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igork4

IGL certificate

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Hello.

I bought my wife a ring with a IGL certificate. How much can i trust this lab? The ring was bought in Ramat Gan (Israel) in a store located on the diamond exchange. The price of the ring is approximately 3500$image.png.65c22d4d5b8188c6c9e7c224bcbf4324.png

Edited by igork4

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The burden of proof is on them to convince you that their opinion has merits.  The default is no.  Any legitimate lab will have a footprint.  Read their website carefully. I've never heard of them, which means nothing, but I must say, there are several red flags here. It's unsigned. They don't provide any sort of definition of "insurance replacement value".  They're using non-standard grading scales that are not described in the report or even on their website. There are more. Any chance you can post the fine print on the back of the report, assuming there's something there)? Do you even have the original report?


If you decide they aren't reliable, don't just ignore them.  Hold it against the seller who is asking you to rely on them.  They know.    

Edited by denverappraiser

Neil Beaty

GG(GIA) ICGA(AGS) NAJA

 

There's never a crowd when you go that extra mile.

Professional Appraisals in Denver

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The back of the report seems to be one big disclaimer, rather than providing any clarity on which standards are used (if any...).

I'll be a bit more direct than Neil, and I'll say that there are 4 things I would be inclined to trust on that report:

1. The date

2. The number of diamonds (not their carat weight, especially not the weight of the centre)

3. The weight of the ring is 6.74 grams

4. There is a stamp reading "585" on the ring (which is not the same as "I believe the ring is 14 kt gold")

Don't get me wrong - it might be correctly identified, graded and even valued (in some unspecified market for some unspecified buyer and seller), but you'd have to provide other evidence than the report to convince me of anything other than those 4 things. One big reason why I say that is the following: here is a sample of ~50 diamonds, on sale by various (reputable and competitive) vendors, which are graded by GIA as 0.90-0.95 ct, E, VVS2, Very Good cut; theoretically the same as the centre diamond in your ring.

https://www.diamondreview.com/diamonds?sortOrder=price&sortDesc=1&fShape=Rnd&fCaratLo=0.90&fCaratHi=0.95&fColorLo=E&fColorHi=E&fClarityLo=VVS2&fClarityHi=VVS2&fCutLo=vgood&fCutHi=vgood&fDepthLo=50.0&fDepthHi=80.0&fTableLo=40.0&fTableHi=80.0&fSymLo=&fSymHi=poor&fPolLo=&fPolHi=poor&fCulLo=&fCulHi=vlarge&fFlrLo=&fFlrHi=vstrong&fPriceLo=0&fPriceHi=1000000

each and every one of those is priced at least 15% more than your whole ring. That's before we consider that presumably the price you paid includes Israeli VAT at 16%, therefore the difference between one properly graded  0.90/E/VVS2 /VG diamond and a whole ring is at least 30%... with the ring being cheaper. The median price of those stones is $5,300, or 50% (75% if I'm right on the VAT) higher than the whole ring.

Does it mean that you overpaid? Not necessarily; what it definitely does mean is that the report is not reliable and so we have no information to tell whether you did or you didn't. Retailers - especially in a place like Ramat Gan - know very well what they are selling and the price of an internationally traded commodity like diamonds or gold doesn't change much from place to place once normalised for taxes and servicing costs (which BTW are higher for a retailer in Ramat Gan than for an US-based internet retailer).

Edited by davidelevi

Davide - Specialised Consumer Information and Assistance,
Diamonds by Lauren (http://www.diamondsbylauren.com)
davide@diamondsbylauren.com

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The store where I bought the ring is part of a diamond processing company. In the manufacture of products, they probably use their diamonds, that is, the "first hand". Maybe that's why such a price. It is unlikely that they can participate in various frauds. In any case, I think so.1416905282_(56).png.afe79561ccf10cafb964770a24e7a238.png

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Nobody so far has mentioned fraud - though that is possible. The more likely "problem" is whether you paid a fair price or not; many people retailing diamonds can in all honesty make the same claims re: "purchasing directly from manufacturers"; they still charge retail prices - possibly even luxury retail prices (e.g. Tiffany & Co is highly vertically integrated, as is De Beers Jewellery).

You bought the diamond retail, and there is just no way that if they could have sold that stone alone for $5,000+ plus taxes (and  0.90 E/VVS2/VG do sell at that price) they would have given it to you with a fairly elaborate ring for $3500 including taxes. That's all.

I repeat - this doesn't mean that you have been defrauded or even just ripped off; it simply means that there is no reliable information on that report to make that judgement call.


Davide - Specialised Consumer Information and Assistance,
Diamonds by Lauren (http://www.diamondsbylauren.com)
davide@diamondsbylauren.com

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If they’ve provided you with a report full of unreliable information while asking you to rely on it, that itself would be an important piece of information. 

Edited by denverappraiser

Neil Beaty

GG(GIA) ICGA(AGS) NAJA

 

There's never a crowd when you go that extra mile.

Professional Appraisals in Denver

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