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Get Our Diamond Back


Vince H
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Hi,

We were very tight on money this week and my wife went and sold here diamond ring yesterday without asking me, to Edward's Jewelry. I was livid when I found out she sold it, and in addition only got $1300 for a 0.77 carrot diamond that I paid $5300 for 10 years ago. Part of the deal is they are selling a CZ to replace it, remove the diamond and replace it with the CZ on the same ring (i.e swap the diamond for the CZ). We plan to go back to the jewelry store she sold it at first thing today to see if we can get it back by paying the $1300 back. She did have the certification with the diamond which they also now have. It is about 1 or 2 % off from being an ideal cut, and do not recall color and clarity, but think it is a D, very high quality and it was a great bargain back when I purchased it in '98.

Any ideas as to what we should expect? . If they do rescind the deal, should I immediately take the diamond to another store to make sure it is the same? thank you in advance for your comments.

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Without knowing where you live your results may vary tremendously.. Many municipalities require that items purchased be held 10 days, 14 days, or long, and some say that buyer can do what they want with it the moment they buy it..

 

If they are replacing the diamond with a CZ and giving back the ring, then it's very likely the ring is sitting in a job bag on someone's bench and hasn't even been looked at yet.. If that is the case then "undoing" the deal shouldn't be too hard..

 

As for the price she was paid for her diamond.. That's actually about where it needs to be, assuming that the diamond still has the value that you payed for it, for a jeweler to buy it off the street.. If you want to get more for it then you need to try to sell it to an individual buyer..

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I doubt you have much in the way of legal rights to buy it back but the jeweler may be willing to offer you a favor if you ask nicely. Do it quickly, they may have already sold it and unable to get it back even if they want to. If they won't sell it back for the $1300 purchase price, perhaps they will agree to sell it back to you for a modest markup, say $1500.

 

If you're really nervous about it, getting an appraisal might be helpful and it might be something you need anyway, but I think the fear that jeweler #1 would generously agree to undo the deal as you wish and then steal your diamond anyway frankly seems unlikely.

 

Neil

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I doubt you have much in the way of legal rights to buy it back but the jeweler may be willing to offer you a favor if you ask nicely. Do it quickly, they may have already sold it and unable to get it back even if they want to. If they won't sell it back for the $1300 purchase price, perhaps they will agree to sell it back to you for a modest markup, say $1500.

 

If you're really nervous about it, getting an appraisal might be helpful and it might be something you need anyway, but I think the fear that jeweler #1 would generously agree to undo the deal as you wish and then steal your diamond anyway frankly seems unlikely.

 

Neil

 

thank you for your replies. The area is Cary, North Carolina. we will be going there this morning asap to see if the deal can be undone. I guess the markup on Diamonds is really high on the retail market.

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thank you for your replies. The area is Cary, North Carolina. we will be going there this morning asap to see if the deal can be undone. I guess the markup on Diamonds is really high on the retail market.

 

Not really, especially when compare to other retail products.. Let's assume that the markup is 50%..

 

You "buy" a diamond at retail for $5000.. 50% markup would mean the diamond cost the jeweler $3300.. So, his base price is $3300 when you come in to sell it to him.. He isn't thinking, that's a $5000 diamond, it's a $3300 diamond that he can get from his wholesale supplier any day of the week..

 

Let's say the wholesaler also gets 50% markup so the wholesaler sold it to the the jeweler and his cost was $2200..

 

Now for the jeweler to buy your diamond, be able to sell it to the wholesaler, and still turn a profit, he needs to be able to sell it to the wholesaler for less than $2200, probably less than $2000.00.. So, he gives you $1300, makes his 50% profit when he sells it to the wholesaler and everyone is paid, if not happy..

 

For comparison, bottled water is marked up at least 1000%..

 

Steve -

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Do you have any documentation from the first place that you purchased the diamond from? Did it have a lab report? It's going to be very hard to tell if you got back the same diamond, if you don't know what it is yourself and if you have no sales receipts with a grade on it and documentation to back it up. Hopefully he is an honest jeweler.

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Do you have any documentation from the first place that you purchased the diamond from? Did it have a lab report? It's going to be very hard to tell if you got back the same diamond, if you don't know what it is yourself and if you have no sales receipts with a grade on it and documentation to back it up. Hopefully he is an honest jeweler.

 

just got back from the Jewelers. They agreed to give it back to us for NOT extra charge, not even labor! They had already mounted the CZ in the ring/mount and will have to swap them back again. That is very nice and commendable on their part. JM Edwards Jewelers in Cary, NC . Highly recommend them for integrity. It will be ready tomorrow and they asked for the exact amount they paid in cashiers check. In addition we had to sign a waiver having something to do with them not being responsible for the mount due to wear and tear and stress on the metal mount itself. I didn't see the waiver - didn't ask to see it to avoid being rude since they didn't have to do it at all (my wife signed it). They were very nice about it.

Regarding the markup, I could see the point that $1300 is fair, IF they were selling it on the wholesale market, but why wouldn't they just remount it and sell it as one of their own at full retail? This is a full retail diamond/jewelry store. If they would have sold it themselves I could easily see it selling for over $7k. My reasoning is, back in '98 (and I read an entire book on diamond solitaires before even shopping for it to educate myself) this same diamond was probably $6k to $7k at most other jewelers based on the quality/price I was shopping for. Even not factoring in the good deal, $5k (around $5500 to be more exact as I recall) in '98 dollars has to be at least $7k in todays dollars. As I mentioned, the quality is exceedingly high, just one small occlusion visible by microscope only, and near perfect clarity, just a tiny hair shy of ideal cut.

 

Regarding ID of the diamond, my wife had taken them the cover page of the original certification which has the ID # on it. Edwards jewelers today said this ID is laser inscribed on the diamond, which I was not aware of (may have been done after original purchase when she had the gold band modified). I will take it tomorrow after we pick it up to the original seller to make sure it is the same (again probably not much I could do about it if not). They seem to be very honest, etc. so I doubt there could be any problem there anyway. Just have to be absolutely certain.

 

thanks all

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