What does a memo in the context of gemstone dealing refer to?

A memo in the context of gemstone dealing refers specifically to a written agreement for merchandise inspection and approval. This document is crucial in the gemstone trade as it outlines the terms under which the buyer has the opportunity to inspect the merchandise before finalizing the purchase. It helps establish clear communication between the buyer and the seller regarding expectations, including quality and condition of the gemstones. This safeguards both parties, ensuring that the buyer has the chance to evaluate the stones thoroughly and affirm their satisfaction before any financial commitment is made. Understanding this process is essential for effective and trustworthy transactions within the gemstone market.