SIROYA JEWELLERS
Exchange & Money-Back Policy
Important: A sales invoice is mandatory to avail the benefits of the Exchange and Money-Back scheme.
1. Introduction
At Siroya Jewellers, we value the trust our customers place in us. This document outlines our Exchange Scheme and Money-Back Scheme across all product categories. The Scheme is designed to be transparent, fair, and easy to understand. All values, deductions, and worked examples in this document are presented in UAE Dirhams (AED). Please read each section carefully and refer to the worked examples for clarity.
2. Scheme Summary Table
| Category | Exchange Policy | Money-Back Policy |
|---|---|---|
| Jewellery sold by Siroya Jewellers | Full value of gold and making charges (without any tax/VAT) exchanged within 7 days. After 7 days, full value of net gold weight and purity based on the prevailing gold rate. |
Additional 4% deduction from the exchange amount. |
| Precious stone jewellery | 70% exchange value of the amount paid by the customer (as per sales invoice). | Additional 10% deduction from the exchange amount. |
| Diamond jewellery | 80% exchange value of the amount paid by the customer (as per sales invoice). | Additional 10% deduction from the exchange amount. |
3. Key Definitions
- Exchange Policy: The Scheme applicable when the customer chooses to exchange existing jewellery for new Siroya jewellery of equal or higher value.
- Money-Back Policy: The Scheme applicable when the customer chooses to return jewellery and receive a cash/bank refund instead of an exchange. An additional deduction applies over and above the exchange value.
- Net Gold Weight: The pure gold content of the jewellery after excluding stones, beads, and other non-gold components.
- Prevailing Gold Rate: The Siroya Jewellers gold rate (in AED per gram) applicable on the date of exchange or money-back transaction.
- Making Charges: Labour and craftsmanship charges (in AED) added on top of the gold value at the time of purchase.
- VAT: Value Added Tax levied as per UAE law (currently 5% on jewellery making charges). VAT paid at the time of purchase is non-refundable.
4. Category-Wise Scheme with Examples
4.1 Siroya Jewellery Sold by Siroya Jewellers
Exchange Policy:
- Original Siroya invoice is mandatory.
- Within 7 days of purchase: Customer receives full value of gold + full making charges (VAT/taxes are non-refundable).
- After 7 days: Customer receives full value based on net gold weight and purity at the prevailing gold rate. Making charges are not refunded.
Money-Back Policy:
- An additional 4% deduction is made from the exchange amount calculated above.
Example A — Exchange within 7 days
Mrs. Nair purchases a 22K gold bangle from Siroya Jewellers in Dubai.
- Gold value: AED 18,000
- Making charges: AED 1,800
- VAT (5% on making charges): AED 90
- Total invoice: AED 19,890
Five days later, she wishes to exchange it:
Exchange value = AED 19,800 (Gold + Making. VAT of AED 90 is not refunded.)
Example B — Exchange after 7 days
Same bangle but exchanged 30 days later.
- Net gold weight: 50 g of 22K
- Converted to 24K purity: 50 × 91.6% = 45.8g
- Prevailing 24K rate: AED 370/g
Exchange value = AED 16,946
(45.8g × AED 370. Making charges are not refunded after 7 days.)
Example C — Money-Back instead of Exchange
If Mrs. Nair opts for money-back based on the valuation in Example B:
- Base Exchange amount: AED 16,956
- Less 4% deduction: - AED 678
- Net Refund: AED 16,278
4.2 Precious Stone Jewellery
Exchange Policy: Customer receives 70% of the amount originally paid (as per invoice) as exchange value.
Money-Back Policy: An additional 10% deduction is made from the 70% exchange value.
Example — Emerald Ring
Mr. Nair purchased an emerald ring for AED 9,000 (inclusive of stone, gold, and making) + AED 450 (5% VAT).
Exchange value: 70% × AED 9,000 = AED 6,300
If opting for money-back instead:
Less 10% deduction (AED 630) | Net Refund = AED 5,670
4.3 Diamond Jewellery
Exchange Policy: Customer receives 80% of the amount originally paid (as per invoice) as exchange value.
Money-Back Policy: An additional 10% deduction is made from the 80% exchange value.
Example — Solitaire Diamond Pendant
Ms. Iyer purchased a solitaire diamond pendant for AED 22,000 + AED 1,100 (5% VAT).
Exchange value: 80% × AED 22,000 = AED 17,600
If opting for money-back instead:
Less 10% deduction (AED 1,760) | Net Refund = AED 15,840
5. Quick Reference – Money-Back Calculation
| Category | Exchange Value Basis (AED) | Additional Money-Back Deduction |
|---|---|---|
| Siroya jewellery (within 7 days) | Gold value + Making charges (excl. VAT) | 4% |
| Siroya jewellery (after 7 days) | Net gold weight × prevailing rate (AED/g) | 4% |
| Precious stone jewellery | 70% of invoice amount | 10% |
| Diamond jewellery | 80% of invoice amount | 10% |
6. General Terms & Conditions
- The original Siroya invoice must be presented at the time of exchange or money-back for jewellery originally purchased from Siroya Jewellers.
- VAT and any other applicable government levies paid at the time of purchase are non-refundable.
- Jewellery should be in its original condition. Significant damage, alteration, or tampering may affect the applicable value at Siroya's discretion.
- Exchange and money-back rates are computed at the prevailing Siroya gold rate (in AED per gram) on the day of the transaction.
- Melting and purity verification for jewellery from other jewellers will be conducted using standard assay procedures.
- All payments and refunds will be processed in AED. Refunds via card or bank transfer may take up to 7–14 working days, subject to the customer's bank.
- Siroya Jewellers reserves the right to amend this Scheme at any time. The Scheme in force on the date of the transaction will apply.
- Any dispute arising out of this Scheme shall be subject to the exclusive jurisdiction of the courts of the United Arab Emirates.