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are israeli diamonds reputable?

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renton12

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I have purchased 5 sets of diamond studs in the past, all with appraisals and all in the USA. I am now in Europe, and have the opportunity to buy a diamond (second hand) from an acquaintance who is in serious need of cash.

The diamond is 2.43 carats, round, SI2-3 and I in color. The ring was purchased in Israel and comes with a certified appraisal from the broker in Israel. She is asking roughly $4,000 for the ring, which also comes with side baguettes (5 each side) for a total carat weight of 4 carats. The side stones are VS1, F.

She isn''t willing to have a second appraisal done herself, but has said that I may have one done, and if the ring is not exactly as stated, is fully returnable (this will all be done under legal contract).

I''ve heard that Israel is sometimes very lenient in their grading. Should I purchase the ring, have an appraisal, and return if not as stated? Business in second hand jewels in UK is booming as they are so hard hit with the economic crisis, and there are a lot of diamonds on the market these days. What should I do?
 

neatfreak

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Don't even think abut skipping the appraisal if you want this ring. And make sure you go to an independent appraiser who can judge cut quality too.
 

Lorelei

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Date: 2/24/2009 3:32:31 PM
Author: neatfreak
Don''t even think abut skipping the appraisal if you want this ring. And make sure you go to an independent appraiser who can judge cut quality too.
Ditto
 

diagem

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Date: 2/24/2009 3:22:26 PM
Author:renton12
I have purchased 5 sets of diamond studs in the past, all with appraisals and all in the USA. I am now in Europe, and have the opportunity to buy a diamond (second hand) from an acquaintance who is in serious need of cash.

The diamond is 2.43 carats, round, SI2-3 and I in color. The ring was purchased in Israel and comes with a certified appraisal from the broker in Israel. She is asking roughly $4,000 for the ring, which also comes with side baguettes (5 each side) for a total carat weight of 4 carats. The side stones are VS1, F.

She isn''t willing to have a second appraisal done herself, but has said that I may have one done, and if the ring is not exactly as stated, is fully returnable (this will all be done under legal contract).

I''ve heard that Israel is sometimes very lenient in their grading. Should I purchase the ring, have an appraisal, and return if not as stated? Business in second hand jewels in UK is booming as they are so hard hit with the economic crisis, and there are a lot of diamonds on the market these days. What should I do?
Contradiction??
 

renton12

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I wouldn''t purchase the ring without having an appraisal done, especially as the original appraisal doesn''t have depth, diameter, etc listed. I would also have it done as I have read that some Israeli diamonds should be listed as SI3, when they are appraised as SI 1, and the color might be off.

I am just wondering if I should buy the ring (and of course have the appraisal done), or should just look else where. She actually runs a jewelry business and had hoped to possibly keep the ring for herself, but since business is bad, needs to sell it.

There is a full return policy, so this is not a problem.
 

Rockdiamond

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Any independent appraisal, from an unknown appraisal is suspect- no matter which country it's from.
In terms of a $4000 2.43ct diamond, we can assume from the price it's going to be very.....promotional.

The fact this is from a professional seller makes it seem even more likely the diamond is going to be really bad.....
 

oldminer

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It is dangerous to "assume" anything based on the asking price. You don''t want to deter someone from a true "bargain", yet you want to warn them that the price equates to rather low quality unless something very unusual is going on.......
 

Rockdiamond

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Great point David!
Please allow me to rephrase my prior post:
When a jewelry dealer is offering a 2.43ct round diamond for $4000, it seems to indicate either a really low quality stone, based on market prices- or some other aspect of the deal which may cause concern.

David is so correct.
There could be a case of a true distressed sale- but the fact it's from a jewelry seller makes that seem less plausible.
 

Dogmom

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Date: 2/24/2009 4:48:27 PM
Author: Rockdiamond
Great point David!

Please allow me to rephrase my prior post:

When a jewelry dealer is offering a 2.43ct round diamond for $4000, it seems to indicate either a really low quality stone, based on market prices- or some other aspect of the deal which may cause concern.


David is so correct.

There could be a case of a true distressed sale- but the fact it''s from a jewelry seller makes that seem less plausible.
Forgive me if I missed something, but I did not get the impression a dealer was making the offer. I understood the seller was a private indivdual.
 

neatfreak

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Date: 2/24/2009 5:09:19 PM
Author: Dogmom
Date: 2/24/2009 4:48:27 PM

Author: Rockdiamond

Great point David!


Please allow me to rephrase my prior post:


When a jewelry dealer is offering a 2.43ct round diamond for $4000, it seems to indicate either a really low quality stone, based on market prices- or some other aspect of the deal which may cause concern.



David is so correct.


There could be a case of a true distressed sale- but the fact it''s from a jewelry seller makes that seem less plausible.

Forgive me if I missed something, but I did not get the impression a dealer was making the offer. I understood the seller was a private indivdual.
OP said she runs a jewelry business.
 

Moh 10

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Renton, you suggested that Israel is soft on grading.
I believe EGL Israel is the entity with that reputation, not the country Israel or its appraisers necessarily.

I gather from your post that there is no lab report for this stone and I would only trust an appraisal from an appraiser I selected.
There is too much money at stake.

I'd get it looked at by a qualified gemologist appraiser BEFORE considering buting it.
It may be grossly overpriced.

Also keep in mind if it has a bad cut and the inclusions are positioned near the outside you might consider a recut. (Basically you'd be buying rough)
 

Richard Sherwood

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Wayyyyy to good to be true.

Even if you figured the stone as an I color, I1 clarity, the liquidation value (for the entire ring) would be somewhere between 5500 to 7000.

If she''s a dealer, she could get this amount of money from any estate dealer. within 24 hours Why is she willing to sell it to you for 4,000?

Because it is not as stated, that''s why, and she knows it.
 

renton12

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i have now seen the appraisal and misstated the side diamonds. All diamonds are SI1- SI3.

The shop owner isn''t a jeweler, she simply sells second hand jewelry. Most of the items are stones such as garnets, opals, sapphires. This ring is an exception as she bought it in hopes to keep for herself, but needs to sell her stock for money.

Obviously I would have an appraisal from a cert. gemologist, but is there a way to track the company who did this original appraisal? It was purchased and appraised at the Diamond Exchange Center in Israel.

I''m sure it''s too good to be true, but want to consider all options.

How long does an appraisal usually take? Is the cost usually a flat fee, or based on the value of the stones? When I had my rings and earing appraised, it was by a jeweler in NYC whom I knew, and he did a rush job as we were moving from the country shortly.
 

Richard Sherwood

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An appraisal would probably cost you between $125 to $225, depending on the appraiser and the type of report they offer. A 2 ct. in a diamond semi-mounting usually takes me about an hour and a half to do from start to finish. Some appraisers take notes (a quicker process), and then finish up and mail the report to you later.
 

renton12

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I think I found the problem with the stone. Although it isn''t listed an the appraisal, the seller DOES think that it is clarity enhanced.


thanks for your help everyone!


I''ve decided to stay away from the ring. It''s fiery and nice, but I don''t want something enhanced as I may always seller it 20 yrs down the road, and get nothing for it.


thanks!

 

Lorelei

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Date: 2/26/2009 7:58:25 AM
Author: renton12

I think I found the problem with the stone. Although it isn''t listed an the appraisal, the seller DOES think that it is clarity enhanced.



thanks for your help everyone!



I''ve decided to stay away from the ring. It''s fiery and nice, but I don''t want something enhanced as I may always seller it 20 yrs down the road, and get nothing for it.



thanks!

Sounds like you made the right decision.
 
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