In all instances where the Winning Participant fails to pay in full within three (3) weeks of
notification of acceptance of their bid (“Unpaid Schedules”), Gemfields reserves the right to sue
for the contracted price, with all related costs being for the Winning Participant’s account.
Gemfields will not be liable to refund any part payment made towards any Schedule or part
thereof and such payment will be retained in accordance with clause 5.3. Gemfields also
reserves right to sell Unpaid Schedules (or portions thereof) to the next highest bidder or any
other third party or Participant