Ada Diamonds, Inc. Buy-Back Program Terms
These Terms and Conditions of the Ada Diamonds, Inc. Buy-Back Program ("Terms and Conditions of the Buy-Back Program") set out the terms and conditions that apply to and govern your use of the Buy-Back Program to (i) seek valuation services for your loose independently graded, laboratory grown diamond(s); (ii) offer Ada Diamonds, Inc., (“ADI”) the right to purchase loose lab grown diamond(s), and (iii) sell such products to Ada Diamonds, Inc. (collectively "Purchasing Services"). In order to use these Purchasing Services, you must accept, and agree to abide by these Terms and Conditions of the Buy-Back Program, which supplement the Terms that govern the Ada Diamonds web site.
1. Purchase Conditions
The Purchasing Services offered through the Site are made available as follows:
Seller Eligibility: The Purchasing Services are available only to individuals aged 18 years of age or older who are residents of, and physically located in, the United States of America ("Seller"). The Purchasing Services are available to private consumers acting in a personal capacity who have previously purchased, or were directly gifted from a private individual, an independently graded laboratory grown diamond from ADI. This means that the Purchasing Services are not available to those conducting commercial/business activities including, but not limited to, companies (lab diamond companies or others) or individuals acting on behalf of companies (lab diamond companies or others) undertaking commercial/business activities. ADI may perform additional checks to verify that the Seller is a genuine private consumer who purchased the diamond from ADI.
Articles Accepted:
The Purchasing Services are offered only in connection with a customer’s offers to sell loose independently graded laboratory grown polished diamonds with accompanying grading report from a third-party, independent gemological organization, such as International Gemological Institute (IGI), American Gem Society Laboratories (AGS), Gemological Institute of America (GIA), Gem Certification & Assurance Lab (GCAL), and proof of purchase from Ada Diamonds, Inc.
Therefore, Purchasing Services are not available for any ungraded laboratory grown diamonds, diamond simulants, natural diamonds, or any other type of lab created gemstone (such as a lab created ruby, emerald, or sapphire)
ADI will not purchase any settings, mountings, or other gemstones accompanying an independently graded laboratory grown diamond;
ADI may charge a fee to return unused settings, mountings, or other gemstones to the Seller upon completion of a Transaction.
Supporting Documentation: ADI requires supporting documentation, including without limitation a copy of Seller's proof of identification (passport, US State/Territory issued ID, US State/Territory Issued Driver's License) current and valid, issued by a duly authorized government authority; a clear picture of the Article to be offered; and other information in order to process a transaction or verify a Seller's eligibility to utilize the Purchasing Service, such as proof of purchase from Ada Diamonds, Inc.
The Seller is responsible for providing all such requested information and ADI shall not be responsible for any losses or damages which may be suffered by an otherwise eligible Seller in the event any such information or materials are not provided. In addition in the case of any proposed transaction involving (i) the sale by Seller and Seller has provided ADI with a Non-US passport as Seller's proof of identification; and/or (ii) the sale or proposed sale of Articles by Seller to ADI having a transaction amount of Ten Thousand Dollars ($10,000.00) or greater, ADI reserves the right to require Seller to provide ADI with additional supporting documentation in the form of a utility bill that is current (issued within the past three (3) calendar months) which shows Seller's name and current location/residence within the US. ADI requires a valid, original grading report from a third party organization for the laboratory grown diamond(s) offered for sale if certified by IGI or GCAL; electronic certificates will be accepted for AGS and GIA. This grading report can also be referred to as a laboratory grown diamond grading report, laboratory grown diamond grading certificate, a synthetic diamond grading report, or some combination thereof.
Unsetting of Mounted Articles:
Seller agrees and acknowledges that in the case of set or mounted Article(s), ADI will, as part of the evaluation process, remove any graded laboratory grown diamonds from the setting for inspection and may leave the lab diamonds in an un-set or un-mounted condition. In the event Seller and/or ADI do not agree to enter into a sales transaction (e.g., Seller rejects the Contract, or Seller fails to meet the conditions required for eligibility) Seller agrees and acknowledges that any Article(s) may be returned to Seller in the un-set or un-mounted condition and it will be Seller's sole cost, expense and responsibility to re-set or re-mount the Article(s) if Seller so desires.
2. Restrictions, Representations and Warranties
No Illegal / Criminal Purposes: Seller shall not use the Purchase Services for any illegal or criminal purpose, including without limitation to traffic in or to attempt to traffic in any stolen goods. ADI reserves the right to report any criminal or illegal activity, or any activities involving or related to Seller's use of the Site that ADI has reason to believe may be criminal or illegal, to any and all applicable governmental authorities, federal, state or local, including without limitation by disclosing Seller's identity and the information that Seller has submitted to ADI through the Site. ADI reserves the right to check the certificate number of the independently graded laboratory grown diamond(s) against databases of known stolen diamonds and will immediately contact law enforcement officials in the event that a diamond sent to ADI is listed in a database of know stolen diamonds. ADI only works with laboratory grown diamonds and reserves the right to test any diamond(s) to verify that the diamonds are in fact laboratory grown diamonds. Any attempt to fraudulently represent a mined or natural diamond as a laboratory grown diamond will immediately be referred to law enforcement.
In the event ADI determines or has reason to believe that Seller has provided or attempted to provide it with stolen articles or merchandise, or has attempted to misrepresent the origin of the Article(s), ADI reserves the right to not return such stolen articles or merchandise to Seller and to cooperate with the appropriate legal authorities in disposing of the stolen or misrepresented Article(s) in accordance with applicable laws.
Representations and Warranties: By using the Purchasing Services, Seller represents and warrants that Seller is acting (i) exclusively on Seller's own behalf and not as another's agent or representative; and/or (ii) if on another's behalf, Seller is acting as an attorney-at-law or an attorney-in-fact by a duly executed written Power of Attorney or appointment in writing as Trustee or Executor, with full legal authority to carry out the transactions contemplated by this Site and these Terms and Conditions of Purchase for Online Transactions. In all cases Seller represents and warrants to ADI that Seller: (i) is the actual legal owner of all right title and interest in and to any and all Articles that Seller offers to sell or sell to ADI, free and clear of all claims, liens, and/or encumbrances, or (ii) fully authorized by law to transfer on another's behalf to ADI all right title and interest in and to any and all Articles that Seller on another's behalf offers to sell or sells to ADI, free and clear of all claims, liens, and/or encumbrances.
ADI also reserves the right to contact a third party gemological organization such as the Gemological Institute of America (GIA), the International Gemological Institute (IGI) or any other third party to verify that no additional copies have been requested of the original grading report submitted.
Compliance with Anti-Money Laundering (AML) Program: By using the Purchasing Services, Seller confirms that he or she is a U.S. resident and not subject to sanctions under the U.S. Office of Foreign Assets Control. Seller agrees to cooperate with any and all necessary requirements for verification of identity. Seller also acknowledges that ADI is subject to the USA PATRIOT Act of 2001; that ADI may submit a Suspicious Activity Report (SAR) to the Financial Crimes Enforcement Network (FinCEN) if necessary; and that ADI will comply with any and all subpoenas, National Security Letters (NSLs), or requests for information from both state and federal law enforcement related to suspicious activity or violations of ADI’s AML. A copy of ADI’s AML Program and Procedures is available upon written request by U.S. mail.
3. Purchasing Procedures
All offers to sell and sales of Article(s) to ADI are subject to the following:
Submitting the Request to Sell: Seller must first submit a Request to Sell (“Inquiry”) via email and provide information for each Article Seller wishes to offer to sell, as well as Seller’s details (name, address, email, etc.). A representative from ADI will respond asking for clarifying information or documentation to determine Eligibility. ADI will provide a Tentative Offer (“Tentative Offer”), subject to inspection and verification in person by an ADI representative.
Review Tentative Offer: If ADI determines that Seller's Offer includes a valid US address (P.O. box addresses will not be accepted) and includes a potentially eligible Article, a Tentative Offer will be sent to Seller for Seller’s review and signature. This Tentative Offer is non-binding and will be contingent upon inspection and final evaluation of Article(s).
Shipment of Article to ADI for Inspection and Evaluation: Seller is responsible for packing and shipping the Article to ADI in accordance with ADI’s packing instructions and using the shipping materials and FedEx shipping label provided. Shipping label expires 5 days after the date of the receipt of the shipping label. Parcels sent after the 5 day period using the shipping materials provided by ADI, will be refused, not opened or inspected by ADI and returned to sender. Seller agrees to comply with all state and federal laws, rules, and regulations regarding shipment of prohibited or hazardous material. Articles sent to ADI other than in accordance with the terms above will be refused, not opened or inspected by ADI and returned to sender.
How to Ship: ADI will provide physical shipping materials and instructions for packaging Article(s) appropriately. These shipping materials may include, but not be limited to, a tamper-proof sealed bag, a Fedex Express shipping box, and a return Fedex Express label (valid for 5 days). Upon receipt, the Seller must take video of him or herself placing the Article(s) and corresponding grading report into the tamper-proof bag, sealing the bag, and placing the sealed bag into the Fedex Express box. If at any point the shipment arrives with the tamper-proof seal broken, ADI will refuse, reject, and return the package to the Seller. Seller must email a copy of the video to ADI Customer Service and preserve a copy of that video for a period of at least 30 days.
Insurance: ADI will provide for insurance at its cost via a third party insurer for the shipment of the Article(s) to cover accidental damage to the Article(s) that may occur during shipment or while the Article(s) are within ADI’s possession, custody or control. The amount of insurance will be determined by ADI in its reasonable discretion and will be based on a review of the information about and picture of the Article provided by Seller and based upon ADI’s experiences. ADI will provide a good faith assessment of the insurance amount for these purposes; however, ADI shall not be liable for any discrepancy or under-insured amounts. ADI shall reimburse Seller for any accidental damages that are caused to the Article(s) while being transported or while the Article(s) are within ADI’s possession, custody or control, up to the amounts of the insured amount and provided that such Article(s) are shipped in accordance with ADI's instructions.
Except as otherwise expressly set forth in these Terms and Conditions of the Buy-Back Program, neither ADI nor its affiliates shall have any other responsibility or obligation to the Seller in connection with accidental damages to Article(s). Seller must disclose to ADI if they have other insurance that may be primary and may provide coverage for loss of or damage to the Article(s). Seller agrees and acknowledges that the Article(s) will be un-set as set forth above and that the un-setting of the Article(s) shall not be considered as damage to the Article(s) for these purposes.
Receipt of Articles: Sellers may track the status of their shipment via the website of the courier. ADI shall use reasonable efforts to notify Seller by email upon receipt of an Article. Articles received by ADI shall be opened under video monitoring and reconciled against the original submission and Seller video. ADI may reject, in its sole discretion, any package which is damaged, opened or appears to have been tampered with during transport. In addition, ADI may reject items which do not conform with the information submitted as part of Seller's Offer.
Valuation and Inspection: ADI shall review, inspect, and evaluate each Article received. Articles that are mounted on jewelry settings may be unset by ADI. Seller shall be notified by email once a Final Offer and Purchase Agreement (“Contract”) has been issued. ADI reserves the right to not make a final offer for the Article and in such case Seller will be notified by email and the Article will be returned at no cost to Seller.
Acceptance of Contract: Seller has five (5) calendar days after issuance to accept the offer from the Purchaser by signing and returning the Contract by email. If Seller has not accepted within five (5) calendar days ADI will send Seller a reminder email. If Seller has not responded within seven (7) calendar days of the issuance of the Final Offer, then the Final Offer will be considered as declined, and Seller agrees the offer will be rescinded and withdrawn. At that point ADI will send Seller an email confirming the same and notifying Seller that the Article will be returned to Seller.
Payment Method: As part of the Contract, Seller is required to receive payment by Auto Clearing House (“ACH”) transfer. Seller will be required to provide bank details. ACH transfers may only be issued to accounts located within the United States. The name of the account holder must match the name of the Seller. Seller represents, covenants and warrants to ADI that all information Seller submits to ADI in connection with any Transactions, including without limitation in relation to Seller's identity, Seller's US residency, and Seller's bank account details are in all cases complete, truthful, and accurate, and in the case of any bank account details, Seller represents, covenants and warrants to ADI that the Bank account details are not those of any third party or other person.
For ACH transactions equal to or exceeding One Thousand and Five Hundred Dollars ($1,500.00), ADI may request a copy of a voided check from the Seller. ADI will then proceed to verify the identification information and documents submitted by the Seller. In such cases Seller agrees and acknowledges that the consummation of the transaction and the agreement of the parties on the purchase and sale of the Article(s) is expressly conditioned on and subject to Seller's timely providing such additional documentation and on ADI's determination in its sole discretion that the proposed transaction complies with all of the Terms, including the Buy-Back Program Terms.
Without limitation, Seller agrees and acknowledges that the consummation of any Transactions and/or Purchasing Services is contingent upon ADI confirming the accuracy and authenticity of the documentation (including identification documentation) that Seller has submitted as well the successful passing of any additional screening ADI may undertake in its reasonable discretion to ensure Seller's eligibility. If ADI determines that Seller is not in compliance with the Terms, including the Terms of the Buy-Back Program, Seller will be notified via email and Seller's Article(s) will be returned.
Title: Title to Seller’s Article(s) will be transferred to ADI upon Seller completing, signing and submitting the Contract.
Payment: ADI shall make reasonable efforts to ensure that payments are made within three (3) business days following the whole and complete signing and submission of the Contract. To the fullest extent permitted by law, Seller releases and covenants not to sue ADI, its affiliated companies, and their respective officers, directors, agents, joint venturers, employees, legal representatives, and suppliers from any and all claims, demands and damages (actual and consequential) of every kind and nature, known and unknown, suspected and unsuspected, disclosed and undisclosed, arising out of or in any way connected with any claims or disputes relating to payments, or alleged lack of payments or third party conversion or theft of payments, in any situations where a check is issued by or on behalf of ADI to Seller, or a ACH transfer is provided by or on behalf of ADI to Seller, in accordance with the bank account and/or ACH instructions information provided by Seller.
Returns: In the event ADI cannot accept an Article, does not issue a Contract for any reason, or Seller cancels its Offer in accordance with the terms hereof, ADI shall return the Article to Seller in either an insured UPS of Federal Express shipment to the Seller’s residential address provided on the Tentative Offer. Postage and insurance for such return shipments shall be paid for by ADI. The status of return shipments may be tracked via the courier's website. Seller agrees to accept shipment of the returned item and to not reject or return to sender the returned Article.
By sending an item to ADI, Seller accepts that an Article may be un-set by ADI. Seller further acknowledges that the process of evaluating Articles may result in staining or scratches to the Articles which may be permanent. Damages for Article(s) that are accidentally damaged while in ADI's possession, custody or control will be reimbursed to Seller, up to the amount of the insured amount and provided that such Article(s) are shipped in accordance with ADI's instructions. Except as otherwise expressly set forth in these Terms and Conditions of the Buy-Back Program, neither ADI nor its affiliates shall have any other responsibility or obligation to Seller in connection with accidental damages to Article(s).
Cancellations: Seller may rescind an Offer to sell an Article at any time prior to Seller's execution of the Contract. Seller may notify ADI of its decision to rescind an Offer by emailing ADI. ADI shall arrange for the Article to be returned to Seller within five (5) business days of ADI's receipt of cancellation notice. All transactions and purchases are FINAL and NON-CANCELLABLE once the Contract has been signed.
Force Majeure: Neither party shall be liable for any failure of or delay in the performance of the Contract for the period that such failure or delay is due to acts of God, public enemy, war, strikes or labor disputes, or any other cause beyond the parties' reasonable control (each a "Force Majeure"), it being understood that lack of financial resources shall not to be deemed a cause beyond a party's control. Each party shall notify the other party promptly of the occurrence of any Force Majeure and carry out the Contract as promptly as practicable after such Force Majeure is terminated. The existence of any Force Majeure shall not extend the term of the Contract.
Dispute Resolution:
(1) If there is any controversy, dispute or claim arising out of or relating to interpretation or breach of the Contract or its Terms, the parties will endeavor to settle it promptly.
(2) If such a dispute cannot be resolved, the parties will promptly initiate and participate in good faith mediation of the dispute, with the mediator to be selected by Ada Diamonds, Inc.
(3) If the dispute is not resolved through mediation, the parties will promptly submit such dispute to binding arbitration in accordance with the Commercial Arbitration Rules and regulations of The American Arbitration Association ("AAA"), with the arbitrator to be a retired federal or state court judge jointly selected by the parties or, if the parties cannot agree, by an arbitrator that satisfies such qualifications and that is jointly selected by two arbitrators selected by the parties. Judgment upon the award rendered by the arbitrator(s) may be entered in any court of competent jurisdiction.
(4) Nothing shall prevent either party from directly seeking injunctive or other equitable relief from any court of competent jurisdiction in situations where damages would not adequately compensate for an alleged breach of the Contract or its Terms. By way of illustration and not limitation, such relief would be appropriate in the case of either party's need to: obtain cooperation of the other party in litigation; or, secure the timely delivery of information or services.
Governing Law: The internal law, and not the law of conflicts, of the State of California will govern all questions concerning the construction, validity and interpretation of this Agreement and any Schedule and the performance of the obligations imposed by this Agreement and any Schedule.
All diamonds offered by and purchased by Ada Diamonds™ are proudly laboratory-grown and can be referred to as lab created diamonds, grown diamonds, synthetic diamonds, or man-made diamonds.
Ada Diamonds is a registered trademark of company Ada Diamonds, Inc.
Ada Diamonds, Inc., (ADI)
1400 S. Congress Ave, Ste B340
Austin, TX, 78704