The Fine Print

1. Privacy Policy

Effective Date: 2 June 2026

At Diamgold Online Auctions, we are committed to protecting your privacy in accordance with the Protection of Personal Information Act (POPIA), No. 4 of 2013 and the Electronic Communications and Transactions Act (ECTA), No. 25 of 2002.

Information We Collect & Process

  • FICA & Identity Verification: Full names, South African ID number or Passport number, physical address (Proof of Residence), and contact details to comply with the Financial Intelligence Centre Act (FICA).
  • Financial Data: Secure billing information processed strictly through our 100% secure payment gateway. We do not store full credit card details on our servers.
  • Transaction Data: Bidding history, IP addresses, and platform usage statistics.

Purpose of Processing

  • To facilitate legal, secure online auction bidding and fulfill purchase contracts.
  • To satisfy statutory obligations under FICA and South African tax laws (SARS).
  • To prevent fraud and secure the integrity of the bidding gateway.

Data Security & Sharing

  • Your information is secured using industry-standard encryption.
  • Data is only shared with third-party service providers (e.g., secure payment gateways, FICA verification agents, and couriers) necessary to execute transactions, or when required by South African law enforcement or regulatory authorities.

2. Terms of Service (ToS)

Effective Date: 2 June 2026

These Terms of Service are governed by the laws of the Republic of South Africa. By registering an account and placing a bid, you agree to these legally binding terms.

1. Registration and FICA Compliance

  • Users must be 18 years or older.
  • In accordance with the Financial Intelligence Centre Act (FICA), users may be required to submit a copy of their identity document and proof of residence before being approved to bid.

2. Legal Nature of Bids (Section 45 of the CPA)

  • All auctions comply with Section 45 of the Consumer Protection Act (CPA).
  • A bid represents a binding legal offer. Once a bid is placed, it cannot be withdrawn.
  • The closing of a lot (the digital “fall of the hammer”) constitutes a binding purchase contract between the highest bidder and the seller. Failure to pay constitutes a material breach of contract, making the buyer liable for legal costs and immediate account blacklisting.

3. Payment Gateway & Security

  • Invoices must be settled via our 100% secure payment gateway or direct EFT into our nominated South African banking account within the timeframe specified on the invoice.
  • Ownership of assets only transfers upon full clearance of funds into our bank account.

4. System Availability & Disclaimers

  • While we utilize secure, high-availability infrastructure, Diamgold Online Auctions is not liable for missed bids resulting from local internet connectivity failures, load-shedding disruptions, or external network latency.

3. Returns & Refund Policy

Effective Date: 2 June 2026

In South Africa, transaction rights differ strictly between retail purchases and public auctions. Under Section 20(5)(b) of the CPA, the statutory right to return goods does not automatically apply to goods bought on an auction. Therefore, returns are strictly regulated.

1. General Rule: “As-Is” (Voetstoots)

  • All auction lots are sold voetstoots (“as-is, where-is”) based on their description, accompanying laboratory grading certificates, and high-resolution imagery. Bidders are afforded the opportunity to digitally or physically inspect descriptions prior to bidding.

2. Authorized Returns and Cancellations

Returns or cancellations will only be entertained under the following limited conditions:

  • Material Misrepresentation: If the delivered item differs fundamentally from the laboratory certificate, grading report, or material specifications advertised.
  • ECTA Cooling-Off (Where Applicable): If a transaction falls strictly within an applicable electronic transaction cooling-off window under ECTA, excluding final auction sales.

3. 10% Handling, Item Verification and Restocking Charge

  • Any authorized return, transaction cancellation, or accepted cooling-off return is strictly subject to a 10% handling item verification and restocking charge calculated from the final transaction/hammer price.
  • In compliance with South African consumer guidelines, this fee constitutes a reasonable cancellation penalty to cover the administrative overhead of reversing an auction ledger, secure auditing of the physical asset upon return, and loss of opportunity to sell to the runner-up bidder.

4. Return Logistics

  • Return requests must be logged in writing within 7 days of receipt.
  • The buyer is entirely responsible for the costs and risks of shipping the item back via a fully insured, high-security courier.
  • No refund will be finalized until the item has been audited and verified to be in its exact original, unaltered condition, with all certificates and security seals intact.

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