Terms and Conditions for selling bullion to The Perth Mint
Australian and international customers (Customer, “you”, “your”) can offer to sell bullion bars and coins to Gold Corporation (ABN 98 838 298 431) of 310 Hay Street, East Perth, WA, 6004, a statutory authority of the Government of Western Australia established under the Gold Corporation Act 1987, trading as “The Perth Mint” (The Perth Mint, “us”, “our”).
The Perth Mint is willing to consider offers of precious metals (gold, silver, platinum, palladium) bars, coins and medallions, coins from recognised Mints, London Bullion Market Association accredited and unaccredited gold and silver products of recognised refiners (Products).
The Perth Mint will accept offers either over-the-counter at The Perth Mint’s premises or by telephone, subject to these Terms and Conditions (Terms).
In these Terms, Business Day(s) means any day other than a weekend day or public holiday in the State of Western Australia.
1. Types of transactions
1.1 Over-the-counter transactions
Customers can present their Products at The Perth Mint Bullion Trading Room at 310 Hay Street, East Perth, during regular opening hours as published on The Perth Mint website.
1.2 Telephone transactions
- (a) Customers can telephone us to make an offer to sell their Products. We will only conduct telephone transactions during regular opening hours as published on The Perth Mint website.
- (b) For Products valued under AUD 100,000, a price is agreed and a contract entered into at the time of the call being made by the Customer. We must receive the Products within two (2) Business Days of the transaction date.
- (c) For Products valued at AUD 100,000 or over, only an estimated value will be provided by us and no contract shall be entered into until the Products are received by us, and verified for authenticity by weighing, measuring, metal analysis and snipping by us.
- (a) The price of the Product is dependent on the type sold by the Customer and the prevailing Perth Mint spot bid price, less a stated percentage as provided by us, at the time any contract is entered in to.
- (b) If a price is agreed between you and us, the price becomes fixed and binding upon both parties (“Fixed Price”).
- (c) In no circumstances will the parties be able to vary the Fixed Price or have it apply retrospectively to a point earlier in time or prospectively to a point later in time. The price must be agreed by us and you before the transaction can progress to completion.
3. Customer identification
All Customers must provide acceptable identification (ID) before a transaction with The Perth Mint can proceed in accordance with our obligations under the Anti-Money Laundering and Counter Terrorism Financing Act 2006 (Cth). We reserve the right to request ID from Customers prior to entering into any transaction in our absolute discretion.
3.1 Individuals: over-the-counter transactions
The Customer must provide a minimum of one (1) primary ID document which displays the Customer’s:
- (a) full name;
- (b) date of birth; and
- (c) current residential address.
3.2 Individuals: telephone transactions valued under AUD 2,000
The Customer must provide a copy of one (1) primary ID document which displays the Customer’s:
- (a) full name;
- (b) date of birth; and
- (c) current residential address;
The Customer’s photo must also be provided electronically via email or facsimile or sent with the bullion or prior to the contract.
3.3 Individuals: telephone transactions valued over AUD 2,000
The Customer must provide two (2) certified copies of primary ID documents which confirm the Customer’s:
- (a) full name;
- (b) date of birth;
- (c) current residential address, and
- (d) photo.
Certified copies of ID must be posted to:
The Perth Mint Shop
3.4 Other transactions
A full list of ID requirements for all individuals and other legal entities such as companies, superannuation funds, partnerships and trusts and the list of acceptable certification authorities can be found in the Schedule of ID requirements.
4. Contract completion and non-completion
4.1 Over-the-counter transactions
If the Customer and The Perth Mint agree a price during over-the-counter, the Customer will be given a receipt for the Products and the transaction is completed at that time.
4.2 Return of a signed contract
If the price is agreed by telephone, a contract is generated and sent to the Customer by email or other agreed means. The Customer must sign and return the contract within sixty (60) minutes. If the Customer fails to sign and return the contract within this time, or breaches any of these Terms or terms of the contract, clause 4.4 applies.
4.3 Contract completion guarantee
The Customer acknowledges and agrees that precious metals are traded internationally on a daily basis such that the underlying value of the Products the subject of the contract with The Perth Mint may change relative to the Fixed Price agreed at the time of Contract and that the Customer assumes this risk. Performance of the contract by the Customer is guaranteed by the Customer providing The Perth Mint with the Customer’s credit card payment details (Guarantee).
If the Customer breaches any of these Terms (Non-Completion), including any of the Customer’s obligations under the contract resulting in the cancellation of the transaction, the Customer will be liable to pay an administration fee of AUD 150 plus any actual losses incurred by The Perth Mint pursuant to the Non-Completion of the transaction, charged to the Customer’s credit card.
The Perth Mint is not authorised to charge the Customer any other amount for Non-Completion other than in accordance with this clause 4.4.
5. Shipping and insurance
5.1 Postage of Products and insurance.
- (a) The Customer must despatch the Products to The Perth Mint on the next Business Day following the day the contract is agreed, by either delivering the Products personally to The Perth Mint or via Australia Post Platinum Service (mandatory signature on delivery) or Express Post including the optional extra Signature Required or by other arrangements with The Perth Mint. The Customer agrees that parcels must not be despatched on a Friday, and must instead be despatched on the following Monday (or Tuesday in the event that Monday is a public holiday).
- (b) Should Customers wish to ship the Products to The Perth Mint with via an alternative method of shipment that is not approved by The Perth Mint, the entire risk and cost of the shipment (including but not limited to, any loss, damage, delayed delivery, mis-delivery, non-delivery) remains with the Customer for the Products.
- (c) Shipments should be clearly labelled with the following address details:
Note: The name ‘The Perth Mint’ must not be written in the address space as this will invalidate insurance cover.
- (d) Where the contract is valued under AUD 15,000 per parcel, the Customer may purchase optional insurance from The Perth Mint prior to shipment of the Products. Insurance is charged at 1% of the contract value and to be valid the Customer must provide a parcel tracking number. Insurance coverage of the Products is effective only if posted by using Australia Post Platinum Service or Express Post or by other arrangements with The Perth Mint.
- (e) Where the contract is valued over AUD 15,000 per parcel, it will not be insured when using Australia Post Platinum Service or Express Post and these Products will require an alternative method of shipment in order to be fully insured. The Customer must contact The Perth Mint to arrange a suitable freight method including insurance, if so required.
- (f) If the Customer chooses not to apply for insurance, the Customer is required to sign the Shipment Insurance Liability Waiver contained within the contract. Consequently, the entire risk of the shipment (including but not limited to, any loss, damage, delayed delivery, mis-delivery, non-delivery) remains with the customer for the Products.
- (g) The Perth Mint will not be liable for any delay in the delivery of the Customer’s Products to The Perth Mint. If the Customer fails to deliver the Products to The Perth Mint’s premises due to the Customer’s failure to despatch the Products, The Perth Mint reserves the right to cancel the transaction and recover any losses pursuant to clause 4.4. The Perth Mint will use all reasonable endeavours to contact the Customer before taking this action.
5.2 Receipt and verification of Products
- (a) For over-the-counter transactions, receipt and verification of the Products will take place at that time.
- (b) For telephone transactions, Products must be received pursuant to clause 2 and will be verified upon receipt.
6. Australian goods and services tax (GST)
- (a) The Perth Mint will only trade with the Customer on the basis of the purchase being of a private or domestic nature and thereby exempt from charging The Perth Mint GST.
- (b) A GST Declaration form must be completed and provided for all transactions other than those transactions concerning natural nuggets.
- (c) For transactions involving natural nuggets, customers must also complete a GST declaration form unless the Customer is registered for GST purposes and a valid ABN is provided to the Perth Mint.
- (a) The Perth Mint will only make payment of funds direct to the Customer or legal entity whose name appears on the contract.
- (b) If the Customer requests payment to a bank account outside Australia this will incur a surcharge of AUD 20 per transaction.
- (c) Any applicable fees, local taxes, and service charges associated with the Customer’s bank account for the transactions are borne by the Customer.
- (d) Payments of AUD 100,000 and under are made by The Perth Mint to the Customer’s nominated bank account on the next Business Day after receipt and verification of the Products.
- (e) Payments of AUD 100,000 and over will be transferred by The Perth Mint to the Customer’s nominated bank account on the second Business Day after receipt and verification of the Products.
- (f) All telephone transactions require the Customer to post a completed Perth Mint Transaction Form, as per below, with all bank details, including: bank name; bank branch; BSB; account name and account number.
- (g) The Perth Mint will not be held liable for delays in funds reaching the Customer’s bank account or the provision of incorrect bank account details.
- (h) The Perth Mint does not remit cash as payment to settle the Customer’s Contract.
8. Deliveries in Australia:
This clause is subject to the COVID-19 Delivery Updates published on our website.
8.1 Shipments for Products valued at under AUD 40,000
- (a) Shipments for Products valued at under AUD 40,000 are delivered by general carriers to most Australian addresses. Some remote locations may require collection from the nearest depot.
- (b) Photographic ID (passport or driver's license) and signature from the person receiving the parcel are required for all deliveries.
- (c) Only the customer or a person appointed by the customer at time of order will be able to receive the parcel.
- (d) The Perth Mint will notify customers via email when the order is dispatched, along with a website link and tracking number.
- (e) Delivery "normally" takes place within 1-3 days of dispatch, however may take longer. If the customer as shown on the documents or the person appointed by the customer is not available to receive the parcel, a courier card with contact details will be left for the customer to arrange a re-delivery or collection of the item within 7 days free of charge.
- (f) If not collected within this period, the items are returned to The Perth Mint and will incur return freight fees which are the customer's responsibility, including additional fees for re-delivery.
- (g) A signed acceptance of delivery by the customer or nominated representative will be deemed as completed delivery.
- (h) Any claim for non-delivery or lost bullion must be made within 3 working days of dispatch. The Perth Mint will not accept any claim for lost or missing bullion if the customer deviates from these standard delivery terms.
- (i) For delivery purposes, the packed weight of a bullion order is estimated as the unpacked weight plus 20% for packaging. No refunds if freight is lower than the estimated rate.
8.2 Shipments for Products valued at over AUD 40,000
- (a) Shipments for Products valued at over AUD 40,000 are quoted and arranged on a case-by-case basis. The Perth Mint customer service team will liaise with the customer to determine the requirements for each delivery and provide a specific quote and delivery details.
- (b) The carrier will contact the customer to arrange delivery.
- (c) Photographic ID (passport or driver's license) and signature from the person receiving the parcel are required for all deliveries. Only the customer or a person appointed by the customer at time of order will be permitted to receive the parcel.
- (d) Shipments under AUD 70,000 can be delivered to business and residential addresses.
- (e) Shipments over AUD 70,000 can only be delivered to verified business addresses or collected from carriers’ depots subject to prior approval.
- (f) If the customer appoints a representative to accept delivery on their behalf then the representative's full name and telephone number must be provided to The Perth Mint in writing in advance of the delivery date. Photographic ID and signature also applies to this person.
- (g) Carriers reserve the right to decline a delivery if the delivery address is deemed to be in a high risk area.
- (h) The customer must take delivery (or collect) their orders within 3 days of the first time of contact. If not, then customer storage fees will apply up to a maximum of 10 days after which the order is returned and additional customer fees will apply.
- (i) If a customer commits to a delivery or collection window and is not available at the agreed time, further customer fees will also apply.
10. Force Majeure
Under these Terms, Force Majeure means any act, event or cause that is beyond our reasonable control, including but not limited to: an act of God, act of any Governmental Agency, accident of navigation, war (whether declared or not), sabotage, riot, insurrection, civil commotion, national emergency (whether in fact or law), martial law, fire, lightning, flood, earthquake, landslide, storm or other severe weather conditions, explosion, power shortage, strikes, lock-outs or other industrial disturbance (whether or not involving employees of the party concerned), uncontrollable delays in transportation, inability to obtain any necessary equipment, facilities or qualified employees, epidemic, quarantine, radiation or radioactive contamination or the effect of any applicable law, orders, rules or regulations.
If we are unable, wholly or in part, to perform any of our obligations under these Terms as a result of Force Majeure, then:
- (a) we will give you prompt notice of the Force Majeure and, insofar as known to us, the probable extent to which we will be unable to perform, or be delayed in performing our obligations;
- (b) these obligations shall be suspended, but only so far and for so long as we are affected by the Force Majeure; and
- (c) we shall resume performance of our obligations under these Terms as soon as we are no longer affected by the Force Majeure.
11. Severability and jurisdiction
- (a) If any provision of these Terms becomes invalid by law, regulation or proceeding, all other provisions remain in full force and effect.
- (b) These Terms constitute the entire agreement between you and us with respect to the transaction contemplated in these Terms and supersedes and extinguishes all prior oral agreements and understandings between you and us with respect to the transaction.
- (c) These Terms are governed by the laws of the State of Western Australia and applicable laws of the Commonwealth of Australia and you and us submit to the non-exclusive jurisdiction of the courts of that State and courts which hear appeals in those courts.
12. Waivers and remedies cumulative
- (a) No failure to exercise and no delay in exercising any right power or remedy under these Terms shall operate as a waiver, nor shall any single or partial exercise of any right, power or remedy preclude any other or further exercise of that or any other right, power or remedy.
- (b) The rights, powers and remedies provided to us under these Terms are cumulative and are not exclusive of any rights, powers or remedies provided by law.
Last update 24 November, 2021