6 replies to this topic

[JLHerbert]

I would like to know if anyone has had a similar experience. I have been looking for a diamond for some time. Jared told me they located one in August via voice mail. I called back and the representative discussed the specifics of the diamond and told me the price and asked if I wanted it brought in so I could look at it; I said I did and that was the end of the conversation.

I called back in about 14 days and asked if the diamond had been brought in and when I could look at it since I hadn't been notified that it was or was not in yet. I was then told that it wasn't brought in because I never put 20% down; this specific diamond had been sold before my call where I learned that 20% was required.

I had actually called the wrong store but the store in Concord, NC is the one that told me that I needed 20% down and that the other diamond, I was told about by the representatives at the other store I had visited two weeks prior (South Charlotte, NC), could not be brought in because it was no longer available. I gave them the specifications of the diamonds I wanted them to locate and price for me and they said they would. I was notified a few days to a week or so later (well into September now) that they had located a 2 carat fancy yellow diamond (like the one I had originally requested only it was a different price and quality) and they asked if I wanted it brought in and told me I would need to come in an place 20% down; which I did on September 27, 2010. I was told I could lay it away and make payments for up to 6 months. I was also told that if I didn't make a payment every month that it would show up on "a computer screen somewhere (para-phrased) and automatically be marked for return to the diamond system and someone else could then buy it". I was concerned so I asked if there was a minimum I needed to pay every month and although it was ambiguous I left feeling that a minimum of 100$ every month would maintain the diamond in Jared's vault and prevent it from being returned to the system or being sold to another buyer (seems like what a layaway plan should be; although I have never used "layaway"). I also asked when the next payment would be due and I was told 30 days from that date (27 September, 2010).

I decided to change my cell carrier (the number I listed with jared; they had my address as well). Sometime in October I started using my ATT phone with a different number; I haven't updated everyone and for a while I carried both phones at sometime around the October 20, 2010 my verizon phone died (the contact number Jared had) . It dawned on me on October 26 that it was uncomfortably close to the 30 day mark; Jared was closed when I realized that my payment was due the next day. I called Jared on October 27, 2010 from my new ATT number and asked if I could make a payment over the phone (I knew I couldn't because this was disclosed verbally and I also wanted to know if I had to come in that night or if coming in on the 28th would be alright). The polite girl on the other end told me I had to come in and I asked her to verify that the diamond was still there in the safe she asked for my name and what the item in the safe was and said she would look; she returned and told me that it was not there and had been returned to the vendor (I stopped listening closely at this point due to my mounting anger; so I am not sure exactly what she said regarding why it was sent back) I was asked to hold and that she would get "Chris" the manager. I spoke to Chris who said that the "owner" had requested it back on the 18th and that he called and left a message on the 20th and that because no response was received the diamond was taken out of the safe and sent back to the "owner" because there was another buyer; "Chris" stated that the owner had said he didn't care if I had it laid away that either I purchase it outright that day or it was to be sent back. Chris said that the "owner(seller I assume)" could make such a request at anytime until the "buyer (myself)" paid for the diamond in full.

I am no lawyer but I am absolutely outraged. As far as I was concerned and completely based on Jared's employees verbal "disclosures" of terms I had entered into a "legally binding" agreement (made legal by payment of 20% down) to purchase the specific diamond (as determined by SKU) on my receipt. Jared's term's of the "layaway" (or purchase agreement) were that they would not sell the diamond and that it would be kept secure in their safe (viewable by me during business hours) until a) I paid the balance in full or I failed to make a timely payment every 30 days or c) I failed to pay in full within 6 months of the date of purchase.

I basically had to dig out what I thought was a complete understanding of the "terms" I didn't think to ask for written terms/conditions and no one at Jared offered to provide me anything written. I am going to request these "terms" which corporate Jared say each store has and is supposed to provide.

I called Corporate by the way and simply requested to know the terms of a layaway plan. The customer service representative (CSR) on the other line said that it was available at a each store he asked if he could call a store in my area. I said no, I want to speak to your supervisor or anyone else who can answer my question right now from Corporate. I was then asked to hold, when the CSR came back he stated that when something was placed on layaway that it would be held for the buyer until it was paid in full (he did state that monthly payments had to be made). I then said well "I have been greatly wronged by Jared" and he inquired. After explaining my side I was placed on old again. Once he returned he recanted and said something about did you get the message left on the 20th? I have yet to turn that phone back on so for all I know the manager "Chris" called one time and left a message on the wrong person's voicemail 10 days before my next layaway payment was due. Because no call back was received in two days the diamond was sent back on the 22nd.

I was then told (which the CSR implied was generous) I would get all of the money I had put towards the purchase of ("my diamond", my words inserted) back and that Jared could locate another diamond of similar specifications for me to buy.

I am completely outraged by this and truly feel that "Jared" stole the diamond I had "binding legal rights to purchase", without my "expressed written or verbal consent" and sold it to some other buyer.

1. Has anyone else had this happen?
2. What should I do?
I don't really fell like giving Chris or Jared any money even if they let me buy a similar or better quality; 2 carat, pear shaped, fancy yellow diamond, at a third of the cost of the one I had the rights to buy valued at ($16081.69 including (7.75% sales tax)).
3. What should I be paying for a 2.00 carat, fancy yellow diamond with slight inclusions (required inversion and viewing under 10x)?
This is the question that lingered and led me to put it on layaway in the first place; I don't know what that diamond should be worth.
4. Are there any lawyers who feel I have a valid case for this specific diamond with the above value, who will represent me?

I will see what their "written" terms actually look like in a little while when I go to get my money credited.

My unwavering opinion:
If I wanted someone to babysit my money for free I would have put it in my bank of america account (0% savings btw..).
Since allowing Jared to hold my money doesn't actually secure anything I intend to buy I will giving $10-20k of my hard earned money to the best independent Jeweler I can find at least then I have a good chance of dealing with a person of integrity.
Don't get me wrong all of the people I encountered were very nice but that is for not since one person in a position of power can decide that my "lack of response" meant I no longer wanted the diamond I had just put 20% down on 23 days before (the day he called supposedly called; two days after the "owner" requested it back). Why was it so imperative to sell the diamond 5 days before my "lack of response" would have made the return of "my diamond" completely legal because I would have then forfeited my rights to purchase. I have not and will not make any attempts to listen to this supposed message because for all they know I could have taken gravely ill and been unable to answer my phone for a few days (not the case..I am just outraged).

-Justin Herbert
Herbertrx.bulk@gmail.com

[davidelevi]

Hi Justin, welcome to DiamondReview!

Legally - you are probably in the right although I am not a lawyer, so take this with a shovel of salt. I'm sure you would find plenty of lawyers who would represent you, however please read below first.

Practically - they have messed you up twice in a row, and your legal remedies are likely to be limited and very risky if enforced. You haven't suffered any damages apart from inconvenience, and they certainly don't owe you a diamond - you never paid (in full) for one. The problem is that sticking to law may mean they insist they will supply you with a diamond of the same price and description, that you can pay for in 6 months, but the description you have is way to vague to be acceptable to me if I were to trade on that stone (either selling or buying - and we specialise in colored diamonds, by the way, so it's not a deal that scares me because I don't know what a yellow diamond looks like).

For example: "fancy yellow" according to whom? If GIA calls it FY it is one thing; if EGL calls it FY it is quite another. Same for clarity; from your description "requiring inversion" I suppose means looking at the diamond from the pavillion side - which is not how one is supposed to do it, but let's call it VS since it's difficult to find with a loupe: a GIA VS1 is very different from an IGI VS2. I'm not talking snobbish brand things - I'm talking price when dealers are buying and selling. And then there's things that you haven't mentioned - cut and proportions have a big impact on the beauty (and price) of a fancy shape such as a pear, or other factors such as fluorescence and finish that have a smaller but still measurable impact.

What I'm getting at is that 2.00 lightly included FY pear can mean many many things, and insisting to get "your rights" may mean you backing yourself into a contract with them to buy whatever crap they want to sell you as long as someone is prepared to call it a 2.00 lightly included FY pear. No one even said the colour was natural, by the way...

Get your money back, and find someone that a. specialises in fancy colours and has them in stock, and b. is prepared to treat you like a customer.

Price-wise, there's too many uncertainties in your description to say whether it was a fair price; it's in the ballpark of realistic prices, but that's all I can say.

Edited by davidelevi, 28 October 2010 - 02:20 PM.

[JLHerbert]

Thanks for the reply,

The diamond I am looking for is equivalent to or better than the one I had on layaway. I will get the exact specs when I get home but to the best of my recollection it was: GIA, FY, 2.00ctw, pear, SI1, good to premium(cut). I don't believe that a letter was given for color other than "fancy yellow".

What might that run?

I want a yellow, blue or pink diamond; ideally 2ct or above although I would compromise on the size for one of the other colors (FY seems to be most affordable).

My goal is to present my girlfriend the most unique and eye catching diamond engagement ring I can under 20,000.00.

She was really marveled by a yellow diamond ring she saw at finks.com and in the store; i just feel that the ring is not worth the price they want and I could do better with a loose diamond and custom designed setting. She likes antique and very unique styles.

-Justin
I am still going to propose on Nov 7th but getting custom ring I want for her is out of the window.

[davidelevi]

One thing rings an alarm bell:

GIA does not grade cut on anything other than rounds. Whoever tells you that it's "good" or "premium" cut is doing so in their opinion - which they are welcome to, but do you trust them?

Apart from that, you are recalling right. There is no letter if it is graded "fancy yellow" - anything that is "more yellow" than Y-Z gets a "fancy" label (fancy light, fancy, fancy intense, fancy vivid, fancy deep, fancy dark), with the most visually appealing usually being fancy vivid.

In terms of "how much does it go for" - well, the colour ranges are much broader than the letter equivalent, and the availability of specific shapes will be limited by the greater rarity of coloured stones. A nice, 2.00 ct eye-clean SI1 fancy yellow will be somewhere in the $6-10000 per carat. I know it's a broad range, but it reflects the inherent variability in shape and colour rarity.

Pink or blue - sorry, but you are out of range by an order of magnitude. A good fancy pink 2.00 ct will be somewhere in the region of 80-100k/ct and blue will be even more.

Did you take a look at the http://diamondsbylauren.com website? There's a number of coloured diamond rings there - although no pears in the size that you are looking at; we can find and manufacture one for you, but November 7th may be difficult to achieve.

Edited by davidelevi, 29 October 2010 - 10:05 AM.

[JLHerbert]

Ok, the person I was speaking to at the time I inspected the diamond that was brought in did state that the cut was not graded and it was his opinion; I agreed. It was 2.00, FY, SI1 or SI2 pear shaped; would a comparable sized oval be any less?

[davidelevi]

Not really. A comparable weight radiant may be somewhat less, and a step cut or round may be a little more. However, bear in mind that with pears and ovals proportions will influence price to a fair amount (skinny vs. squat, with the extremes being less prized than those mid-way)

[LaurieH]

That's rough, man... I hope they do right by you as best they can at this point, and make sure to get ALL of your money back to you in a timely manner. As far as fancy colors, David is right--except for "Fancy Brown" diamonds, you're best bet within that budget is going to be in the Yellows. I have seen people use "cognac" or "champagne" brown diamonds for engagement rings, but something about a really great yellow can be totally stunning.

Your best bet is going to be finding someone who specializes in fancy colors, but with that timeframe that you're looking at, to have the diamond picked, paid for, set, and in your hand--you're cutting it pretty close. Look for something that is well cut with even color distribution. Worry less about inclusions, because they're often less obvious and, in my experience, somewhat less significant to the price than with diamonds in the Colorless and Near Colorless ranges. Look for a good eye-clean SI.

As far as your question about shape, Pearls, Ovals and Marquise tend to be less expensive than some of the other shapes, but it's really going to depend on the color when you're talking about fancy--the one thing that will be noticeable, though, is that they're going to appear larger for the same carat size than many other shapes because of the way they're cut and the weight is distributed.

Anyway, good luck and happy hunting!