1. Why this matters
1.1 Gold and silver are real assets, but they are not risk free. This page explains the main risks in plain language. It is part of your agreement with us, together with the Terms and Conditions and the Key Facts.
1.2 Only put in money you can afford to leave for some time, and that you would be comfortable seeing fall in value.
2. Prices go down as well as up
2.1 The value of your holdings changes every day with the world market price. You may get back less than you paid.
2.2 Silver usually moves up and down more sharply than gold. Its price can fall a long way in a short time.
2.3 Past prices do not tell you what will happen next. Charts, calculators and goals in the app show what has happened or what you plan, not what you will get.
3. The cost of buying and selling
3.1 Our buy price is above the market price and our sell price is below it. If you buy and then sell soon after, you will usually get back less than you paid, even if the market has not moved.
3.2 Card payments, small sales and delivery carry fees, listed in the Key Facts. Fees reduce what you get back.
4. No interest or income
Metal does not pay interest, dividends or any other income. Any gain comes only from the price going up. After the free period, a custody fee is taken from your holdings in grams, which slowly reduces the metal you hold.
5. Currency
Gold and silver are priced in US dollars on world markets. We convert that price into dirhams. The dirham is pegged to the US dollar, but if the peg changed, or for an international customer whose own currency moves against the dirham, the value of your holdings in your own currency could change.
6. Pauses and market closures
6.1 We pause buying and selling if our market price feed is late or unreliable, when world markets are disrupted, and during maintenance. During a pause you cannot trade, even if prices are moving.
6.2 Sale payouts take up to 2 working days to reach your bank. Bank holidays and checks on large or unusual payments can add time.
7. Technology and operations
7.1 The app relies on phones, networks, payment providers and our own systems. Any of these can fail or slow down, and a quote can expire before your payment goes through. If that happens, we refund the payment in full.
7.2 Mistakes can happen. If a trade is made at an obviously wrong price because of an error, we may cancel or correct it, as set out in the Terms and Conditions.
8. Custody and the vault
8.1 Your metal is stored by a specialist vault operator in Dubai. You depend on that company to store it safely.
8.2 The metal is insured, but insurance has limits and exclusions, for example for war or nuclear events. A loss outside the cover could reduce what customers get back.
8.3 Your metal is held in a pool with other customers' metal. You own a share of the pool, not specific bars. We check every day that the pool holds at least what all customers own.
9. If Lumos fails
9.1 Your metal is held for you and kept separate from Lumos's own assets, so it should not be used to pay Lumos's debts.
9.2 If Lumos stopped trading, there could still be delays and costs before you get your metal or its value back.
10. Not a bank deposit
Your Lumos account is not a bank account and your holdings are not a deposit. They are not covered by any deposit protection scheme. Lumos is not a bank.
11. Delivery charges
Turning grams into bars and coins carries minting charges and a delivery fee, plus VAT on those charges. The charges can be a large share of the value for small items. If a delivery fails twice, the delivery fee is kept.
12. Tax
12.1 Gold of 999.9 and silver of 999 fineness carry no VAT in the UAE. VAT of 5% applies to our fees and charges.
12.2 You are responsible for your own tax position, including any tax on gains in the country where you live or are a citizen. We do not give tax advice.
13. Fraud and account security
13.1 If someone gets into your phone or account, they could sell your metal or change your details. Keep your passcode, biometrics and one-time codes to yourself.
13.2 Lumos will never ask for your passcode or a one-time code. Be wary of anyone who promises guaranteed returns or asks you to buy on their behalf.
14. Changes in the law
New laws, regulations or tax rules could change how Lumos works, what it can offer, or what it costs. In some cases we may have to limit or close the service. We would give you as much notice as we can.
15. No advice
Lumos does not give investment, tax or legal advice, and does not tell you whether metal is right for you. If you are unsure, speak to an independent financial adviser.