The Harrods Gold Bullion service is available at Harrods Bank Ltd located on the Lower Ground Floor of ther Knightsbridge store.
1. What bars do you sell?
Brand: Harrods gold bars and coins are exclusively supplied by PAMP (Produits Artistiques Métaux Précieux). Founded in Switzerland in 1977 PAMP is the world's leading independent refiner of precious metals and unquestionably the most prestigious. The PAMP seal on your gold bar is a mark of professional integrity recognised around the world.
Products are all subject to availability.
Credentials
- PAMP Bullion meets the recognized and accepted 'Good Delivery' compliance standards at the following international markets and institutions:
- London Bullion Market Association (LBMA)
- Swiss National Bank
- Dubai Gold & Commodities Exchange
- The Commodity Exchange, New York (COMEX)
- The Tokyo Commodity Exchange (TOCOM)
- London Platinum and Palladium Market (LPPM)
- PAMP is an Approved Deliverable Brand of the Chicago Board of Trade
- PAMP is distinguished as one of five 'Approved Good Delivery Referees' at the LBMA.
- The PAMP Assay Laboratory is certified with the ISO accreditation for general competency requirements (ISO / IEC '17025: 2005') as set by The International Organization for Standardization.
- Sizes: 1g, 2.5g, 5g, 10g, 20g, 1oz, 50g, 100g, 250g, 500g and 1000g (oz = troy ounces)
- Fineness: 999.9 parts per thousand fine gold
- Design: The bars do not bear a Harrods logo/seal. They are all PAMP Fortuna design. Please see examples on website/in-store.
- Serial numbers: Each bar is stamped with its own unique serial number
|
2. What coins do you sell?
| (UK) Sovereign |
8 g |
| (UK) Britannia |
1 oz |
| (South African) Krugerrand |
1 oz |
| (Canadian) Maple Leaf |
1 oz |
| (Chinese) Panda |
1 oz |
| (Austrian) Philharmonica |
1 oz |
| (USA) Eagle |
1 oz |
| (Australian) Nugget |
1 oz |
**Products are all subject to availability
3. How do I know my gold is genuine?
All bars are refined and supplied directly by PAMP. The PAMP Assay Laboratory is certified with the ISO accreditation for general competency requirements (ISO / IEC '17025: 2005') and meets the standards for 'good delivery' on all major international metals exchanges (see no. 4 above). Your gold is therefore always of the very highest quality. Coins are brand new, supplied through PAMP, and come directly from their respective national mints. Every bar is stamped with the metal quality and weight as well as a unique serial number registered with both PAMP and Harrods Gold Bullion. Small bars (up to 100g) are sold in sealed, PAMP certificated packaging.
SALES
4. What is the process to buy gold and how long does it take?
To avoid delays please make an appointment. For transactions you will be asked to provide certain documentation (detailed below) in person and sign a Terms & Conditions sheet. Cash and credit/debit card transactions can be executed immediately subject to documentation. If you wish to pay by bank transfer we require the funds to reflect in our account before we execute the sale. The time this takes is dependent on which bank you transfer funds from. Please contact us beforehand for a deposit reference and bank details. Gold items are usually available immediately but larger transactions may take longer to fulfil.
5. Do you require identification? What identification do you require?
|
£0 - £4,999
|
PAYMENT METHOD:
|
For all transactions we will record full name, date of birth, current address plus if appropriate UK address (where staying), telephone number and nationality. We may also perform routine electronic identity checks and may require further information to satisfy our customer due diligence.
|
|
|
Cash, Credit card, VISA Debit, Travellers Cheques and Wire Transfer
|
Proof of NAME ONLY
(one document from list below).
|
|
|
|
|
|
£5,000+ **
|
PAYMENT METHOD:
|
|
|
|
Cash, Credit card, VISA Debit, Travellers Cheques and Wire Transfer
|
Proof of NAME and proof of ADDRESS required
(one document from each list below).
|
| PROOF OF NAME |
PROOF OF ADDRESS |
|
(ONE of the following):
|
(ONE of the following):
|
|
Valid Passport
|
Recent Utility Bill (not printed off the internet)
|
|
Valid Photocard Driving Licence
|
Valid Photocard Driving Licence
|
|
National Identity Card
|
Current Bank or Credit Card Statement
(not printed off the internet)
|
|
Firearm Certificate
|
Hotel Key Card (for non-UK residents only)
|
|
Shotgun License
|
Recent entitlement to government-issued benefit, tax credit, pension or grant
|
** PLEASE NOTE:
- If your purchase exceeds £4,999 in one transaction OR you make mutliple purchases collectively exceeding £9,999 during the course of a year, you need to supply us with proof of name and address to comply with HM Revenue & Customs' (HMRC) legislation
- We will retain copies of all identification taken (irrespective of the transaction amount) which may be inspected by HMRC shoudl they wish to do so.
- Transactions totalling £10,000 or more may require up to 24 hours processing time for due diligence checking.
- Harrods Bank Limited reserves the right to decline transactions where we are unable to satisfy our customer due diligence.
6. Can I buy in any quantity? Is there a minimum or maximum spending limit?
There are currently no limitations on purchase orders.
Please note: All transactions under £5000 are subject to an additional processing fee of £20.
7. What are your prices? How can I get a quote?
HGB endeavours to price our coins and bars as competitively as possible. Prices fluctuate with the spot price of gold and other market factors. Every day we update our prices in-store to give a general indication to customers, however the final purchase price for each item is set at the time of executing the sale. Please contact us as gold@harrods.com, for a price indication.
Please note: All transactions under £5000 are subject to an additional processing fee of £20.
8. What are your trading hours?
In line with the gold market, business hours for gold transactions are weekdays; 10:00 to 17:00. We do not trade on weekends or on bank holidays.
9. Do you sell silver and platinum as well as gold?
Currently we only sell gold.
10. Do you sell collector's/rare coins?
No, we are not a numismatic business. The coins we sell are all for investment purposes, and therefore the purchase criteria should be based mostly on the intrinsic value of the gold content. However, at times certain coins we stock may be more scarce than others and therefore command a higher market premium.
11. Is it better to purchase coins or bars?
Coins are usually subject to higher premiums than bars, however these purchase premiums are not usually reflected in the sale price. This means that coins have a larger bid/offer spread than bars.
The premiums on larger bars are significantly lower than on smaller bars and therefore more cost effective to buy than coins or smaller bars. However, the coins and smaller bars provide more flexibility, allowing you to liquidate your gold holding in smaller increments.
The ultimate choice depends on your personal requirements, tax status and investment time horizon.
You should discuss the tax implications regarding your product choice with your own tax/financial advisor prior to making a purchase.
12. Which currencies and methods of payment do you accept?
We transact in Pounds Sterling (GBP) only. If you would like to pay cash in another currency or traveller's cheques, Harrods Bank will convert the equivalent of £5,000 for you at the Bank's customer buy rate, subject to internal foreign exchange rules. Harrods Bank account holders are not subject to the £5,000 restriction.
Acceptable payment methods are: bank/wire transfers, debit cards*, credit cards*, and cash. cash needs to be counted and verified. This may take longer for larger amounts.
*If you choose to pay by credit card an additional 2.5% fee will be levied. The maximum transaction amount we are able to to accept where payment is made by Debit or Credit card is £99,999.
Debit card is the most efficient form of payment for transactions up to £99,999. For transactions exceeding this value we can only accept bank/wire transfer. To facilitate this we will provide our beneficiary bank details and a cliuent reference number to you upon request.
Please note we DO NOT accept cheques (except traveller's cheques)
13. Can I buy gold in the name of a corporation, trust or pension?
No. Unfortunately, the legal compliance regulation for banks selling gold to entities other than private individuals is far too onerous. We suggest that you purchase in your personal capacity and then transfer to the legal entity yourself.
STORAGE/DELIVERY
14. How do I collect my gold? Do you deliver?
Collection is from Harrods Bank. Usually the gold is available at the time of purchase and you can choose to take it away with you. Alternatively you can arrange collection at a later date. Delivery can be arranged by Harrods Export Bureau through a specialised, secure and highly experienced courier service (Regency Shipping Ltd). We will introduce you to the relevant person in the department and they will arrange the delivery to your choice of destination. Delivery is an additional charegable service and the cost will depend on the destination and weight of gold. Please refer directly to Harrods Export Bureau for a full price quote. [Manager: Mike Harding: telephone number 0207 225 5647]
15. Does Harrods store gold? How do I arrange that?
Yes. Harrods Safe Deposit is a highly secure facility that has been in existence for 113 years. You can rent a safe box of variable size, a safe or an entire strong room. Prices start at approximately £230 per annum. You can store your property in the strictest confidentiality. For this reason Harrods Safe Deposits are subject to tight regulations by the Financial Services Authority (FSA). Harrods therefore has a separate application and identity checking process that takes 24 hours to complete. Your safe deposit must be set up before you can deposit your gold. This can only be done by you personally. [Manager: Ian Grewcock telephone number 0207 893 8271]
BUY-BACKS
16. Can I sell my gold back to you? Do you buy gold from the general public?
We DO NOT buy gold from the general public. Although under no obligation to do so, HGB customers have a right to resell to Harrods Bank subject to certain pre-conditions. HGB will offer to buy-back any gold purchased subject to current market prices and presentation of the original purchase invoice and valid identification. This is an exclusive service to HGB customers that applies only to gold purchased directly from Harrods Bank. i.e. This offer does not apply to:
- Any gold NOT purchased directly from Harrods Gold Bullion (Harrods Bank) through Harrods Bank, even if it is a PAMP bar or coin type that the Bank hold in stock.
- Any seller other than the person our records show as being the original purchaser stated on the original invoice.
17. What is the buy-back process?
Please consult the HGB manager. The summarised process (assuming the gold items and documentation are valid) is as follows: You will need to present us with your gold items together with relevant identification (as detailed on the Terms & Conditions) and your original purchase invoice. HGB will inspect these and give you a non-binding, indicative quote to buy-back the items. If you would like to proceed, you will be required to sign a Terms and Conditions sheet and HGB will then send the items to PAMP for authentication. Once authentication has taken place, HGB will contact you with a formal offer price based on the current market conditions. Should you choose to accept you will be sent an Acceptance Form. Once HGB receives the completed Acceptance Form from you we will deposit the funds into your bank account and send you a receipt.
18. What is your refund policy?
Due to the fact that the gold price fluctuates and that it is a financial asset we do not refund transactions.
19. I didn't buy my gold at Harrods. Where can I sell it?
HGB does not make any recommendations, however there are a number of reputable dealers in London that buy gold from the general public. You can contact the
British Numismatic Trade Association (BNTA) for a list of reputable buyers,
www.bnta.net.
OTHER CONSIDERATIONS
20. What is the VAT/tax regulation on gold?HGB does not charge VAT on the sale of gold coins or bars. The product is classed as "investment gold" and is therefore a VAT exempt transaction under the current HM Revenue & Customs (HMRC) regulations.
You should discuss the tax implications regarding your product choice with your own tax/financial advisor prior to making a purchase.
21. Do I get Rewards Points for gold purchases?
No. Harrods Bank does not offer Harrods Rewards points on any financial products, including gold.
22. Is gold a good investment? Where do you think the price will be in a years' time?
Harrods Bank is not authorised by the Financial Services Authority (FSA) to give investment advice regarding gold. We can only explain our products to you. We therefore encourage our clients to seek independent advice before transacting.
23. What are Harrods' credentials for selling gold?
Harrods Bank, has earned its sterling reputation providing private banking products and services to our top-level clientele for more than a century. Gold, as a financial asset, fits well within this ambit. In addition the Harrods group has world-class infrastructure and security geared to handling high value merchandise for elite clientele.
Key expertise within Harrods' management includes seasoned expertise in the international gold market, having worked with renowned gold and commodities experts, analysing and managing gold investments and even project managing the launch of an international gold mine.
24. Harrods is a department store. Will my personal details really be kept confidential?
We understand the importance of keeping your details with us completely confidential. Your information will only be used to process your HGB transaction*. We will not make your name, address, or transaction details known to anyone outside Harrods bank, including the Harrods group**, other than in the following four exceptional cases when we are allowed to do this by law:
- If we have to give the information by law
- If there is a duty to the public to make the information known
- If our interests mean we must give the information (for example, to prevent fraud or recover any money you owe us). However we will not use this as a reason for giving any information about you to anyone else, including the Harrods group for marketing purposes.
- If you ask us to make the information known, or if we have your permission.
* We rely on our supplier's, Produits Artistiques Métaux Précieux S.A (PAMP), software and systems to process all gold transactions, meaning that your data will be shared with and recorded by PAMP and by MKS Finance (PAMP's parent company), both of which are Swiss companies based outside the EEA. Data protection laws are in place in Switzerland and The European Commission considers that Switzerland has an adequate level of protection for personal information.
If you purchase gold using a credit or debit card, our use of the Harrods Group payment system necessitates that such personal data be shared within Harrods Group. Such data will be handled in accordance with the Harrods Limited data protection policy, which is available upon request.
The terms and consitions that we will ask you to sign confirm that you expressly consent to the use of your data as stipulated therein. Without your express consent, youyr gold transaction cannot proceed.
|
TERMS AND CONDITIONS
Harrods Gold Bullion
Harrods Gold Bullion is a service to sell and offer to buy-back gold bars and coins. This service is provided by HARRODS BANK LIMITED and is subject to the terms and conditions stated herein. Please note that HARRODS BANK LIMITED is separate from the Harrods Department store (Harrods limited).
Harrods Limited offers services which you may find useful whcih may complement your gold transaction with HARRODS BANK LIMITED: such as Harrods Safe Deposit and Harrods Export Bureau.
The transaction between you and HARRODS BANK LIMITED remains strictly confidential and your information will not be shared with other parts of the Harrods group except as strictly required to process your transaction (see paragraph 13. Privacy).
Terms and Conditions
The terms and conditions continued in this document are those under which HARRODS BANK LIMITED (we) will supply the gold bullion ordered by you (gold). Please read the terms and conditions carefully as they form the basis of our contract with you. You should retain a copy of these terms and conditions for future reference.
We are committed to providing quality services and high quality products.
1. Information about us
We are HARRODS BANK LIMITED (company number 00955491) of 87/135 Brompton Road, London SW1X 7XL, registered in England and regulated by the Financial Services Authority (FSA). We comply with the Consumer Credit Act 1974, the Data Protection Act 1998
2. Interpretation
2.1 In these conditions Contract means any contract between us and you for the sale and purchase of the gold, incorporating these conditions.
2.2 Words in the singular include the plural and in the plural include the singular.
2.3 A reference to one gender includes a reference to the other gender.
2.4 Condition headings do not affect the interpretation of these conditions.
3. Investment Advice
3.1 We will be pleased to provide you with information about the gold we sell, however we are not authorised by the Financial Services Authority to give you investment advice relating to investment gold or investment in precious metals.
3.2 The information that we provide to you shall not be construed as making any recommendation or providing any investment or other advice with respect to the purchase, sale or other disposition of investment gold including without limitation any advice to the effect that any transaction relating to gold is appropriate or suitable for you; the value of gold as an investment; or the future price of gold.
3.3 Before making any investment decision, you should seek advice from your financial, legal, tax and accounting advisers. You should carefully consider the risks associated with investing in investment gold taking into account your own individual financial needs and circumstances.
4. Your Status
By placing an order you warrant that:
(a) You are an individual (and not a corporation, unincorporated association, trust or pension scheme) and legally capable of entering into binding contracts; and
(b) You are at least 18 years old.
5. Supply
We reserve the right to carry out routine electronic identity checks to assist in satisfying our customer due diligence. We also reserve the right to refuse to supply any individual.
6. How the contract is formed between you and us
6.1 Each order that we receive from you constitutes an offer to buy gold from us. You shall ensure that the terms of your order and any applicable specification are complete and accurate.
6.2 No order placed by you shall be deemed to be accepted by us until we issue a written acknowledgement of your order to you (Order Confirmation).
6.3 The Contract shall be on these conditions to the exclusion of all other terms and conditions.
7. Description
7.1 The quantity and description of the gold shall be as set out in the Order Confirmation.
7.2 All samples, drawings, descriptive matter, specifications and advertising issued by us and any descriptions or illustrations contained in our catalogues or brochures are issued or published for the sole purpose of giving an approximate idea of the gold described in them. They shall not form part of the Contract and this is not a sale by sample.
8. Delivery
8.1 Unless otherwise agreed in writing by us, delivery of the gold shall take place at our place of business.
8.2 Subject to availability, the gold may be available for you to collect at the time we issue the Order Confirmation. In particular, there may be a delay in the availability for collection of orders of gold for values over £10,000.
8.3 If your order is not available when you receive your Order Confirmation, as soon as practicable, we will provide you with written notice of the date the gold shall be ready for collection by you (Collection Notice).
8.4 You are required to arrange collection of the gold within 14 days of the collection date stipulated in the Collection Notice.
8.5 Upon collection of the gold from us, you shall provide at your expense adequate and appropriate equipment, manual labour and security for collecting, loading and delivering the gold to your required destination.
8.6 You may wish to arrange delivery to your required destination through our specialised secure courier service offered by Harrods Export Bureau. We can provide you with details of such services upon request.
8.7 Delivery is an additional service and subject to the terms and conditions of your nominated courier. We accept no responsibility for the delivery of the gold to your required destination.
8.8 If for any reason you fail to arrange for collection of any of the gold in accordance with condition 8.4 above, we may store the gold until it is collected by you, or on your behalf, whereupon you shall be liable for all related costs and expenses (including, without limitation, storage and insurance).
9. Risk and title
9.1 The gold will be 'at your risk' from the time we issue you with the Collection Notice.
9.2 Ownership of the gold shall not pass to you until we have received:
(a) all sums due to us (in cash or cleared funds)in respect of payment of the gold ordered (at the price specified in the Order Confirmation); and
(b) sufficient identification and information to satisfy UK anti-money laundering regulations as set out in our separate Customer Due Diligence sheet.
10. Price and payment
10.1 The price of gold is liable to daily fluctuations, but changes will not affect orders for which we have already issued you with an Order Confirmation.
10.2 The total cost is due for payment in Pounds Sterling (GBP). No payment shall be deemed to have been received until we have received cleared sterling funds. Payment by debit or credit card cannot exceed £99,999.
10.3 All purchases under £5000 are subject to an additional £20 processing fee.
11. Buy back
11.1 If for any reason you wish to sell your gold, we will offer to buy back the gold you have bought through us in accordance with these terms and conditions.
11.2 We are willing to make an offer to buy back the gold (subject to any reasonable terms and conditions we may deem necessary) provided you supply us with:
a) the original or a true copy of your original Order Confirmation;
b) evidence of your identification in a form satisfactory to us to prove you are the person named on the original Order Confirmation;
c) evidence in a form satisfactory to us that the gold you are selling to us is the same gold we sold to you, either by way of reference to serial numbers, or other distinguishing marks or features; and
d) evidence that the gold you are selling to us is of the same fineness and purity as when we sold it to you.
11.3 You are under no obligation to accept the terms of our offer to buy back the gold from you.
11.4 If you choose to accept our offer to buy back the gold from you, you shall immediately surrender the gold to us to hold on your behalf until you receive payment of the agreed price stated in our offer. Ownership of such gold shall pass from you to us upon receipt by you of the full payment of the sums due from us for the gold.
12. Our liability
12.1 We warrant to you that any gold purchased from us is of satisfactory quality and fineness. Our liability for losses you suffer as a result of us breaching the Contract is strictly limited to the purchase price of the gold you purchased and we will not be responsible for indirect loss or consequential loss however arising and whether caused by tort (including negligence), breach of contract or otherwise.
12.2 This does not include or limit in any way our liability:
(a) For death or personal injury caused by our negligence;
(b) For fraud or fraudulent misrepresentation; or
(c) For any matter for which it would be illegal for us to exclude, or attempt to exclude, our liability.
13. Privacy
13.1 We keep the details you provide confidential and will use them to administer your order which may also include checking your details with any credit reference agency and to other persons for credit vetting, fraud prevention or debt collection purposes. From time to time we may keep you informed of information about other products and services that may be of interest to you.
13.2 Any personally identifiable data about you which we collect will be treated by us in accordance with our privacy policy, available upon request but for gold transactions the following conditions apply in addition:
a) We rely on our supplier’s, Produits Artistiques Métaux Précieux S.A. (PAMP), software and systems to process all gold transactions, meaning that your data will be shared with and recorded by PAMP and by MKS Finance (PAMP’s parent company), both of which are Swiss companies based outside the EEA. Data protection laws are in place in Switzerland and The European Commission considers that Switzerland has an adequate level of protection for personal information.
b) If you purchase gold using a credit or debit card, our use of the Harrods Group payment system necessitates that such personal data be shared within the Harrods Group. Such data will be handled in accordance with the Harrods Limited data protection policy, which is also available upon request.
c) If your purchase exceeds £4,999 in one transaction OR you make multiple purchases collectively exceeding £9,999 during the course of a year, you need to supply us with proof of name and address to comply with HM Revenue & Customs’ (HMRC) legislation. By law, we must retain copies of all identification taken which may be inspected by HMRC should they wish to do so.
You hereby expressly consent to the use of your data as stipulated in this paragraph 13. Without your express consent, your gold transaction cannot proceed.
14. Written communications
Should you have any queries regarding these terms and conditions, please contact our Customer Services Department at:
Telephoney Number: +44 (0)207 893 8201
Fax number: +44 (0)870 732 0123
Website: www.harrods.com/goldbullion
E-mail: gold@harrods.com
15. Notices
All notices given by you to us must be sent to 87/135 Brompton Road, London SW1X 7XL. We may give notice to you at either the e-mail or postal address you provide to us when placing an order. Notice will be deemed received and properly served 24 hours after an e-mail is sent, or two days after the date of posting of any letter, or if sent by fax on a working day prior to 4.00 pm, at the time of transmission and otherwise on the next working day. In proving the service of any notice, it will be sufficient to prove, in the case of a letter, that such letter was properly addressed, stamped and placed in the post, in the case of an e-mail or fax, that such e-mail was sent to the specified e-mail address or fax number of the addressee.
16. General
16.1 You may not assign the Contract or any part of it without our prior written consent.
16.2 We will have no liability to you under these terms if we are prevented from, or delayed in, performing our obligations under these terms by strikes, lock-outs or other industrial action, civil commotion, riot, invasion, terrorist attack or threat of terrorist attack, war (whether declared or not) or threat or preparation for war, fire, explosion, storm, flood, earthquake, subsidence, epidemic or other natural disaster, impossibility of the use of railways, shipping, aircraft, motor transport or other means of public or private transport, impossibility of the use of public or private telecommunications networks or the acts, decrees, legislation, regulations or restrictions of any government.
16.3 Failure or delay by us in enforcing or partially enforcing any provision of these terms shall not be construed as a waiver of our rights hereunder.
16.4 If any provision of these terms is found by any court of administrative body of a competent jurisdiction to be invalid, unenforceable or illegal, the other provisions shall remain in force.
16.5 These terms and conditions represent the entire agreement between us in relation to the subject matter of any Contract.
16.6 A person who is not a party to a Contract shall not have any rights under or in connection with it by virtue of the Contracts (Rights of Third Parties) Act 1999.
16.7 We have the right to revise and amend these terms and conditions from time to time.
16.8 The Contract will be governed by the laws of England and Wales. Any dispute arising from, or related to, these terms and conditions and/or the Contract shall be subject to the exclusive jurisdiction of the courts of England and Wales.
16.9 If you have a dispute that cannot be resolved through our internal complaints procedure, you will be entitled to make a complaint to the Financial Ombudsman Service (FOS), Contact details: Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR.