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PMRS Terms & Conditions

Our lawyer made us say it.

1. Forms. Each lot shall include a separate PMRS refining form that includes a complete description of the contents of the lot as well as weights, and clearly identifies services requested (i.e. stone removal). PMRS shall not be held responsible for any losses claimed in the event the required packing information has not been provided. All material shall be shipped in containers that are sufficiently secured to insure the integrity of the container when it arrives at PMRS. PMRS has no responsibility for packages that arrive in containers that are damaged or otherwise compromised. In the event a damaged container arrives at our facility, PMRS shall immediately notify customer for further direction as to how to proceed.

2. Weights. Each lot received by PMRS shall be weighed and compared to the weights described on the PMRS refining form. Any significant discrepancies shall be immediately reported to Customer to attempt to reach an agreement regarding the weight. In the event no such agreement is reached, PMRS reserves the right to return the material to Customer, at Customer’s sole expense. Significant discrepancies shall be defined at 1 ozt or greater for gold, platinum, or palladium, and 15 ozt or greater for silver.

3. Deleterious Materials. PMRS reserves the right to refuse transactions containing any of the following elements: As-Arsenic, Be-Beryllium, Bi-Bismuth, Cd-Cadmium, Hg-Mercury, Ni-Nickel, Pb-Lead, Sb-Antimony, Se-Selenium, Sn-Tin, Te- Tellurium. Customer must contact PMRS and receive approval, prior to shipping any material containing the aforementioned elements. Failure to do so may result in a hazardous material handling fee of up to $10,000.00 and/or return of the material to Customer at Customer’s expense.

4. Stone Removal. By transacting business with PMRS, Customer agrees and understands that there are inherent risks involved with removing precious gems and stones by the use of the Aqua Regia process. These include both damage and loss and Customer agrees to be subject to the limitation of liability set forth below in paragraph 11.

5. Locking in. All forward sales for material from Customer to PMRS shall be binding agreements subject to applicable law. In the event a Customers fails to tender material that has been locked-in within 5 business days after date the material was locked in, Customer shall be responsible for, and pay to PMRS the difference between the price locked in and any higher spot price posted on the 6th business day from the original lock in date.

6. Advances. If an advance is requested by Customer, and approved by PMRS, Customer shall be responsible for any deficit in Customer’s account resulting from an over-advance. PMRS may, at its sole discretion, charge up to $1.00 per $1,000.00 advanced, per day, with a minimum charge of $75.00.

7. Settlements. Customer shall be paid according to the agreed upon return rate for all metals contained in Customer’s lot, as determined by PMRS normal procedures and practices, which may include analysis my means of fire assay, icp, or xrf, depending on the nature of the material.

8. Price Fixing. All Customer lots shall be priced according to the 2nd London Fix Price posted on the next business day following receipt of the material by PMRS, unless otherwise agreed in advance. Customer understands that any pricing requests made for market pricing other than the 2nd London Fix may reflect a slight discount as determined by market conditions.

9. Complaint Procedure. Customer must notify PMRS in writing, via certified U.S. Mail, return receipt requested, or other such traceable delivery service within 5 business days of Customer’s receipt of settlement statement, assay report, or payment (whichever is sooner) of any dispute, claim, controversy, or other complaint arising out of the transaction. If such notice is improper or untimely, Customer agrees that it is forever barred from bringing any claims for damage, loss, or other relief pertaining to such dispute.

10. Patriot Act. Customer understands and agrees that PMRS reserves the right to refuse any business transactions determined to be not in complete compliance with all of the terms and conditions or the USA Patriot Act of 2001, and any amendments thereto. PMRS also reserves the right to refuse to conduct transactions with any customer who fails to provide the appropriate information, including, but not limited to, Business Owner information, source of material, or EIN as required by the USA Patriot Act, or any Customer who is not in compliance with same.

11. Limitations of Liability. By transacting business with PMRS, Customer agrees and understands that the maximum total liability of PMRS shall be limited to the lesser of the customer’s declared total value for shipping purposes, the actual amount paid by Customer for the material , or, with respect to precious stones/gems, $75.00 per karat weight of the stones/gems in question. As a condition precedent to conducting business with PMRS, Customer agrees that if Customer fails to comply with any of its obligations herein, Customer will indemnify and hold PMRS harmless from all injuries, costs, suits, expenses (including without limitation attorney’s fees and other costs of defenses), liabilities, fines, penalties, judgments, cost of settlement, losses and other damages that PMRS may incur as a result of such failure by Customer

12. Applicable Law. All terms and conditions, as well as all transactions conducted between Customer and PMRS shall be governed by, construed, and enforced in accordance with the laws of the State of Illinois, County of Cook, without regard to conflicts of law principals.

13. Pricing Data. All live metal pricing data is provided as a courtesy to Customers. PMRS assumes no responsiblity for accuracy of data, as it is provided by a third party. Prices shown are not to be contstrued in any manner as offers to buy or sell any metal at the exact price displayed, as rapid market fluxuations may affect intra-day price fixing.

14. Enforcability. If any provisions in these Terms are found by a court of competent jurisdiction to be wholly or partially invalid, the remaining provisions shall nonetheless be valid and enforceable.