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DAuction House Regulations

home ›  Sell › Regulations
DAuction House Regulations
    Potential Buyers and Viewing of Goods
  1. Any company or private person from anywhere in the world is welcome to register at the website of DAuction and request to participate as a potential buyer (Buyer) at the auctions of DAuction.
  2. Due to the high values and the risk of theft and other potential crimes, DAuction requires receiving company and personal information of potential Sellers and Buyers, and the identity copies of the Sellers’ and Buyers’ representatives.
  3. Journalists are welcome to the auctions, but must as well pre-register and receive an approval beforehand from DAuction.
  4. DAuction keeps its right to accept or refuse any potential Sellers, Buyers or any other potential guests without giving any further explanation.
  5. Any viewing of goods will be strictly by appointment only and after registration through the website of DAuction and after the receipt of an invitation with date and time from DAuction.
    6. Potential Sellers at the Auctions of DAuction
  6. Any company or private person (Seller) from anywhere in the world is welcome to offer his diamonds to DAuction in order to sell them through its diamond auctions.
  7. DAuction accepts or rejects diamonds for its auction based on the price, the diamond rarity, other diamonds available for the auction and other commercial considerations.
  8. DAuction keeps its right to accept or refuse any potential goods without giving any further explanation.
  9. The Seller waives his right to request the goods back after committing the goods for sale with DAuction and after giving physically the goods in commission to DAuction. In case of breaching this clause, the Seller will pay an agreed penalty that is equal to the value of 7% of the Minimum Selling Price for damaging the reputation of DAuction, and an additional 5% of the Minimum Selling Price for other damages caused to DAuction like insurance, marketing and other costs.
  10. During the auction process the Seller can bid and buy his own goods, but the Seller will pay the full Reserve Price like any other bidder, without receiving any kind of discount by DAuction.
    11. Shipping and Insurance of Goods for the Auction
  11. It is the Sellers’ and Buyers’ own and sole responsibility to inquire regarding any taxes and customs related to importing and exporting goods related to DAuction activities, from or to their country of origin (in or out of Belgium). All such charges will be paid by the Sellers or Buyers only, and DAuction has no liability to pay any such charges.
  12. DAuction is not responsible under any circumstances, to pay any charges, taxes or custom fees, for the Sellers or Buyers including but not limited to shipping costs, customs, charges of Belgian customs for inspection of goods, evaluation charges and any other charges related to the goods sent to be sold through DAuction.
  13. DAuction is fully responsible for the goods that it receives in commission from the Sellers, and DAuction is fully insured on all the value of the goods.
  14. All goods shipped to DAuction must be sent to the offices of Windiam in Antwerp, Belgium (see Contact Us), Addressed to Windiam BVBA att. DAuction House.
  15. The goods sent to DAuction are kept in the safes at the offices of Windiam BVBA in Antwerp, Belgium, and the goods are fully insured under the Insurance policy of Windiam.
    16. DAuction Reserve Price
  16. The Seller must confirm the agreed Minimum Selling Price by email, and get an email as a reconfirmation from DAuction. The Minimum Selling Price is never valid if not approved in writing by DAuction and the Seller.
  17. DAuction charges a commission, which is added to the Minimum Selling Price demanded by the Seller and this total value is called the Reserve Price.
  18. The commission charged by DAuction is ranging between 4% to 7%. The commission rate which is defined by DAuction with the Seller depending on parameters like the diamond total value, the diamond rarity, the Seller’s long term commitment etc.
  19. The Reserve Price is the full and final price due to be paid by the winning bidder at the auction closing. The Reserve Price includes all the commissions due to be charged by DAuction, including all Seller and Buyer commission.
  20. The Reserve Price is published on the website of DAuction and it is the Starting Auction Price.
  21. The Reserve Price is the minimum price that the diamonds offered at the auction could be sold.
  22. When there is no Reserve Price, it means that the diamonds offered will be sold for the highest bidder. Only in such a case, the Starting Auction Price might be lowered by the auctioneer in order to get the bidding process started.
  23. The Seller is allowed to lower the minimum price till one day before the auction closing. The Reserve Price will be lowered in accordance on the website of DAuction.
    24. At the Auction Closing
  24. At the auction closing will be present representatives of the Sellers, Buyers and any other guests that DAuction decides to invite including journalists.
  25. No offers below the Reserve Price will be accepted by the auctioneer from the bidders, and the auctioneer will never lower the Reserve Price during the auction process (as could happen in other public auctions).
  26. DAuction does never lowers the Reserve Price at the auction process, and the offers from bidders below the Reserve Price will not be accepted or published.
  27. The Reserve Price published on DAuction website is the net and final price to be paid by the winning bidders at the auction.
    28. DAuction Commission Formula
  28. DAuction receives 50% of the value achieved above the Reserve Price until a ceiling of 7%. The other 50% are added to the Minimum Selling Price. Any value above the 7% ceiling of DAuction is fully paid to the owner of the goods. Below are examples for a better understanding and in order to avoid misinterpretations and conflicts.
    29. Examples of the Sellers’ Payment and DAuction Commission
  29. In case that DAuction charges 4% sales commission on a diamond with a Sellers’ minimum price of 100,000 USD, then the published Reserve Price offered to bidders is 104,000 USD.
  30. After the auction closing one of the following options will be relevant:
    1. The diamond was not sold - DAuction does not charge any auction costs or any other commissions and the diamond is returned to its owners (shipping and fees on the Seller’s cost).
    2. The diamond was sold for the Reserve Price – DAuction will pay the Seller 100,000 USD and the commission of DAuction is 4,000 USD.
    3. In case the diamond was sold above the Reserve price for 108,000 USD - the Seller will be paid by the following calculation:
      i. The Sales price 108,000 USD
      ii. The Reserve price 104,000 USD
      iii. The Sellers’ minimum price 100,000 USD
      iv. The basic commission of DAuction 4,000 USD
      v. The value Above Reserve Price 4,000 USD
      vi. 50% of the value of Above Reserve with a ceiling of 7% is paid to DAuction 2,000 USD
      vii. 50% of the value of Above Reserve is paid to the Seller 2,000 USD
      The total value paid to the Seller when the diamond is sold above Reserve Price for 108,000 USD is 102,000 USD
      The total commission paid to DAuction when the diamond is sold above Reserve Price for 108,000 USD is 6,000 USD
    4. In case the diamond was sold above the Reserve price for 126,000 USD - the Seller will be paid by the following calculation:
      i. The Sales price 126,000 USD
      ii. The Reserve price 104,000 USD
      iii. The Sellers’ minimum price 100,000 USD
      iv. The basic commission of DAuction 4,000 USD
      v. Above Reserve Price value 22,000 USD
      vi. 50% of the value of Above Reserve with a ceiling of 7% is paid to DAuction 3,000 USD
      vii. All the rest of the value Above Reserve is paid to the Seller 19,000 USD
      The total value paid to the Seller when the diamond is sold Above Reserve Price for 126,000 USD is 119,000 USD
      The total commission paid to DAuction when the diamond is sold Above Reserve Price for 126,000 USD is 7,000 USD