Terms and Conditions

1. Introduction and Acceptance

This document is an electronic record in terms of the Information Technology Act, 2000, and rules thereunder as applicable. This electronic record is generated by a computer system and does not require any physical or digital signatures.

These Terms and Conditions (“Terms”) constitute a legally binding agreement between you (“User,” “you,” “your”) and KSAN Industries LLP (“Company,” “we,” “us,” “our”), the owner and operator of the Precious Goldsmith App (“App”).

By registering for, accessing, or using the App, you agree to be bound by these Terms and our Privacy Policy. If you do not agree with these Terms, you must not use the App.

2. Definitions

• App: The Precious Goldsmith mobile application, available on Android and iOS.
• Company: KSAN Industries LLP, a company incorporated under the laws of India.
• User: Any individual who registers for and uses the App.
• Digital Gold: 24 Karat, 99.9% pure gold, stored in a secure vault on behalf of the User.
• Gold Account: The User’s account on the App, reflecting their Digital Gold balance.
• KYC: “Know Your Customer” norms as mandated by Indian laws.
• Secure Vault: We securely store the physical gold backing the User’s Digital Gold.
• Payment Gateway: RBI registered payment gateway for all transactions on the App.
• E-commerce Products: Physical gold jewelry, silver jewelry, diamond jewelry, gold coins, silver coins, and other precious metal products available for direct purchase and delivery through the App.
• Digital Gold Services: Services related to buying, selling, storing, and redeeming digital gold.

3. Eligibility

To be eligible to use the App, you must:

• Be at least 18 years of age.
• Be a resident of India.
• Be legally capable of entering into a binding contract.

4. App Services

The App provides a dual platform for Users to:

Important Note: Digital Gold balance cannot currently be used to purchase E-commerce Products. These are separate transactions requiring direct payment.

5. Registration and KYC

Account Creation: To use the App, you must create an account by providing accurate and complete information. A single account provides access to both Digital Gold Services and E-commerce Services.

KYC Compliance: In accordance with Indian regulations, you must complete the KYC process by providing valid identification documents (such as PAN card and Aadhaar card). You will not be able to transact in Digital Gold until your KYC is verified. E-commerce purchases may have different KYC requirements based on transaction value.

User Responsibility: You are solely responsible for the accuracy and completeness of the information you provide. You agree to keep your account information updated.

Account Security: You are responsible for maintaining the confidentiality of your account credentials (password, OTPs, etc.) and for all activities that occur under your account.

6. Digital Gold Transactions

Purchase: You can purchase Digital Gold at the live market price displayed on the App. The minimum purchase amount is Re. 1. All payments must be made through the payment gateway. GST at the applicable rate will be added to the purchase price.

Sell-Back: You can sell your accumulated Digital Gold back to the Company at the live market price. The proceeds from the sale will be credited to your registered bank account after deducting any applicable charges.

Physical Redemption: You can request physical delivery of your Digital Gold, subject to a minimum quantity of 1 gram. Making charges, delivery fees, and GST will be applicable and must be paid by you before the dispatch of the physical gold.

Storage: Your Digital Gold is stored in a secure vault. The gold is fully insured.

7. E-commerce Transactions

Product Listings: All E-commerce Products are displayed with detailed descriptions, images, specifications, pricing, and availability.

Pricing: All prices are in Indian Rupees (INR) and include applicable taxes unless otherwise stated. GST will be added at checkout as per current tax laws.

Product Availability: Product availability is subject to stock. We reserve the right to limit quantities or discontinue products without prior notice.

Order Placement: By placing an order, you make an offer to purchase the product. We reserve the right to accept or reject your order.

Order Confirmation: You will receive an order confirmation via email and SMS upon successful payment.

Purity and Authenticity: All gold and silver products are hallmarked and certified for purity. Diamond jewelry comes with authenticity certificates.

Customization: Certain products may be available for customization (size, engraving, etc.). Customization details and charges will be displayed at the time of order.

8. Fees and Charges

9. Payment

All payments must be made through our secure payment gateway.

We accept UPI, credit cards, debit cards, net banking, and wallets as supported by the payment gateway.

Payment must be completed for order confirmation.

We do not store your complete card details; all payment processing is PCI-DSS compliant.

10. Delivery and Shipping

11. Cancellation, Returns, and Refunds

Cancellation: Refer to our Cancellation & Refund Policy for detailed terms.

Returns and Exchanges: Refer to our Return & Exchange Policy for detailed terms.

12. Market Risk and Regulatory Disclosures

12.1 Digital Gold

Regulatory Status: Digital Gold is not a regulated product in India. It is not regulated by the Securities and Exchange Board of India (SEBI) or the Reserve Bank of India (RBI).

Market Risk: The price of Digital Gold is linked to the live market price of physical gold, which is subject to fluctuations. We do not guarantee any returns on your investment.

No Guaranteed Returns: We do not promise or guarantee any returns on your Digital Gold. You are solely responsible for your investment decisions.

12.2 E-commerce Products

Price Fluctuations: Prices of precious metals and jewelry may change based on market conditions. The price applicable is the price at the time of order confirmation.

Product Variations: Actual products may have slight variations from images due to photography, screen settings, and handcrafted nature of jewelry.

13. User Conduct and Responsibilities

• You agree to use the App in compliance with all applicable laws and regulations.
• You agree not to use the App for any illegal or fraudulent activities, including but not limited to money laundering or tax evasion.
• You agree not to engage in any activity that may harm the App or its users.
• You agree to provide accurate delivery information for physical products.
• You agree to be available to receive deliveries or authorize a representative.

14. Privacy

Your privacy is important to us. Please refer to our Privacy Policy for information on how we collect, use, and protect your personal information.

15. Intellectual Property

All content on the App, including but not limited to text, graphics, logos, product images, and software, is the property of the Company and is protected by copyright and other intellectual property laws. You may not reproduce, distribute, or use any content without our prior written permission.

16. Product Descriptions and Accuracy

We strive to provide accurate product descriptions, images, and specifications. However:

• Colors may vary slightly due to screen settings and photography.
• Weights and dimensions are approximate.
• Handcrafted items may have minor variations.

We reserve the right to correct any errors in product descriptions or pricing.

17. Limitation of Liability and Disclaimers

• The Company shall not be liable for any losses arising from market fluctuations in precious metal prices.
• The Company shall not be liable for any losses arising from technical glitches or service interruptions.
• The Company shall not be liable for the services provided by third parties, including the Vault Partner (if third party) and the Payment Gateway.
• The Company shall not be liable for delays in delivery due to force majeure events.
• The Company’s total liability for any claim arising from your use of the App or purchase of products shall not exceed the amount paid by you for the specific transaction.

18. Termination

The Company reserves the right to suspend or terminate your account at any time for violation of these Terms or for any other reason.

You may close your account at any time by contacting our customer support.

Upon termination, you must settle all pending transactions and obligations.

19. Governing Law and Dispute Resolution

These Terms shall be governed by the laws of India. Any disputes arising out of or in connection with these Terms shall be subject to the exclusive jurisdiction of the courts in Chennai, India.

20. Grievance Redressal

For any grievances, please refer to our Grievance Redressal Policy.

21. Amendments

We reserve the right to amend these Terms at any time. We will notify you of any changes via email or in-app notification, and your continued use of the App will constitute your acceptance of the amended Terms.

22. Contact Us