1. About these terms
1.1 These terms are an agreement between you and Lumos, Dubai, United Arab Emirates (company registration and licence in progress; we will add the company name and licence number here once issued) ("Lumos", "we", "us").
1.2 They apply when you open a Lumos account and use the Lumos app to buy, hold, sell and redeem gold and silver. You accept them by ticking the box when you sign up. Electronic acceptance is binding under UAE law.
1.3 The agreement is made up of these terms, the Key Facts, our Privacy Policy and any extra terms we show you for a specific feature or offer. If they conflict, the extra terms for that feature apply first, then the Key Facts, then these terms.
1.4 These terms do not cover a gold product you hold through another company's app that uses Lumos behind the scenes. That company's own terms apply to you there.
1.5 Paying with your gold (the Lumos card) and borrowing against your gold are not part of this agreement. They will come with their own terms when they launch.
2. Meaning of words
- Metal
- Gold of 999.9 fineness (24 karat) and silver of 999 fineness.
- Holdings
- The metal recorded in your account, shown in grams to three decimal places and kept by us to six.
- Buy price and sell price
- The prices per gram at which we sell metal to you and buy it back from you.
- Quote
- A fixed price and quantity we offer you for a set time before you confirm.
- Vault
- The secure storage facility where the metal is held, run by the custodian named in clause 6.
- Working day
- Monday to Friday, except UAE public holidays.
3. Who can use Lumos
3.1 You must be at least 18 years old and able to enter into a binding contract.
3.2 You may hold one personal account only, for yourself and not for a business or anyone else.
3.3 You can use Lumos from inside or outside the UAE. If you verify with an Emirates ID you are a UAE customer. Otherwise you are an international customer: you can pay only by card, Apple Pay or Google Pay, and sell proceeds go to an international bank account in your own name, with the transfer fee paid by you.
3.4 You cannot use Lumos if you are named on a sanctions list that applies in the UAE, or if you live in a country where the service would break the law.
4. Your account and verification
4.1 Before you can buy, you must verify your identity. We use a verification partner Didit to check your ID document and a live selfie. You must give us information that is true, complete and up to date.
4.2 We may ask for more information at any time, including proof of address, source of funds or source of wealth. We may limit your account until you provide it.
4.3 We can refuse to open an account, or ask you to verify again, without giving a reason where the law does not allow us to.
4.4 You must tell us within 30 days if your name, ID, address or residency changes. An expired ID limits your account until you renew it in the app.
5. Keeping your account safe
5.1 Keep your phone, passcode, biometrics and one-time codes to yourself. Lumos will never ask for your passcode or a one-time code by phone, email or message.
5.2 Tell us straight away through the app or at [email protected] if your phone is lost or stolen, or you think someone else has used your account. We will block the account to protect it.
5.3 You are responsible for activity in your account until you tell us, unless it happened because we did not take reasonable care.
6. What you own
6.1 When a purchase completes, you own the quantity of metal shown in your account. It is held for you in the vault and is not Lumos's property.
6.2 Your metal is held in a pool with metal owned by other Lumos customers. You own a share of the pool equal to your holdings, not specific bars. The pool always holds at least the total that all customers own, and we check this every day.
6.3 The metal is held by a specialist vault operator in Dubai and is insured for its full value against loss, theft and damage.
6.4 We do not lend, lease, pledge or otherwise use your metal.
6.5 Our records decide what you own. If the app shows a wrong figure because of a fault, the correct figure in our records applies and we will correct the display.
7. Prices and quotes
7.1 Our prices follow the international market price for gold and silver, converted to dirhams. The buy price is above the market price and the sell price below it. The difference is how we earn on each trade. Current prices are always shown in the app and on lumospay.app/prices.
7.2 Before you confirm, the app shows a quote with the price, the grams, any fee and VAT, and the total. A quote lasts 3 minutes. It is honoured if your payment is started before it expires. If the payment is confirmed too late, we refund it in full.
7.3 We may pause buying and selling if the market feed is late or unreliable, if markets are closed or disrupted, or for maintenance.
7.4 If a quote or trade is made at a price that is obviously wrong because of a system or market error, we may cancel or correct it and will tell you why. Any money or metal is returned to where it was before.
8. Buying
8.1 The minimum purchase is AED 10. There is no maximum, though large purchases may need extra checks.
8.2 You can pay by bank payment (through Lean) at no charge, or by card, Apple Pay or Google Pay with a fee of 3% plus 5% VAT on that fee. Payments must come from an account or card in your own name.
8.3 Grams are worked out from the amount you pay and rounded down to the nearest microgram. If you ask for a set number of grams, the amount is rounded up to the nearest fils.
8.4 A purchase completes when your payment is confirmed. Until then it shows as pending and is not part of your holdings. If a payment fails, nothing is bought.
8.5 Once completed, a purchase cannot be cancelled. You can sell at the current sell price instead. We send a tax invoice for every purchase.
9. Selling and payouts
9.1 You can sell some or all of your holdings at any time at the current sell price. The minimum sale is AED 10. Sales below AED 100 carry a fee of AED 5 plus 5% VAT, taken from the payout.
9.2 The grams you sell are set aside when you confirm. Payouts are made to a bank account or eligible wallet with an IBAN in your own name, within 2 working days.
9.3 If a payout fails, for example because the account details are wrong, we hold the money for you and ask you to update them. We do not pay out to third parties.
10. AutoSave and goals
10.1 AutoSave buys metal for you automatically on the schedule and amount you choose, using the payment method you authorise. Each AutoSave purchase is a separate purchase under clause 8, at the price at the time it runs.
10.2 You can change, skip, pause or cancel AutoSave in the app at any time before the next run.
10.3 If an AutoSave payment fails we will tell you and try again once the next day. Repeated failures may pause AutoSave.
10.4 Goals are a way to track your saving. They are not a promise that you will reach a value or a quantity, because prices move.
11. Delivery of bars and coins
11.1 You can turn holdings into bars and coins from our catalogue and have them delivered to an address in the UAE. Bars come in 1, 5, 10, 20, 50 and 100 g, 1 oz, 500 g and 1 kg, as available.
11.2 The app shows the minting charge for each item and the delivery fee before you confirm. Delivery is AED 45 within Dubai and AED 65 elsewhere in the UAE. VAT of 5% applies to these charges, not to the metal. If you do not hold enough metal, the difference is bought in the same order at the current buy price.
11.3 We aim to deliver within 2 working days in Dubai and 3 working days elsewhere in the UAE after the order is paid.
11.4 Only you can receive the delivery. You must show the original ID you verified with, and sign the delivery note. Check the sealed packaging before you sign. Once you have signed, the items are yours and cannot be returned for credit.
11.5 If the first delivery fails, we try once more. If the second attempt also fails, the order is cancelled, the grams go back to your account and the other charges are refunded, but the delivery fee and its VAT are kept.
12. Fees, VAT and custody
12.1 All fees are listed in the Key Facts. We will not charge a fee that is not listed there.
12.2 Gold of 999.9 and silver of 999 fineness carry no VAT. VAT of 5% applies to our fees and charges.
12.3 Storage is free for the first 2 years your metal is held. After that a custody fee applies, charged at cost and taken from your holdings in grams. We will tell you the rate at least 3 months before it starts.
13. Offers and rewards
13.1 We may run offers, such as bonus metal on a first purchase. Each offer has its own terms, which we show before you take part.
13.2 We may cancel bonus metal received through misuse of an offer, for example by opening more than one account.
14. Holds, freezes and compliance
14.1 We must follow UAE anti-money-laundering and sanctions laws. We monitor activity and may delay, refuse or reverse a transaction, or freeze an account, where we reasonably suspect fraud, money laundering, a sanctions breach or a breach of these terms.
14.2 We may be required to report activity to the authorities and may not be allowed to tell you. We will tell you when we can.
14.3 If money reaches us by mistake or through fraud, we may return it to the sender and reverse any purchase made with it.
15. Things you must not do
- Use Lumos for anyone else, for a business, or with money that is not yours.
- Give false information or use someone else's identity or payment method.
- Use bots, scripts or scraping, or try to take advantage of price delays or errors.
- Buy and sell repeatedly to move money or disguise where it came from.
- Open several accounts or misuse offers.
- Interfere with the app, its security or other customers.
16. No advice, and the risks
16.1 Lumos does not give investment, tax or legal advice. Content in the app and on our website is general information.
16.2 The price of gold and silver goes up and down, and you may get back less than you paid. Past performance is not a guide to the future. The spread means a quick buy and sell will usually return less than you paid. Metal earns no interest.
17. If Lumos or the vault fails
17.1 Your metal is not Lumos's property and is held separately from our own assets, so it is not available to our creditors.
17.2 If Lumos stops trading, the metal will be returned to customers according to our records, either by delivery of bars where possible or by selling it and paying the value to the bank account in your name.
17.3 If the vault operator fails, the metal remains customer property and is protected by the custody agreement and insurance.
18. Inactive accounts and death
18.1 If you do not use your account for 2 years, we will try to contact you. Your holdings stay yours. We may limit the account until you verify again.
18.2 If you die, your holdings form part of your estate. We will release them to the people entitled under UAE law once they give us the documents we reasonably need, such as a death certificate and a court order or succession certificate.
19. Closing your account
19.1 You can close your account at any time. Before closing, sell your holdings or have them delivered.
19.2 We can close your account with 30 days' notice, or straight away if you seriously break these terms or the law requires it. If we close it, we will pay out the value of your holdings at the sell price to your own bank account, or deliver them where you ask and pay the charges, unless the law prevents us.
20. Changes to these terms
20.1 We will give you at least 30 days' notice of any change that is not in your favour. If you do not agree, you can close your account free of charge before the change takes effect.
20.2 Changes that are in your favour, or that the law requires, can take effect sooner.
21. Our liability to you
21.1 We are responsible for losses you suffer because we break these terms or are negligent, where the loss was foreseeable.
21.2 We are not responsible for losses caused by price movements, by events outside our reasonable control, by you breaking these terms, or by your not keeping your account safe.
21.3 Nothing in these terms limits our liability for fraud, gross negligence or anything else that UAE law does not allow us to limit.
22. Your responsibility to us
If you break these terms or the law, and we suffer a loss as a result, you must cover that loss, including reasonable legal costs.
23. The app and our content
We give you a personal, non-transferable right to use the Lumos app while you have an account. The Lumos name, logo, app and content belong to us or our licensors.
24. How we contact you
24.1 We contact you through the app, by email and by text message. Notices we send this way are treated as received when sent.
24.2 We send marketing only if you agree, and you can stop it at any time in the app.
25. Complaints
If something goes wrong, tell us through the app or at [email protected]. We will acknowledge your complaint within 2 working days and aim to resolve it within 15 working days, telling you if it will take longer.
26. Law and disputes
26.1 These terms are governed by the laws of the United Arab Emirates as applied in Dubai.
26.2 If we cannot resolve a complaint, disputes will be decided by the courts of Dubai.
26.3 These terms are available in English and Arabic. If there is a difference, English version prevails.
27. General
27.1 We are not responsible for delays or failures caused by events outside our reasonable control, such as market closures, natural disasters, war, or failures of networks, banks or the vault's systems.
27.2 We may transfer this agreement to another company that takes over the Lumos service, if your rights are not reduced. You may not transfer it.
27.3 If any part of these terms is found invalid, the rest still applies. If we do not enforce a right straight away, we can still enforce it later.
27.4 Clauses that by their nature continue after the agreement ends, such as 17, 21 and 26, remain in force.