How Should I Handle Possible Private 1-on-1 Buying Transaction

[SCchico]

I''ve recently found someone selling a Tiffany''s diamond engagement ring for sale on a local website and while I know it''s a considerable savings from the retail Tiffany''s & Co. price, it''s still quite expensive. Now the seller is willing to meet me at an appraiser of my choice and also go to Tiffany''s to verify it''s a true Tiffany''s ring (they have all the original documentation which is what Tiffany''s indicated they would need to verify it as a Tiffany''s diamond (not appraise it mind you))...so my idea is to go to the appraiser first, then to Tiffany''s. Then give the seller my offer and if they accept go to the bank to do the transaction. My worry is in transporting the ring from the appraiser, to Tiffany''s, then to the bank...I don''t want to be paranoid but I''d be afraid of a old switch-aroo somewhere in between the stops.

I''ve done my research on the stone''s C''s and they are pretty much on par with the seller''s asking price for the entire ring.

Does this sound like a totaly wrong thing to do? I don''t know how to handle such a private seller transaction and ensure the authentication, value (appraisal) and personal safety all at the same time. Has anyone here purchased a ring this way (not a store but a private seller)?

Sorry if this sounds stupid but I figured this might be the best place to ask this kind of question. Thanks in advance!

 

[oldminer]

Put the ring in a SEALED envelope after the appraisal to prevent a switch. Make sure it is still sealed when you arrive at Tiffany. Once the ring is authenticated, you take direct delivery from Tiffany. This will protect you form a switch.

 

[elmo]

Date: 6/26/2007 4:54:04 AM
Author:SCchico
Now the seller is willing to meet me at an appraiser of my choice and also go to Tiffany's to verify it's a true Tiffany's ring (they have all the original documentation which is what Tiffany's indicated they would need to verify it as a Tiffany's diamond (not appraise it mind you))...so my idea is to go to the appraiser first, then to Tiffany's. Then give the seller my offer and if they accept go to the bank to do the transaction.

I'd agree on a price before dragging a seller around to multiple places.

Depending on how confident the seller is with the appraiser you agree on, you might also ask if the appraiser could send directly to Tiffany. It would add only a nominal amount to the transaction price.

 

[SCchico]

Date: 6/26/2007 7:48:17 AM
Author: elmo

Date: 6/26/2007 4:54:04 AM
Author:SCchico
Now the seller is willing to meet me at an appraiser of my choice and also go to Tiffany''s to verify it''s a true Tiffany''s ring (they have all the original documentation which is what Tiffany''s indicated they would need to verify it as a Tiffany''s diamond (not appraise it mind you))...so my idea is to go to the appraiser first, then to Tiffany''s. Then give the seller my offer and if they accept go to the bank to do the transaction.

I''d agree on a price before dragging a seller around to multiple places.

Depending on how confident the seller is with the appraiser you agree on, you might also ask if the appraiser could send directly to Tiffany. It would add only a nominal amount to the transaction price.

Good point about settling in on a price first, I was thinking of that myself, that way saving both theirs and MY time.
Also there woudn''t be a need to have the appraiser send it since there is a Tiffany''s nearby.

I appriciate your replies!!!

 

[denverappraiser]

I would reverse the order, visiting Tiffany’s first since, I presume, a negative answer from them would be a deal killer and the appraisal then becomes unnecessary. That said, the appraiser should have no trouble looking at the paperwork and merchandise supplied by Tiffany and confirming that it is the same item being discussed.

Assuming that you approve of what the appraiser has to say, you may be able to do the deal right in the office of the appraiser so that you take possession directly from the hand of the appraiser. I agree with the above that you should work out a tentative price in advance assuming that everything is as expected. If you learn additional details that involve renegotiation beyond what can be done while you’re both at the appraisers office, arrange for a second visit where the appraiser matches the item to their own report from a few days earlier.

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