It has been a while since my last post. But I’ve accumulated a lot of stories that I wanted to share. Today, I wanted to offer an additional reason WHY you need a private jeweler.
I have two recent clients who wanted to sell their unwanted jewelry. I looked at each of their collections and assessed the current market value in the second hand market.
In the first case, I had a client who had inherited a ring from her wealthy aunt that she thought was worth a lot of money. She said it was made by a famous designer. When I evaluated the ring, I did not see a signature on it, so there was no proof that the designer she was told had made the ring had actually made it. So the resale value was half of what she thought. If she tried to sell it on her own, she would have made much less than half. But because I could guide her and tell her THE TRUTH about the ring, I told her the actual value of the ring and she didn’t get ripped off. Private jewelers know the different resale markets, understand true valuation, and will tell you the truth. Each of these factors is complicated and there are unscrupulous dealers who might take advantage of the unaware.
In the second case, I had a client who had a very small, 0.25 carat diamond engagement ring for twenty-two years. Her husband had become a very successful and wealthy Beverly Hills investment banker. She decided to upgrade her diamond, and came to me for a new, bigger one. Looking at her lifestyle and social circle, I felt she needed (and could easily afford) a 5 carat diamond. She resisted and only wanted a 3-carat, which I told her was too small for her. She’d come back within two years wanting a bigger one.
She didn’t take my advice and got the 3 carat diamond. Sure enough, a year-and-a-half later, that diamond was too small for her and she wanted a bigger one. When she had bought the 3 carat diamond, her husband insisted that I sign a document that guaranteed I would repurchase her diamond for the original price because he didn’t trust that I was giving him a good deal. I signed it, even though I told him it wasn’t going to be a good deal for him, but he didn’t trust my advice. A year-and-a-half later, that same diamond was worth significantly more, and because of the paper he made sign, I bought it back and was able to profit from the higher price, instead of him. And the wife now sports a 8 carat diamond in her engagement ring. As for the husband, I asked him if he wanted me to sign another guarantee if he didn’t trust I was giving him a good price. That was the quickest “No” I ever heard. BTW — that 8 carat diamond is now worth six times what he paid for it. And now he trusts me.
The Diamond Expert 