Purchasing jewelry on the Equinox better deal?

To me, the whole "appraisal for more than I paid thing " is a non-issue. I insure single pieces of jewelry separately. In the event of a loss, many, if not most, insurer's will replace the item with equal valued replacement, or pay the dollar amount for which THEY can replace the item. That dollar amount is significantly less than the dollar amount at which the policy is valued. I cannot replace the item at the dollar amount paid. Unless someone is offering to BUY the item from me at more than ì paid, the "appraised for more than I paid" is a moot point. In fact, the only benefit for insuring a jewelry item for significantly more than I paid for it is to the insurance company who benefit from collecting a higher premium. I benefit from protecting myself against inflation and fluctuations in the precious metal/gemstone market.

Unless someone is offering to BUY the item from me at more than ì paid, the "appraised for more than I paid" is a moot point.

And anyone who's been divorced knows how easy it is to find someone to buy their old engagement ring for what it's appraised at :D

Buying jewelry in a port provides a kickback to the cruise line. Just observe the salesperson asking what ship a buyer is on and hitting a certain key on the register.

Several years ago we were in Juneau, and we saw stores with signs saying "we do not kick back to the cruise lines".

To me, the whole "appraisal for more than I paid thing " is a non-issue. I insure single pieces of jewelry separately. In the event of a loss, many, if not most, insurer's will replace the item with equal valued replacement, or pay the dollar amount for which THEY can replace the item. That dollar amount is significantly less than the dollar amount at which the policy is valued. I cannot replace the item at the dollar amount paid. Unless someone is offering to BUY the item from me at more than ì paid, the "appraised for more than I paid" is a moot point. In fact, the only benefit for insuring a jewelry item for significantly more than I paid for it is to the insurance company who benefit from collecting a higher premium. I benefit from protecting myself against inflation and fluctuations in the precious metal/gemstone market.

My insurance policies does not mention replacement anywhere. It says cash payment. Maybe you better look for different insurance.

Buying jewelry in a port provides a kickback to the cruise line. Just observe the salesperson asking what ship a buyer is on and hitting a certain key on the register.

Several years ago we were in Juneau, and we saw stores with signs saying "we do not kick back to the cruise lines".

Not always. Just in stores the participate in the Shopping Program and are "Recommended Shopping" venues. They pay a fee to be included and then a percentage of their sales. One merchant told us that if we paid in cash he would not need to report the sale and would pass on a discount to us. The "Shopping Guide" who presents the Port and Shopping Guide program is employed by an Independent Contractor and is not a Celebrity employee.

On the islands an ability to negotiate is key to getting any kind of deal. I cannot btw, that's my husbands skill.

I picked up an opal and sterling ring in Cozumel on our last cruise that started off at $500 US and we ended up walking away with it for $240. We probably paid pretty close to a reasonable value for it, but I'd have definitely overpaid if I'd been on my own.

To me, the whole "appraisal for more than I paid thing " is a non-issue. I insure single pieces of jewelry separately. In the event of a loss, many, if not most, insurer's will replace the item with equal valued replacement, or pay the dollar amount for which THEY can replace the item. That dollar amount is significantly less than the dollar amount at which the policy is valued.

When. piece appraises for a lot more than I paid, it confirms that I didn't overpay for the piece. So I wouldn't exactly call it a moot point. Even if the insurance company ends up replacing it rather than forking over cash, it's still nice to know I didn't overpay for it in the first place.

Snippets from the web about appraisals. I'll only include two for brevity, but y'all get the point:

The Truth About Jewelry Appraisals

The Value of a Diamond

The Truth About Jewelry Appraisals

How much is my diamond worth? This is a commonly asked question that GIA, EGL, or AGS etc. certificate reports do NOT include-the dollar value. This is why people often look to their jewelry appraisal for the value, however, appraisals are mostly done for insurance purposes and unfortunately, the truth is, you can NOT sell your diamond for the face value of an appraisal. This is a misconception. Here’s why..

Understanding Appraisals

In the jewelry industry, most “insurance appraisals” are given values of approximately 100% above retail value. These appraisals are inflated, and do not reflect the true value of the diamond.

You may go to a jewelry store and receive an appraisal at double the price you paid for the diamond. For example, you purchase a diamond ring for $10,000 and the appraisal says the diamond is worth $20,000. What a great deal! (so it seems)

So the question remains, if the value of the diamond was $20,000, why did they sell it to you for half the price? Who is benefiting from issuing high appraisal values?

The answer: Both the insurance company and the jewelry store.Insurance companies charge high insurance premiums on items that have a much lower replacement value, while simultaneously, the jewelry store uses these inflated insurance appraisals as a sale’s tactic-- one assumes they are getting a fantastic deal on the diamond. Additionally, most retail jewelry has a substantial mark-up as opposed to the wholesale value of the diamond.

Truth be told, an appraisal does NOT represent the actual value of your diamond. So if you are selling your diamond, you should be realistic with your expectations, as many people are shocked by how little their return on this investment is.

Our recommendation-if you are looking for a third party to value your diamond and find out its true worth, make sure to find out the resale value of the diamond, NOT the appraised value. An appraiser will then tell you what to expect to receive when you are looking to sell your piece of jewelry.

MYTH:I have an appraisal for $5000; that means I should be able to sell it for $2500.

TRUTH: Chances are, your appraisal is meaningless (and probably has been from the beginning). If your "appraisal" was provided by the jeweler who sold the item to "help you get insurance" then you need to understand several things. If the "appraised value" isn't the same as the selling price then it was worthless from the beginning. THERE IS NO DIRECT RELATIONSHIP BETWEEN THE PRICE OF NEW JEWELRY AND THE VALUE OF USED JEWELRY. That means, no matter how much we've heard "people" say it, the reality is, it is impossible to determine the value of a used piece of jewelry based on an "insurance" appraisal. My job would be so much easier if it was possible to apply some magic formula to arrive at a meaningful value when starting with a grossly inflated "appraisal" by an untrained jewelry salesman... In fact, it is impossible even when starting from a professionally done and accurate insurance appraisal... there's no direct relationship to the value.

You only discover the real value of your jewelry when you go to sell it!

Unless you are very knowledgeable and in the business you buy what you like at the price you like for your personal enjoyment and not for investment.

You only discover the real value of your jewelry when you go to sell it!

 

Unless you are very knowledgeable and in the business you buy what you like at the price you like for your personal enjoyment and not for investment.

BINGO has been called!!!!

Just a few observations based on personal experience.

We bought a 3+ carat diamond with an EGL appraisal in a big hurry at Diamonds International.. On closer inspection we noticed it wasn't eye clean and discovered EGL is not a reputable appraiser. We salvaged it by combining it with two other smaller but higher quality stones in a very striking pendant. But my wife then needed a new diamond ring. Where did we find it? Right in good old Estero, Florida. A 5+ carat GIA stone for much less than we could find in the Caribbean and from an excellent jeweler. Plus, it was mailed to our permanent home up north saving us more than $4K in taxes. DI will never get our business again.

A $7,000 watch purchased in the Carib cost me $75 in customs fees, making me feel very guilty (briefly) for conveniently forgetting to declare other similar purchases.

If you've got excess OBC, buy those $400 ear rings. Otherwise, skip the ship purchases. An Omega watch I liked was full price on the Eclipse but discounted in every shop at home and abroad.

Buying watches which can be priced before leaving home, might lead to decent savings in the Carib. Precious stones are a different story.

Take a gander at Gem Shopping Network. There can be some really good items at fair prices and their return policy is excellent. No, I am not a stockholder.

I was on a Regent cruise, and saw some beautiful Roberto Coin 18K and diamond earrings. I didn't feel I could spend $3000 for them at that time. LAter we were in St Thomas and I saw them in white gold for $1300..don't like white gold..ended up getting them from New York for $1200. There are no bargains cruising or port shopping. The price on Regent was the full retail value.

If you're satisfied with close out pieces, bargains can be had in the Caribbean. Even Marco Bicego can be discounted, but Off Saks also discounts them. By the way, if you want to have a little good natured fun, ask the store clerk if Roberto Coin is carried. That Co-een, the Italian pronunciation which I am told is their version of Cohen

You only discover the real value of your jewelry when you go to sell it!

 

Unless you are very knowledgeable and in the business you buy what you like at the price you like for your personal enjoyment and not for investment.

I don't think anyone here claimed they were buying jewelry for investment purposes.

I don't think anyone here claimed they were buying jewelry for investment purposes.

No, no one has directly claimed that. However, how many times have you heard the line that whatever they are selling is a good investment? Listen to the DI pitch at the Port and Shopping presentation, or go to the Faberge program, or listen to how they promote the new rare gemstone. Admit it or not, some are lured by the pitch.

Orator is correct....I wish I had a nickel for every time I was told that tanzanite is "almost all mined out"...."you won't be able to find it anymore".

If you attend the shopping spiels....or any of the diamond/colored gemstones talks....they definitely imply that buying from <insert hocked jewelry store here> is a "wise investment".

People on these boards tell stories about how they paid $xx for a piece of jewelry then got an insurance appraisal for 2* $xx so it was a "great buy". Even that implies that they think that somehow they will be able to re-coop that original 'investment' at some later time.

Earlier Orator mentioned how you will find the 'real' value of your piece when you try to sell it. Go to Craigslist/eBay and see what old engagement rings are selling for (not listing, but selling). It is shocking the discounts you can find!

NONE of the places you listed, especially the ship, can be relied upon to be a "good deal". We've bought jewelry on the ship before but were under no illusion that the price was great and we knew the ship's price and service guarantee was worthless. But my DW liked a piece and the price wasn't out of line so we bought it for her to enjoy it - not because it was a bargain.

Same thing for the islands. There are some dealers in the eastern Caribbean, especially St. Martin and St. Thomas that have very good prices on some jewelry. But it is an absolute must to know exactly what you're looking for as prices, quality and the store's reputation. You can not just presume that any shop will have good deals or decent product or service. Also, I've never heard about Grand Cayman nor the shops in the port plaza at Costa Maya as having any special deals on jewelry and the only thing I've heard about other shops in Mexico is potentially good prices on Silver Jewelry but you must have the knowledge to judge prices and quality without regard to anything the sales people tell you.

And most of all ignore the ships shopping program and list of recommended stores. Those are absolutely meaningless as the only thing it takes to be recommended is for them to pay the ship's port marketing partner advertising fees and commissions. Being recommended by the ship or the marketing consultant has noting to do with service and reputation.

.... They have always haggled the price WAY down and then come home and gotten the item appraised (for insurance purposes) WAY more than what they paid, usually around the price it was originally listed for or more. ...

Insurance appraisals, even by an independent certified gemologist, are meaningless in determining the actual retail value of jewelry. They are done to conform to some sort of standard reference which is a very high retail value. I learned this when both when having jewelry appraised. I told the jeweler I thought the appraised values were too high and wanted more realistic values closer to what I knew they could be replaced for. This is because the insurance company charges premiums based on the appraised value but will only pay a loss based on replacement cost at a dealer they approve of, usually at much lower prices. The appraiser told me that she couldn't appraise lower as the standards they were required to follow specified what price guides to use.

I ran into the same thing once buying an expensive diamond ring. The seller provided an appraisal form for insurance purposes that was considerably more than what I paid. I asked for the appraisal form to be reduced to the actual price I paid since that was clearly FMV and they said they could not do that.

 

People on these boards tell stories about how they paid $xx for a piece of jewelry then got an insurance appraisal for 2* $xx so it was a "great buy". Even that implies that they think that somehow they will be able to re-coop that original 'investment' at some later time.

 

I am one who mentioned that the appraisal I got was way more than what we ended up paying for the ring. But trust me- I have no illusions that that means I could sell the ring for anything close to that. When I say we got a bargain, I simply mean that we were able to get the price down significantly from what was originally asked. And yes- I know the original price was greatly inflated, LOL. So was it a bargain or did we simply end up paying closer to what it was actually worth? Probably some of both. We had shopped ahead of time, and had a pretty good idea of what we could expect to spend and we spent less than that. This was at a particular jeweler where friends have shopped numerous times over the years and built a relationship. I don't believe for a minute that we could have gone to a random jeweler at home, or a chain jeweler in the islands like Diamonds International, and gotten the price down as much (we've tried). So in that sense, I consider it a "bargain."

The only person that (should) care what you paid is YOU! If YOU are happy with the purchase, then no one else has any right to say otherwise!

My point was that too many people are taken advantage of by unscrupulous people (jewelry stores being only a small portion). They are also lured into the false narrative that 'this' island has GREAT prices for jewelry, wood carvings, baskets, hats, etc. This narrative sometimes comes from the cruise line's shopping 'expert' (who is paid a commission by the store!). There is always the outdated belief that the Caribbean is the place for great jewelry bargains.....which the stores play upon.

I just ask that people be honest with themselves and go into a major purchase with their eyes VERY wide opened. To see beyond the hype and not go crazy with some 'bargain' told to them by some slick talking salesperson.

Is there a historical reason why the Caribbean is seen as a place to buy stuff? It's never really made much practical sense to me: what advantage does any company have with shipping their wares to remote locations, and why would that automatically mean that you could get said wares for less money?