Terms of business.

1. Who we are and what we do

1.1 Who we are. We are Preownedbullion Limited (company number 15861411), trading as Bullionex, a company registered in England and Wales. Our registered office is at 115 Merton Road, London SW19 1ED. Our visiting office is at 34–35 Hatton Garden, London EC1N 8DX. Visits are by arrangement only: please call 020 4569 2010 first. This is not our registered office. Parcels and returns go to our returns address: BE, Suite 53, 101 Clerkenwell Road, London, EC1R 5BX. Email: hello@bullionex.co.uk. Phone: 020 4569 2010. VAT number: GB 502 6610 30. (Companies (Trading Disclosures) Regulations 2015 reg 25; Electronic Commerce Regulations 2002 reg 6; DMCCA 2024 s230.)

1.2 What we do. We are a UK precious metals dealer.

• We buy gold and silver (jewellery, coins, bars, dental gold and scrap) from UK residents, either by post using our free pack or at our Hatton Garden office, by arrangement only. We pay only by instant bank transfer, to a UK account in your verified name. We never pay or accept cash.
• We sell investment gold bars and coins and pre-owned gold, silver, platinum and palladium items through our online checkout. We buy only gold and silver; we do not buy platinum, palladium or any other metal. You can pay by bank transfer, or by card, Apple Pay or Google Pay up to £5,000 per order and £5,000 per day. Above that, payment is by bank transfer. Delivery is to UK addresses only.
• Exchange (trading old gold for fine gold bars) is available by agreement with us; section 5 applies to any exchange we agree.
• We give written valuations at our Hatton Garden office, by arrangement only (section 7). We do not store metal for customers and we do not give investment advice.

2. Who can deal with us, and identity checks

2.1 You must be 18 or over and live in the UK. These terms are written for consumers. If you deal with us as a business, our trade terms apply as well (section 10).

2.2 We deal only in English at launch.

2.3 Identity checks are required before any trade. When you ask for a pack, we run a quick check of your name, date of birth and address against sanctions and politically exposed person lists. Before you can accept an offer, buy from us or be paid, you must complete our full identity check. Online, this is a check of your photo ID, a liveness check with face match, and a check of your proof of address, run for us by our identity-verification provider, Sumsub, together with sanctions and politically exposed person screening and ongoing monitoring. At our office (by arrangement only), we check your original photo ID in person. We also confirm your email address. We may repeat the check if your details change or a deal is unusual. If the check cannot be completed, we will not trade. How we use this information is explained in our Privacy notice and our Financial crime controls policy.

2.4 No refusal to trade is ever made solely by automated means. If the automated check fails or raises a question, a member of our staff reviews it before we decide. You can ask us to reconsider, give us your side, or use the in-person route instead (UK GDPR Arts 22A–22C, as inserted by the Data (Use and Access) Act 2025).

2.5 Your account and signing in. You can sign in with your email and a password, or with Google or Apple. On the sign-in and join pages, when you are new, we say: “New here? Continuing with Google or Apple opens a Bullionex account. We use your name and email from them to run your account; see our Privacy notice. By continuing you agree to our Terms.” Signing in with Google or Apple doesn’t replace our identity check (section 2.3) or your authenticator code if you use one. The first time you sign in with Google or Apple, we open an account for you if you don’t have one. If the email address they confirm matches an existing Bullionex account, we add the sign-in to that account. If that account’s email address had not been confirmed, its old password stops working; you can set a new one with “Forgot password”. If you use Apple’s Hide My Email, your account uses Apple’s relay address, so it is a separate account from one under your own email; keep forwarding on so you get our order and cancellation emails. If you lose or close your Google or Apple account, or remove our access, your Bullionex account stays open: use “Forgot password” with your account’s email address to set a password and sign in. If you can’t get emails at that address any more, contact us at hello@bullionex.co.uk; we will need to confirm it’s you, which may mean repeating the identity check, before we change it.

3. Selling to us

3.1 Estimates are not offers. Any figure you see before we have your items, whether on the website, in the calculator or in a message, is an estimate only.

3.2 When your parcel arrives. We aim to make an offer the same working day for parcels delivered by 1pm. We sign for the parcel, photograph it unopened and then opened, and weigh and test the contents by X-ray fluorescence (XRF), which does not damage them. Until you accept an offer, we do not remove stones or movements, and we do not cut, melt, scrape, acid-test or otherwise mark or change your items unless you have agreed in writing for that parcel. If stones or other non-metal parts are still in place, our offer deducts an estimated weight for them and says so.

3.3 Our offer. The offer is a firm figure in pounds, sent in writing by email and shown in your account. For each item or lot it shows:

• the weight, and the fineness (purity) found by XRF;
• the reference price: the gold or silver price we used, with the date and time it was taken;
• each deduction (for example, estimated stone weight or a watch movement) and the reason for it;
• the total we will pay you, in pounds.

We charge no fees, and nothing else is taken off. The figure on the offer is the full amount you will receive (DMCCA 2024 s230(2)–(4)).

3.4 How long an offer lasts. An offer stands for 24 hours from the time shown on it. You don’t have to accept it, and silence never counts as acceptance.

3.5 Accepting. You can accept only once your full identity check is complete. You accept by tapping “accept” in the offer email or in your account, and we confirm by email straight away. A contract to sell is made only when you accept. After that we may remove stones and movements and process the metal. Stones you ask to keep are returned free by Royal Mail Special Delivery Guaranteed by 1pm.

3.6 If you decline, or don’t answer. If you decline by 3pm (UK time) on a working day, we post everything back to you the same day by Royal Mail Special Delivery Guaranteed by 1pm. If you decline after 3pm, or on a day that is not a working day, we post it on the next working day. We aim to deliver the next working day after posting, but Royal Mail controls delivery, so we cannot promise a delivery date. Returns are free of charge and travel at our risk until delivered to you: if one is lost, we pay you the value set out in our offer, whatever Royal Mail pays us. Your items come back in the condition they reached us. If 24 hours pass with no answer, we send you one fresh offer at that day’s price, which also lasts 24 hours. If you don’t answer that either, we return everything free within 14 days, or sooner if you ask. If a return can’t be delivered, we keep your items safe, do not sell or melt them, and contact you to arrange delivery or collection. If you have not completed your identity check within 14 days of your parcel arriving, we return everything free, unless section 3.11 applies.

3.7 If you disagree with a test. Tell us before you accept. We will show you the XRF reading and photographs and re-test the item. XRF reads the surface, so a plated or hollow item may need a further test. We only do that with your agreement, and we tell you first if it will mark the item. You can ask for an independent fire assay. We will tell you the cost in writing before the assay, and you can choose not to proceed. If you go ahead, you pay the assay cost, unless you then accept our offer, in which case we bear it. Or you can simply decline and have everything back free.

3.8 Stones. We take reasonable care when removing stones, but stones can chip even with care. If a stone you asked to keep is damaged because we did not take reasonable care, we pay you its fair value.

3.9 Watches. The offer says whether a watch is bought as a watch (on its value as a watch) or for its gold, in which case the movement is not paid for. The movement is removed only after you accept.

3.10 Metals we buy. We buy gold and silver only. We refuse any item that contains less than 2% gold or silver by weight, including plated items, rolled gold and low-gold dental alloy, unless our test shows at least 2%. Anything we refuse is returned free and at our risk; we never keep, melt or charge for it. We do not buy platinum, palladium or any other metal. Trade-in covers gold and silver; exchange into bars is for gold only (section 5). (Gold, silver and any alloy of which 2% or more by weight is gold or silver are not “scrap metal”: Scrap Metal Dealers Act 2013 s21(7).)

3.11 Ownership and the right to refuse. By selling, you confirm that the items are yours to sell, that nobody else has a claim on them, and that they were not obtained unlawfully. We may decline to buy without giving a reason. If we have reason to think an item is stolen, if sanctions law or another law requires it, or if the police or another authority ask us to, we may hold it and pass details to them, and we will tell you as much as the law allows (Proceeds of Crime Act 2002 s342).

3.12 Payment. We pay by instant bank transfer only, to a UK account in the name your identity check confirmed. If the names don't match, we hold the payment until we have checked. If you accept an offer by 3pm (UK time) on a working day, we send the payment that day. If you accept later, or on a Saturday, Sunday or bank holiday, we send it on the next working day. A working day is Monday to Friday, except bank holidays in England. Your bank usually credits an instant transfer within minutes, but it may take longer if your bank holds it for checks. We never pay in cash.

3.13 Is the sale final? Once you have accepted and we have paid you, the sale is final, and your items may already have been processed. Before you accept, you can always decline for free.

4. Sending items by post

4.1 Our pack. Once our quick check is complete, we send you a free pack with a prepaid Royal Mail Special Delivery Guaranteed by 1pm label, addressed to our returns address (BE, Suite 53, 101 Clerkenwell Road, London, EC1R 5BX). Seal the parcel, take it to a post office counter (don’t use a post box), and keep your proof of posting. Please complete your full identity check while your parcel is on its way: you can’t accept an offer until it is done.

4.2 In the post. Items posted with our prepaid Royal Mail Special Delivery Guaranteed by 1pm label are tracked and signed for, whatever packaging they are in. They travel at our risk from when Royal Mail accepts them until we sign for them, and on any return until delivered to you. If a parcel is lost, you claim from us, and we deal with your claim promptly once Royal Mail confirms the loss.

4.3 Parcels without our label. A parcel sent without our prepaid label is at your risk until it reaches us. If you post that way, send it by Royal Mail Special Delivery Guaranteed by 1pm to BE, Suite 53, 101 Clerkenwell Road, London, EC1R 5BX, and keep your proof of posting. All parcels to us go to that address. Please don’t post anything to our Hatton Garden office or our registered office.

5. Exchanging gold for bars

5.1 What it is. An exchange is a sale of your old gold to us and a purchase of fine gold from us, in one deal. It is for gold only, with a minimum of 20g of old gold. We do not accept platinum, palladium or any other metal in an exchange.

5.2 Price. We weigh and test your gold as in section 3 to find its fine gold weight. We keep 8% of that weight if you take bars, plus 1% more on a 5g bar and 3% more on a 2.5g bar, and no other bar fee. We keep 9% if you take coins. That is our whole charge, with no other fee, premium or melt cost. The rest is your credit in grams of fine gold. Any credit that does not make a whole bar or coin is paid to your bank account at 90% of the gold price we show at settlement. The exchange offer shows every figure before you accept.

5.3 VAT. Investment gold is exempt from VAT in the UK (HMRC VAT Notice 701/21). The exchange offer tells you whether each bar or coin is investment gold.

5.4 Accepting. The exchange offer lasts 24 hours and works like a sale offer (sections 3.4 to 3.7). When you accept, the gold price is fixed. Because that price depends on a financial market we do not control, there is no 14-day right to cancel the bar side once you have accepted (Consumer Contracts Regulations 2013 reg 28(1)(a)). We tell you this on the offer before you accept.

5.5 Dispatch. As an estimate, not a guarantee, bars or coins are dispatched about five working days after your parcel arrives, and they are at our risk until delivered (CRA 2015 s29). Collection from our Hatton Garden office is by arrangement only, in person, with photo ID.

6. Buying from us

6.1 Price. The price shown when you confirm your order is the total price, including any VAT and delivery. Investment gold is exempt from VAT under UK law (HMRC VAT Notice 701/21). Medals and rounds are not exempt. Some pre-owned silver, platinum and palladium coins and bars that we bought without VAT being charged (for example from private customers) are sold under HMRC's VAT margin scheme. Where they are, the product page says so, no VAT is shown on your invoice, and you cannot reclaim VAT on them. The scheme does not apply where the price is at or below the value of the metal they contain. All other silver, platinum and palladium is sold with 20% VAT. We add no fees at checkout (DMCCA 2024 s230(4)).

6.2 Identity and payment. Every order needs a completed identity check (section 2.3). Pay by bank transfer, or by card, Apple Pay, Google Pay or Link up to £5,000 per order and £5,000 per day in total; above that, by bank transfer. Card, Apple Pay, Google Pay and Link payments are taken by Stripe, and we never see your full card number. Link is Stripe’s own service and Stripe’s terms apply to your Link account. For large orders, we may ask you to call us first.

6.3 Price hold and unpaid orders. A card payment hold lasts 30 minutes. For a bank transfer, your price holds for 24 hours from the order. If the payment has not reached us by then, the order is cancelled, nothing is owed, and any later payment is refunded in full.

6.4 When the contract is made. You place the order with the button “Order and pay £x”, where £x is the total to pay. The card step’s button “Pay £x” is a different button. A contract is made when your payment has cleared and we confirm your order by email. That email sets out your order and your cancellation rights, and attaches a PDF copy of these terms for you to keep. These terms also stay at bullionex.co.uk/legal/terms. Before then, we may cancel if an item was mispriced, stock is unavailable, or the identity check cannot be completed, and we refund you in full.

6.5 Your right to cancel.

(a) Live-priced gold bars and coins. Gold bars and coins are priced from the live metal price when you order. That price depends on movements in the financial market that we cannot control and that can happen within the cancellation period, so there is no 14-day right to cancel them (Consumer Contracts Regulations 2013 reg 28(1)(a)). Checkout shows which items in your basket this applies to, and your order confirmation repeats it.

(b) Fixed-price items. Every other item is sold at the fixed price shown, including all silver, platinum and palladium bars and coins (which we sell only as pre-owned stock) and pre-owned jewellery. If you bought it online or by phone, you may cancel within 14 days without giving a reason. The 14 days start the day after you, or someone you name (other than the carrier), receive the item. If one order arrives on different days, they start the day after the last item arrives.

How to cancel. Tell us clearly before the 14 days end. The quickest way is the “Cancel and get a return label” button on your order page. It asks “Cancel these items? Tick what you are sending back.” You tick the items. You can press “Back” before you confirm. Then press “Confirm cancellation and get label”. If nothing is ticked, the page says “Tick what you are sending back.” When you confirm, that purchase is cancelled, and we email you straight away. The page then says “Print this label, stick it on a securely packed parcel and take it to a post office counter. Keep your proof of posting.” and offers “Download the return label”. If the label is not ready, it says “Your cancellation is recorded. We will send the return label. You are not charged for it, and nothing is taken off the refund for postage.” You can also email hello@bullionex.co.uk with your order number, use the model cancellation form in section 6.5A, or send us any other clear statement, for example by post to our registered office.

Sending it back. We pay for the return. Your order page gives you a prepaid Royal Mail Special Delivery Guaranteed by 1pm label, addressed to our returns address: BE, Suite 53, 101 Clerkenwell Road, London, EC1R 5BX. It is free, and nothing is taken off your refund. Pack the item securely, address it exactly as shown on the label, and don’t write “gold”, “bullion” or the contents anywhere on the parcel. Take it to a post office counter within 14 days of cancelling, and keep your proof of posting. You may send it back another way if you prefer. Your right to cancel is the same, but you pay that postage yourself. We suggest a tracked, signed-for service, such as Royal Mail Special Delivery Guaranteed by 1pm, to our returns address, and that you keep your proof of posting.

Your refund. We refund the price you paid for the item, and any delivery charge up to our standard delivery charge (our delivery is free). We do this within 14 days of the day we get the item back or, if sooner, the day you show us proof that you posted it. Royal Mail’s acceptance scan on our label counts as that proof. We refund the same way you paid, with no fee. If the item has lost value because you handled it more than you needed to see what it is, what it is like and how it works (more than you would be allowed to in a shop), we may deduct that loss, up to the price you paid.

(c) Mixed orders. If one order has both kinds of item, (a) applies to the gold bars and coins and (b) applies to the rest.

(d) Nothing further. We do not take items back for a change of mind beyond the right in (b). This does not affect your rights if an item is faulty or not as described (section 6.6 and the Consumer Rights Act 2015).

6.5A Model cancellation form (complete and return this form only if you wish to cancel the contract)
To: Preownedbullion Limited, trading as Bullionex, 115 Merton Road, London SW19 1ED. Email: hello@bullionex.co.uk
I/We [*] hereby give notice that I/We [*] cancel my/our [*] contract of sale of the following goods [*],
Ordered on [*]/received on [*],
Name of consumer(s),
Address of consumer(s),
Signature of consumer(s) (only if this form is notified on paper),
Date
[*] Delete as appropriate.
This form tells us you are cancelling. For the item itself, use the free return label on your order page, or post it to our returns address, BE, Suite 53, 101 Clerkenwell Road, London, EC1R 5BX. Please don’t send the item to this address.

6.6 Delivery, collection and faults. Order by 1pm on a weekday and we aim to deliver the next working day, by Royal Mail Special Delivery Guaranteed by 1pm to a UK address. Delivery is free, and goods are at our risk until you receive them (CRA 2015 s29). If an order has not arrived within 30 days, you may cancel for a full refund (CRA 2015 s28). Everything we sell must be as described, of satisfactory quality and fit for purpose (CRA 2015 ss9–11). You can reject a faulty item within 30 days for a full refund; after that you can ask for a repair or replacement, and if that isn’t possible, a price reduction or refund (CRA 2015 ss19–24). We pay return postage: we email you a prepaid Royal Mail Special Delivery Guaranteed by 1pm label to our returns address, BE, Suite 53, 101 Clerkenwell Road, London, EC1R 5BX, to post at a post office counter. Nothing is taken off your refund. We refund within 14 days of receiving the item back. Collection is from our Hatton Garden office, by arrangement only, by the buyer only, with photo ID.

6.7 Buy-back. We buy back fine gold bars you bought from us at 97% of the gold price on the day we make the offer, subject to the identity checks in section 2.3 and to our inspection of the bar. The offer tells you any condition that applies.

7. Valuations

At our Hatton Garden office (by arrangement only), we give a written valuation for probate or insurance purposes for £50 a visit, covering up to ten pieces. The £50 is deducted if you then sell those pieces to us. A valuation is our opinion on the day and is not an offer to buy.

8. Our liability

We are responsible for loss or damage that is a foreseeable result of our breaking these terms or failing to use reasonable care and skill. We do not exclude or limit liability where the law does not allow it, including for death or personal injury caused by negligence, for fraud, or under CRA 2015 ss9–17 and 28–29 (s31). Otherwise, our liability for any one transaction is limited to the higher of its value and the value of the items involved. The price of gold can fall as well as rise.

9. Reviews

After a completed deal, we may ask you once for a review. We never pay or offer anything for a review, never write reviews ourselves and never hide bad ones (DMCCA 2024 Sch 20 para 13).

10. If you deal with us as a business

If you sell or buy for business purposes, our trade terms also apply; we give them to you when we approve a trade account. A trade account needs a business check (KYB) before trade prices are shown. Rights that only consumers have do not apply to business customers.

11. Accessibility

If a disability makes any part of our process hard for you, including the online identity check, tell us. We will make reasonable adjustments, for example an in-person check, help by phone or documents in another format, at no extra cost (Equality Act 2010 ss20, 29).

12. Complaints, law and changes

To make a complaint, see our Complaints page. These terms are governed by the law of England and Wales, and the courts of England and Wales can hear disputes. If you live in Scotland or Northern Ireland, you may also use your own courts. We may change these terms; the version that applies to you is the one published when you agreed to it. The date at the top of this page is the date of the current version.