1. The product
| Provider | Lumos, Dubai, United Arab Emirates. Company registration and licence in progress. |
| What it is | An app to buy, hold, sell and redeem physical gold and silver, starting from AED 10. |
| Metals | Gold 24 karat (999.9 fineness) and silver (999 fineness) |
| Who can use it | Individuals aged 18 or over, after identity verification. One personal account each. |
| Not available at launch | Paying with gold (card) and borrowing against gold. These will have their own terms. |
2. What you own
| Ownership | You own the grams shown in your account. They are held for you and are not Lumos's property. |
| How it is held | In a pool with other customers' metal (not specific bars). The pool always holds at least everything customers own, checked every day. |
| Where | A specialist vault operator in Dubai |
| Insurance | Insured for full value |
| Lending | Your metal is never lent, leased or pledged. |
3. Prices
| How prices are set | From the international market price, converted to dirhams. The buy price is above it and the sell price below it. |
| Spread | Gold about 1.5% each way. Silver about 5% when you buy and 0.3% when you sell. The live buy and sell prices are always shown. |
| Quote | Fixed for 3 minutes before you confirm. |
| Rounding | Grams rounded down to the nearest microgram; amounts rounded up to the nearest fils. |
| Pauses | Trading pauses if the market feed is late or markets are disrupted. |
4. Fees and charges
| Item | Charge |
|---|
| Account, buying by bank payment | Free |
| Paying by card, Apple Pay or Google Pay | 3% of the payment, plus 5% VAT on the fee |
| Selling AED 100 or more | Free (the sell price already includes the spread) |
| Selling under AED 100 | AED 5 plus 5% VAT |
| Storage, first 2 years | Free |
| Storage after 2 years | Charged at cost, taken in grams. The rate is shared at least 3 months before it starts |
| Bars and coins | Minting charge per item, shown before you order, plus 5% VAT |
| Delivery | AED 45 in Dubai, AED 65 elsewhere in the UAE, plus 5% VAT |
| International payouts | The receiving bank's or transfer charges, paid by you |
| VAT on gold and silver | None |
5. Limits and timings
| Minimum buy | AED 10 |
| Maximum buy | No maximum (large amounts may need extra checks) |
| Minimum sell | AED 10 |
| Metal in your account | As soon as your payment is confirmed |
| Sell payouts | Within 2 working days, to an IBAN in your own name |
| Delivery | 2 working days in Dubai, 3 elsewhere in the UAE, after payment |
| Lock-in | None. Sell any time. |
6. Main risks
- Prices go down as well as up. You may get back less than you paid.
- Buying and selling soon after costs you the spread.
- Metal earns no interest.
- Your holdings are not a bank deposit and are not covered by a deposit protection scheme.
Read the full Risk Disclosure.
7. Your rights
- See the full price, fees and VAT before every trade.
- Sell or have your metal delivered at any time.
- At least 30 days' notice of changes that are not in your favour, and the right to leave free of charge.
- Access, correct and, where the law allows, delete your personal data. See our Privacy Policy.