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Help Regarding Appraisal

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pyramid

Ideal_Rock
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I have a ring which I had custom made in 1991. After learning about diamonds and looking closely at another single diamond ring with a loupe I started to question the value I had paid back then.

The ring has 7 marquise diamonds and cost me £2500 the same price as a single stone ring I viewed which also cost £2500 and looked better clarity wise and perhaps colourwise.

I today received the valuation which a gemmologist in the same jewellers who had it valued had also double checked before calling me and I was not surprised to hear it was just £1850. This was not the jewellers where the ring was bought.

I do believe they are correct because the ring has small stones and was bought in 1991 whereas the ring I was comparing it with was just bought last year and had a single solitaire. Both stones were set in a lot of 18 carat gold.

I have a few questions though for those of you who are experienced in appraisals or any of the general public who want to comment.

As my ring was custom made would that have been taken into account in the appraisal or would that make a difference. I cannot remember if I said I had it specially made to my design or not and believe I just assumed the appraiser would know from looking at the ring.

I realise the laws are different in America but would I have any comeback with the jeweller who provided me with the ring. I believe she had someone make it and it was not made on her premises. The store still trades under the same name but I do not know if it has the same owners so would that make a difference also. Should I ask the citizens advice bureau for advice. Should I even pursue this now at this late date twelve years on or am I out of time?

It is a small jeweller, I knew nothing much at the time, I do not think the jeweller was trying to do me as they had only taken over the jewellers.

I am just wondering what to do. I am a bit disappointed with the valuation but I really expected it anyway, so in a way I feel I do know a little now about diamonds as an amateur ofcourse.

Anybodys views welcome.


p.s. It was a valuation for insurance purposes, I know it is important what type of valuation we ask for.
 

pyramid

Ideal_Rock
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To put things in more perspective for all of you across the pond, the difference of £650 between the purchase price and valuation price is as of todays date $1,072.31
 

pyramid

Ideal_Rock
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Also would the jewellers profit be extra to the valuation or should it have been included within the market price?
 

pyramid

Ideal_Rock
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Spoke to the gemmologist today and the fact the ring was custom-made would have been taken into account in the valuation she said. So, it looks like I have been taken!
 

manhattan01

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Jun 18, 2003
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Caveat emptor.
I can understand that you'd be upset about being taken but you did buy the ring a while ago. Unless I'm understanding the situation wrong, you paid X amount for a ring in 1991 which you had appraised recently and the valuation is less than what you paid back then. If that's what you mean, then I don't think there's much you can do. I don't know what the market price for diamonds were back then was but it could've gone down. Also, I don't think that a custom setting could affect the price THAT much. If it were platinum, maybe.

-spencer
 

pyramid

Ideal_Rock
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Thank you for replying manhattan01.

That is the way my family see it. I, however, would like to confront the jeweller who sold me the ring. The jeweller who appraised the ring said I could go to my jeweller and show them the report and my receipt but my sister believes I will not get any money back so why bother.

I do not want to say anything though if I am wrong and am wondering about prices back then also, another thing which is making be apprehensive to speak to the jeweller is the fact that it is a small shop and I wonder if they may have been charged too much by the person who made the ring for them.

Maybe I should just move on and leave it as it is.
 

trichrome

Shiny_Rock
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Dec 9, 2002
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Pyramid,

You paid the amount your jeweller asked for in 1991.
Then it's too late. It was custom work. So you paid
more of course.. Same thing with designer work,
you pay more. I would recommand you to move on.

Trichrome.
 

pyramid

Ideal_Rock
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I believe you are right trichrome about moving on.

The appraiser and also the gemmologist did say though that any extra paid for custom work should be reflected in the value of the ring so it is not because it is custom made that the appraisal value is lower than what I paid.
 

manhattan01

Rough_Rock
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Jun 18, 2003
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89
Pyramid, I sorta sense that you're distressed about this...and naturally so, it's a lot of money. But it's been over 10 years...and you have to ask yourself if you were happy with it all this time not knowing it's true value...or even current market value. I think that if you liked the ring then, you shouldn't let the appraiser's valuation take away from that. A 7 marquise diamond ring...I'd love to have one of those!

-spencer
 

pyramid

Ideal_Rock
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Manhattan01

Yeah I was stressed about it but am now destressing. I will just let it go. Live and learn.
 
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