total amount they wish to bid (Bid Limit). To be fully registered for online bidding, Bidder must make payment of the required Deposit(s) as stated in these Auction Terms and Conditions of Sale. Once the Deposit(s) and all executed documents are received and approved, Rapaport will enable online bidding.

2. Online Bidders agree not to use any device, software or routine to interfere or attempt to interfere with the proper working of any transaction being conducted during the online auction.

3. The highest bidder(s) will be furnished an electronic acknowledgement at the conclusion of the bidding phase.

4. Rapaport reserves the right, for any reason, in its sole discretion, to terminate, change or suspend any aspect of the online auction.

5. If Bidder dissatisfaction occurs with the online auction in any way, Bidder’s only recourse is to immediately discontinue use of the online auction.

6. Rapaport reserves the right to terminate Bidder registration and use of the online auction, and impose limits on certain features of the online auction or restrict Bidder access to, or use of, part or the entire online auction without notice or penalty.

7. Rapaport cannot, and will not, be held responsible for any interruption in service, errors, and/or omissions, caused by any means, therefore Rapaport does not guarantee continual, uninterrupted or error free service as the website could be interfered with by means out of Rapaport`s control.

8. Bidder acknowledges that the online auction bidding phase is conducted electronically and relies on hardware and software that may malfunction without warning. Rapaport will not be responsible for error or failures to execute bids placed via the internet, including, without limitation, errors or failures caused by (i) a loss of connection on Rapaport`s or Bidder`s end (ii) a breakdown or problems with the online bidding software and /or (iii) a breakdown or problems with a Bidder`s internet connection, computer or system. Rapaport does not accept liability for failure to execute any online bid or for errors or omissions in connection therewith.

9. Rapaport may void any sale, temporarily suspend bidding and re-sell any goods that were affected by any malfunction.

10. Automatic maximum bidding is available. Automatic maximum bidding (MaxBids) allows Bidders to set the maximum amount they wish to bid for one or more lots. A Bidders` bid will be entered at the lowest possible price and then only increased if his/her bid is outbid. Bidding increments are standardized for all bidders. MaxBids can be made online or via specially formatted excel forms.

7. Confidentiality: The identity of all parties bidding for merchandise will not be disclosed to any third parties. Bidders agree not to disclose their bids to third parties or coordinate their bids with any other bidders or third parties.

8. Warranties and Guarantees: Rapaport guarantees that each lot matches its accompanying GIA laboratory grading report. Should the Bidder resubmit the diamond and its accompanying grading report for grading within 30 days of purchase and the color, clarity, cut or polish grades differ from the original grading verification report, the lot may be returned for a full refund. Any descriptions of merchandise made by Rapaport staff are merely general and not a guarantee of the nature, size or quality of the goods. Failure to examine the Lots shall not constitute cause for cancellation of sale.

9. Viewing: Viewing is by appointment only. Merchandise is offered for sale from international locations and lots may be offered for viewing in New York, Antwerp, Ramat Gan, or Mumbai. Not all lots may be available for inspection. Unless otherwise approved, viewing is limited to one (1) visit by two (2) representatives per bidder. All parties viewing merchandise will be required to register and have valid identification. Rapaport reserves the right to monitor viewing with video surveillance cameras, limit viewing to select pre-qualified parties, and reasonably restrict viewing. No party shall have any merchandise on their person or in their possession when entering, exiting or in the viewing rooms.

10. Taxes: All sales taxes are for the bidders account. Bidders may be requested to provide a copy of their Sales Tax Registration and Reseller certificate.

11. Notification and Invoicing: Rapaport will notify successful bidders via fax, telephone or email and issue an invoice no later than one business day after Auction Close. Bidders must provide names of contact persons and telephone and fax notification numbers where they can be reached on the days following the Auction Close.

12. Payment: Terms are Certified Bank Check or Bank Wire, Credit card or Cash, delivery ex Works the applicable Rapaport Office specified in relevant auction catalogue or shipping as instructed by the Bidder at Bidder’s expense and risk. Full payment must be made within three business days of notification of successful bid. No merchandise will be delivered to buyers unless Rapaport bank confirms full payment has been received. If payment is not made, Rapaport reserves the right to cancel the bid and/or sale and bidder forfeits the bid deposit. All sales are final and no returns are accepted after delivery under any circumstances. Bidders paying by credit card require prior approval and will be charged an additional 3% administration fee. No payments will under any circumstances be accepted from any third party not being a successful qualified Bidder. Bidders’ names and addresses to which the merchandise must be delivered may not be changed after date of sale.

13. Default: In the event a successful bidder defaults on purchase by not making payment on or before three business day after notification of successful bids, bidder will forfeit all rights to any merchandise, lose any bid deposit and be required to pay a 5% Bid Default penalty fee. In the event of default, Rapaport at its sole discretion reserves the right to cancel the sale, and/or take legal action against the defaulting buyer and/or offer the parcel to the second highest bidder who is under no obligation to accept the merchandise.

14. Dispute or Error: In the event of any dispute, error or any other reason deemed necessary by Rapaport, Rapaport in its sole discretion reserves the right to provide a full refund to bidder, withdraw any lot from auction and/or refuse any bid or cancel any sale. If Rapaport withdraws any lot or cancels any sale, the bidders agree to waive any claims and not to institute any legal action against Rapaport and/or against each other. Bidders agree that all decisions by Rapaport regarding any disputes in connection with this auction will be final and acceptable to bidders.

15. Insurance: All merchandise in the possession of Rapaport will be insured at all times up to 7 days after Auction close. There is no charge to buyer for this insurance.

16. Shipping Fees: If Buyer requests shipment of merchandise after auction and Rapaport agrees to make shipment, buyer shall pay in advance all shipping, insurance and reasonable handling fees for shipment ex Works the applicable Rapaport Office specified in relevant auction catalogue to Bidder's specified delivery location. Rapaport is not liable for goods once shipped.

17. Liability: By participating in the auction bidders and buyers hereby agree; a) Any and all claims by bidders or buyers against Rapaport or each other shall be limited to the return of any money paid by the bidder for the lot in question. b) Rapaport and all third parties shall not be liable to any bidder or buyer for any direct, secondary or incidental damages resulting from the withdrawal of any lot or refusal to accept any bid. Rapaport will have no obligation of any nature whatsoever to buyers/bidders other than to deliver the merchandise to successful buyers after all conditions, including full payment, have been met.

18. Delivery, Title and Ownership: Title and ownership of the merchandise will only pass to buyer after full unrestricted payment is received and confirmed in Rapaport's bank account. Within one working day after confirmed receipt of funds, Rapaport will deliver merchandise to buyers ex Works the applicable Rapaport Office specified in relevant auction catalogue. Buyers must take delivery of merchandise purchased within 7 days of Auction Close after which buyer will be charged reasonable insurance and storage fees.

19. Conflict of Interest: Rapaport will not bid on any parcel or lot offered for sale.

20. Conduct: All parties agree to conduct themselves in a business-like manner; to maintain the privacy and security of other bidders; to follow all instructions of Rapaport staff regarding the handling of merchandise and to respect and honor the strong traditions of honesty and integrity in the diamond industry.

21. Intent: Bidders confirm and agree that their participation in the auction is not connected in any way to terrorism, money laundering or any other illegal act. Bidders agree to comply with any Rapaport requests in connection with the USA Patriot Act, including provision of documents and full disclosure of relevant particulars. Rapaport act in compliance with the US Patriot Act and all other US laws.

22. Participation in Future Auctions: Bidders confirm and agree that these Auction Terms and Conditions shall be applicable and effective for Bidder’s participation in future Rapaport auctions and for all bids placed by said bidder in respect thereof. Bidder accepts and agrees to be bound by the terms of these Auction Terms and Conditions in respect of all subsequent bids in all such circumstances. In particular Bidder agrees to update Rapaport with changes to Bidder’s details and update the documentation provided Rapaport in connection with USA Patriot Act compliance, including provision of documents and full disclosure of relevant particulars for purposes thereof or as may be requested by Rapaport from time to time. These Terms and Conditions may change from time to time. The most recent Terms and Conditions will be available at www.rapaportauctions.com/Register.aspx and Bidder agrees that bidding in any Auction is subject to the most recent Auction Terms and Conditions.

23. Governing Law and Jurisdiction: These Auction Terms and Conditions, as well as Rapaport`s and Bidder’s rights and obligations hereunder, shall be governed and construed and enforced in accordance with the laws of the State of New York. By participating in the auction, whether present in person or by agent, bidding online or by other means, the buyer shall be deemed to have consented to the jurisdiction of the state courts of, and the federal courts, sitting in the State of New York. We, undersigned, hereby confirm that we accept and agree to the above Auction Terms and Conditions and agree to be bound to the terms thereof.