QuestionQUESTION: Sir,
I live in Hong Kong.
Out of curiosity I attended a jewelry auction for the very first time about 1 1/2 months back, and ended up buying two gemstone rings.
The first ring came with an American International Gemologists, Pre-Sale Estimated Retail and Gemological Report.
This is what is written on the report.
The ring is a 14KT yellow gold ladies cast pink sapphire & diamond cluster ring with a bright finish. Condition is new, good workmanship. Featuring two pink sapphires set within a gallery of diamonds, supported by split shoulders, completed by a three millimeter wide band. Identified with markings of "14K".
Containing: Two prong set pear mixed cut natural pink sapphire, measuring 8.40x7.10x3.00mm, exact total weight 3.08ct, clarity is slightly included, type II, medium, slightly grayish, reddish purple colour (GIA rP 5/2), cut is good. Transmitting light with no distortion, transparent. Naturally occuring internal characteristics are present. Measurements are an average for the pair. Graded in the setting.
Seventeen prong set round brilliant cut diamonds, measuring 4.30-2.70 x 2.10mm (depth est.) exact total weight 17 stones = 3.11 ct. Graded in the setting.
Clarity I-1 to I-2, color H-J
Total weight of colored stones 3.08ct
Total weight of diamonds 3.11ct
Total weight of ring 9.71gm
Total estimated retail value USD$9,120.
I paid USD$1891.18 including a 15% buyer's premium.
The second ring I bought came with a Gemological Laboratory Services' Jewelry Appraisal. The Appraisal had the following description of the ring.
One 14k white gold ladies ring (8.3grms). Containing: One natural emerald.
Weight: 6.93 carats
Measurements: 17.00 x 11.72 x 7.48mm
Shape and cutting: Pear-shape, modified brilliant-cut
Color: Medium green, very even
Clarity: Included
Cut and polish: very good
Transparency: Transparent
39 round, brilliant-cut diamonds total 0.64 carats in weight. Average quality is SI1-SI2 clarity grade, H-I color grade.
Estimated retail replacement value: USD$22,200.00
For this ring, I paid USD$3,200.45 including the 15% buyer's premium.
When I came home with the rings, my husband was shocked to say the least because on my way out the house, I had told him I wasn't planning to buy anything but merely observe. He immediately started 'googling' the appraisal companies and laboratories stated in the certificates and wasn't happy with what he found. We started wondering if I had paid lots of money for rings that weren't worth that much. I took the rings to a local jewelry shop but the staff thought that I had paid a fair enough price for them. I've also now got gem identification reports by the Hong Kong Gems Laboratory done for both rings and they've basically confirmed that I have a natural pink sapphire and a natural emerald rings.
Consumed by a sudden greed, I bought the rings with the intention of reselling them at a higher price but not sure know how to go about doing it or if there's any chance of me getting at least what I've paid. I went into some pawn shops recently but they said they were only interested in gold and diamonds.
I don't know if you can tell me if you think my rings are worth more than what I paid for them based on the descriptions on the report. I'm beginning to feel like gemstones (other than diamonds) owned by ordinary people have almost no resale value. Please give me some hope, if there's any. And please suggest something other than online auction sites like eBay.
ANSWER: Im sorry but I'm not allowed to appraise jewelry by law without seeing it first. I can only answer specific questions.
You need to have these piece appraised by an independent appraiser.
You should have an appraiser do this immediately.
If they used the 22,200.00 appraisal to sell you something that cost you 3,200.00 and it's not right you may have legal issues that may allow you to undo the sale.
I suggest you find an attorney show him the paperwork and then get the pieces to me to have them appraised. I can provide you and the attorney expert witness testimony to get your money back in court.
It looks to me that you have a case depending on the appraisal.
Arthur DeMello GG (GIA)
A.DeMello Gemological Laboratory
60 State Street
Boston, MA. 02109
617 742-1630
http://www.nationalgemologicallaboratory.com
---------- FOLLOW-UP ----------
QUESTION: Dear Mr DeMello,
Thanks very much for taking the time to answer my question.
As mentioned before, I reside in Hong Kong. I bought the rings at an auction on 28th of June here in Hong Kong. On the purchase receipt, it says 'no refunds, no exchanges, no returns'. The auction company, Lawsons International, has since then conducted several other auctions in various hotels around Hong Kong.
When I first bought the rings, I did want to get them appraised but after a local jeweler told me he thought I'd paid a fair price for the rings, I decided to just get the gem identification report done by Hong Kong Gems Lab just to make sure that they were indeed the gemstones claimed.
The credit card bill has now already been settled.
Is it too late for me to take action?
AnswerNo,If the rings were misrepresented you would be protected under the law of the city or jurisdiction of where the rings where the rings were purchesd or where you live.
Misrepresented means that the rings differ in quality or material.
If you paid too much that may not be covered under the law.
Check with an attorney or legal counsel for more info on this.
Thanks for writing!!!
Arthur DeMello GG (GIA)
60 State Street 7th floor
Boston, MA. 02109
http://www.nationalgemologicallaboratory.com
