AUCTION WISE｜Jewelry goods

Auction Wise Jewelry Market terms and conditions of membership

Article 1 (Purpose)

These terms are intended to stipulate the requirements and practices for dealing in second hand goods at the jewelry market managed by the Benny Wise Company and encourage safe and stable trade as well as the eradication of counterfeit items.

Article 2 (Definitions)

We define the following terms, duties, and requirements.

（１）Auction House: ①Maintain an office and administer, manage and handle auction activities.
②Approve and accept sellers and buyers to participate the auction.
③Manage transactions under the Second Hand Goods Act.
（２）Seller: ①Must have the license “kobutsu kyokasho” (Second Hand Goods Dealer) issued by the public safety commission.
②Observe these terms and sell goods as instructed by the Auction House.
（３）Buyer: ①Must have the license “kobutsu kyokasho” (Second Hand Goods Dealer) issued by the public safety commission.
②Observe these terms and buy goods as instructed by Auction House.

Article 3 (Site)

Schedule and time table are stated as below. If it changes, we will notify prior to the market.

【Okachimachi site】: Name: Auction Wise Jewelry second hand goods market
Date : Every month Thursday (Once or twice a month)
Time: From 10:00. Lot inspection:10:00 Auction: 1:00−End.
Site : Tokyo, Taitoku, Ueno 3-20-10, Kinoshita Building 2F

Article 4 (Membership)

Members must be approved by Auction House through the procedure below.

（１）Submit an application form.
（２）Submit a copy of license "kobutsu kyokasho" (Second Hand Goods Dealer) issued by the public safety commission
（３）Pay ¥30,000 initial member fee.
（４）Submit other documents as required by the Auction House.

Article 5 (Participation fees)

Both Buyers and Sellers must pay a participation fee for each day they attend an auction for the amount below.

（１）Auction Wise Jewelry second hand goods market ¥3,000

Article 6 (Membership Cancellation)

Auction Wise Company may cancel any membership or deny any application with or without any notice under any of the following conditions:

（１）If the member has their license of “kobutsu kyokasho” revoked.
（２）If Auction House determines in it’s sole discretion that the member is inappropriate for the market.
（３）If the member has broken or violated any of the terms of membership.
（４）If the member decides to cancel their membership.
（５）If the member does not attend the auction for over one year after the membership registration is completed.

Article 7 (Responsibility of the Seller)

（１）Clarify the authenticity and defects of the goods.
（２）Adhere to the Auction House's instructions regarding the date and time for having your goods available for auction.
（３）After selling, review the auction sale statement prepared by the Auction House. If there are any discrepancies the Seller must notify the Auction House immediately on the day of the auction. If the seller is not present at the auction the Seller must notify the Auction House of any discrepancies within one week. The Auction House will not be responsible for any claims made after these deadlines.
（４）Preparation, packaging , and transportation of the sellers goods are the sole responsibility of the seller at all times, including after the auction has finished.If the Seller fails to properly handle their goods without reasonable excuse the Auction House reserves the right to dispose of the Seller’s goods. Any cost for disposal will be the responsibility of the Seller.

Article 8 (Responsibility of buyer)

（１）Clarify the authenticity and defects of the goods.
（２）After buying, review the auction sale statement prepared by the Auction House. If there are any discrepancies the Buyer must notify the Auction House immediately on the day of the auction. In exceptional circumstances Buyer must notify the Auction House of any discrepancies within one week. The Auction House will not be responsible for any claims made after these deadlines.
（３）Preparation, packaging , and transportation of the Buyer’s goods are the sole responsibility of the Buyer at all times, including after the auction has finished.If the Buyer fails to properly handle their goods without reasonable excuse the Auction House reserves the right to dispose of the Buyer’s goods. Any cost for disposal will be the responsibility of the Buyer.

Article 9 (Auction Operations)

Sellers and Buyers will be responsible for fees and costs as outlined below.

【Auction Wise Jewelry Market】

（１）Seller’s Premium
There is no seller premium. Auction house will credit 5 % of all sales to Seller.
（２）Buyer’s Premium
The Buyer premium is 10 % on all purchases. If the per lot buying price is more than ¥400,000 the buyer premium is 8 %.
These fee will be charged once buying and selling is completed.

Article 10 (Warranty of second hand goods)

（１）The Auction House allows buyers ample time for inspection of the goods to check the condition. Therefore, no warranty will be applicable for goods which have defects when purchased.
（２）Goods needing warranty (as a general rule, lighters and machinery only) guaranteed for 2 weeks from the day of purchase. After 2 weeks have passed, buyer can not make any claims. Prong set diamond markings and weights must be verified on site and are not eligible for any warranty whatsoever. Quality certificate is not eligible for warranty. (ソ) stands for Sorting, (本）stands for quality certificate.
（３）If there is any doubt about the authenticity of any goods purchased, the Buyer should negotiate with the Seller through the Auction House within one month after the day of the sale. After one month has passed the Buyer cannot make any claims. If the item is finalized as not authentic, the authentication fee is charged to Seller. If the item is finalized as authentic, the authentication fee is charged to Buyer.
（４）Any returned goods are considered property of the Seller, and all the responsibility and cost below will be charged to Seller.
①Shipping cost from buyer to secretariat
②Shipping cost from secretariat to seller
③The cost of transferring money to refund
④ Selling fee and rebate
（５）If the Buyer and Seller do not mutually agree on a settlement of a claim the Auction House will determine the settlement at the sole discretion of the Auction House. The Buyer and Seller will accept the decision of the Auction House to be final.

Article 11 (Goods management)

（１）The goods are considered property of the seller until auction. After goods are sold at auction they are considered property of the buyer.
（２）After both Seller and Buyer finish reviewing the goods and the statement of purchase or invoice, the Auction House's responsibility to care for and keep custody of the goods is concluded.
（３）Buyers need to wear gloves to see the goods.
（４）In case of any loss, damage or theft the party, Buyer or Seller, considered to have ownership of the property at that time takes the responsibility for any such loss. As an exception, if it is determined that the Auction House has made an obvious and grossly negligent error which caused a loss of property the Auction House may

Article 12 (Issues after sale)

Here are the cases which apply for the negotiations:

（１）Quality of the material is wrong such as Pt and K18WG. Grade is stated wrong such as Pt900 and Pt850.
（２）Diamond carat. Stated wrong amount of the carat more than 0.500ct per stone or more.(Eg. 0.600 and 0.599) Total weight of small diamond, per size is less than 0.03 carat are not this case.
（３）Merchandise is different from the quality certificate. Synthetics, imitations, treatment(laminating, dyeing, coloration, filling, coating) not stated on quality certificate.
（４）Gemstones not as described (Eg. Blue topaz stated as aquamarine.)
（５）Loose gem stone's sorting description is not matching / corresponding with quality certificate.
（６）Designer brand jewelries which are inappropriately modified or repaired by third party and not eligible for the designers repair. Purity for gold is not eligible for the negotiation.

Article 13 (method of payment)

（１）Payment in wire transfer or cash is the only accepted method of payment. If the Auction House do the wire transfer to Seller or Buyer, transaction fee will be charged. In case of buying on balance, the merchandise will be handed after the liquidation.
（２）The Auction House issues statements of selling and buying. As a general rule, the statement will not be reissued.
（３）Auction House will not be financially responsible or carry any debt for any transactions on behalf of Buyers or Sellers.
（４）If another method of payment is needed, a special contract needs to be arranged prior to the auction date.

Article 14 (Prohibited activity)

These are the prohibited activities as stated below

（１）Both seller and buyer must not complete any transaction initiated in the auction outside of the auction market.
（２）Both seller and buyer must not break the terms and conditions of membership.
（３）Must not violate the rights, damage the profits, or harm the reputation of the Auction House or it’s members.
（４）Must not falsify documents or misrepresent personal identity or information for registering.
（５）Must not assign, give or rent the eligibility for participation to third person.
（６）Must not share the eligibility for participation with third person.
（７）Must not communicate in any way any confidential information acquired while participating in the auction. For example, personal information or wholesale market values.

Article 15 (Personal information)

Auction House will not give any personal information about members without permission to third parties. However, Auction house can give the information without permission only in the cases below.

（１）If required under the law.
（２）If the Auction House needs to do so to protect it’s rights, profits or reputation.

Article 16 (supplementary terms)

（１）About auction attendance
①Members need to confirm attendance in advance via Website, e-mail or phone call.
②Auction House can refuse participation if the member did not confirm attendance in advance.
③Auction House may offer member a special attendance contract.
④Member needs to contact Auction House promptly if there is any change or alterations with regard to attendance.
（２）About consigned goods
①Participation fee must be paid by each consigning company.
②Seller will be responsible for bank transfer fees.
③Seller will be responsible for the shipping costs of returned items.
（３）About management of goods
①Seller must to numerically tag each item or lot.
②Buyer must double check the goods at the time of purchase to confirm the goods purchased. After the sale, the seller bears no responsibility except as specified in Article 10.

＜June 15, 2013＞

We host a Jewelry and precious metals auction monthly. A great way to get ineventory.