Sale Terms and Important Information

Hatton Garden Diamond Auctions Limited (Company No. 16264054) — Terms and Conditions of Sale

Effective Date: 25 September 2025

1. Interpretation and Introduction

1.1 These Terms and Conditions (the “Terms”) govern all auctions conducted by Hatton Garden Diamond Auctions Limited (the “Auctioneer”, “HGDA”, “we”, “us”, or “our”). By registering to bid, bidding, or otherwise participating in any auction, each bidder (the “Bidder”) agrees to be bound by these Terms in their entirety.

1.2 HGDA acts in most cases as agent for the seller of the goods (the “Seller”). The contract of sale is formed directly between the Seller and the successful bidder (the “Buyer”) at the fall of the hammer (or the electronic equivalent in an online auction). In certain cases HGDA may act as principal, and this will be expressly disclosed.

1.3 These Terms are drafted in accordance with and shall be construed in accordance with the laws of England and Wales, including without limitation the Consumer Rights Act 2015, the Consumer Contracts (Information, Cancellation and Additional Charges) Regulations 2013, and the Digital Markets, Competition and Consumers Act 2024, as well as the rules and requirements of the online platforms the-saleroom.com, i-bidder.com, and bidspotter.co.uk (together, the “Platforms”).

2. Registration and Eligibility

2.1 Only persons aged eighteen (18) years or over with legal capacity to contract may register to bid.

2.2 Registration is conditional upon completion of identity verification and compliance with anti-money laundering obligations. HGDA reserves an absolute discretion to refuse or withdraw registration without giving reasons.

2.3 HGDA may in its discretion require a deposit, bank reference, or payment card pre-authorisation prior to activating bidding facilities.

3. Description of Lots

3.1 Each lot is described in good faith on the basis of information provided by the Seller together with our own observations. Where available, third-party gemmological reports (for example GIA, IGI, EDR) shall form part of the description.

3.2 References to carat weight, colour, clarity, cut or other grading characteristics are statements of professional opinion and not warranties. Images are for guidance only, may be digitally enhanced, and are not necessarily to scale.

3.3 Metals are described in accordance with hallmarking legislation. Where items fall below the statutory weight threshold for hallmarking or are unhallmarked, this will be made clear.

3.4 Save as expressly provided by statute, all lots are sold as seen. Bidders are strongly advised to attend viewings (by prior appointment) or to request a written condition report not less than 48 hours before the auction closes.

4. Bidding

4.1 Each bid submitted constitutes an irrevocable and binding offer to purchase the lot in question at the price bid.

4.2 The Buyer shall be the person whose bid is accepted by the Auctioneer at the close of the auction. The Auctioneer’s determination of the winning bid shall be conclusive.

4.3 The Auctioneer may bid on behalf of the Seller up to but not exceeding the reserve price (if any). Save as lawfully announced, seller bidding above the reserve is strictly prohibited.

4.4 The Auctioneer may refuse any bid, suspend any bidder, or withdraw any lot without liability.

5. Buyer’s Premium, Charges and Taxes

5.1 The Buyer shall pay:

• the hammer price of the lot (the “Hammer Price”);
• a buyer’s premium of 20% plus VAT (24% in total);
• any platform surcharges as notified on the relevant Platform;
• any applicable VAT, duties, or other taxes specified in the lot description.

5.2 All unavoidable charges are disclosed in advance in compliance with consumer protection law.

6. Invoicing and Payment

6.1 Invoices shall be issued promptly after the conclusion of the auction.

6.2 Payment must be received in cleared funds within forty-eight (48) hours of the invoice.

6.3 Payment shall be made exclusively by electronic bank transfer to:

• Account Name: Hatton Garden Diamond Auctions Limited
• Bank: Barclays PLC
• Account Number: 23239748
• Sort Code: 20-41-50
• IBAN: GB32BUKB20415023239748
• SWIFT: BUKBGB22

6.4 Title in any lot shall not pass to the Buyer until HGDA has received full payment of the Hammer Price together with all buyer’s premium, taxes and other applicable sums in cleared funds. Risk in the lot shall pass on collection or delivery, whichever occurs first.

7. Collection and Delivery

7.1 Lots must be collected within five (5) working days of the date of the invoice, strictly by appointment.

7.2 The collection and all correspondence address for HGDA is:
12 Hatton Garden, London, EC1N 8AN.

7.3 Failure to collect within the period specified shall give rise to:

• a late administration charge of £75 plus VAT; and
• storage charges of £50 plus VAT per lot, per day thereafter.

7.4 Delivery within the United Kingdom may be arranged at the Buyer’s request and expense. International Buyers are solely responsible for shipping, insurance, customs clearance, duties and compliance with export/import restrictions.

8. Default by Buyer

8.1 In the event of default, including without limitation non-payment or late payment, HGDA shall be entitled (without prejudice to any other remedy) to:

• charge a late administration fee of £75 plus VAT;
• charge interest at the rate of 3% per day plus VAT on the outstanding balance;
• apply storage charges in accordance with clause 7;
• cancel the sale and re-offer the lot, the Buyer remaining liable for any deficiency;
• forfeit any deposit paid;
• suspend or terminate the Buyer’s account across HGDA and the Platforms; and
• commence legal proceedings for recovery of all sums due together with enforcement costs.

9. Consumer Rights, Refunds and Cancellations

9.1 Statutory rights are preserved. Where the Buyer is a consumer, the provisions of the Consumer Rights Act 2015 shall apply: goods must be as described, of satisfactory quality and fit for purpose.

9.2 Refunds or rescission are available strictly where required by law (for example, misdescription, statutory defect, or valid cancellation under the Consumer Contracts Regulations 2013 for online-only sales).

9.3 Refunds, cancellations or returns shall not be granted for reasons outside statutory entitlement. In particular, “change of mind”, “buyer’s remorse” or failure to view or inspect shall not be accepted.

9.4 The statutory cancellation right for certain online sales applies only after delivery and must be exercised within the statutory period.

9.5 In addition to statutory rights, HGDA permits a Buyer, at its absolute discretion, to cancel a winning bid or confirmed winning lot by paying:

• an administration charge of £75 plus VAT; and
• the Buyer’s Premium (20% plus VAT) calculated on the Hammer Price of the lot.

Such sums must be paid within five (5) working days of the auction close. Only upon receipt of cleared funds in full will the cancellation be effective. The Hammer Price itself shall not be payable in such circumstances.

10. Limitation of Liability

10.1 Nothing in these Terms excludes liability for death or personal injury caused by negligence, fraud, or any other liability which cannot lawfully be excluded.

10.2 Subject to statutory rights, HGDA’s liability to any Buyer shall not exceed the Hammer Price plus Buyer’s Premium actually paid for the lot.

10.3 HGDA shall not be liable for indirect or consequential loss, including loss of profit, whether arising in contract, tort or otherwise.

11. Call Recording, Communications and Marketing

11.1 Telephone calls and electronic communications (including but not limited to email, SMS, and messaging platforms) may be recorded and retained by HGDA for training, monitoring, evidential and legal purposes.

11.2 By registering with HGDA, Bidders consent to receive communications relating to their registration, bidding activity, invoicing and collections.

11.3 By providing contact details, Bidders consent to receive marketing communications (including by email and SMS) relating to forthcoming auctions and associated services. Bidders may opt out of marketing communications at any time by notifying HGDA in writing or using the unsubscribe functionality provided.

12. Governing Law and Jurisdiction

12.1 These Terms and any dispute arising out of or in connection with them (including non-contractual disputes) shall be governed by and construed in accordance with the law of England and Wales.

12.2 The courts of England and Wales shall have exclusive jurisdiction, save that a consumer domiciled in Scotland or Northern Ireland may bring proceedings in their local courts.

13. General

13.1 HGDA may amend these Terms from time to time. The Terms applicable at the time of bidding shall govern.

13.2 No delay or omission in exercising any right shall operate as a waiver of that right.

13.3 If any provision is held to be invalid or unenforceable, the remaining provisions shall continue in full force and effect.

Fee Schedule (Summary)

• Buyer’s Premium: 20% + VAT (24% total)
• Cancellation of winning bid/lot: £75 + VAT administration charge plus Buyer’s Premium (20% + VAT on Hammer Price)
• Late Payment Fee: £75 + VAT
• Interest: 3% + VAT per day
• Storage: £50 + VAT per lot, per day

By registering, bidding, or otherwise participating in an auction conducted by Hatton Garden Diamond Auctions Limited, the Bidder acknowledges and accepts these Terms in full. Refunds are only available where required by law. Cancellations of winning bids or lots are only permitted in accordance with clause 9.5.