My question involves a consumer law issue in the State of:NJ and NY
I have tried to research this issue myself and have not come up with anything that really explains it to me in my case. This is base on some real experiences over the last few months.
My mother died 18 years ago and left me some 'estate jewelry' that has been sitting in a safety deposit box since her death. I decided to see about selling some of it as I have no heirs to leave it to. Some pieces I have gifted. My experience has left me believing that there are no reputable jewelers on the planet (within 50 miles :)) that deal honestly in the purchase of estate jewelry.
I have one piece that was appraised over 28 years ago (I have the written appraisal) and again for the estate that was done 18 years ago. The appraisal for the estate was based on a willing seller/willing buyer rather than on insured value. In 18 years diamond prices have more than doubled according to the Rappaport standards for pricing. Let's forget about what this piece of jewelry is and just look at the main diamond even though there is much more value than the one diamond.
The estate appraisal specifies the diamond size in CTW, the color, the clarity, the cut, the brilliance, basically everything that is used to buy or sell diamonds on the market. You can easily determine the wholesale and retail value of this diamond online with companies that buy and sell diamonds. So, I know what it was worth 18 years ago on a willing buyer/willing seller basis. I know that diamonds have appreciated by 100% in those 18 years so I know a range of what it would be worth today and also based on the pricing standards today. Now I go to sell it and I am offered not even a tenth of what just the diamond is worth.
So is it fraud for a jeweler to know what the diamond is worth and tell me a value that is less than 10% of its value? Or is this justified under the willing buyer/willing seller doctrine? I could understand if I was told it was worth X but we are only offering Y. But to represent that the value was so far off from actual pricing today seems to me a fraud. This has now occurred on 3 occasions.
I did not sell.
I have tried to research this issue myself and have not come up with anything that really explains it to me in my case. This is base on some real experiences over the last few months.
My mother died 18 years ago and left me some 'estate jewelry' that has been sitting in a safety deposit box since her death. I decided to see about selling some of it as I have no heirs to leave it to. Some pieces I have gifted. My experience has left me believing that there are no reputable jewelers on the planet (within 50 miles :)) that deal honestly in the purchase of estate jewelry.
I have one piece that was appraised over 28 years ago (I have the written appraisal) and again for the estate that was done 18 years ago. The appraisal for the estate was based on a willing seller/willing buyer rather than on insured value. In 18 years diamond prices have more than doubled according to the Rappaport standards for pricing. Let's forget about what this piece of jewelry is and just look at the main diamond even though there is much more value than the one diamond.
The estate appraisal specifies the diamond size in CTW, the color, the clarity, the cut, the brilliance, basically everything that is used to buy or sell diamonds on the market. You can easily determine the wholesale and retail value of this diamond online with companies that buy and sell diamonds. So, I know what it was worth 18 years ago on a willing buyer/willing seller basis. I know that diamonds have appreciated by 100% in those 18 years so I know a range of what it would be worth today and also based on the pricing standards today. Now I go to sell it and I am offered not even a tenth of what just the diamond is worth.
So is it fraud for a jeweler to know what the diamond is worth and tell me a value that is less than 10% of its value? Or is this justified under the willing buyer/willing seller doctrine? I could understand if I was told it was worth X but we are only offering Y. But to represent that the value was so far off from actual pricing today seems to me a fraud. This has now occurred on 3 occasions.
I did not sell.
Private Sales: The Doctrine of Willing Seller Willing Buyer and Fraud
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