HELP--appraisal issues

[coconuts]

I just got engaged last week. My boyfriend got the diamond from a women his mother worked with. This women is a diamond dealer in NYC and the women told him he was basically paying what retailers pay. The diamond is cert. by EGL USA and is as follows according to cert:
1.26 "cut corner square mod. brilliant" (she told him radiant cut is this another name for that?)
with measurements of 6.62X6.49X3.58mm
depth 55.2%
Table: 80%
crown:5.9%
Pavillion:45.1%
Girdle: thin to sl. thick polished
cutlet none
polish: good
Symmetry good
Clarity SI2
Color Grade g
Fluorescence none

The diamond dealer had it set (platimum) and appriased by a store she sells to and they appraised it at $9850.

Here is the problem...I took the ring today to a local jewelry store to get a seperate appraisal. 3 different people in the store (have gemology degrees) said they disagreed that it is SI2 and said that GIA would also. They didnt charge me for the appraisal and would not put anything in writing because they didnt want to be involved in a law suit ??? The one women took out the rapareport and calculated that at best she thought it would retail for $5100 before taxes. She basically said I could walk into any store and buy the ring for $5000. The appraiser said I should return it. As you can imagine I left there heartbroken because I love the ring and it seems very sparkly and I especially love the fact that my boyfriend picked it out on his own for me. I do not have to have a perfect ring but I dont want to think that he over paid. He paid a total of $6100 and thought he was getting a good deal because the women told him it would appraise for over $10000 with tax.

I made an appointment to get another appriasal on Saturday just to make sure they people I saw today were right. Can anyone tell me based off the cert. if he over paid? I know it depends on if it is really an SI2 but I dont know what to do? If I send it to GIA and find out its not then I wasted money on the GIA cert and the appriasal. All advise would be REALLY appreciated.

 

[JulieN]

5000 sounds very possble, but 6100 is not that far off from 5000.

however, because all of the weight is in the pavilion, it might be difficult to find something that faces up that large for 5000.

yes, its a radiant

 

[mrssalvo]

I agree with Julie. it sounds like you love the ring..wear it and enjoy it, it''s a gift from someone who loves you and something you love. we don''t wear the paper

 

[diamondseeker2006]

He paid a normal retail price it sounds like. Understand that the appraisal they provided you is terribly inflated and does not reflect the value. What he paid better reflects the value. I''d insure it based on what he paid, since it should be able to be replaced for $5000-6000.

Now where''s the picture of that ring!?

 

[Unearthed]

I just did a quick search on Bluenile for a loose stone with numbers similar to yours and the cheapest I found was $5,114. The cheapest Platinum solitaire you will find is prolly what $500? With tax you are at 6k right there. Couple other things. Number 1: Don''t take your stuff to the local jewelery store to get it appraised...who knows what their motives (or even their training) is. Number 2: If you love the ring...just love it. Take your appraisal, get it insured, and be happy.

On a side note, if it is the clarity they are at odds over it would put the diamond in an I1-I3 category, meaning you can see any inclusions most likely fairly easily. Can you?

 

[Kaleigh]

Date: 2/26/2007 10:47:26 PM
Author: diamondseeker2006
He paid a normal retail price it sounds like. Understand that the appraisal they provided you is terribly inflated and does not reflect the value. What he paid better reflects the value. I''d insure it based on what he paid, since it should be able to be replaced for $5000-6000.

Now where''s the picture of that ring!?

DS you are my twin!! Yeah what she said. Enjoy it. I think he paid within the range, and most of all you love it. Please post pics!!!

 

[coconuts]

Thank you all so much. You made me feel much better about the situation. Do you think I should get an appraisal done from an independant appraiser? I think my boyfriend is just mad that he went to this women only because he thought he was getting a deal....otherwise he would have just bought from a reputable local jeweler if it is the same price or bought online instead of driving up to NYC 3 times. I will post a pic later when I get home. Do you think that the table being so big is a negative? Thank you all again.

 

[mrssalvo]

coconuts, beauty is in the eye of the beholder. we use numbers as a guide but what your eye see''s is what''s important. You said you loved it and that is all that matters at this point. He didn''t get a huge deal but sounds like he paid a fair price. I probably wouldn''t bother getting another appraisal at this point. Just go and enjoy your ring. I too would love to see pictures

 

[RockDoc]

Should I go to an independent appraiser?

There is certainly some merit in keeping the stone if you are happy with it.

But part of the decision to purchase, is that you get what you expect - relevant to the representations made by the seller.


From you posting about what the jeweler/gemologist told you about the clarity grade, the stone may not be an SI-2. If it isn''t, then that affects the value.

Additionally, the seller seems to have represented that you were buying a stone that would have a value that was more than you paid, and that you were buying it at a price equal to what a retailer who would resell the stone would pay.

The above is what based your fiance''s purhasing decision on. Time is of the essence, because you can either return or exchange the stone, provided you get more information that is impartial.

An independent appraisal or possibly taking the unset stone in to NY GIA, for grading, would provide you with unbiased opinion, and you''d have a lot more information to base your decision on.

If the representations made by the seller are accurate, then you keep it, have a secure piece of mind, and if it isn''t at least you can change your mind, if either the clarity or value was misrepsented and overstated.

There are some good appraisers in the NYC area, and possibly engaging their services would be a prudent decision.

Rockdoc

 

[coconuts]

Thanks for you help/advice. I know that I love the ring but would love to also have a peace of mind as you said. Is it true that it takes about 4 weeks to have GIA grade it? Also do you know how much that costs?

 

[kcoursolle]

Date: 2/27/2007 8:23:20 PM
Author: coconuts
Thanks for you help/advice. I know that I love the ring but would love to also have a peace of mind as you said. Is it true that it takes about 4 weeks to have GIA grade it? Also do you know how much that costs?

The cut quality on this stone is not what we normally recommend here, but I don''t think you got ripped off or anything. If you love the ring, that''s what counts. Ditto what people have commented above about not going to jewelry stores for an appraisal. They are biased because they want to sell you something. If you do end up wanting to get an independent appraisal you can find one by going to the resources tab, then appraisers, then your area.

 

[RockDoc]

Date: 2/27/2007 8:23:20 PM
Author: coconuts
Thanks for you help/advice. I know that I love the ring but would love to also have a peace of mind as you said. Is it true that it takes about 4 weeks to have GIA grade it? Also do you know how much that costs?

You could call the GIA lab, and ask. They do have rush/1 days services since youre in the NYC area. Take in early and pick it up in the aftenoon. It''s by special appointment.

But the diamond will have to be unset. As to the price, you can ask them too. They have a Dossier report for less than 1 carat stones that cost less include a laset inscription with NO PLOT of the inclusions, but I think you should get the full report so you get the plot diagram of the inclusions in the stone. You can also have them tell you the results of the grade, and if you''re satisfied, and you decide to keep the stone, you could also opt to have them laser inscribe it. Needless to say you don''t want keep it, don''t have it inscribed, if the grading results are different from the grades represented by the seller.

212-221-5858 I think is GIA''s local number. Toll free 800-472-7250 then ask for NY Gem Trade lab.


Rockdoc