Escrow service for buying diamond?

[thelittleroo]

I''ve found a diamond ring and setting I''m interested in buying from an individual, and would like to see if there is some type of secure escrow service that we could both agree on to use for our own protection against fraud.

What I''m envisioning this would accomplish is
1) sending the ring to an independent escrow service here in DC for me to look at
2) assuming it passes appraisal and is what it''s represented to be, I would pay the escrow service for the ring
3) the escrow service either sends the cash or the diamond to the seller
4) the escrow service charges me a fee for this process (no idea how much this even is, if it exists).

Is this available and do I have the process right? Would an appraiser like Martin Fuller in McLean VA provide this service?

Thanks for any help or suggestions.

 

[denverappraiser]

Ask Martin what he can offer. Most appraisers offer something of this nature.

Escrow is a regulated business in many places. I’ve no idea what the rules are in Virgina but in Colorado it takes a license to do what you’re asking for and it’s an expensive license to get. The problem is in handling the money, not the diamond. None of the jewelry people out here get it for this reason although it's common among bankers and usually it has to do with real estate and business sale type transactions. He may be able to do something else that will have the results you want. This is not such an unusual problem and we've all dealt with it although there are slight variations of approach from appraiser to appraiser.

Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Appraisals in Denver

 

[ericad]

I''m doing something kind of similar -

Seller sends the diamond to a 3rd party appraiser we agree on
I view the diamond and obtain appraisal
I send payment to the seller while appraiser holds diamond
Seller authorizes appraiser to release the diamond to me upon receipt of payment

I found a local appraiser who is doing this for the OMC diamond I''m in the process of purchasing. So far so good - the diamond should reach the appraiser today or tomorrow!

 

[Regular Guy]

Litteroo,

I think you're applying language with an emphasis that is just confusing the basic steps of what is routinely done, but in the more typical set up of the seller being a vendor...

Date: 8/2/2007 12:12:07 PM
Author:thelittleroo
I've found a diamond ring and setting I'm interested in buying from an individual, and would like to see if there is some type of secure escrow service that we could both agree on to use for our own protection against fraud.

What I'm envisioning this would accomplish is
1) sending the ring to an independent escrow service here in DC for me to look at
2) assuming it passes appraisal and is what it's represented to be, I would pay the escrow service for the ring
3) the escrow service either sends the cash or the diamond to the seller
4) the escrow service charges me a fee for this process (no idea how much this even is, if it exists).

Is this available and do I have the process right? Would an appraiser like Martin Fuller in McLean VA provide this service?

Thanks for any help or suggestions.

For your steps #2 & 3...this is routinely done. Step 4 is probably no fee...but since your individual is not a licensed vendor...maybe Martin will think to come up with a fee for this. If you don't mention the differential, it may not occur to him, and this additional fee may never come forward.

As I read your piece, by the way, I thought most readily of him. I'm in DC, btw, too, did work with him, and found working with his office very professional.