Section 01
By engaging Welfinz Refinery DMCC (“Welfinz”, “we”, “us”) for any refining, assaying, minting, certification, bullion trading, vaulting, or related service, the counterparty (“Client”, “you”) accepts these Terms & Conditions in full. Where a master services agreement, statement of work, or purchase order has been executed between Welfinz and the Client, those documents prevail over these Terms in case of conflict.
Section 02
Welfinz provides: toll refining of gold, silver, and platinum-group metals from doré, scrap, and jewellery formats; assaying and certification using XRF, fire assay, and ICP-MS methodologies; minting of investment-grade bars and coins in weights from 1g to 1kg; serialised, QR-tagged certification per bar; segregated DMCC vaulting; and physical bullion trading with institutional counterparties. Specific scope, deliverables, and timelines are defined per engagement.
Section 03
Toll refining fees are quoted per kilogram of feedstock and per gram of recovered precious metal, with separate line items for assay, minting, certification, and vaulting. Bullion trading settles at the LBMA afternoon fix on the value date, plus a disclosed spread documented in the trading mandate. Settlement is in AED, USD, or EUR by mutual agreement, on a T+0, T+1, or T+2 basis as specified in the engagement letter.
Section 04
Risk in refined material passes to the Client at the moment of vault allocation, weighed and sealed under independent surveyor presence. For physical deliveries outside the Welfinz vault, risk passes at the moment of handover to the contracted insured courier, with all-in transit insurance underwritten by Lloyd’s of London. The Client must inspect and confirm receipt within forty-eight (48) hours; silence is deemed acceptance.
Section 05
Welfinz warrants that all minted bars meet the stated purity (999.9‰ for gold, 999.0‰ for silver) within the tolerance permitted by the LBMA good-delivery rules. Assay certificates are issued on a per-bar basis with a unique serial number, certificate number, and QR verification token. Welfinz does not warrant investment performance, market price, or liquidity of minted product.
Section 06
Welfinz’s aggregate liability under any engagement is capped at the total fees paid by the Client for that engagement in the twelve (12) months preceding the claim. Welfinz is not liable for indirect, consequential, or punitive damages, lost profits, or market losses, regardless of the legal basis of the claim.
Section 07
Neither party is liable for delays or failure to perform caused by events beyond reasonable control, including natural disasters, government action, sanctions, war, civil unrest, pandemic, telecommunications or power failure, refinery equipment failure not caused by negligent maintenance, or third-party logistics disruption. The affected party must notify the other within seventy-two (72) hours.
Section 08
These Terms are governed by the laws of the United Arab Emirates and the rules of the DMCC free-zone authority. Disputes are referred to arbitration under the DIFC-LCIA rules, seated in Dubai, in the English language, by a sole arbitrator where the amount in dispute is below USD 1 million, or by a three-arbitrator tribunal otherwise.
