Eternity ring advertised as 1.5 ctw appraised at .53 ctw

[mrspeachy]

My husband recently upgraded my engagement ring to a stunning OEC diamond and halo setting from Jewels by Erica Grace, so we decided to have the e-ring and my eternity band appraised for insurance purposes. The eternity band is NOT from JbEG, it is actually from M. Khordipur (estatediamondjewelry.com). It's in my picture along with the stunning JbEG engagement ring. Here it is also:

http://www.mkhordipour.com/estate/rings/bands-eternity-rings/5770.html

We purchased this eternity band in 2008 and it's very pretty, but the appraiser told us that it's .53 ctw which is a FAR CRY from the 1.5 that it is advertised as. The diamonds were also graded to be a J color rather than an H, and the clarity was stated to be VS1 on the website, but they were appraised to be SI1. The appraiser we went with has over 30 years of experience and tons of certifications. We trust his appraisal very much. The carat weight in my engagement ring setting was actually appraised slightly higher than JbEG advertised, and I do trust his accuracy. We sat with him for two hours while he appraised my jewelry.

My husband contacted the company (M. Khordipur) and they said to send the ring back to them and they would "inquire with their jeweler and get back to us." I don't know what to do here or how to feel. We are pretty upset that it was appraised to be 1/3 the ctw that we thought it was all these years. I also am apprehensive about just sending it off with no guarantee of a result. If the jeweler is the one they will be consulting with, how could we ensure anything will be unbiased? I've been trying to search for hand shots of 1.5 ctw eternity rings to compare, but I am not finding much. I'd love some thoughts and opinions!

 

[mrspeachy]

I should mention that it looks larger on my hand because I was given the gift of smallish fingers - I'm a 4.75. Any help or opinions would be appreciated...even a "what would you do" reply! Thanks so much

 

[SB621]

For me it would depend on how much I paid for it. If the price was indictative of .5ctw then I wouldn't push it if I loved the ring. However, if the ring was priced for 1.5ctw and that expense didn't justify how much I liked the ring i would return it. However, before you send it in I would ask the jeweler you bought it from exactly what it means by looking into it. Will they issue you a full refund if they can't figure it out? Or a partial refund? I would want to know my options before I send in the ring.

EDIT: I just want to add how sorry I am...but this is such a wake up call. I have several pieces that I have never appriased though I know I should. I love them though so if they appraised at something different I probably still wouldn't care. However I can see how upsettting this is for you so I just want to say how sorry I am.

 

[diamondseeker2006]

That size difference is hard to explain. I think I could tell the difference in bands that had .5 and 1.5 if I saw them in person. But I will say, the $1800 price in platinum sounds low for 1.5 cts. I think that price is about right for similar Beverley K rings in platinum. My Tiffany Legacy band, which is certainly overpriced, currently retails for over $3000 with .40 cts. You ring appears to have higher weight than mine so I almost would ask a third party to look at it. I don't think you really overpaid a lot, though, even if it is .50 cts. But my tendency is to think it is higher than that.

 

[diamondseeker2006]

Okay, this is the closest ring I can find to yours, although you can't really tell if the diamonds are the same size. Again, part of the price of this ring is the brand, but it is .65 cts. for $4500 (crazy, I know, but the price of yours makes more sense):

http://www.tiffany.com/Shopping/Item.aspx?fromGrid=1&sku=GRP00044&mcat=148204&cid=287462&search_params=s+5-p+3-c+287462-r+-x+-n+6-ri+-ni+0-t+

 

[mrspeachy]

Thanks for your replies!

I truly love the eternity band...we were just so disappointed that the discrepancy was so large. I've happily worn it for over four years, so it's not as if I was unhappy with the look of it. I just feel quite foolish thinking it was 1.5 ctw this entire time. I think it looks larger to me than it actually is since it is bezeled with milgrain as well. If we do send it back to the jeweler, I think I would want some more information on what sort of a resolution we would get.

After poking around, I am not finding any eternity bands in platinum that are 1.5 ctw in the $1800 price range. It seems it's not described properly on their website, but I find it surprising that I am the first person in over four years to bring it to their attention! I do remember when we were looking for my wedding band, I found a comparable ring at Tiffany...I believe it was the Tiffany Swing ring? I remember that ring was about $4k, which made this eternity band feel like a steal. The appraiser carefully measured every diamond and went on and on about how it was fraudulent for them to claim it is 1.5 ctw, which I agree with, but it's not as if we paid thousands and thousands for it. He did appraise it at about $1k which was disappointing though. I'm really going back and forth on what to do here!!

 

[mrspeachy]

Okay, this is the closest ring I can find to yours, although you can't really tell if the diamonds are the same size. Again, part of the price of this ring is the brand, but it is .65 cts. for $4500 (crazy, I know, but the price of yours makes more sense):

http://www.tiffany.com/Shopping/Item.aspx?fromGrid=1&sku=GRP00044&mcat=148204&cid=287462&search_params=s+5-p+3-c+287462-r+-x+-n+6-ri+-ni+0-t+

How funny! That is the exact ring I compared it to when we chose this eternity band - I mention it in my post above. Good find, and it's obviously priced higher due to the Tiffany name, but it is comparable in size in my opinion.

 

[distracts]

With eternity bands, the carat weight advertised is usually for the stock size, whatever that is (usually 6 or 7). 4.75 is definitely smaller than that, so it would be expected that the carat weight would be less... but not THAT much less. If the price you paid is the price listed on the website, I do think it is a fair price for .5cttw, but yeah, annoying and weird and I don't know what I'd do either! It looks really pretty though!

 

[motownmama]

Your set is GORGEOUS!!! That having been said, the band does NOT look like 1.5 cts. I think you paid a fair price for that ring in platinum and it's very pretty! I think you could wrangle some bucks back from the guy who sold it to you for 1.5 cts, however. I think I might do it and feel even better that I got a few $$$'s back!

 

[diamondseeker2006]

Okay, this is the closest ring I can find to yours, although you can't really tell if the diamonds are the same size. Again, part of the price of this ring is the brand, but it is .65 cts. for $4500 (crazy, I know, but the price of yours makes more sense):

http://www.tiffany.com/Shopping/Item.aspx?fromGrid=1&sku=GRP00044&mcat=148204&cid=287462&search_params=s+5-p+3-c+287462-r+-x+-n+6-ri+-ni+0-t+

How funny! That is the exact ring I compared it to when we chose this eternity band - I mention it in my post above. Good find, and it's obviously priced higher due to the Tiffany name, but it is comparable in size in my opinion.

That was funny! It does sound like the price was relatively fair. I kind of question the $1k value due to the fact that the platinum setting would cost more to buy than that even with no diamonds!

I think the seller needs to correct their website. That is ridiculous for a supposed reputable jeweler to have such an error in a continuing ad. That makes me very wary of buying from them now. The best thing they can do is to correct their listing. I am not sure I'd send the ring back to them considering you really love the ring. A partial refund just on principle would be nice, though.

 

[denverappraiser]

My husband contacted the company (M. Khordipur) and they said to send the ring back to them and they would "inquire with their jeweler and get back to us." I don't know what to do here or how to feel. We are pretty upset that it was appraised to be 1/3 the ctw that we thought it was all these years. I also am apprehensive about just sending it off with no guarantee of a result. If the jeweler is the one they will be consulting with, how could we ensure anything will be unbiased? I've been trying to search for hand shots of 1.5 ctw eternity rings to compare, but I am not finding much. I'd love some thoughts and opinions!!

Usually a factor of 3 size range isn't all that hard to spot but OF COURSE they want to look at it before they agree to issue a refund. What would you expect? You bought a ring 5 years ago and are now saying it's a serious misrepresentation.

If you're worried about them stealing it or whatnot, get it insured first. Jewelers Mutual I'm sure would be happy to write a policy. A jeweler stealing your ring is a covered loss. If it turns into a pissing match of they saying their expert says 1.50 and your's says 0.53 and neither will compromize, agree upon a 3rd party as a deciding factor. Loser pays.

What do you want them to do?

 

[Dreamer_D]

What is the millimeter diameter of each diamond in your eternity?

 

[jerichosmom]

I have size 4.75 fingers and my platinum eternity band is around 1.6 cts with miligrain and engraving. I have 18 x .9 ct stones. I bought it in January 2005 for around $2400. So I don't think that $1800 is all that expensive for a ring that is .53 since I've seen similar rings go for more. However, as it was advertised as 1.5 (it definitely doesn't look it based on the photo), I think that they priced it for a .53 and either mis-advertised (intentionally or not) it by adding a "1" to the carat weight.

 

[SB621]

I would seriously question your appraiser if he thinks your band is only worth 1k. It is obvious just from the PLAT metal that it is worth more then that. Have you thought about getting a second opinion?

 

[mrspeachy]

My husband contacted the company (M. Khordipur) and they said to send the ring back to them and they would "inquire with their jeweler and get back to us." I don't know what to do here or how to feel. We are pretty upset that it was appraised to be 1/3 the ctw that we thought it was all these years. I also am apprehensive about just sending it off with no guarantee of a result. If the jeweler is the one they will be consulting with, how could we ensure anything will be unbiased? I've been trying to search for hand shots of 1.5 ctw eternity rings to compare, but I am not finding much. I'd love some thoughts and opinions!!

Usually a factor of 3 size range isn't all that hard to spot but OF COURSE they want to look at it before they agree to issue a refund. What would you expect? You bought a ring 5 years ago and are now saying it's a serious misrepresentation.

If you're worried about them stealing it or whatnot, get it insured first. Jewelers Mutual I'm sure would be happy to write a policy. A jeweler stealing your ring is a covered loss. If it turns into a pissing match of they saying their expert says 1.50 and your's says 0.53 and neither will compromize, agree upon a 3rd party as a deciding factor. Loser pays.

What do you want them to do?

Thanks for your response - I understand that they want to take a look at the ring. My point was just that their response to this inquiry was simply "send it back to us and we'll have our jeweler take a look at it." There was no apology or any mention of what they would do to remedy the situation. The ring is insured through Jeweler's Mutual now; that is why we took it to an appraiser in the first place. We simply decided to get it appraised alongside my upgraded engagement ring, and I am glad that we did now. I am not worried about them stealing the ring, especially since it's insured. I'm just wary about sending the wedding band I have worn for the past few years off without any sort of mention of a solution. It seems to me that their jeweler would be biased of course. The appraiser we took the ring to was unbiased and I think he valued both pieces slightly low, particularly after reading the responses here!

Edited to add:
Of course, ideally, we would like the ring that was advertised - a 1.50 ctw eternity band. I'm not sure if they will do that, so I'm not exactly sure what we want. As I stated above, after poking around, I am not finding any platinum eternity rings in that carat weight range for $1800. We just feel a bit foolish. The appraiser went on and on about how it is fraudulent and we overpaid. With that said, I love my wedding ring. That's why I posted here - I am not sure what to do.

 

[mrspeachy]

What is the millimeter diameter of each diamond in your eternity?

According to the appraisal...

"The wedding band has seven bezel set diamonds each at 2.20 x 2.20 mm yielding a calculated .04 carat. Perfection clarity "SI1" color J. Total of .04 ct size .28 ctw. Fourteen bead set round diamonds each 1.60 x 1.60 mm yielding .018 carat. SI1 color J, total .018 size is .25 ctw. Total diamond weight of wedding band is .53 ctw."

He also states that he calculates the value of the platinum based on $1,505 per ounce. The weight of the wedding band with the diamonds is 4.06 grams. I did think this was a bit low for my wedding band at about a $1k replacement value. I hadn't thought about getting another opinion until now. The appraiser is a master gemologist with many GIA certifications, so we trusted his appraisal as he is unbiased. Now I wonder if we should get a second opinion. I hate to spend the money on another appraisal though!

 

[mrspeachy]

Your set is GORGEOUS!!! That having been said, the band does NOT look like 1.5 cts. I think you paid a fair price for that ring in platinum and it's very pretty! I think you could wrangle some bucks back from the guy who sold it to you for 1.5 cts, however. I think I might do it and feel even better that I got a few $$$'s back!

Thank you I love my set too! Especially with my halo by Jewels by Erica Grace. It's stunning and the OEC is gorgeous in all its chunky glory!

 

[denverappraiser]

What is the millimeter diameter of each diamond in your eternity?

According to the appraisal...

"The wedding band has seven bezel set diamonds each at 2.20 x 2.20 mm yielding a calculated .04 carat. Perfection clarity "SI1" color J. Total of .04 ct size .28 ctw. Fourteen bead set round diamonds each 1.60 x 1.60 mm yielding .018 carat. SI1 color J, total .018 size is .25 ctw. Total diamond weight of wedding band is .53 ctw."

He also states that he calculates the value of the platinum based on $1,505 per ounce. The weight of the wedding band with the diamonds is 4.06 grams. I did think this was a bit low for my wedding band at about a $1k replacement value. I hadn't thought about getting another opinion until now. The appraiser is a master gemologist with many GIA certifications, so we trusted his appraisal as he is unbiased. Now I wonder if we should get a second opinion. I hate to spend the money on another appraisal though!

The next step is for THEM to get a second opinion. I'm not second guessing your appraiser and, if they want to, that's up to them. Like I said, it's not all that difficult to tell the difference between 0.04's and 0.12's and the appraiser is correct that this would be a serious misrepresentation if s/he is correct. The burden in now on THEM to rebut you. You have done nothing wrong here. Decide what you want them to do (full refund with return, partial refund and you keep it, new ring, something else) and then let them take a look.

They have a rather limited set of options here:
1) Your appraiser is an idiot, ours is right. We stand by our description.
2) OK, your guy is right.
3) Both are wrong. The correct description is xxx.
4) The ring you showed is not the same ring or has been altered in some important way (for example stones switched)

That's about it. Your response will be different depending on which of those they choose. Their offer will be different as well but the discussion won't and can't proceed until they've seen it.

The price of platinum is a world commodity and it changes every day. It's an entirely reasonable practice for the appraiser to list the price of metal as of the day of valuation. We don't know what other variables were used in calculating the replacement value but they should be prepared to tell you if it's not in the report. Usually metal cost is NOT the biggest component. Ring 'em up and ask.
If you feel the value conclulsion is low, talk to them about it and explain your thinking. They may not agree with you but they should be prepaared to listen and explain their reasoning. If they decide it's an error they should be happy to correct the report at no cost.

 

[diamondseeker2006]

I would want my values very close to what I paid if that corresponds with current true replacement value. That is the whole purpose of the insurance, to be able to replace the item with the same thing if there is a loss. You know you can replace that band for $1800. I'd really question that appraiser as to where he thinks you can replace a platinum band like that with a half carat in diamonds for $1000 because I might want to buy that band at that price!

The thing about putting relatively low value items on insurance is that it isn't always worth making a claim because you may end up with higher premiums down the road and some companies may not want to insure you. Sometimes it is better to replace the item yourself. So consider that as you decide whether to try to get a higher appraisal on the wedding band.

As far as them replacing your band with one that is 1.5 cts. that would be a MUCH larger band and I am not sure it would even look right anymore with your e-ring. I would want the H VS stones they had advertised, however. But just remember that grading stones in a setting is not the same as grading them loose. If you do want to pursue this, you may need an independent appraiser like Neil to be the intermediary.

 

[denverappraiser]

By the way, I suspect your appraiser is at least closer to right on the sizes, if not dead on. A typical 0.12ct round is 3.2mm in diameter. Their description says the whole ring is 2.6mm wide so presumably they're less than that.