Lost a diamond from my wedding ring....

[SnorkelAway]

I had not even thought about insurance aspect - good point.

 

I was kind of thinking that NavyBanker's post about the "unrealized gain" was tongue in cheek. I think that for every piece of jewelry my wife has for which I have an appraisal given at time of or shortly after purchase, the appraisal is at least 10% above purchase price.

 

It's when you go to sell jewelry that you realize just how off some of these "appraisals" are. Handling my parents' estates was an eyeopener for me in terms of what some nice jewelry is really worth if you are trying to sell it.

[Karysa]

Well, here's a real-life, first person story about jewelry purchases and appraisals.

 

We, very recently, made a significant purchase (from one of our guys in St. Maarten), and had it appraised for insurance coverage. It was a very nice fancy yellow diamond. Not 5+ carats, but a premium stone.

 

I thought that the appraisal came in too high, 46% higher than what we paid.

 

My problem was that the cost of insurance coverage is based on that appraisal, not what we actually paid, and our guy says that he could come close to that original price if we had to replace it.

 

You postulate that the poster has made a profit (if not yet realized).

 

This isn't like looking at your brokerage statement that shows you have an unrealized gain (or loss) with a stock holding. In that case you can move that unrealized gain into your pocket by simply issuing a sell order.

 

With jewelry, you'd have to find a buyer.

 

Neither a jeweler nor I would be buying that piece at the inflated appraisal price.

 

The jeweler knows what his price pre-appraisal and pre-markup was or would be.

 

I know that I can go back to my guy and purchase a similar stone near the original selling price.

 

I suspect that if the poster went back to the original shop and tried to sell it back to them he would take a 10-15% hit, their original markup.

 

That shop would likely offer to apply the entire purchase price towards a nicer stone, though, as they would retain their original markup and make additional on the upgraded piece.

 

gary

 

You guys forgot something very important. The Diamond if given as a gift is not yours anymore ( even for broken engagements and divorces in most states from what I have read) so you won't need to worry about how much you will get for it if you try and resell it!! Definitely something to think about before purchasing an expensive piece of jewelry to give to someone though!

[SnorkelAway]

Karysa - do not misunderstand - I know that none of the money or jewelry is mine - I just am a humble agent handling the transactions for my principal.

[Karysa]

Karysa - do not misunderstand - I know that none of the money or jewelry is mine - I just am a humble agent handling the transactions for my principal.

 

:D That's the attitude we like to see!:halo:

[gtaylor]

karysa,

 

Note that I posted "We, very recently, made a significant purchase".

 

 

Any such purchases go against "her" account. :)

 

 

gary

[Karysa]

karysa,

 

Note that I posted "We, very recently, made a significant purchase".

 

 

Any such purchases go against "her" account. :)

 

 

gary

 

lol 😊 You and my DH both! Smart!

 

You also said if the purchaser ...:) and I just had to point out to you guys 😃 that once it is given, then it's the person who owns the Diamond and not necessarily the purchaser who can resell it.

 

Consider it a "the more you know" public service announcement from me!:halo:

[gtaylor]

As I considered my post a PSA. :)

 

gary

[Karysa]

As I considered my post a PSA. :)

 

gary

 

I missed the HER account. :D I would definitely come out ahead if we did that at my house. ;)