1.5. the following expressions bear the meanings assigned to them below and cognate expressions
bear corresponding meanings –
1.5.1. “Auction” means the auction and associated processes duly arranged and managed by
Gemfields at the location indicated in the auction invitation;
1.5.2. “Auction Committee” means the managing body established by Gemfields to coordinate
the Auction, ensure transparency and to oversee the exporting process;
1.5.3. “Bid Box” means the clearly labelled and transparent box provided by Gemfields at the
Auction, bearing a numbered seal, into which all bids are placed, and which Gemfields warrants will not be opened until the bidding phase of the Auction has been declared
closed;