Post # 1
Ugh I am frustrated with people’s dishonesty and readiness to rip off wedding customers.
So I bought an antique ring online from antiqueengagementrings.com. http://antiqueengagementrings.com/shopping/shopexd.asp?id=4187
The description has since been changed since I bought the ring cause they had incorrectly listed it as 9 diamonds and 10 diamonds. The sales lady was very receptive/responsive. Im in Texas she’s in New York.
The ring came with an appraisal with a retail value of $1575 and I paid about $900.
I brought the ring to an independant jewlery appraiser bc my FI wanted me to. He’s got great credentials and a great reputation. His name is Ben Gordon.
So he looked at my ring. Said the retail value is about $1225, and I should have paid around $500 for it.
Of course I am PISSED! So my FI called the store we bought it from and shes saying that the appraiser is off his rocker and since the ring is in better condition it demands a higher value.
First, she got the description wrong. Second, the appraisals dont match up BEYOND the retail value (they both have different descriptions and carat weight). Third, her appraisal is not even notorized while Ben Gordon’s is.
Am I right to believe that Im getting totally ripped off by this company? I like the ring but Im almost positive I’m going to send it back just based on the principle of it.
Post # 3
I would say the seller is probably being dishonest. Why would Jim Gordon lie? He wasn’t going to get paid more to appraise the ring for a higher amount when the seller would have…
Post # 4
You can have two separate appraisals by two different jewelers, just like GIA and EGL can have different specs for the exact same stone. Appraisals take market value into consideration, so if they were done at 2 very different time periods, there is likely to be a difference.
It’s a $300 difference not a big deal in my opinion, not to mention I’m not sure there’s anything the seller will do for you anyways.
Post # 5
probably the seller. The appraiser has no incentive to lie to you.
Post # 6
@MrsWBS: The ring is within its return period, so technically the seller HAS to do something for us. I am still entitled to a full refund minus shipping costs.
@kl1987: I agree. I went to the Jewlery Judge here in Houston. There was a video recently posted in the ring form about a undercover segment a news segment did about the diamond district in New York and marked up appraisals. When they went to an indepent appraiser in NY, they also went to the Jewlery Judge.
Post # 7
@memmielee: I meant outside of you returning it, they’re probably not going to knock the price down – I mean, I guess it doesn’t hurt to ask if you love the ring.
But, a seller can name whatever price they’d like for a product, even if it’s higher than what it’s valued at – retailers do it all the time, it’s how they make a profit.
Post # 8
Obvioulsy the appriasal of the person who doesn’t have vested interest is to be more trusted.
BUT thing is with rings that have melee/ or small diamonds for a tcw – there is a huge retail mark-up because the diamonds that size are just not very valuable (regardless of quality). You are paying for the platinum, craftsmanship – not the little diamonds.
I looked this up for another Bee but H quality, VVS, .04 carat diamonds are like $12 a piece. (Just google prices for melee diamonds to get a idea)
So the “value” in the ring is the metal and the craftsmanship – a lot of these new settings with tons of melee diamonds cost and arm and leg. I can only assume you are paying for someone with the patience to set all those tiny diamonds, because the diamonds themselves are not particularly valuable.
While “insurance apprisials” wildly inflate value of e-rings (so the insurance company can charge a higer premium to insure it) – I think many would be shocked to see how bad the retail mark up is on a ring. (The standard in the jewelry industry is x4 at minimum)
Howevers, since you were buying a vintage ring you should have got a bit better deal. Also, I question that being a “1930’s” era ring. I’m sure it could be vintage, but I”ve seen a lot of antique jewelry in my day and those size stones and type of settings I’ve never come across on anything before 1960’s or 70’s. I could easily be wrong, but I would ask for authentication on the production too.
Post # 9
@MirnaMinkoff: I asked for authentication & history on the ring but they said they didnt have it. Based on the cut of the diamonds Ben knew it was from the 30s. I didnt tell him any history of the ring (IE that it was vintage), so Im fairly certain that it is indeed from the 1930s.
$12 a melee?!? Um where can i get these so I can stud out a pair of shoes and resell them for a ridiculous price?! Haha I see a new career in my future.
Post # 10
Post # 11
@memmielee: wait, you PAID $900 for a ring that was “listed” for over $1500 and independently appraised for $1225? Listen, either way, you’re getting a good deal. Appraisals are subjective and depend on the person. You’d get 10 different values from 10 different appraisers. I guessing don’t see why you’re upset. Besides, a lower appraisal value means you’re not paying an unnecessarily high insurance rate. You actually don’t want an appraisal that’s way above the actual value of your ring.
Post # 12
@BlondeBee: The ring wasn’t listed for over 1500. It was appraised as a Retail or Replacement value of 1575, which is above the value of the ring.
You sound like you know about apprasials to me so I dont need to explain, but for other bees who dont know, there are 3 values that will show up on an appraisal:
The 3 categories of appraisals are Insurance, Estate, and Market Value Reports. These are different in that an Insurance Appraisal gives “New Replacement Value”, an Estate appraisal gives “Fair Market Value”, Market Value Appraisal gives “The Actual Price Value between buyer and seller”.
So basically, the insurance replacement price is usually higher than what you actually paid for the ring.
Either way, Ive overpaid. And the ring isnt necesarily one I’m in love with. Internet shopping is risky. Jewlers Mutual, who I get my insurance through, has amazing insurance rates, so I’m not too worried about insurance rates.
If appraisals werent so expensive I would get a third opinion. No point in throwing money away on a ring if I’m not going to end up keeping it though.
Post # 13
In my opinion there is some serious misunderstanding of jewelry appraisals. Just because a 3rd party told you it should have been retailed at $500 doesn’t make it so. It is his opinion. In fact why not see if he’ll make the identical band for $500. I bet he would back peddle quickly. Why not look
If this ring was made in the USA his cost is likely around $500 – $600 and so you paid a fair price. you would be very hard pressed to find a similar quality ring in platinum with quality diamonds for $500. I know my company couldn’t make it and retail it at that price and still turn a profit.
Post # 14
$900 for a diamond and platinum band doesn’t sound unreasonable. While $900 is a bit expensive for an antique, it’s possible they had to restore the ring which could account for the higher price. I don’t think you were screwed over. I also would never expect to pay $500 for a platinum and diamond band anywhere, new or antique.
Ok, I looked at the website, and the price of EVERYTHING on it is expensive. I don’t think they’re crooks, but their prices are definitely on the higher end. It still doesn’t mean you were robbed.
Post # 15
@memmielee: Could I suggest that maybe it’s the difference between NYC prices and not NYC prices? Everything costs more in NYC. So the ring could very well be worth more in NYC than elsewhere.
Also want to point out that the value of antiques is somewhat subjective. It was still placed around the 1930’s, that’s awesome and I love to think of the history it’s seen.
Post # 16
I wonder if the price you should have paid is based on NY or TX as the NY store sold it for $900, but the other appraiser (I’m assuming is local by you) said $500. Because retail values here (NY) are always more expensive than other parts of this country. I have a friend that got married in TX and spent just about $10K on her wedding, I’m dropping 5x that amount. So maybe that should be taken into considering…? But if you only paid $900 for a ring that you love, that’s AWESOME!! Can you post a pic so we can see it?!?