should a European cut diamond be recut to round brilliant

[smitcompton]

Hi All,

My friend inherited a diamond brooch. Her mother(the deceased) and her sister own the diamond brooch jointly. The aunt sent the brooch to California for an appraisal and the jeweler recommended a recut of the Euiropean cut largest stone. It would recut to over a carat. It would cost $575.00 for the recut. At the moment he did not give a before appraisal or after appraisal.

In light of the popularity of antique jewelry, my question is: Is it a wise move to do the recut or leave it as is in its original setting(I think) ? They do want to sell the piece. I don''t have the particulars of the diamond now. I have asked my friend to pull up an old appraisal which she has to find.

The Diamond buying guide by Antoinette Matlines gives values of European cut diamonds. Do you think this would be a good guide.?

We live in the Chicago area. Was it a good idea to send it to California. Won''t we get different appraisal numbers from a jeweler in California vs Chicago?

Thanks,
Annette

 

[denverappraiser]

I’m not understanding your objectives here. Is the plan to resell the piece for maximum return, to reset into something new, or something else entirely?

For most purposes, the description is the most important element of the appraisal, not the value conclusion. There's a certain convenience of having someone nearby because it's easier to have a conversation and ask specific questions but, assuming your chosen California appraiser is skilled at their craft, it should make no difference where they are.

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

 

[Upgradable]

NO!!!!!!!!

Sorry, but on behalf of all of the vintage jewelry lovers out there, please don''t let her recut the stone!!!!!

 

[Loves Vintage]

Date: 4/20/2010 10:19:53 AM
Author: Uppy
NO!!!!!!!!

Sorry, but on behalf of all of the vintage jewelry lovers out there, please don't let her recut the stone!!!!!

I agree with Uppy!! Noooooo to a recut!!!!!!!!!!!!!!!!!!!!!!!!!!! What was the appraiser's basis for recommending a recut?

 

[LaurenThePartier]

Date: 4/20/2010 10:22:50 AM
Author: Loves Vintage

Date: 4/20/2010 10:19:53 AM
Author: Uppy
NO!!!!!!!!

Sorry, but on behalf of all of the vintage jewelry lovers out there, please don''t let her recut the stone!!!!!

I agree with Uppy!! Noooooo to a recut!!!!!!!!!!!!!!!!!!!!!!!!!!! What was the appraiser''s basis for recommending a recut?

Thirded.

 

[CharmyPoo]

I love OECs ... I don''t see why one would want to recut it.

 

[Sizzle]

No Antique diamonds have a personality of their own. You should send it to someone with experience appraising antiques!

 

[smitcompton]

Hi All,

Thanks for your answers. The purpose of the appraisal was for getting the best price possible for resale. The jeweler is an individual who sold the Aunt a diamond in the past. I don''t believe he is an appraiser, but i could be wrong. They trust him.
I will try to get the particulars of the brooch when she finds the old appraisal. I thought the market you sell in can be different in different parts of the country, so that a market appraisal may differ depending on where its done. I''m seeing a possible error in my thinking now. If you plan to sell the brooch in the Chicago area, does the appraiser take that into account?

This appraisal stuff does confuse me.. Denver Appraiser-- You explain things so well but I still get confused.

Thanks,
Annette

 

[Upgradable]

In the metro Chicago area I would strongly suspect she would be able to get a better price for the intact vintage piece (if sold at reputable vintage consignment store) vs. cost for recutting diamond and scraping the rest of the brooch.

I would personally recommend she speak with Erica or Grace at Jewels by Erica Grace as they take pieces on commission.

 

[denverappraiser]

Leave it intact for now. You need more information and you don't want to damage it.

Resale markets definitely vary from one to the next but it’s not geographic location that generally makes the difference. I wrote an article here that may be a good place to start in getting a reality check and designing a strategy.

If it’s a nice stone, I doubt a $575 recut is going to get a return on your money and if it’s a marginal stone it’s even worse so this advice from your appraiser surprises me a bit unless the problem is condition, and maybe not even then. Query them on it and make sure that they’re answering the right question (how to maximize your net return on resale). Most appraisals are not about this and if this isn’t what you specifically asked, it’s likely that they are telling you something else, like what it would cost to replace it in a store. The problem is in the selling and in choosing the most appropriate market. If your appraiser bid on the piece they have a SERIOUS conflict of interest with this particular question. Yes, modern cut stones are generally easier to sell but it’s still a remarkable pain and, with a 1 carat stone, the cost of recutting and getting a cert is usually more than the differential.

The key questions you need to know:

1) What is it NOW?
2) To whom, how and for how much could you reasonably expect to sell it NOW?
3) What would be the expected yield and costs of a recut? What are the risks?
4) To whom, how and for how much could you expect to sell it after cutting?

If you don’t feel your appraiser is giving you valid or unbaised advice, find a different appraiser. If you do, ask him/her the above questions and dig into it enough that you fully understand the answers.

ETA: Antoinette is a smart lady and I do like her books but I would put little stake in her pricing charts. For starters, they are, by definition obsolete as soon as the book goes to print but, more importantly, they are pricing what you would be expecting to PAY in a particular marketplace if you were shopping for one. Unfortunately, this is a very different question, as mentioned above.


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

 

[Dreamer_D]

Date: 4/20/2010 11:46:13 AM
Author: Uppy
In the metro Chicago area I would strongly suspect she would be able to get a better price for the intact vintage piece (if sold at reputable vintage consignment store) vs. cost for recutting diamond and scraping the rest of the brooch.

I would personally recommend she speak with Erica or Grace at Jewels by Erica Grace as they take pieces on commission.

This seems like a good option.

But before deciding on the recut issue I think you need to assess if the diamond is a good example of its kind. Although I too love old stones, if it is an unattractive diamond then why not recut it?

 

[smitcompton]

Hi Again,

Thanks All ---and thanks to Denver Appraiser- Your time on pricescope is very much appreciated.

Thanks
Annette

 

[Hest88]

Oh, my heart is in my throat at the idea of recutting an OEC.

I''m glad you''re not jumping at the idea without looking into it further.

 

[Mrs Mitchell]

Date: 4/20/2010 11:54:05 AM
Author: dreamer_d

Date: 4/20/2010 11:46:13 AM
Author: Uppy
In the metro Chicago area I would strongly suspect she would be able to get a better price for the intact vintage piece (if sold at reputable vintage consignment store) vs. cost for recutting diamond and scraping the rest of the brooch.

I would personally recommend she speak with Erica or Grace at Jewels by Erica Grace as they take pieces on commission.

This seems like a good option.

But before deciding on the recut issue I think you need to assess if the diamond is a good example of its kind. Although I too love old stones, if it is an unattractive diamond then why not recut it?

Honestly? I would rather have an ugly OEC than a perfect modern RB. Not saying this one is ugly, but it would have to be outstandingly hideous before I''d want it to change its whole character. That''s just me though. I think it''s heartbreaking when little pieces of history are modernised. I think the other posters who''ve said it may be worth more as an intact vintage piece are right on the money. I''d ditto the suggestion to speak with the very nice people at Jewels by Erica grace.

Care to post a picture of your piece? I''m curious.

Hope you get a quick sale.

Jen

 

[stci]

PLEASE PLEASE DON''T RECUT THIS ANTIQUE BEAUTY!!!!!!

Sell it to a person who can appreciate the hand cutter work and buy a modern diamond instead.