Rare Diamond
- Thread starter smiles7
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Illegal? No. Unethical? Most definitely. Sadly, I don't think you have much recourse, other than to see if they would be willing to sell it back to you. Tell them you changed your mind (don't mention that you feel ripped off)...
Next time, take the piece to an independent appraiser so you know what you have before you go to sell it.
I'm sorry that you've learned the hard way and hope that the jeweler has a heart and will sell it back to you. Good luck....
Next time, take the piece to an independent appraiser so you know what you have before you go to sell it.
I'm sorry that you've learned the hard way and hope that the jeweler has a heart and will sell it back to you. Good luck....
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If a buyer sells for a penny on the dollar and only realizes it after the sale it is very sad, but it's the buyer's mistake and there is no legal recourse IMO.
Live and learn.
Sorry.
That said I would go back to the buyer, get down on my knees, cry a river and beg for more money.
If that does not work and the buyer has a reputation to protect I'd to to your local media and see if they will do a human-interest story for you.
The publicity MAY help you get some bucks out of this person.
Live and learn.
Sorry.
That said I would go back to the buyer, get down on my knees, cry a river and beg for more money.
If that does not work and the buyer has a reputation to protect I'd to to your local media and see if they will do a human-interest story for you.
The publicity MAY help you get some bucks out of this person.
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smiles7|1371339616|3466681 said:
It is possible a 3 ct is only worth $6K.
Blue nile has 743 round diamonds between 3.0 and 3.1 carats, and the price range is from $21,513 for a 3.01 J SI2 with Fair cut to $321,906 for a 3.05 D IF with excellent cut.
Plus they do not sell diamonds with grades worse than J SI2, but there are much worse grades than J SI2, so the cheapest may be near $6K.
Too late now, but you should have sent it to GIA to discover the true clarity and color grades.
Only then would could you look up what comps are selling for.
Kenny, when I took the ring into the jeweler the gentleman helping me said it was a very old ring "called Old Miner" he immediately asked for both his father and another gentleman in the back. I agreed to let them remove the stone from the setting (original setting) and they accompanied me to the back of the store to weigh the diamond. It weighed 3.07ct. I made a foolish mistake.
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I'm very sorry.
You are not alone.
We all have done things we wish we could reverse.
I recommend a nice bottle of wine, a walk on the beach or in the woods, some Godiva chocolate, rare Scotch or whatever would comfort you at this time.
Perhaps ask the diamond buyer to buy you this consolation gift.
You are not alone.
We all have done things we wish we could reverse.
I recommend a nice bottle of wine, a walk on the beach or in the woods, some Godiva chocolate, rare Scotch or whatever would comfort you at this time.
Perhaps ask the diamond buyer to buy you this consolation gift.
Kaleigh
Super_Ideal_Rock
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smiles7|1371340442|3466687 said:
Very sorry Wish you had found us before. Live and learn.. You didn't make an informed decision.. You were taken advantage of..
Not knowing the spec, etc..
Pay this forward and let anyone in the same position go to an independant appraiser and do your due diligence...
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I'm very sorry.
I once lost a pendant with a 2+ carat natural alexandrite with very good clarity and exquisite color change. It had been given to me by my grandmother (during one of only two visits with her) and had been owned by my great-grandfather.
It took quite awhile (as in many years) for me to forgive myself for that loss. Please don't beat yourself up over this and start working on forgiving yourself- life is too short!
I once lost a pendant with a 2+ carat natural alexandrite with very good clarity and exquisite color change. It had been given to me by my grandmother (during one of only two visits with her) and had been owned by my great-grandfather.
It took quite awhile (as in many years) for me to forgive myself for that loss. Please don't beat yourself up over this and start working on forgiving yourself- life is too short!
Lula
Ideal_Rock
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Many states give you a three-day window in which to change your mind about any sale. Do not give up just yet. Go back to the store and ask for your diamond back; tell them you changed your mind. The Uniform Commercial Code covers sales transactions between consumers and sellers, and protects consumers from fraud and other unscrupulous behavior on the part of businesses. You have rights under the U.C.C. as well. Again, please don't give up until you know your rights in your state.
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I'm afraid the well-meaning people are giving you bad advice. If you sold an X, believing it was a Y, the contract may be void. It is not clear to me whether the price offered was reasonable or not. For example it is not uncommon for dealers to offer 10% of retail to someone who needs to make a quick sale. If the stone was chipped and needs to be recut or repolished that would also bring the price down.
However if the dealer really paid you "pennies on the dollar" (one, two, four or five percent of its fair value) you need to talk to a lawyer. A contract is only valid if both parties have "a meeting of the mind" where you decide you want $Z for your X and he decided he will pay $Z for your X. It doesn't become a valid contract just because you were tricked.
However if the dealer really paid you "pennies on the dollar" (one, two, four or five percent of its fair value) you need to talk to a lawyer. A contract is only valid if both parties have "a meeting of the mind" where you decide you want $Z for your X and he decided he will pay $Z for your X. It doesn't become a valid contract just because you were tricked.
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But he wasn't tricked. He was completely uneducated about what he had. If the jeweler said " you have a 3.07 ct. M, I2 stone" and you didn't know it was a 3.07 ct. J, Si2 stone, that's your fault, not the buyer's. I think it's despicable that this jeweler took advantage of smiles, but it's not illegal. He has nothing to lose by trying to get the stone back. I wouldn't ask for more money at this point because you still have NO idea of what you really have. If he can get it back, I'd send it to GIA (or EGL since it's an old cut....please folks, let's not start an EGL vs. GIA debate for old cuts here...we all have our own opinions on this one) and THEN try to sell it, now being fully informed of what he has and what it's worth.
I have a feeling a lawyer will tell you exactly what we've all said, but if you know one and can ask, it would certainly be worth it. I would love to be wrong here though....
I have a feeling a lawyer will tell you exactly what we've all said, but if you know one and can ask, it would certainly be worth it. I would love to be wrong here though....
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Christina and Lulu - what's the best way for Smiles7 to find out whether they have any options under the laws in their state? Would the amount of time lapsed since they sold the diamond make a difference? If the number of "business days" elapsed does matter, would Saturday count as a business day if the vendor is open for business on a Saturday?
(this looks like an overview - a few years old - which seems to indicate that the levels of consumer protection varies widely according to which state you live in - of course it doesn't indicate whether a transaction like this one would be covered:http://www.nclc.org/images/pdf/car_sales/UDAP_Report_Feb09.pdf)
(this looks like an overview - a few years old - which seems to indicate that the levels of consumer protection varies widely according to which state you live in - of course it doesn't indicate whether a transaction like this one would be covered:http://www.nclc.org/images/pdf/car_sales/UDAP_Report_Feb09.pdf)
Sparklelu
Brilliant_Rock
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Not trying to be mean, but, how do you know it was a "rare" diamond? OMC while not flooding the market are certainly available.
Unless i missed something in your original post... you have no idea if it is a D IF or an M SI2 you really don't know he did anything wrong. You just hear 3 cts and hear CaChing!!! However,when selling preloved expect to be offered pennies, ok maybe dimes on the dollar.
I would try to get it back, give him some story about the family would like the stone to be kept in the family, if you are within a reasonable timeframe this might work. I wouldn't ask for more money, just the stone back and get it appraised and see what you really have. Then if you are so inclined come back here and we can help you in pre loved!!!
Unless i missed something in your original post... you have no idea if it is a D IF or an M SI2 you really don't know he did anything wrong. You just hear 3 cts and hear CaChing!!! However,when selling preloved expect to be offered pennies, ok maybe dimes on the dollar.
I would try to get it back, give him some story about the family would like the stone to be kept in the family, if you are within a reasonable timeframe this might work. I wouldn't ask for more money, just the stone back and get it appraised and see what you really have. Then if you are so inclined come back here and we can help you in pre loved!!!
ruby59
Ideal_Rock
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JMO, but before jumping to conclusions, if it were me, I would send a best friend there pretending to be looking for something very similar. See if she can spot your ring and what it is priced at and how they describe it.
It could be exactly what he told you or not. If not, then you may have some options.
I know it is just TV but I remember an episode of pawn stars. Guy had no clue what he had and underestimated his asking price. Rick however told him that in good conscience he had to be honest and offer more. I believe it is more of an ethical obligation not a legal one.
It could be exactly what he told you or not. If not, then you may have some options.
I know it is just TV but I remember an episode of pawn stars. Guy had no clue what he had and underestimated his asking price. Rick however told him that in good conscience he had to be honest and offer more. I believe it is more of an ethical obligation not a legal one.
hippi_pixi
Brilliant_Rock
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Doesn't seem like smiles has been back since their last post... Which is a shame cos it's time sensitive if they do want to do something about it. I personally would go back and beg. Not mention value, ethics or legality (if there's no legal leg to stand on) and plead ignorance of it sentimental value to the family. If begging and tears won't do it I would offer something extra to apologise for wasting their time.
Unless the diamond was visibly tinted or had visible inclusions it's likely to be worth more than $6k... If it did look reasonably white and you don't remember seeing any flaws within the diamond I would risk offering them $1k extra to get it back and gamble on it being worth more than 7k. They're unlikely to let go of it lightly
Unless the diamond was visibly tinted or had visible inclusions it's likely to be worth more than $6k... If it did look reasonably white and you don't remember seeing any flaws within the diamond I would risk offering them $1k extra to get it back and gamble on it being worth more than 7k. They're unlikely to let go of it lightly
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Sorry to hear you're upset by this, especially over a family piece.
I just wanted to mention that the legal position will depend on where you live. Some jurisdictions have statutory protection for individuals in their dealings with businesses. In some jurisdictions, depending on the details of the transaction, a person with no specialist knowledge is entitled to rely on the person who holds him or her self out as an expert- a duty of good faith can arise in this type of transaction as a result. Some jurisdictions have a doctrine of unjustified enrichment, which again may be applicable, depending on the details of facts, and which may give some redress..
However, as others have pointed out, without an independent appraisal of the stone, it would be very difficult to proceed. Accurate information about cut quality, colour and clarity of the stone will be as (if not more) important in determining price as the carat weight. Prices paid on the secondary market are lower than retail prices. It's possible that you received a fair price - without more information, it's impossible to tell. If you feel that you did not, please do take legal advice. While it is unlikely to be a criminal matter, there may be civil remedies available to you under certain circumstances (and depending on the law where the transaction took place).
I just wanted to mention that the legal position will depend on where you live. Some jurisdictions have statutory protection for individuals in their dealings with businesses. In some jurisdictions, depending on the details of the transaction, a person with no specialist knowledge is entitled to rely on the person who holds him or her self out as an expert- a duty of good faith can arise in this type of transaction as a result. Some jurisdictions have a doctrine of unjustified enrichment, which again may be applicable, depending on the details of facts, and which may give some redress..
However, as others have pointed out, without an independent appraisal of the stone, it would be very difficult to proceed. Accurate information about cut quality, colour and clarity of the stone will be as (if not more) important in determining price as the carat weight. Prices paid on the secondary market are lower than retail prices. It's possible that you received a fair price - without more information, it's impossible to tell. If you feel that you did not, please do take legal advice. While it is unlikely to be a criminal matter, there may be civil remedies available to you under certain circumstances (and depending on the law where the transaction took place).
JewelFreak
Ideal_Rock
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Oh, what a shame. I'm so sorry.
--- Laurie
--- Laurie
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