Terms and conditions

1. Orders are a binding commitment to sale

Orders can be placed online through our website, at our in-store kiosks or in person at our Perth stores. When you place an order, the price of each item is locked at the live spot price at that moment and Perth Bullion hedges the metal in your order. Your order is therefore a binding commitment to buy at that price. We may decline or limit any order at our discretion, for example where stock is unavailable or an identity check cannot be completed.

2. Payment

• Payment is due within 48 hours of placing your order, by bank transfer (direct deposit or RTGS) in Australian dollars using your order number as the reference, or by cash at our stores. We do not accept card payments.
• We do not accept cheques, card payments of any kind, or payments from international bank accounts.
• Unpaid orders receive reminders on days 3, 6 and 9 after ordering. An order still unpaid on day 10 is cancelled automatically and the market loss policy applies.
• Stock is reserved for you when the order is placed and released back to sale if the order is cancelled.

3. Market loss policy

If an order is cancelled by you, or cancelled by us because it was not paid or identity verification was not completed, you are liable for:

• an administration fee of $50.00, and
• any fall in the spot value of the metal in your order between the time the order was placed and the time it was cancelled (ounces × (spot at order − spot at cancellation)).

No credit is given if the spot price rose. The market loss is calculated and recorded on every cancelled order. Where a deposit was paid it is not refunded and is applied against the market loss; losses can exceed the deposit. Repeated cancellations may result in our declining future orders. Amounts not settled may be referred for collection. Orders cancelled because identity verification was not completed within the hold period (section 5) are cancelled without a market loss charge.

4. Pricing

Website and kiosk prices follow the live spot market and are updated at least every 15 minutes. A price shown at an in-store kiosk or by our staff is held for 15 minutes and then refreshed. Obvious pricing errors (for example a feed failure showing a price far below metal value) may be corrected and the order cancelled with a full refund of any payment and no market loss charge.

5. Identity verification and AML/CTF

• All transactions, including sales, buybacks, storage and superannuation fund purchases, are subject to the customer identification requirements of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006.
• Any purchase that takes a customer's total for the calendar day (Perth time) to $5,000 or more requires identity verification before the order proceeds. Online, your stock is held for 24 hours while you verify; if verification is not completed in that time the order is cancelled and the stock released, with no market loss charge.
• Once verified you are not asked again until your identity document expires. Cash transactions of $10,000 or more are reported to AUSTRAC as required by law.
• We may refuse or reverse a transaction where identity cannot be verified or where we are required to by law.

6. Delivery and collection

Delivery is by Australia Post or Team Global Express, fully insured, with signature on delivery. Team Global Express cannot deliver to PO boxes, parcel lockers or post offices. Risk passes to you on delivery to the address you gave us. Click and collect orders are ready within 72 hours of payment at the store you chose; bring photo identification. See our delivery policy.

7. Storage

• Metal placed in storage is held as allocated stock in our vault, insured, free for the first 3 months from the date the paid order is stored.
• After the free period a combined annual storage fee applies across all stored metal: the higher of $49 or 2% of the spot value on the billing day, charged 12 months in advance on your storage anniversary (pro rata for orders whose free period ends after the anniversary).
• Storage fees must be paid before metal is released. No refund is made for storage not used after early withdrawal.
• Shipping of stored metal is charged at the current rate card and paid before dispatch. Collections are booked through your account and require photo identification.

8. Buybacks

We buy bullion in person at our stores and, by written request, from metal held in our storage. Metal sent to us from interstate travels at your risk and expense. The buyback value is set at the live market price once the weight and purity have been verified by test; rates may change without notice. Items that test under their stated weight or purity, or that are misshapen, defaced or clipped, are priced as scrap. We may vary or refuse any buyback at our discretion.

Buyback conditions

100% of spot applies to pure gold, silver and platinum bullion, up to 100 g of gold, 10 kg of silver or 100 g of platinum per person per day; above that we pay 98% of spot. Any single item over 50 g of gold or 1 kg of silver (for example a 100 oz bar) is 98%, and any platinum item over 1 oz is 96%. Gold items over 5 oz, silver items over 5 kg and platinum items over 100 g are priced individually on the day. Non-pure gold such as 22ct sovereigns is 95% of the pure gold content; non-pure silver such as pre-decimal coins is 90% of the pure silver content. We do not buy jewellery or scrap. Rates are set when we test and weigh your metal. Where our website or advertising says “100% of spot” or “full spot price”, it is subject to these conditions.

Payment is cash in store subject to cash on hand, or bank transfer processed within 24 hours, to an Australian account in your name. Cash is subject to availability and to the reporting thresholds in section 5.

9. Privacy

Personal information and transaction histories are handled under our privacy policy, including the collection of IP address and device details for fraud prevention and the retention of identity verification records for 7 years.

10. General

These terms are governed by the laws of Western Australia. Nothing in them excludes rights you have under the Australian Consumer Law. We may update these terms; the version on this page at the time you order applies to that order.

Perth Bullion Pty Ltd trading as Perth Bullion Exchange. ABN 70 669 876 242. 1800 880 991 · orders@perthbullion.com.au.