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 » RockyTalky
»  » advice ? comments? on the following:
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advice ? comments? on the following: |
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| P: 5/3/2005 10:02:29 AM | |
windowshopper Ideal Rock Total Posts: 2,023 Last Post: 7/25/2006 Member Since: 7/11/2004 |
In 1999 I purchased a 3 carat plus EC stone from a jeweler in VA (Bowen's in Lynchburg). They are a reputable small family owned business and at the time of purchase told me that they offered a full value trade in towards something larger at any time. I actually was always ambivalent about the diamond and as I started reading and learning more I liked it less and less. It was quite dull and small looking for it's size so in 2002 I asked about a trade up. I was willing to get something more expensive and wanted to trade it in.....The run-around began. First they said they wanted to sell it in the mounting so I sent them the ring. After about 5 months I asked what was going on.....they were sort of noncommittal and I said just send it back. Finally I called and spoke with the owner and said that I didnt understand--I thought their policy was no condition--trade in it for full value as long as you spent more. I said I was willing to spend 10 to 15000 more. He said okay he would start looking around for me for what I wanted but kept saying there was a huge shortage in larger stones and he didnt think it would be easy to find something etc etc. To make this short they just blew me off continually. When I moved to NYC last year I eventually took the stone to numerous diamond dealers to see about selling it. They all said it was very poorly cut (a depth of 78% making it face up as more like a 2 carat instead of 3.27). Everyone said its was really so poorly cut that it needed to be recut and expressed some concern about a responsible jeweler selling such a stonel. (we all know buyer beware--my responsibility................friends and family recommended them). So I sold it at a substantial loss (3 plus E VVS)--given the time period 1999 to 2004 everyone said if it had been cut even 2b it would have appreciated significantly. Even if it had been a great stone I had always planned to trade up so my real anger is not that the stone was so mediocre but they wouldnt honor their own policy. I wish I could do sommething to get them in trouble for not honoring their own policy--clearly they knew they couldnt sell the stone to anyone else.............. Thoughts? |
| Posted: 5/3/2005 10:02:29 AM | |
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There are 5 replies to this message. There are 5 replies on this page. |
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| P: 5/3/2005 3:13:02 PM | |
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elmo65 Rough Rock Total Posts: 72 Last Post: 6/22/2007 Member Since: 7/22/2004 |
So sorry to hear about your problem... Since you sold the stone, the only thing I can think of to do is report them to the BBB. If you had a trade-up policy in writing or is posted in the store, I would think you could have consulted a lawyer about your rights. However, without the stone, not sure what else can be done at this point.
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| Posted: 5/3/2005 3:13:02 PM | |
| P: 5/3/2005 3:36:15 PM | |
strmrdr Ideal Rock Total Posts: 23,296 Last Post: 10/9/2009 Member Since: 11/1/2003 |
At this point I dont think there is much you can do. BBB wouldnt take the complaint at this time. You basicaly accepted their terms when you sold the diamond and gave up. ........... Karl has joined the diamond trade and is now posting as Karl_K |
| Posted: 5/3/2005 3:36:15 PM | |
| P: 5/3/2005 4:43:09 PM | |
aljdewey Ideal Rock Total Posts: 8,236 Last Post: 2/11/2008 Member Since: 11/25/2002 |
You mentioned it's a small family business. As such, I suspect they are waffling because of cash flow. In order to get a bigger stone for you, they'll have to pay for it up front out of pocket. When you buy it, they get your trade in.....which is not liquid.....plus whatever additional monies you spend. If it takes them another 8-12 months to sell the stone you traded in, that money is tied up for them. Not a huge deal if it's a 1 ct. or so stone, but at the sizes you are talking about, that's a lot of money tied up until they can resell the stone. I know that some smaller jewelers put qualifiers on their trade-up policies to avoid this very situation.....they'll trade up stones up to a certain weight, but not necessarily above. This may explain the "why" part of their reluctance. However, when you bought the stone, it was represented to you that you could indeed trade it up, so they should honor that policy regardless. _____________________ |
| Posted: 5/3/2005 4:43:09 PM | |
| P: 5/3/2005 5:12:13 PM | |
moremoremore Ideal Rock Total Posts: 6,825 Last Post: 2/9/2009 Member Since: 3/15/2004 |
Same thing (almost) happened to me. I went to trade up and he "couldn't" find what I was looking for and never got any stones in for me. It was a poorly cut princess. I ended up selling it for a big loss and working my way back up. Sorry.
______________________________ Stewart says: I'm good enough. I'm smart enough. And doggon'it, people like me. |
| Posted: 5/3/2005 5:12:13 PM | |
| P: 5/3/2005 6:33:17 PM | |
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windowshopper Ideal Rock Total Posts: 2,023 Last Post: 7/25/2006 Member Since: 7/11/2004 |
all good points--rather than threaten to sue etc and the the reason i decided to sell it was that I decided i did not want to give them more of my business and i no longer trusted them so to pay them more money (even if they were honorable) was a distasteful prospect
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| Posted: 5/3/2005 6:33:17 PM | |
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