What a gem memo agreement should include
· GemColony
Why put it in writing
Trust is how the trade works, but a short written memo prevents arguments about price, time and condition. This is practical guidance, not legal advice, and you should have a lawyer check your standard terms.
The essentials
List each stone with its stock number, description, weight and photograph. State the agreed price or price list, the date handed over and the date by which stones must be returned or paid for. Record the names and contact details of both parties.
Risk and condition
State who bears the risk of loss or damage while the stones are held, whether the holder must insure them, and whether the stones may be shown to third parties. Note the condition of each stone when it leaves.
Ending the memo
Say what happens at the end: stones are returned in the same condition, or a sale is made at the agreed price, and which documents change hands. Keep a copy against each stone record.