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Fools rush in?!


Mrbilbs
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So I think I may have been a fool.

I successfully  won an online auction for an eternity ring that I plan to give my wife on our /(th Wedding anniversary later this year.

The ring has been described as 18ct white gold

Weight: 0.50ct

Clarity VS2

Colour G

It was valued at £2150

The auction guide price was that it would sell between £700 - £1200

I got the item for £500 - now here’s the rub - the certificate that comes with it is from EDR (European Diamond Report) and looking on here I couldn’t really find anything about them apart from they don’t seem to be recognised that well apart from one post where someone is praising them - but it looked suspicious.

Sadly my bus was set to auto bid so I couldn’t retract it.

Just wondering what you would recommend I do?

Should I get a valuation from a local Jeweller or take it on the chin and assume it’s worth what it’s been said it’s worth (and insure it accordingly)?

Pleas be kind as I do feel a bit of an idiot now but just wanted to give my wife a lovely gift.

 

D38A2578-23FB-4C61-A732-E2E7ED65A9A5.jpeg

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Do not feel an idiot for loving your wife. If the ring has been correctly described, you would not pay less than £500 for a similar item on the UK high street, probably even at an estate jeweller, so it's not all bad news.

Given what the diamonds are (5 x 10 points), the report is relatively inconsequential; much more important is that:

a) you (and more so your wife) like the ring

b) it is diamonds and gold, rather than plated lead and CZ

I would suggest that asking a jeweller to check point b) above is not a bad idea - not least because if the description is incorrect to that extent you can return the item (misdescription is still illegal, even for auctions).

On the other hand, £2,150 as a valuation sounds excessive even if it were new, so you run the risk of overpaying for insurance (unless your contents insurance covers you for it without any additional premium, which is quite possible), and - depending on the insurance company/policy details - you may find they cover you only to the extent of the price you paid, rather than any appraised value. So, if the primary concern is insurance coverage, ask the insurer before you spend for any form of independent valuation.

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Thank you for your reply. The auction company has been trading since 2014 and do seem to successfully sell a lot of jewellery so that in itself gives me some assurance.

The ring was listed as new and I did take the valuation with a little pinch of salt but I’m probably going to at least do point B that you mentioned rather than a full valuation as such.

I will check with my current home insurer regarding how they value jewellery and single item limits etc.

i was pleased when I won it as when we got engaged/married many years ago something like this was way too far out of our price range - now we are older we can now afford a few of life’s luxuries on occasion. It is going to be a surprise for her but I know she likes this style of ring.

Thanks again for you reply

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I’m not really sure what your question or concern is but I’ll try and give a few generic sorts of answers:

‘Valued at’ is irrelevant.  It’s sort of like ‘manufacturers suggested retail price’.  Value does not stand on it’s own.  There is an element of what it’s worth to whom, when, and under what circumstances. Often these value declarations don’t include ANY of that. Details matter.  Start with the signature.

Auction catalog.  This is an advertisement. Don’t put too much stake in it.  They will estimate things low if they want to bring in bidders, they’ll go high if they want to make other things in the catalog look comparatively reasonable.  It really have very little to do with anything.  Ignore it.

Insurance. For insurance purposes, the description and photographs are more important than the value conclusion.  In most cases, the insurance company is agreeing to replace with like-kind and quality, or words to that effect, not to pay out a particular amount.  I’ve never heard of EDR, which means nothing at all, but you said nothing about the details of their report to go on.  Details are EVERYTHING, and I see appraisals every day that are laughable.  Start with the signature.  Then read the text and look at the pictures.  Follow that up with a scrutiny of their website and a Googling of the signer’s name.  Are you still inclined to believe them? 

Nothing in your description or that photo suggests 500GBP is particularly unreasonable but if you're concerned, hire an appraiser who is working for YOU, not them.  

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