Regraded stone, thoughts on New Grade vs Old Grade, chip?

[DR650SE]

I just recently had a stone regraded. Below is a picture of the spreadsheet GIA sent back. I modified the spreadsheet to make it all in one picture as well as add the specs from the 5/2/2002 report. It looks like there was a chip added to the report. My question is this, was it a bad call to send the stone back for a regrade? I am in the process of selling it, however I wanted to sell it with a newly date report. The history on the stone is that I bought it in 2003 as an engagement ring, never gave it to the girl, and then it sat in a jewelry box, in a lockbox for the last 13 years or so.

I wanted to sell the stone for about $4k, however now I feel as though this may have been a bad choice, and the chip, however minor, will dramatically reduce the value. I had to have the stone unmounted prior to sending to GIA. Becuase the stone is not here yet (being shipped at the moment) I can't see where the chip may be on the stone. As for the stones grade, it didn't change. G, VVS2. Am I right in thinkin the chip will be used against me in selling it?

Here is the previous thread with pics of the stone:
https://www.pricescope.com/community/threads/seeking-advice-on-a-1-07ct-vvs2-g-gia-stone.231496/


Last thing, any idea on how quickly GIA updates the website report? it's still showing the old report. Just curious. Thanks guys!
https://www.gia.edu/report-check?reportno=11996979


Dan

 

[drk14]

Last thing, any idea on how quickly GIA updates the website report? it's still showing the old report.

In case you're thinking what I think you're thinking (and apologies if I've misinterpreted your question), I hope you will consider what you wrote in your last thread:

I'd sleep better knowing I'm not misleading the customer.

Wishing you many nights of restful sleep!

 

[DR650SE]

Hahaha :-p , No your definitely not thinking what I'm thinking. My integrity is the most important thing to me(thanks dad). I'm just more eager to see the updated report so that I can link that when I post it for sale. Until the new report is listed, I won't be posting the stone. I sent the GIA lab an email this morning inquiring about the timeline on when the online report will be updated. Over the last few days I've been checking the online report in hopes of seeing the grading as early as possible. Last thing I need is an upset customer tearing down my door, but I can see how the question can be interpreted.

 

[Snowdrop13]

Surely on a VVS2 the chip will be absolutely minuscule? I wouldn't have thought it would make that much difference?

 

[DR650SE]

I'm hoping . I would think it would be minuscule as well. It's even listed below the pinpoint. From my understanding, the inclusions are listed in order of prevalence on the stone.

On another note I received my answer on the GIA online report timeline. Below is from the email I received back from GIA

From GIA
within 24 hours after stone is released from our system, you will be able to view on our GIA report check

 

[AdaBeta27]

What number is the *new* report? GIA doesn't re-grade under the old report number, do they? If the stone is inscribed, I've seen "Inscribed __________", which is usually a previous report's number, as a comment. But otherwise, a new report would have a new number and will not be linked to an old report number afaik.

 

[DR650SE]

From my understanding it is done under the same number. The report is simply updated. They have a specific update service. Having a stone grade updated costs 75% of the cost of an original. They won't use a new report number because then it would be too easy to pass off an old report on a stone.

 

[DR650SE]

Hey guys, so I received the stone back from GIA today along with the updated certificate. Attached are copies of the old and the new certificate. I'd say all in all it's not to bad. The report has three internal inclusions in red. I can also see the three naturals on the corners of the stone. What i'm looking to clarify for myself is the chip. The chip is marked in read. according to the certificate, red denotes an internal characteristic. Is it possible for a chip to be internal? I figured a chip would be exactly what it sounded like, a small chip on the surface of the stone. Any ideas that may give me some clarification? Really i'm simply seeking the knowledge for my own understanding. What are your thoughts?

GIA 11996979 - 2 May 2002
http://img.pixady.com/2017/07/161415_img049.jpg



GIA 11996979 - 14 July 2017
http://img.pixady.com/2017/07/251919_img053.jpg

Thanks again for all the advise and knowledge. It's been a pleasure to read through all these threads and learn so much from everyone here. I certainly plan to take this knowledge and put it to use in the future on gifts for my wife!

 

[pyramid]

I don't know, but wonder if the chip is internal because it is on the underside but cannot be seen from there and only from the top view due to the angle of the chip or width or something, very minute ofcourse.

 

[Texas Leaguer]

I would not worry too much about the chip affecting your potential resale price. While it is not a positive, you are right, it is ranked lower than the other features so is very minor. You have done your ethical duty to the potential buyer by paying to have the stone re-evaluated at the lab. A shrewd buyer might make an issue of it to gain leverage in the negotiation, but if they like the look of the stone and the price you offer, it will sell. The chip should not be a deal breaker.

 

[DR650SE]

Thanks guys, that does help make me feel better. I hope buyers look at it the same way. Either way I will sleep better with the knowledge that the buyer knows exactly what they are getting. Definately appreciate the knowledge you guys have shared. I am better for it and will be able to make a much better decision in the future.

 

[SimoneDi]

It is interesting that the diamond measurements are even oh-so-slightly different between the two reports. The chip was probably always there, but not noticed when the stone was initially graded in 2002, same with the pinpoint inclusion. The positive is that he overall grading is still the same VVS2 and you definitely did the right thing to have a recent evaluation by GIA. Best of luck with the sale!

 

[DR650SE]

Simone, Thanks! I agree, the chip was likely there before hand. Or it could have happened during setting. I know the stone was loose when I picked it out initially. Either way, it's so minor. The pinpoint I know must have been there during the initial evaluation, just not seen. it's not like it can just pop up lol. I'm certainly happy that it retained the same grade G, VVS2 and happy to have had it re-evaluated.

As for the measurements, that initially got me thinking too. I chalked it up to two different gauges. I'm sure they are calibrated, but we know how things can vary

 

[denverappraiser]

Selling diamonds is a bit difficult. Yes your buyer is likely to beat you up on price, and yes they will probably point at that plotting diagram to get there. That said, it's a recent VVS2, including the 'chip'. By definition that makes it a minuscule detail and to all who call it a defect you can point out that it’s STILL a VVS2.

Was it a mistake to send it in? That's an interesting question. I would say no, and that’s even ignoring the ethical question. A 2002 report on a stone being sold in 2017 is a HUGE red flag, especially if the seller is claiming VVS2. I would call that far more of a hindrance than the plotting key on a one week old report. If you had talked to a pro before sending it in, they probably would have advised polishing out first, before submitting it. That part was possibly a mistake. Whether it’s worth doing it NOW, and resubmitting it for yet another update, is another interesting question. I’m thinking no, but it would make it easier to sell, especially if you're going to retail it. A dealer who had this, or a dealer that you may sell it to, just might.

 

[DR650SE]

Neil,

Always great to get your feedback! I agree. I figured the stone being sold with a 2002 report as a VVS2 could always be looked t as being perhaps a slightly lower grade. Now that it's been recently graded and STILL graded as a VVS2 with the chip, i'm a lot more comfortable selling it now. The last thing I wanted was a buyer to buy it as a VVS2 only to send it in and find that it was then regraded as a VS1 or VS2. I believe in the long run that would have caused more headache, and I'd have felt terrible.

As for polishing and resubmitting it, I considered it for a quick sec. But the time, money and risk involved turned me off. Round trip would cost me another $130 just for the grading. Don't even know what a polish would cost. I do know there are risks involved. Even then, it may lose weight, and may not remove the chip. Given the cloud, pinpoint and naturals, I don't see any way for a repolish to end in a VVS1. Ultimately I'm just looking to sell and put the money to use against my student loans. Even $3k would pay off one of my student loans and I'd only have another $3k to go till freedom.

At the end of the day I'd consider re polishing if my wife wanted to keep it, and if I was really into the paper stats. I'd rather have a better value.

In regrading it, I wanted to put myself in a buyers shoes. I'd be much more comfortable with a recent certificate than an old one, particularly when looking to purchase a VVS2.

Again really appreciate the feedback!! It's been a wonderful learning experience.

 

[Texas Leaguer]

You might be surprised at the number of stones on the open market with recent certs that have scratch or chip as a feature on the report. I am not saying it is inconsequential to a potential buyer, but even some in the trade don't bother fixing them in many cases. Princess cuts have a tendency to acquire chips on corners, through setting or just handling. If they are of a nature that present a high risk of further damage a jeweler may not want to set it without having it repaired. Otherwise, it is generally looked at as just a characteristic like a natural or feather, and the clarity grade is what drives the price, in combination with color, carat and cut quality of course.