DIAMOND QUALITY NOT THE SAME AS IT WAS SOLD

[mksn33]

Please let me know if something like this has happened to you:
An acquaintance bought a certified diamond from a major retail jewelry store only to find out, upon later inspection, that the ring did not match the same quality and value at which it was sold.

 

[MichelleCarmen]

Date: 1/3/2005 2:48:55 PM
Author:mksn33
Please let me know if something like this has happened to you:
An acquaintance bought a certified diamond from a major retail jewelry store only to find out, upon later inspection, that the ring did not match the same quality and value at which it was sold.

Deleted previous post. . .: I just checked your other messages and found that it was the appraisal that was overinflated. ALL appraisals(except a precious few) are over inflated and basically are USELESS. A pair of earrings I bought were inflated to nearly 75% more than replacement value. Basically appraisals are used to make the buy feel like they got a good deal and will not help the individual when an item is lost.

 

[valeria101]

Date: 1/3/2005 2:48:55 PM
Author:mksn33
Please let me know if something like this has happened to you:
An acquaintance bought a certified diamond from a major retail jewelry store only to find out, upon later inspection, that the ring did not match the same quality and value at which it was sold.

It happens to find out that a lab report from XYZ lab doesn't quite fir with an appraiser's opinion (or with another lab's).

Finding that the product you received does not meet otherwise perfectly reputable certification is yet another thing...

And there's always the chance that the particular diamond is a borderline case for it's grade regardless of where the report comes from.

Which of these (if any) fits the case? What kind of certificate was it ?

 

[MichelleCarmen]

Date: 1/3/2005 3

9:43 PM
Author: valeria101

Date: 1/3/2005 2:48:55 PM
Author:mksn33
Please let me know if something like this has happened to you:
An acquaintance bought a certified diamond from a major retail jewelry store only to find out, upon later inspection, that the ring did not match the same quality and value at which it was sold.

It happens to find out that a lab report from XYZ lab doesn''t quite fir with an appraiser''s opinion (or with another lab''s). Finding thta the product you received does not meet otherwise perfectly reputable certification is yet another thing...

And there''s always the chance that the particular diamond is a borderline case for it''s grade regardless of where the report comes from.

Which of these (if any) fits the case? What kind of certificate was it ?

This person has already posted about this three other times

. The deal is this friend paid 8K and the insurance company is only willing to pay the 8K that the person PAID. There is no other problem other than the friend thinks they''re entitled to 15K because the inflated appraisal states the ring is worth more than the amount paid. Sorry, this is greedy. It''s only fair that the insurance co pays for what the person bought the ring for! Please don''t raise our insurance rates so you can get an extra seven grand out of this!

 

[codex57]

If that's true, than yeah, pretty much all appraisals given from teh store you got your jewelry from is going to be inflated. Expecting the insurance company to cash you out at the inflated price is not reasonable. The only way that should happen is if you and teh insurance company mutually agreed that the ring is going to be worth that much, that they will cash you out at that price, and you pay the premiums for that inflated price.

Most insurance companies don't even give you the cash you paid for. They usually give you a stone with similar specs, which they can get for quite a discount.

Edit:
Ahh, here's the post with the real story:
https://www.pricescope.com/forum/topic22592.html

A friend bought a diamond engagement ring for $8000. It came with an appraisal for over $15,000. He insured the ring for $15,000. It was lost and my friend discovered the diamond ring was not really worth $15,000 at all. The insurance company would replace it, or pay what it would cost them to replace it, which was only $8900. Has this happened to you? Please email me at: [email protected]

 

[oldminer]

Major jewelry chains use "weak" appraisal grades all the time. Customers who buy this way are not among the most observant or sophisticated of purchasers, in general. A single grade deviation from what is truly a correct grade is not a major problem. More than a grade off is grounds to return an item for a refund.

When it comes to inflated appraisals, stores are providing the "feel-good" effect that so many customers like to have. On the Internet, where prices are really low, you are feeling good for good reason, saving money. In major retail operations, you have a vast inventory to choose from, to handle, to examine, sales people to push and describe, a feeling of comfort. You also get, in many of these places, appraisals which have no real world validity at all. Totally whacko values. Prices on them that no one ever bought a piece like that for anywhere, yet no one seems to care. The customers, in their innocence, love it. The stores have never taken the heat from any DA or Federal agency over it and they love it too....And why not? If everyone feels good and it isn't illegal, then it must be pretty much okay.

In reality, it isn't okay and it probalby is borderline illegal, but it is only jewelry, not life and death. No one is being forced to buy a piece of jewelry, one might say. We know that isn't totally true, but it seems that way.

If a diamond bought anywhere is misrepresented for QUALITY and/or VALUE, you have a reason to complain and be heard by management. You might not get anything for your trouble, but then again, the squeaky wheel does get the grease. Don't suffer in silence, if there is a problem over quality grading or valuation. These issues can be addressed.

 

[valeria101]

I hadn't read the other posts... but with just those prices and no info about the siamond there is no knowing what the problem is.

From a distance, every party seems to have some adjustment to do: the insurer appears to have accepted the 15k value if the policy was based on it (have they? what were the terms?) It can't be right IMO to accept one evaluation for the cost of the policy and another for actual replacement

50% discount on diamonds doesn't seem realistic...how could it feel good ? And let's say the diamond was misrepresented to begin with - the actual stone being worse than the grades the buyer though they were getting, expensive for what it actually was but not expensive enough for the stated grades

The whole thing beggs for an independent appraisal of the stone to pin down some realistic current replacement value after all.

IMO, neither the actual price paid, nor the seller's appraisal tell much about it.

Just my 0.2, as usual.

 

[MichelleCarmen]

The whole thing beggs for an independent appraisal of the stone to pin down some realistic current replacement value after all.

IMO, neither the actual price paid, nor the seller''s appraisal tell much about it.

Just my 0.2, as usual.

So true. I think to get the amount paid is rather fair though especially considering the stone has been lost

Original post stated, "A friend bought a diamond engagement ring for $8000. It came with an appraisal for over $15,000. He insured the ring for $15,000. It was lost and my friend discovered the diamond ring was not really worth $15,000 at all. The insurance company would replace it, or pay what it would cost them to replace it, which was only $8900. Has this happened to you? Please email me at: [email protected]" so there''s no way to bring in an appraiser at this point.

 

[Shay37]

In my opinion, if you paid $8000 for a ring, and the insurance company is going to replace it or cash you out for $8900, then you have been more than made whole if the ring is comparable in quality to the original. The friend is getting $900 more than he paid. He should stop whining because some people aren''t even that lucky.

Shay