Be strong China! Be strong Wuhan!

Blessings from the World Diamond Council

Seminar on Panyu Jewelry Design and Product

Forum on “Innovation of Jewellery Sales Channels”

Keep Up With the Digital Age  --International Jewellery & Diamond Conference 2020 Guangzhou Grandly Held

Home > content

 The Bidding Rules of Guangzhou Diamond Exchange (Proposed)


To regulate the diamond bidding activities in Guangzhou Diamond Exchange (GZDE), in accordance with principles of fairness, equity and good faith, to specify the bidding procedures and code of conducts, and to safeguard the legitimate rights and interests of trading participants, these rules are hereby formulated.

I. Form of Bidding 

1. The subjects of the trading activities are entrusted by the Consignor to GZDE for bidding consignment.

2. The final winner in the trading activity is determined through a “Highest bid price” including a “Bidding Time Priority” principle. Each bidder can bid more than once during the bidding period and the highest price is the valid bid. The Consignor may set reserved price for the bidding subjects in the tender.

3.The bidding online system will only show information related to the individual bidder, and public information relative to the organization of the bidding activity.

II. Registration Requirements of Bidders

1. The bidder shall be a corporate company or institution or a natural person.

2. The bidder must sign the Bidding Commitment Letter by its legal representative or authorized representative before participating in the bidding. According to the stipulations of the Bidding Commitment Letter, the bidder pays the security deposit to the designated account of GZDE by bank transfer. The security deposit is US$3,000 (Say US Dollars THREE THOUSAND ONLY) or ¥20,000 (Say RMB YUAN TWENTY THOUSAND ONLY). Comprehensive Trading Members of GZDE and the bidders designated by the Consignor are exempted from making security deposits when attending the trading activity. GZDE reserves the right of final decision on the exemption of the security deposit.

III. Viewing and Bidding  

1.Viewers designated by bidders shall register his/her individual identity and company details, present the originals of his/her own ID card/passport and business card, before being allowed for the viewing of the goods.

2. Viewers designated by bidders could get The List of Parcels at the viewing venue. The description of the goods and price information is for reference only and do not constitute any guarantee. The organizers do not assume any responsibility for the quality or defects of the subjects presented for bidding.

3. The subject parcels of the tender are subject to the “as is” object. Before the bid, the bidders shall view and investigate the subjects in person, understand the current status of the bidding subjects, and fully understand the value of the bidding subjects and all the flaws and disputes that exist.

4. If the subjects are presented under bonded condition, the bidder must comply with the regulations of GZDE and the Customs of the People’s Republic of China on the supervision and the transfer of bonded goods and handle the goods accordingly.

5. After the viewing, the bidder could access the online bidding system of GZDE, submit the bid price for intentional subjects. The second or subsequent submission of the bid price for the same bid should be higher than the previous submission, otherwise it will be regarded as invalid submission. Bidders must bid with the prescribed time, otherwise the bid would be regarded as invalid.
6. By submitting a bid the bidder will have no recourse relative to the representation and quality of the subjects presented.

IV. Announcement of the Outcome of the Bidding

1. The winning bid or bids are announced, jointly and under the supervision of the representatives of both the GZDE and the Consignor. If the same price is given for the same subject, the bidder who first submitted his/her bid wins.

After the bidding period is closed and the winning bid prices and their winners are determined, the identity of the winning bidders will not be disclosed and will remain confidential. The winning bidder and the bidders who offer the bid higher than 85% of the transaction price will be informed of the identified transaction price.
2.GZDE will inform the winning bidder(s) of the bidding results, through the authorized valid telephone number or email address mentioned in the Bidding Commitment Letter, with the Letter of Acceptance. The said three parties,GZDE, the Consignor and the winning bidder confirm the information of the subject(s) and sign the Dealing Slip of Diamonds on site designated by GZDE. If the winning bidder is not able to participate on site designated by GZDE, GZDE will send the colored scanned copy of the Dealing Slip of Diamonds to the winning bidder’s designated email address, which is signed and sealed by the Consignor. After the winning bidder’s authorized representative signs and seals, the electronic document of the colored scanned Dealing Slip of Diamonds should be sent to GZDE designated official email address The said Dealing Slip of Diamonds shall be regarded as effectively signed together by GZDE, Consignor and the winning bidder.

3. The winning bidder will solely bear the fees occurred to ensure the delivery of the goods, such as Customs declaration fee, logistics insurance fee, etc., and shall pay the full transaction payment and the necessary handling fees within 3 (THREE) working days of receiving the Letter of Acceptance to the account designated in accordance with the stipulations in the signed the Bidding Commitment Letter.

4. Should the bidder who wins the bid fail to complete the transaction payment as required, GZDE has rights to take the measures including but not limited to: confiscating the security deposit, adding investigation on any incurred financial damages of the organizer and the consignor, canceling the transaction and the relevant contracts, adding the bidder to the list of bad creditors, and sharing this list of bad creditor within the industry, in order to maintain the fairness and ethical conduct governing transactions.

V. Notice and Rules for the Bidding

1. All bids offered by the bidders are binding. Bidders are requested to carefully read the Bidding Commitment Letter and check the List of Parcels, as well as familiarize themselves with the bidding rules. The bidders bear full responsibility for their bids and bidding outcome.

2. The bidder must comply with the GZDE on-site arrangement and rules at the trading venue during the viewing of the parcels. The bidder is advised that video monitoring will be active within the viewing premises and during the whole viewing process. Any bidder found to be in violation of the requirements will be immediately disqualified from further participation in the viewing and bidding process. Any damage to and or loss of goods presented attributable to the bidding party will be having to be compensated by the same party to the owner of the goods. GZDE will hold the right of exercising punitive damages (legal and/or financial) on the bidder.

3.The bidders will ensure that the installation and use of the bidding system online and access of internet will operate smoothly. If there is any interruption occurring within the online bidding system of the GZDE which resulted in denying the bidders to log into the system or bid, the bidder shall inform GZDE as soon as possible, and continue the online bidding once the issue is resolved.

4. In case of “force majeur” interrupting the bidding process before the agreed deadline, GZDE and the Consignor reserve the right to make an interim decision, and the interim decision has the same legal force as this rule.
5. These “bidding rules” are written in both Chinese and English. In case of any contradiction between the two versions, the Chinese version shall prevail.
6. The final interpretation of these rules shall be vested in GZDE.
Guangzhou Diamond Exchange Limited Liability Corporations

Pay attention