Should he get a refund or exchange?

[kathio22]

Good morning everyone! I was posting yesterday about the very pretty but poorly cut engagement ring I received. Unfortunately, I was given a consultation from another jeweler who assumed value to be much less than what was represented to my fiance when he bought the ring.

He doesn''t know if he should just do an exchange with the diamond because he had the setting cutom made, or if he should get a refund. A refund would mean going to a whole new place and getting a much better quality diamond for the same price, BUT it won''t be the original ring he gave me.

Any suggestions?

 

[spicolicpa]

What is material to you in terms of sig. undervalue of ring? $100 or $1,000? I have learned that appraisal is not an exact science, opinions will vary to a certain degree. Weigh cost benefit before you return but if its bothering you I would think about returning for a "full refund" and take money elsewhere.

 

[magna2]

Whether you go to a different jeweler should depend on the working relationship that your fiance has with the original jeweler. If you folks believe that the jeweler is reasonable and is willing to work with you to get a diamond of your liking then by all means work with him/her. However, if you have soured on the jeweler and do not feel that you can trust his/her opinion or feel that he/she is not working in your best interest, then walk away if your current purchase agreement allows you a full refund.

Please note, however, that since your setting was custom made, you will have a harder time recouping full payment on the setting if possible at all. You may have to end up keeping the setting and finding another diamond of similar size for it.

 

[kathio22]

Well, I would think a $3,000 difference in significant in value. Basically, we received a cert. that stated it is valued at $6,387. He paid $4,000 for it. A different jeweler told that based on the very deep cut and large girdle it would be worth $3,000 at the most. The measurements are 5.4 x 5.31 x 4.40, so I would think this is a major deep cut.

 

[strmrdr]

full refund.
Take it to small claims court if he gives you trouble.

 

[spicolicpa]

Sorry you got ripped off. Better luck with more ammo...ie: info!

Good luck

 

[Caratz]

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On 11/19/2003 12:03:19 PM kathio22 wrote:

Well, I would think a $3,000 difference in significant in value. Basically, we received a cert. that stated it is valued at $6,387. He paid $4,000 for it. A different jeweler told that based on the very deep cut and large girdle it would be worth $3,000 at the most. The measurements are 5.4 x 5.31 x 4.40, so I would think this is a major deep cut.

----------------

Never take any jewelry appraisal at face value (if you ever pay the appraised value, that means you got ripped off big time). Most of the time, the market value of a stone is 50-60% of the "appraised" value.

 

[spicolicpa]

good lord than her ring could possibly be worth much less than 3k....Gotta love Zales.

Now we know why I welcome the terms "paranoid & conspiracy".....sorry had to pitch that in here.

:O)

Youll have much better luck with P-scope vendors!

 

[MichelleCarmen]

I'm so sorry your engagement started in such stressful manner! But, honestly, I think you should get a full refund and start from scratch even if it means giving up the custom made mounting. Zales is one of the worst jewelry stores and even if they give you credit, what can you purchase with your credit? Most likely another poor quality piece of jewelry.

I don't think they tell the truth when they tell you a non graded stone is a particular color/clarity, as I compared my GIA certified diamond to their "G" colored stone pendant and theirs was SO yellow, it had to be like an L or M! This deception pretty much turned me off to their store.

Everyone who posts their rings purchased through vendors on Pricescope or Diamond Talk all have great luck and AMAZING rings. Try this route! You may not get as big of carat weight as your previous ring, but most likely if you search and compare stones, you'll find one that will face up as big, be cleaner, whiter and downright gorgeous!

Good luck,
Michelle

 

[newenglandgemlab]

Hi CaratZ,
Depends on the appraiser! Cindy

 

[Mikesgirl]

Return the ring, shop together, let him find a way to propose with the new ring. You two have just learned how important it is to be an educated shopper - a really great lesson with which to start your lives together. It also looks like you guys are unwilling to let the sentimentality rule your wallet. A great attitude as a couple (and can be hard to do if egos get in the way). So congratulations and good luck on finding the stone of your dreams!

 

[Caratz]

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On 11/19/2003 1:10:23 PM newenglandgemlab wrote:

Hi CaratZ,
Depends on the appraiser! Cindy----------------

Very true, Cindy, very true. But I am sure that you would agree with me that the standard practice is to grossly inflate the value on the appraisal. It is the rare exception when the appraisal shows the actual market value.

Beofre I found pricescope I read the tutorial at this site (which is a very introductory tutorial):

http://www.bridaltips.com/diamond-deals.htm

The site encourages people to buy from Blue Nile, Mondera and Ashford, and has a page where people can list what they paid and what the stone was actually appraised for. The thing that jumps out is that all of these appraisals are way way way above the actual price!

 

[newenglandgemlab]

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On 11/19/2003 1:30:22 PM Caratz wrote:

----------------
On 11/19/2003 1:10:23 PM newenglandgemlab wrote:

Hi CaratZ,
Depends on the appraiser! Cindy----------------

Very true, Cindy, very true. But I am sure that you would agree with me that the standard practice is to grossly inflate the value on the appraisal. It is the rare exception when the appraisal shows the actual market value.
I wholeheartedly don't agree that it is standard practice to groosly inflate appraised values. A good independentappraiser will understand market trends and not hide behind high appraisal figures. A good percentage of consumers actually believe (or want to) those inflated values. I get quite a few stones in from some of the above mentioned vendors with their own appraisals with high figures. They just don't want the client having it verified or appraised. They would be better off just giving them a Documentation of Purchase for the amount paid. The consumer is being done a huge disservice when they have to pay premiums on an amount they will never receive in case of loss or theft. Had one yesterday with paperwork for $18,000 and they paid $10,000+..does that make sense? The insurance company can replace the stone at the amount the consumer is paying even on line. They will never give you $18,000 unless you have a cash out policy and are paying very dearly for that coverage. Human nature is such that some consumers may be in denial once a purchase is made and they don't really want to know if they made a wise purchase. And, they like their friends to jump on board with them.

Beofre I found pricescope I read the tutorial at this site (which is a very introductory tutorial):
http://www.bridaltips.com/diamond-deals.htm
The site encourages people to buy from Blue Nile, Mondera and Ashford, and has a page where people can list what they paid and what the stone was actually appraised for. The thing that jumps out is that all of these appraisals are way way way above the actual price!
----------------

Sounds a little self promoting to me!!

Cindy

 

[Mara]

Kathie..sorry that you found out what you suspected all along...I would return the stone and keep the original setting. Get a new stone and have the setting re-worked for the setting. At least that way you can keep the original setting and have some aspect of the original engagement offering.




Hopefully this time you guys can use your sour apple experience and apply your new knowledge to get a truly stunning princess cut stone! One that LOOKS its size!




Also yes sometimes appraisals can be inflated, but $4k to $6k doesn't sound unreasonable for retail inflation. Not like some of those other appraisals we have seen where they paid $6k and appraisal was something like $14k!

 

[rocks]

return the ring and mounting and forget about it. any truly reputable jeweler should be able to help you design and manufacture a beautiful ring. also, do not buy from a mass market retailer. their prices and appraisals are grossly exaggerated. find someone that you feel you can trust, and only buy a gia or ags certified stone. that said, even gia certified stones vary greatly in terms of value.

i am a private jeweler, and i have seen some truly horrible rings with documentation that would lead you to believe that they were fabulous specimens. the unfortunate thing is that once these poor souls get to me it is often too late...and i have to be the bearer of very bad news.

 

[jenibear]

I agree with Mara.
There should be no reason why you can't use the original setting and just get a new head made for the new stone. That way you keep some of that original ring - which means something to both you and your fiancee.
If you find a stone you like - online of off - the seller should be willing to set the stone in the setting you have.
If you want to go the online route I recommend you contact a vendor who customers say have great quality princesses. They won't steer you wrong.
I used Diamond Brokers of Florida - you can see my ring under the show me the ring thread - but Superbcert and Good old Gold also have great reputations for finding and selling exquisite princess stones.
Good luck.