I Need a Valuation Please - thinking i've been Conned!

[LeeW]

Hi all,

I bought this engagement ring abroad but i was wondering if someone could maybe give me a valuation as i think i got 'done'

I will be getting a pro appraisal here in the UK soon but just thought i'd try my luck on here.

Here is the Certificate, any more info just give us a shout and i shall provide it.



Anyone any ideas on a price - in UK pounds or if it helps in US Dollars?

Thanks.

 

[kelpie]

I'm not familiar with that lab. Usually when it is on the little card w/ the whole piece being appraised you can bet it's pretty loose grading. I'd say in a US jewelry store that would be $600-$1000. Looking at the specs if it were an E I1 as graded by GIA the loose stone goes for ~$400.

http://www.jamesallen.com/diamonds/E-I1-Premium-Cut-Princess-Diamond-1345942.asp

 

[LeeW]

I'm not familiar with that lab. Usually when it is on the little card w/ the whole piece being appraised you can bet it's pretty loose grading. I'd say in a US jewelry store that would be $600-$1000. Looking at the specs if it were an E I1 as graded by GIA the loose stone goes for ~$400.

http://www.jamesallen.com/diamonds/E-I1-Premium-Cut-Princess-Diamond-1345942.asp

Thanks for the reply, although it's not really what i wanted to hear

I payed over $1000 and it was in the Black Friday 'Sales' i do have 99 days to return it i was told but i'm hoping when i get it looked at here in the UK professionally that won't be necessary... i hope anyway!

Thanks again.

 

[sonnyjane]

I'm not familiar with that lab. Usually when it is on the little card w/ the whole piece being appraised you can bet it's pretty loose grading. I'd say in a US jewelry store that would be $600-$1000. Looking at the specs if it were an E I1 as graded by GIA the loose stone goes for ~$400.

http://www.jamesallen.com/diamonds/E-I1-Premium-Cut-Princess-Diamond-1345942.asp

Thanks for the reply, although it's not really what i wanted to hear

I payed over $1000 and it was in the Black Friday 'Sales' i do have 99 days to return it i was told but i'm hoping when i get it looked at here in the UK professionally that won't be necessary... i hope anyway!

Thanks again.

To be honest, I'd return it and not even bother with the appraisal. I think it's pretty clear you overpaid and can do better. Also, and this is just my opinion, but I wouldn't get an I1 diamond for an engagement ring that you hope will be worn everyday. If necessary, I'd go down in color but up in clarity. You can do much, much better for less money than you paid for this!

 

[kelpie]

I'm sorry to hear that. Don't spent too much more getting it appraised. If you choose to return it, we'll help you with a selection that gets you more for your buck. A lot of people are on here from the UK and buy from online vendors in the U.S., even with the VAT it's still a substantial savings.

 

[kenny]

I'd also return it while you can.
Hang out here and learn lots and lots about diamonds before buying.

 

[kelpie]

To give you an example:
you could get this diamond
http://www.jamesallen.com/diamonds/F-VS1-Ideal-Cut-Princess-Diamond-1347425.asp

in this setting
http://www.jamesallen.com/engagement-rings/settings-with-sidestones/Common-Prong-Engagement-Ring.html

For $1800, the diamond is much larger, there's for diamond weight in the setting and everything is quality because you can trust the grading.

 

[AprilBaby]

There is a WORLD of difference between your diamond and the James Allen above yet the price is similar. Yes, you have been conned.

 

[kenny]

There is a WORLD of difference between your diamond and the James Allen above yet the price is similar. Yes, you have been conned.

Well, conned is a harsh word.
I'd say you got closer to the typical deal out there than conned.
[Sadly, knowing what I know today the typical deal out there DOES strike me like being conned.]

Here at PS we have access to the best cut at the best prices.
Stick around.
Read the diamond tutorials here - near the top of this screen click on "Knowledge"

 

[LeeW]

Thank you all again for the feedback, much appreciated

I payed $1800 feel hard done by now looking at that link.

I must say i knew a little about about the c's before i bought it and i had a certain spec in mind - VS2 or higher, E/F Colour and an Excellent Cut BUT my OH loved it, i must add she knows absolutely nothing about Diamonds to be fair!

The Sales women did a great job though of 'selling' it i must say. Does anyone know how i can persuade my Mrs to send it back! i have no problem with doing that but i know she'll not be happy, could i just say to her it's liable to deteriorate over time or something.

Friends who i've spoken to say just leave it as she loves it but it will just nag me to death feeling i've overpaid.

 

[LeeW]

Sorry another thing, i have the insurance replacement certificate in front of me and it says Purchase price $2780.00 whys that, is it normal??

 

[LD]

Lee in the UK you could get a similar diamond ring for between £350-500. So I'm afraid you have overpaid. Is there any chance you can return it?

You can get some good deals in the UK at the moment but if you decide to buy from the US you must factor in shipping and import costs. Depending on the declared value of the item, if importing, allow for about 20% of the purchase price. If you want to buy something in the UK try www.diamondgeezer.com (their website is not good and you need to phone to get great prices) or www.diamonddealerdirect.co.uk who have 3 shops in the Birmingham jewellery quarter.

 

[LeeW]

Lee in the UK you could get a similar diamond ring for between £350-500. So I'm afraid you have overpaid. Is there any chance you can return it?

You can get some good deals in the UK at the moment but if you decide to buy from the US you must factor in shipping and import costs. Depending on the declared value of the item, if importing, allow for about 20% of the purchase price. If you want to buy something in the UK try www.diamondgeezer.com (their website is not good and you need to phone to get great prices) or www.diamonddealerdirect.co.uk who have 3 shops in the Birmingham jewellery quarter.

Hi LovingDiamonds,

Do you really think the Diamond is only worth that obvoiusly factor in the setting as well which is 14k White Gold, i do think the top part off the setting is Platinum or some part is if i remember rightly. I have 100 days according to my reciept to return it if unhappy for whatever reason.

The problem now is my Mrs we have had a bit of a shall we say heated discussion about it and basically she's happy with it but i'm not now but that's to do with me knowing a lot more about the ins and outs.

Does anyone know a great reason in which to convince her? she is very stubborn and she just likes it probably due to the fact thats it's a diamond after all and she thinks nothing else to it!

I payed $1,799.96 which equates to £1,146.84.

I would like to get it appraised in the UK ASAP to get a pro opinion but where i have inquired on the high street they said it could take a month or two which is no good due to 100 day return policy.

What a mess i'm in, what you guys think? gamble and keep or send back??

 

[whatmeworry]

You know if she's happy with it, I would let it go. The next time you buy you'll be a whole lot smarter.

 

[jbawwou]

Have you told her that she could have a bigger better one? If that does not work then you learned a lesson.

 

[waterlilly]

Lee in the UK you could get a similar diamond ring for between £350-500. So I'm afraid you have overpaid. Is there any chance you can return it?

You can get some good deals in the UK at the moment but if you decide to buy from the US you must factor in shipping and import costs. Depending on the declared value of the item, if importing, allow for about 20% of the purchase price. If you want to buy something in the UK try www.diamondgeezer.com (their website is not good and you need to phone to get great prices) or www.diamonddealerdirect.co.uk who have 3 shops in the Birmingham jewellery quarter.

Hi LovingDiamonds,

Do you really think the Diamond is only worth that obvoiusly factor in the setting as well which is 14k White Gold, i do think the top part off the setting is Platinum or some part is if i remember rightly. I have 100 days according to my reciept to return it if unhappy for whatever reason.

The problem now is my Mrs we have had a bit of a shall we say heated discussion about it and basically she's happy with it but i'm not now but that's to do with me knowing a lot more about the ins and outs.

Does anyone know a great reason in which to convince her? she is very stubborn and she just likes it probably due to the fact thats it's a diamond after all and she thinks nothing else to it!

I payed $1,799.96 which equates to £1,146.84.

I would like to get it appraised in the UK ASAP to get a pro opinion but where i have inquired on the high street they said it could take a month or two which is no good due to 100 day return policy.

What a mess i'm in, what you guys think? gamble and keep or send back??

SEND BACK. Why don't you just show her a picture of the bigger better diamond you can get for the same money??

 

[LeeW]

You know if she's happy with it, I would let it go. The next time you buy you'll be a whole lot smarter.

I want to let it go to be honest but i think too much.

Have you told her that she could have a bigger better one? If that does not work then you learned a lesson.

I try that.... again

 

[Frenchcut]

That's beyond my imagination...why wouldn't she want a bigger and more beautiful diamond Did you show her a picture of a H&A ?

 

[LeeW]

SEND BACK. Why don't you just show her a picture of the bigger better diamond you can get for the same money??

Thanks for the feedback.

She is happy with the size of the Diamond and the setting is perfect as it looks ideal for her finger size and the colour is ok too but obviously it's the other qualities that are the issues here.

I will look again to get it independently appraised as we did agree on that and hopefully if it comes in under £1,000 it will be a lot easier and coming from a UK pro that should hopefully convince her it was money not well spent.

 

[LeeW]

That's beyond my imagination...why wouldn't she want a bigger and more beautiful diamond Did you show her a picture of a H&A ?

She really isnt bothered about getting a 1/2/3/4 50 carat size Diamond!! more beautiful YES but she don't understand at all that's the trouble.

 

[Dreamer_D]

The appraisal seems to be done by Gemscan, which is a Canadian company with a decent reputation. That aside, you overpaid for what you bought compared to online stores, but you should not compare to online prices but instead should compare to prices you would pay at a store front, which is often about double online.

To set your ming at ease perhaps do a little window shopping in the UK. I have heard prices there are astronomical compared to the US.

 

[Dreamer_D]

And the setting looks a little like this one, which is originally from a casting company and thus available to many jewelers, if you want an idea of the retail cost of the setting.

 

[acebruin]

i would try to persuade the mrs and send the ring back... although if she's really happy with it and adamant to not let it go, then you would have to let it go and move on... she's happy with the ring... lesson learned...

 

[IceExplorer]

There is a note on the grading card that you should pay close attention to:


***Diamond weight estimated by gauge***

So you can't even confirm that it truly is 0.57 carats.

I would take it back.
Another thing you could use as a selling tool to her is:

Upgrade policies!!

On your 1,5,10 year anniversary you can upgrade the diamond (bigger and better) without being stuck with that diamond. A new diamond from a pricescope vendor would offer you a trade-in/upgrade policy that will allow you to always be capable of getting bigger or better stones.

 

[laurenfischer5]

Tell her to trust you on this one. You could get a WAY better diamond for the same price..

 

[jstarfireb]

My husband and I initially picked an engagement ring from a Costco warehouse, then returned it so we could pick out a diamond and have the setting replicated by a trusted jeweler. I liked the Costco ring, so I know how your wife feels. But I LOVE the one we eventually got from Whiteflash. The diamond sparkles like no other princess cut I've seen, and the ring is very well made. In my case, the original ring was actually a good buy, and the custom ring cost us about $1600 or so more. In fact, the diamond alone from WF was about the same as the entire ring from Costco. But we have absolutely no regrets, because we got a really special piece and have so much more information about the stone, and the peace of mind that comes with that is priceless.

In addition to everything above, you know NOTHING about the cut quality of the diamond in the ring you bought. The James Allen stone looks like a very nice make photo, and they could provide an ASET image, which would help us evaluate light return. Probably 99% of princess cuts out there aren't cut to optimize light performance. With a little research, you could find a bigger diamond with a better cut AND clarity for the same price, like the ones from James Allen. If it were me, I wouldn't need any more convincing than that!

 

[LeeW]

The appraisal seems to be done by Gemscan, which is a Canadian company with a decent reputation. That aside, you overpaid for what you bought compared to online stores, but you should not compare to online prices but instead should compare to prices you would pay at a store front, which is often about double online.

To set your ming at ease perhaps do a little window shopping in the UK. I have heard prices there are astronomical compared to the US.

I believe it is Gemscan as the lady said the Diamond was Canadian. I agree with you saying i shouldn't compare it to online prices however i have looked at a UK online site which i also believe has a shop just to try and get a comparison before i get chance to visit some jewellers and i looked at this one thinking it's pretty similar to the one i've just bought.



What you guys think? it's around the same price but a notch or two up on the Clarity scale.

I believe the site is very well respected here in the UK from what iv'e seen.



Thank you all by the way for the replies, much appreciated.

 

[Sizzle]

I think everyone's been pretty clear that it should go back. Even though your OH is happy with it, it's obvious you aren't so perhaps she will understand if you say you have been duped and would like a "do over" and promise to have it on hand within a certain time frame. There are obviously much better deals out there. Maybe tell her the diamond may not be stable and the inclusions may cause it to chip or break. Perhaps she will look at things differently then.

 

[LD]

Lee - a valuation in the UK doesn't tell you what the diamond is worth - it tells you what it would cost to replace i.e. a jeweller to source a diamond specifically for you and then hand-make a setting. So a valuation is "normally" 2-3 times more than you paid (if you bought wisely). Understanding this, if you want to get the best valuation you can, you should speak with Safeguard. They are the valuation arm of the Birmingham Assay Office and are totally independent and their valuations are accepted without question by UK insurance companies - unlike some jeweller's appraisals. You can send the ring to them OR they have valuation days around the country at High Street jewellers that you can book a slot at. It costs about £45 for the first item and then less for each subsequent one. Here's their website http://www.theassayoffice.co.uk/safeguard/

Let me just give you some food for thought. Today on The Jewellery Channel (Sky 650) they had loose diamonds that had reports from the GIA, ranging from F-G in colour and all SI1 and above. There were ovals, pears and cushion cuts, all selling for between £1,200 and £1,500. All of the diamonds were OVER 1ct. That gives you a comparison to what you paid bearing in mind that once you go over the 1ct mark the price rises expotentially. So, if you compare the price you paid to the price of these diamonds you'll see how much more you could have got for your money. These diamonds were very good quality and although they were loose with no setting, you could have a setting made (especially if it's just a one for a solitaire) very cheaply in 18k or platinum. You will then have a ring that potentially will be valued at £3k or over.

Another comparison is a .57ct solitaire I bought from them about 2 years ago, in a solitaire 14k setting for £450. It's been appraised as G colour and SI1!

However, if your other half loves her diamond then perhaps you should just chalk it up to experience. Next time you buy her a diamond, pop in here and there'll be tons of people only too happy to help you spend your money!

Good luck!

 

[LeeW]

I think everyone's been pretty clear that it should go back. Even though your OH is happy with it, it's obvious you aren't so perhaps she will understand if you say you have been duped and would like a "do over" and promise to have it on hand within a certain time frame. There are obviously much better deals out there. Maybe tell her the diamond may not be stable and the inclusions may cause it to chip or break. Perhaps she will look at things differently then.

Thanks, i think i've convinced her a little bit now after we had another discussion about it and i mentioned i few things off this thread!

Lee - a valuation in the UK doesn't tell you what the diamond is worth - it tells you what it would cost to replace i.e. a jeweller to source a diamond specifically for you and then hand-make a setting. So a valuation is "normally" 2-3 times more than you paid (if you bought wisely). Understanding this, if you want to get the best valuation you can, you should speak with Safeguard. They are the valuation arm of the Birmingham Assay Office and are totally independent and their valuations are accepted without question by UK insurance companies - unlike some jeweller's appraisals. You can send the ring to them OR they have valuation days around the country at High Street jewellers that you can book a slot at. It costs about £45 for the first item and then less for each subsequent one. Here's their website http://www.theassayoffice.co.uk/safeguard/

Let me just give you some food for thought. Today on The Jewellery Channel (Sky 650) they had loose diamonds that had reports from the GIA, ranging from F-G in colour and all SI1 and above. There were ovals, pears and cushion cuts, all selling for between £1,200 and £1,500. All of the diamonds were OVER 1ct. That gives you a comparison to what you paid bearing in mind that once you go over the 1ct mark the price rises expotentially. So, if you compare the price you paid to the price of these diamonds you'll see how much more you could have got for your money. These diamonds were very good quality and although they were loose with no setting, you could have a setting made (especially if it's just a one for a solitaire) very cheaply in 18k or platinum. You will then have a ring that potentially will be valued at £3k or over.

Another comparison is a .57ct solitaire I bought from them about 2 years ago, in a solitaire 14k setting for £450. It's been appraised as G colour and SI1!

However, if your other half loves her diamond then perhaps you should just chalk it up to experience. Next time you buy her a diamond, pop in here and there'll be tons of people only too happy to help you spend your money!

Good luck!

Hi again,

Great stuff that thanks, funnily enough i have just been looking at the Safeguard site as we went out today to a few jewellers only to be told it would take 4 weeks to get it looked at and by chance i picked up a leaflet in H M Samuals i think it was and it was a Safeguard one!

I have decided to go with them to have it valued then take it from there.