1. Regulatory Compliance & KYC Requirements
Olive Gold Company strictly complies with all statutory regulations laid down by the Government of India, Reserve Bank of India (RBI), and local Chennai law enforcement authorities. In accordance with Prevention of Money Laundering Act (PMLA) mandates, every patron selling gold or precious metals must produce valid government photo identification (Aadhaar Card, PAN Card, Voter ID, or Passport) along with local residential address verification.
Transactions exceeding statutory thresholds will require PAN card declaration and payment will be executed strictly via traceable electronic bank transfer (NEFT/RTGS/IMPS).
2. Legal Ownership & Age Eligibility
The seller must be at least 21 years of age and the rightful, lawful owner of all precious metal articles presented for liquidation. Olive Gold Company does not purchase stolen, disputed, or unlawfully acquired jewelry. Any suspicious transaction will be promptly reported to relevant law enforcement authorities.
In cases where jewelry is sold on behalf of family members, written consent along with family identity records may be requested by our compliance desk.
3. Valuation & Purity Assay Standards
All precious metal evaluations are performed in the direct presence of the customer using calibrated electronic digital scales (accurate to 0.001g) and non-destructive German X-ray fluorescence (XRF) spectrometers.
Valuation estimates are based on the tested pure gold content and the prevailing spot bullion market price at the exact time of the transaction. Olive Gold Company guarantees zero melting loss or unscientific melting deductions.
4. Payment Disbursement & Finality
Payments are disbursed immediately upon mutual agreement and completion of verification documentation. Customers may opt for instant direct bank transfer (RTGS/NEFT/IMPS) or spot liquid cash within legal statutory limits.
Once a transaction receipt is signed and funds are disbursed, the precious metal sale is deemed legally complete and final.
5. Privacy & Data Protection
All customer records, identity documents, and transaction logs are handled with utmost confidentiality and stored securely. Information is never shared with third-party marketers and is retained strictly for statutory auditing and regulatory compliance.
