Terms of Service

Last Updated: 10 September 2026

These Terms & Conditions (“Terms”) govern access to and use of the Only Carat website, web-based marketplace, Android application, iOS application, and related services.

By creating an account, accessing the Platform, uploading inventory, searching diamonds, submitting an inquiry, downloading or using the mobile application, or otherwise using Only Carat, you agree to these Terms.

If you do not agree to these Terms, you must not use the Platform.

1. Definitions

For these Terms:

“Only Carat,” “we,” “us,” or “our” means the operator of the Only Carat Platform.

“Platform” means the Only Carat website, web services, Android application, iOS application, and related marketplace services.

“Buyer” means a User who uses the Platform to search, discover, evaluate, inquire about, or interact with diamond inventory and Suppliers.

“Supplier” means a User or business that lists, displays, manages, or offers diamond inventory through the Platform.

“User” or “you” means a Buyer, Supplier, or authorized business representative using the Platform.

“Listing” means diamond inventory or related information displayed by or on behalf of a Supplier.

“Transaction” means any purchase, sale, payment, invoice, shipment, return, or other commercial arrangement entered into directly between a Buyer and Supplier.

2. About Only Carat and Marketplace Scope

Only Carat is a B2B diamond marketplace and technology platform connecting diamond Buyers and Suppliers.

The current marketplace focuses on single-stone diamonds, including:

Natural Diamonds

Lab-Grown Diamonds

Certified Single-Stone Diamonds

Non-Certified Single-Stone Diamonds

where such categories are enabled on the Platform.

Only Carat may introduce additional categories, tools, services, and functionality in the future.

A future feature is not considered available unless it is actually enabled on the Platform.

3. Website and Mobile Application

The Only Carat web Platform may provide functionality for both Buyers and Suppliers.

The Only Carat Android and iOS mobile applications are currently intended for Buyers only.

Buyer mobile functionality may include:

Registration and login

Diamond search

Advanced filters

Supplier inventory discovery

Diamond details

Supplier profiles and company information

Certificate/report information where available

Diamond images and videos where available

Buyer inquiries or Supplier contact functionality where enabled

Other Buyer functionality expressly made available by Only Carat

Supplier functionality such as inventory upload, inventory management, and Supplier profile/store management is currently provided through the web Platform.

4. Role of Only Carat and Buyer-Supplier Transactions

Only Carat provides the technology and marketplace infrastructure through which Buyers and Suppliers can discover and interact with each other.

Unless expressly stated otherwise for a specific service, Only Carat is not the:

Owner of Supplier inventory

Buyer or seller of listed diamonds

Diamond manufacturer

Independent diamond grading laboratory

Guarantor of any Buyer, Supplier, diamond, or Transaction

Escrow provider

Buyer-Supplier payment settlement provider

Shipping or logistics provider

Customs agent

Insurer

Any diamond Transaction is entered into directly between the Buyer and Supplier.

The Buyer and Supplier are responsible for independently agreeing upon and verifying:

Diamond specifications

Certificate/report

Availability

Final price

Currency

Payment terms

Invoice

Shipping

Insurance

Inspection

Returns/refunds

Taxes

Customs

Duties

Other commercial terms

Disputes relating to a Transaction must primarily be resolved between the Buyer and Supplier.

Only Carat may provide reasonable assistance or available Platform records at its discretion, but doing so does not make Only Carat a party to the Transaction.

5. Eligibility, Registration and Account Security

Only Carat is primarily intended for legitimate businesses and authorized representatives connected with the diamond or jewelry industry.

By registering, you represent that:

You are legally capable of entering into a binding agreement

You are authorized to represent the relevant business, where applicable

Information provided to Only Carat is accurate and truthful

Users must keep their account information reasonably current and protect their passwords, OTPs, login credentials, and devices.

Only Carat may apply email verification, OTP verification, device controls, session restrictions, or other reasonable security measures.

Users should promptly notify Only Carat of suspected unauthorized account access.

6. KYC and Business Verification

Only Carat may require Buyers and Suppliers to complete KYC and/or business verification.

Depending on the User type, business type, country, and verification requirements, Only Carat may request:

Personal or Business Name

Business Registration Details

GST Details, where applicable

IEC (Import Export Code), where applicable

Business Documents

Business Address

Contact Information

Other reasonably required verification information

Users are responsible for ensuring submitted information and documents are true, accurate, complete, valid, and current.

Only Carat may approve, reject, request additional information, request updated documents, re-verify an account, or restrict access where verification requirements are not satisfied.

A Verified, KYC Approved, or similar status only means that the User completed the applicable Only Carat verification process.

It does not guarantee:

Financial capability

Creditworthiness

Business reputation

Diamond ownership

Inventory authenticity

Product quality

Transaction performance

Payment performance

Delivery performance

Future conduct

Users remain responsible for their own business and commercial due diligence.

7. Buyer Responsibilities

Buyers may use available Platform functionality to search and review Supplier inventory and contact Suppliers.

Buyers are responsible for independently verifying information before entering into a Transaction, including:

Supplier identity

Diamond specifications

Certificate/report

Diamond authenticity

Availability

Final price

Payment terms

Shipping

Insurance

Returns/refunds

Taxes

Customs and import requirements

Only Carat's display of a Supplier or Listing does not constitute a recommendation or guarantee.

8. Supplier Responsibilities and Inventory

Suppliers may use available web functionality to:

Create a Supplier account

Create and maintain a Supplier profile/store

Upload and manage diamond inventory

Display diamond information

Display certificates/reports

Display images and videos

Display pricing where enabled

Receive and respond to Buyer inquiries

Suppliers are responsible for inventory and Content submitted directly by them or through authorized feeds or integrations.

Each Supplier represents that:

It has lawful authority to list the inventory

Listings are not knowingly false, misleading, fraudulent, or deceptive

Certificate/report information is represented accurately to the best of its knowledge

Pricing and availability are maintained with reasonable accuracy

Images and videos do not intentionally misrepresent a diamond

It has the necessary rights to upload the relevant Content

Suppliers must not knowingly list stolen, fictitious, fraudulent, unauthorized, illegally traded, or intentionally misrepresented inventory.

9. Diamond Information, Certificates, Pricing and Availability

Only Carat is not an independent diamond grading laboratory.

Certificate/report and grading information may originate from Suppliers, grading laboratories, authorized integrations, or other authorized data sources.

Only Carat does not independently guarantee that Supplier-provided or third-party grading information is error-free or authentic.

Buyers should independently verify important certificate/report information where appropriate.

Suppliers are responsible for maintaining reasonably accurate pricing and inventory information.

A displayed price does not by itself create a binding sale agreement.

Diamond inventory may change quickly, and a diamond displayed as available may become sold, reserved, withdrawn, or unavailable before Supplier data is updated.

Buyers should directly confirm final price and availability with the Supplier.

10. Communications Between Users

Only Carat may allow Buyers and Suppliers to communicate through:

Platform inquiry

Email

Phone

WhatsApp

Other enabled communication methods

Users must use these communication methods for legitimate business purposes.

Users must not use Only Carat for spam, harassment, fraud, phishing, unrelated mass marketing, illegal activity, or unauthorized collection or misuse of personal information.

11. Payments, Shipping, Taxes and International Trade

Only Carat currently does not process, collect, receive, hold, transfer, or settle Buyer-to-Supplier payments for diamond purchases.

Payment arrangements are agreed directly between the Buyer and Supplier.

Only Carat is not responsible for:

Bank-transfer fraud

Fraudulent payment confirmations

Buyer non-payment

Supplier non-delivery

Payment delays

Chargebacks

Currency conversion issues

Other direct Buyer-Supplier payment disputes

Unless Only Carat expressly introduces a separate service, Buyers and Suppliers are also responsible for:

Shipping

Insurance

Delivery

Customs clearance

Import/export documentation

Applicable GST/VAT

Customs duties

Trade restrictions

Sanctions compliance

Other legal and regulatory obligations

Payments made to Only Carat for Supplier subscriptions are separate from diamond Transaction payments.

12. Buyer Access and Fees

At present, Buyers may use available standard Buyer functionality without purchasing a subscription.

Only Carat does not currently charge Buyers a membership or subscription fee for standard Buyer access.

Only Carat may introduce optional or paid Buyer services in the future.

Any applicable price and terms will be disclosed before activation or purchase.

13. Supplier Subscription Plans

Subscription plans currently apply to Suppliers only. Buyers do not currently require a paid subscription for standard Platform access.

Supplier plans may vary based on:

Inventory listing limits

Inventory valuation limits

Supplier profile/store functionality

Number of Users

Device access

Product/category access

Platform functionality

Support

Additional Supplier services

Only Carat may, at its discretion, offer eligible Suppliers a free trial, promotional access, discounted plan, or other promotional benefit.

The duration, eligibility, available features, usage limits, and other conditions of any free trial or promotional offer will be communicated when the offer is provided.

A free trial or promotional offer may:

Be available only to selected or eligible Suppliers

Require successful account or KYC approval

Be available for a limited period

Include limited features or usage

Be modified or discontinued for future Suppliers at any time

Receiving a free trial or promotional offer does not create a right to permanent free access to Only Carat.

After the applicable trial or promotional period ends, the Supplier may be required to purchase an available subscription plan to continue using applicable Supplier services.

Only Carat may change its future Supplier plans, pricing, trial periods, promotional offers, or included features.

14. Search Data and Market Intelligence

Only Carat may collect, process, aggregate, and analyze Platform search activity and inventory data to understand Buyer interest and marketplace demand.

This may include information relating to:

Natural or Lab-Grown

Certified or Non-Certified

Shape

Carat range

Color

Clarity

Cut

Polish

Symmetry

Fluorescence

Laboratory

Price criteria

Location

Search frequency

Search result counts

Repeat search activity

Marketplace inventory availability

Only Carat may use this information to provide aggregated insights such as:

Most Searched Diamonds

Trending Buyer Demand

High Demand / Low Supply

Unfulfilled Search Demand

Market Opportunity Insights

Trending Categories

15. Market Intelligence Disclaimer and Buyer Search Privacy

Only Carat's search-based Market Intelligence does not represent actual completed sales data unless expressly stated otherwise.

Terms such as:

Most Searched

Trending

High Demand

High Opportunity

Low Supply

Buyer Interest

Market Opportunity

are analytical indicators based on available Only Carat data.

They do not guarantee:

Sales

Buyer conversion

Future demand

Market price

Profit

Inventory turnover

Business results

Only Carat may aggregate, anonymize, deduplicate, apply minimum thresholds to, or otherwise appropriately process search activity before presenting Supplier-facing analytics.

Supplier-facing Market Intelligence will generally not identify an individual Buyer merely because that Buyer performed a search.

Buyer information may be shared with a Supplier where the Buyer intentionally submits an inquiry or other Supplier-directed communication, subject to the Privacy Policy.

16. Search Results, Sorting and Marketplace Visibility

Only Carat displays diamond Listings based primarily on the search filters and sorting options selected by the Buyer.

Where applicable, search results may be displayed or sorted based on:

The filters and diamond parameters selected by the Buyer;

Price per carat (Price/CT), including lowest Price/CT first where that sorting option applies;

The sorting option selected by the Buyer; and

Other reasonable marketplace or technical criteria necessary to operate the Platform.

The position of a Supplier or diamond Listing may therefore vary depending on the Buyer's search criteria, selected sorting method, available inventory, and applicable Platform functionality.

Only Carat does not guarantee any Supplier a particular search position, ranking, visibility, number of views, inquiries, leads, Transactions, or sales.

17. User Content

Users remain responsible for Content submitted by them or on their behalf.

By submitting Content, the User represents that it has the rights necessary to provide that Content.

The User grants Only Carat a non-exclusive, worldwide, royalty-free license to host, store, process, reproduce, format, display, transmit, and use submitted Content as reasonably necessary to:

Operate the Platform

Display Supplier Listings

Operate Supplier profiles/stores

Facilitate Buyer discovery

Provide Platform functionality

Maintain Platform security

Improve the Platform

Reasonably promote Supplier Listings or Only Carat

Ownership of User Content remains with the User or applicable rights holder.

18. Only Carat Intellectual Property and Platform License

Only Carat and its licensors retain applicable rights in the Platform, including:

Name and branding

Logos

Software

Source code

Databases

UI/UX

Designs

Marketplace architecture

Search systems

Analytics systems

Graphics

Documentation

Only Carat-created Content

Subject to these Terms, Users receive a limited, revocable, non-exclusive, non-transferable right to access and use the Platform for legitimate business purposes.

Users must not, unless expressly authorized or permitted by law:

Copy substantial portions of the Platform

Reverse engineer or decompile software

Circumvent security

Reproduce substantial portions of Only Carat's database

Resell unauthorized Platform access

Provide unauthorized third-party access

Commercially exploit Only Carat's proprietary technology

19. Prohibited Use, Bots and Scraping

Users must not:

Commit or facilitate fraud

Impersonate another business or person

Upload false or fictitious inventory

Upload fraudulent certificates

Artificially generate Buyer searches or demand

Manipulate rankings

Send spam

Harass Users

Conduct phishing

Distribute malware

Attempt unauthorized system access

Circumvent Platform security

Misuse User information

Infringe intellectual-property rights

Engage in unlawful diamond trade

Evade applicable sanctions

Facilitate money laundering

Violate applicable law

Unless expressly authorized by Only Carat, Users must not use bots, crawlers, spiders, scraping tools, bulk extraction systems, or similar automated technologies to systematically extract or copy Platform data.

20. Third-Party Services

Only Carat may use or integrate third-party services for functions such as:

Cloud infrastructure

Authentication

Email

Communication

Analytics

Notifications

Verification

Payment processing for Only Carat services

Grading-report information

Google Play

Apple App Store

Third-party services may have their own terms and privacy practices.

Only Carat is not responsible for independent third-party systems outside its reasonable control.

21. Mobile Application and App Stores

Only Carat grants eligible Buyers a limited, revocable, non-exclusive, non-transferable license to install and use the mobile application on supported devices.

Mobile functionality may depend on device compatibility, operating system, internet connection, app version, account status, and required permissions.

Where the app is downloaded through Google Play or the Apple App Store, applicable store rules also apply.

Google and Apple are not parties to Buyer-Supplier diamond Transactions and do not guarantee Supplier inventory or Transaction performance.

22. Suspension, Termination and Account Closure

Only Carat may restrict, suspend, or terminate an account where reasonably necessary because of:

Fraud or suspected fraud

False KYC information

False inventory

Fraudulent certificates

Security risks

Unauthorized access

Repeated materially inaccurate Listings

Spam or abuse

Prohibited activity

Material breach of these Terms

Non-payment of applicable Supplier subscription fees

Legal or regulatory requirements

Material risk to Only Carat or its Users

Following termination or account closure:

Platform access may cease

Supplier Listings may be removed

Supplier store visibility may end

Platform permissions may terminate

Only Carat may retain records where required or permitted by applicable law and the Privacy Policy.

23. Disclaimer and No Guarantee of Business Results

To the maximum extent permitted by applicable law, Only Carat is provided on an “AS IS” and “AS AVAILABLE” basis.

Only Carat does not guarantee:

Uninterrupted Platform availability

Accuracy of every Listing

Authenticity of every certificate/report

Reliability of every Buyer or Supplier

Continuous inventory availability

Continued validity of displayed prices

Successful completion of any Transaction

Any particular number of views, inquiries, leads, orders, sales, revenue, profit, or marketplace exposure

Users remain responsible for appropriate business, product, financial, and legal due diligence.

24. Limitation of Liability

To the maximum extent permitted by applicable law, Only Carat and its applicable officers, employees, affiliates, and service providers will not be liable for indirect, incidental, special, exemplary, punitive, consequential, or loss-of-profit damages arising from:

Buyer-Supplier Transactions

User fraud

Inaccurate Listings

Certificate/report information

Payment disputes

Shipping or delivery

Loss or damage in transit

Returns or refunds

Taxes or customs

Third-party services

Unauthorized User conduct

Platform interruptions

Loss of business opportunities

Decisions based on Market Intelligence

Nothing in these Terms excludes or limits liability that cannot lawfully be excluded or limited.

25. Indemnification

To the extent permitted by applicable law, Users agree to indemnify and hold Only Carat and its applicable officers, employees, and affiliates harmless against reasonable claims, liabilities, losses, and costs arising from the User's:

Material breach of these Terms

Fraud

Intentional misconduct

Unlawful activity

False or misleading Listing

Unauthorized inventory

Intellectual-property infringement

Misuse of another User's information

Violation of third-party rights

26. Platform Availability and Force Majeure

Only Carat aims to maintain reliable Platform availability but does not guarantee uninterrupted operation.

Only Carat will not be responsible for delay or failure caused by circumstances beyond its reasonable control, including:

Maintenance

Software updates

Server or internet failures

Cloud-provider failures

Power failures

Natural disasters

Fire or flood

War or civil unrest

Government action

Strikes

Telecommunications failures

Major cyber incidents not reasonably preventable

Other comparable events outside Only Carat's reasonable control

27. Electronic Communications

By using Only Carat, Users agree that Only Carat may provide legally permitted communications electronically.

These may include:

Account notices

OTPs and verification communications

Security alerts

Service notifications

Subscription communications

Legal notices

Platform updates

Communications may be delivered by email, Platform notification, mobile notification, or other contact methods supplied by the User.

28. Privacy

Only Carat's collection, use, storage, sharing, and protection of personal information is governed by the Only Carat Privacy Policy.

The Privacy Policy covers:

Web Platform: Buyers and Suppliers

Mobile Applications: Buyers only

The Privacy Policy should be read together with these Terms.

29. Changes to Platform and Terms

Only Carat may introduce, modify, limit, or discontinue Platform functionality, marketplace categories, Supplier plans, analytics, communication tools, or other services.

Only Carat may also update these Terms to reflect legal, regulatory, operational, security, subscription, or Platform changes.

Where appropriate, material changes may be communicated through the Platform, mobile app, email, or another reasonable method.

The updated date at the beginning of these Terms will identify the current version.

30. General Legal Terms

Users may not assign or transfer their account or rights under these Terms without Only Carat's prior written consent.

Only Carat may assign its rights or obligations in connection with a legitimate merger, restructuring, acquisition, or business transfer, subject to applicable law.

If any provision of these Terms is found invalid or unenforceable, the remaining provisions will remain effective.

Failure by Only Carat to enforce a provision on one occasion does not waive its right to enforce that provision later.

These Terms, the Privacy Policy, applicable Supplier subscription terms, and any additional terms expressly applicable to a specific Only Carat service form the agreement governing use of the Platform.

31. Governing Law and Jurisdiction

These Terms are governed by the laws of India, subject to any mandatory legal protections that may apply.

To the extent permitted by applicable law, disputes arising from or relating to these Terms or use of Only Carat will be subject to the jurisdiction of the competent courts in:

Surat, Gujarat, India

Before starting formal proceedings, Users are encouraged to contact Only Carat and attempt to resolve the matter in good faith.

32. Contact Us

For questions, complaints, or notices relating to these Terms:

Only Carat

502, City Center, Station Road

Lal Darwaja

Surat – 395003

Gujarat, India

Email: info@onlycarat.ai