GENERAL TERMS AND CONDITIONS OF SALE – GFI GOLD
IDENTIFICATION OF THE PARTIES
These General Terms and Conditions of Sale (hereinafter referred to as the "GTC") govern the contractual relationship between the client or consumer (hereinafter referred to as the "Client") and GFI Luxembourg SA, duly registered with the Luxembourg Trade and Companies Register under registration number B281500, established and headquartered at 19-21, Rue des Bains, L-1212 Luxembourg, and validly represented by its directors, its Board of Directors, or any other competent governing body currently in office.
These GTC automatically apply to orders or services provided by GFI Luxembourg SA.
Article 1: Definitions and Interpretations
1.1. Unless otherwise stipulated in these General Terms and Conditions, terms starting with a capital letter are defined as follows:
- a. "Order": An instruction transmitted to GFI Luxembourg SA (hereinafter “GFI Luxembourg”) by the Client via the Website, telephone, email, or letter, concerning, without limitation, the purchase and/or sale of a Product.
- b. "Client": The natural or legal person placing an Order with GFI Luxembourg.
- c. "Consumer": A Client who qualifies as a consumer under Article L.010-1 of the Luxembourg Consumer Code.
- d. "Bank Account": The bank accounts of GFI Luxembourg as listed on the Website under the Contact section: https://gfigold.lu/en/content/13-contact-GFI-gold-forex-international.
- e. "Confirmation": The written confirmation (including, but not limited to, email) sent by GFI Luxembourg to the Client after placing an Order. This includes the key characteristics of the Order, such as the number, type, quantity, applied price, and total amount.
- f. "Contract": Refers to these General Terms and Conditions, the Order, Invoices, and Privacy Policy, collectively forming a contractual agreement that prevails over any other agreements between the Parties.
- g. "Company": Any organization, excluding public authorities, acting independently in an economic or professional activity, as defined in Article 1(a) of the Law of April 18, 2004.
- h. "GFI Luxembourg": Refers to GFI Luxembourg SA, headquartered at 19-21 Rue des Bains, L-1212 Luxembourg, registered under number B281500.
- i. "Good Delivery": Refers to LBMA-certified gold bars (London Bullion Market Association).
- j. "Premises": Refers to GFI Luxembourg's business premises as indicated in the Confirmation.
- k. "Website": Refers to the GFI Luxembourg website: http://www.gfigold.lu.
- l. "Product": Refers to any investment product in gold, metals, or precious metals with a fixed value.
- m. "Invoice": Refers to any invoice issued by GFI Luxembourg in relation to an Order.
- n. "Parties": Refers to GFI Luxembourg and the Client.
- o. "Privacy Policy": Refers to GFI Luxembourg's data protection policy available at: https://gfigold.lu/en/content/18-GDPR.
- p. "General Terms": Refers to these terms and their updates.
- q. "AMLCO": Refers to the Anti-Money Laundering Compliance Officer at GFI Luxembourg.
- r. "AML Act": Refers to the Law of November 12, 2004, on combating money laundering and terrorist financing, as amended.
Article 2: General Provisions
2.1. Any agreement or document conflicting with this Contract is void or unenforceable.
2.2. Placing an Order via telephone, the Website, or explicit communication constitutes full acceptance of the Contract.
2.3. The Client confirms being of legal age and having the required capacity to enter into agreements under their national law. The Client must inform GFI Luxembourg immediately in the event of loss of capacity.
2.4. GFI Luxembourg reserves the right to modify these terms at any time. Updates will be published online and notified to the Client.
2.5. The General Terms are accessible on the Website: https://gfigold.lu/en/content/2-Conditions-General.
Article 3: General Information on Purchasing and Selling Gold
3.1. Every transaction, whether for investment or speculative purposes, involves risk due to market fluctuations. The Client must be aware that no profit can be guaranteed.
3.2. The Client confirms having consulted experts, asked questions about Products, and informed themselves about relevant laws, regulations, and procedures before placing an Order.
3.3. Purchases and sales of Products may be subject to specific taxation based on the Client's country of residence. The Client is solely responsible for complying with tax obligations.
3.4. Each Party agrees to fulfill its legal, administrative, and fiscal obligations independently.
3.5. All Orders are placed under the Client's sole responsibility, and GFI Luxembourg is limited to executing the received Order.
Article 4: Pricing Terms for Transactions by Telephone or the Website
4.1. Prices depend on the market rate at the time of placing the Order. When an Order is placed by telephone, the rate is confirmed during the call. For Orders placed on the Website, the rate is confirmed upon clicking "Confirm/Execute my Order."
4.2. The prices displayed are for items in good condition, including international 24-carat bars certified as "Good Delivery" by the LBMA.
4.3. Prices are quoted in EUR. Sales of silver, platinum, and palladium are subject to VAT according to applicable regulations.
Article 5: Order Terms for Purchase/Sale
5.1. For any Order, GFI Luxembourg must identify the Client and receive their personal information (name, address, email, phone number, etc.). No Order will be processed without proper identification.
5.2. Once an Order is placed via telephone or the Website, the Contract becomes firm and binding. GFI Luxembourg executes the transaction on the market, and the Client is irrevocably bound by the Contract.
5.3. Following the placement of an Order, GFI Luxembourg sends a written Confirmation (e.g., email) containing essential details: Client name, Product type, quantity, price, and total amount.
5.4. Upon receipt of the Confirmation, the Client must complete all necessary steps for Order execution, including payment within the required timeframe.
5.5. The Client acknowledges that no right of withdrawal applies, as per Article L.222-9 (7) b) of the Luxembourg Consumer Code.
5.6. The Client confirms having reviewed anti-money laundering legislation and agrees to provide any required documentation if requested.
5.7. For purchasing Products, the Client must make the necessary bank transfer within 48 hours of the Confirmation. Cash payments are limited to a maximum of €9,500.
5.8. For sales (Products sold to GFI Luxembourg), the Client must deliver the Products within two business days of the Order. GFI Luxembourg limits cash payments to €5,000.
5.9. GFI Luxembourg may require a deposit or guarantee amounting to at least 10% of the Order value before acceptance.
5.10. For Consumers, late payment incurs interest at the applicable legal rate after a 14-day period following a formal notice.
5.11. For Companies, the applicable interest rate aligns with Luxembourg commercial law, with additional compensation for delayed payments.
5.12. Payments are applied to the oldest outstanding debt, including late payment interest and fees.
5.13. In the event of non-payment, GFI Luxembourg reserves the right to terminate the Contract and impose penalties or indemnities for incurred losses.
Article 6: Absence of Right of Withdrawal
6.1. Pursuant to Article L.222-9 (7) of the Luxembourg Consumer Code, the Client has no right of withdrawal due to the fluctuations in gold, precious metals, and currency markets.
Article 7: Taking Possession of the Order
7.1. GFI Luxembourg recommends that the Client collect the Products from its premises due to their high value.
7.2. The Client may opt for delivery to the address provided during the Order. Delivery is handled by a third-party service, and the Client must ensure presence at the specified address.
7.3. Any claims concerning the Products must be made in writing at the time of receipt.
7.4. Products can only be collected or delivered once full payment is made by the Client.
7.5. The Client must contact GFI Luxembourg before visiting the premises. Product availability is not guaranteed without prior appointment.
7.6. GFI Luxembourg may reschedule a collection appointment at its discretion, informing the Client of the new date.
Article 8: Invoice Signing
8.1. The Client must sign an Invoice upon collecting or receiving Products.
8.2. No Products will be released until the Client signs the Invoice.
8.3. The Client must verify the conformity of the Products (quantity, quality, weight) upon receipt and report any issues immediately.
8.4. The Client consents to receive electronic invoices, which are accessible in their online account.
Article 9: Sale by the Client
9.1. GFI Luxembourg reserves the right to accept or reject any sale Order from the Client.
9.2. Sales to GFI Luxembourg must be conducted exclusively at its premises.
9.3. The value of the Products depends on their quality, rarity (if applicable), weight, and the gold market price at the time of the Order.
9.4. The gold price is determined when the Order is placed, subject to Article 9.5. This price is stated in the Confirmation and/or Invoice.
9.5. If an appraisal is necessary, or if the gold price was not determined at the time of the Order for any reason, it will be confirmed by GFI Luxembourg during the appointment at its premises. An evaluation will be conducted to determine whether the Products meet the criteria for "Good Delivery" bars or "marketable" coins.
9.6. If the Products do not meet the quality standards mentioned in Article 9.5, their price will be adjusted accordingly by GFI Luxembourg.
9.7. GFI Luxembourg may conduct additional analyses of the Products if deemed necessary. These analyses will only be performed after obtaining the Client's consent regarding the methods to be used.
9.8. GFI Luxembourg may buy non-international gold bars (e.g., French or Belgian bars) from the Client but applies a discount on the quoted price to account for melting fees. If the Client does not specify the type of gold bar during a sale transaction by phone or email, GFI Luxembourg reserves the right to apply a default discount if the gold bars presented later are not LBMA-certified. Similarly, if the quality of coins or gold does not match the pre-determined standard, GFI Luxembourg reserves the right to adjust the price specified in the Order Confirmation.
Article 10: Personal Data
10.1. GFI Luxembourg places significant importance on personal data collected in the context of Orders.
10.2. The Client acknowledges having read GFI Luxembourg's "Privacy and Personal Data Policy," accessible at https://gfigold.lu/en/content/18-GDPR. Without limitation, GFI Luxembourg states that:
- GFI Luxembourg is the data controller under the GDPR;
- The legal basis for data processing includes the Contract and GFI Luxembourg's legal obligations;
- GFI Luxembourg may share personal data with subcontractors, provided such sharing is necessary for contract execution. Subcontractors are required to comply with the GDPR.
10.3. The Client has rights under the GDPR, including access, rectification, erasure, restriction, portability, and objection to data processing. These rights can be exercised via www.gfigold.lu.
10.4. The Client must provide their identity before any transaction involving gold, precious metals, or similar assets. All operations are nominative, and GFI Luxembourg reserves the right to request supporting documents.
10.5. GFI Luxembourg reserves the right to request additional documents to verify the source of funds, destination, or origin of Products involved in transactions.
Article 11: Liability
11.1. GFI Luxembourg does not provide advice or guarantees regarding the profitability of purchasing or selling Products (e.g., gold or precious metals). The choice to proceed is solely the Client's responsibility.
11.2. GFI Luxembourg is not liable for damages resulting from force majeure, including natural disasters, wars, strikes, or pandemics.
11.3. In exceptional circumstances, such as telecommunication failures, server interruptions, or cyberattacks, GFI Luxembourg cannot be held liable for direct or indirect damages.
11.4. For Companies, GFI Luxembourg is not liable for:
- Losses not caused by its fault;
- Commercial losses, such as loss of profits, goodwill, or contracts;
- Indirect or unforeseeable losses.
11.5. Data displayed on the Website is for informational purposes only.
11.6. GFI Luxembourg disclaims liability for discrepancies between quoted and actual prices applied to Orders.
11.7. GFI Luxembourg is not responsible for inaccuracies or omissions in information provided by the Client.
Article 12: Temporary Interruption
12.1. GFI Luxembourg reserves the right to temporarily close its Website for maintenance or in case of high traffic. No liability will be incurred for such interruptions.
Article 13: Anti-Money Laundering Laws
13.1. The Client agrees not to conduct operations through GFI Luxembourg that could constitute money laundering or terrorist financing.
13.2. The Client undertakes to comply with all applicable anti-money laundering regulations and to provide any documents necessary to verify the legality of their transactions.
13.3. For gold deposits or transactions exceeding internal thresholds set by the AMLCO, the Client must provide proof of the source of funds and assets.
13.4. When depositing gold or precious metals, the Client must provide evidence of the assets' origin. The Client is invited to consult GFI Safe's General Terms for further details.
Article 14: Contact
14.1. GFI Luxembourg can be contacted for any inquiries, rights exercises, or claims:
- By phone: +352 27.94.18.36
- By email: info@gfigold.lu
- By post: 19-21 Rue des Bains, L-1212 Luxembourg.
Article 15: Notifications
15.1. Notifications related to the Contract must be sent:
- By registered post with acknowledgment of receipt; or
- By email with acknowledgment of receipt.
15.2. Either Party may designate another address for notifications by providing prior written notice.
Article 16: Entire Agreement
16.1. This Contract supersedes and replaces all prior commitments or representations made by the Parties, whether verbal or written, relating to its subject matter.
16.2. This Contract constitutes the entire agreement between the Parties.
Article 17: Validity of Articles
17.1. Any provision of this Contract found to be in violation of mandatory legal or regulatory provisions will be deemed null and void, without affecting the validity of the remaining provisions.
17.2. In such cases, the Parties agree to replace the invalid provision with a new provision that reflects the original intent of the Parties as closely as possible while complying with the applicable legal framework.
Article 18: Waiver of Rights
18.1. The failure of either Party to enforce any provision of this Contract shall not constitute a waiver of that provision or any other provision of the Contract.
Article 19: Assignment/Transfer of Rights and Obligations
19.1. The Client agrees not to assign or transfer any of their rights and obligations under this Contract without the prior written consent of GFI Luxembourg.
19.2. Any assignment made in violation of this clause shall be unenforceable against GFI Luxembourg. Additionally, the Client may be held liable, and GFI Luxembourg reserves the right to terminate the Contract at the Client’s sole expense, demand the retrieval of any deposited goods, and claim compensation for damages caused by the Client's contractual breach.
Article 20: Confidentiality
20.1. Each Party agrees to maintain the confidentiality of all information shared before, during, and after the execution of the Contract. Furthermore, neither Party shall make statements that could harm the reputation of the other Party or its activities, products, services, management, or personnel.
20.2. Except as required by law, judicial authority, or competent administration, neither Party shall disclose confidential information or the existence, object, or content of this Contract to third parties without prior written consent from the other Party. If such disclosure is required by law, the disclosing Party shall notify the other Party in advance.
20.3. This confidentiality obligation also extends to employees and directors of both Parties.
20.4. The Parties shall remain bound by this confidentiality commitment for a period of ten (10) years following the end of the Contract.
Article 21: Governing Law and Jurisdiction
21.1. This Contract is governed exclusively by Luxembourg law.
21.2. Any dispute relating to the validity, interpretation, or execution of this Contract that cannot be resolved amicably within a reasonable timeframe shall fall under the exclusive jurisdiction of the District Court of Luxembourg.
21.3. Before initiating any legal proceedings, the Parties agree to participate in at least one mediation session, delegating a representative with decision-making authority. Mediation will be conducted by a mediator agreed upon by the Parties from the accredited mediators at the Centre for Civil and Commercial Mediation, located at the Cité Judiciaire, Bâtiment TL, Plateau du Saint-Esprit, L-2080 Luxembourg, and contactable at info@cmcc.lu. If no agreement on a mediator is reached, each Party shall appoint a mediator, and the two mediators will designate a third mediator to oversee the process.