Rapaport Jewelry Collection – Trade Agreement

Buyer Terms and Conditions


1. Compliance Requirements. All transactions are subject to completion of compliance requirements which include government identification documentation. Client specific information is not shared with any third parties other than as legally required by government agencies.


2. Warranties. All merchandise is sold AS-IS. While Rapaport guarantees that products identified by grading reports or appraisal are the same as referred to by such documents, we do not guarantee the quality or accuracy of such reports appraisals or other documents. No guarantees or warrantees are made as to the quality, origin, physical characteristics, provenance, grading report, appraisal or other associated document accuracy. Descriptions of merchandise made by Rapaport staff are merely general and not a guarantee of the nature, size or quality of the goods. Buyer agrees not to hold Rapaport companies or staff liable or responsible for any description or information provided about any merchandise.


3. Buy Now and Offers. Permission to buy or make an offer is granted at the sole discretion of Rapaport (Rapaport Diamond Corporation or RDC) and subject to its approval. All offers are in total US dollars per lot. Rapaport at its sole discretion reserves the right to refuse or reject any offers from any party for any reason. Rapaport reserves the right to refuse to sell any lot if the highest offer received is deemed to be insufficient by Rapaport and/or the seller, at their sole discretion.


4. Taxes. All applicable taxes, duties and other related charges are the responsibility of the Buyer. Buyers must pay sales tax unless they are members of the jewelry trade who provide a Sales Tax Resale Certificate.


5. Notification and Invoicing. Rapaport will notify successful buyers via telephone or email and issue an invoice no later than one business day after offer accepted by Supplier. Buyers must provide names of contact persons, telephone numbers and email address where they can be reached.


6. Payment. Terms are Certified Bank Check, Bank Wire or ACH payment. Full payment, including bank fees, must be made within one business day following notification of successful purchase. No merchandise will be delivered to buyers unless Rapaport bank confirms full irrevocable payment has been received. If payment is not made, Rapaport reserves the right to cancel the offer and/or revoke the sale. All sales are final and returns are not accepted unless specifically indicated in writing at time of sale.


7. Default. In the event a successful buyer defaults on purchase by not making payment on or before three business days after notification of successful purchase, Buyer will forfeit all rights to any merchandise, and be required to pay a 10% 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 default buyer with legal fees charged to the buyer, and/or offer the lot to the second highest offer who is under no obligation to accept the merchandise.


8. Confidentiality. The identity of buyers and sellers are not disclosed to third parties unless permission is given.


9. Dispute or Error. In the event of any dispute, error, discrepancy or any other reason deemed sufficient by Rapaport, Rapaport at its sole discretion reserves the right to provide a full refund to buyer, withdraw any lot from sale, refuse any offer or cancel any sale. If Rapaport withdraws any lot or cancels any sale, the buyers agree to waive any claims and not to institute any legal action against Rapaport and/or against the seller. Buyers agree that all decisions by Rapaport regarding any disputes in connection with a sale will be final and accepted by buyers.


10. Insurance. All merchandise in the possession of Rapaport will be insured by Rapaport at no charge, for up to 7 days after sale. Once merchandise leaves the Rapaport office insurance is the responsibility of the buyer.


11. Shipping Fees. Terms of sale are cash, FOB Rapaport New York office. If Buyer requests shipment of merchandise and Rapaport agrees to make shipment, buyer shall pay in advance all shipping, insurance and handling fees for shipment. Rapaport is not liable for merchandise once they leave Rapaport office. Insurance to buyers destination is responsibility of buyers.


12. Liability. Buyers hereby agrees; a) Rapaport and any third parties shall not be liable to any buyer or seller for any direct, secondary or incidental damages resulting from the withdrawal of any lot or refusal to accept any offer. b) In the event of any dispute the liability of Rapaport and any sellers will be limited to the return of any money paid by the buyer for the lot after the lot is returned in the same condition as it was delivered to the buyer,


13. Delivery, Title and Ownership. Title and ownership of the merchandise will only pass to buyer after full unrestricted irrevocable payment is received and confirmed in Rapaport’s bank. Within two working days after confirmed receipt of funds, Rapaport will make delivery of merchandise available to buyers at the Rapaport New York office. Buyers must take delivery of merchandise purchased within 7 days of sale notification after which buyer will be charged reasonable insurance and storage fees. 


14. Intent. Buyers confirm and agree that their purchase is not connected in any way to terrorism, money laundering or any other illegal act. Buyers agree to provide Rapaport with any requests in connection with the USA Patriot Act, OFAC or other regulations, including provision of documents and full disclosure of relevant particulars.


15. Agreements. In the event of a conflict with any other agreements made between buyer and Rapaport, these terms and conditions shall prevail.