A Woman brings her Solitaire Diamond Ring into our store to trade it in for a bigger stone. She bought her ring originally at the mall a couple of years ago and had all her receipts and paperwork (or so she thought).
She said her Diamond was a really good quality (it really wasn't), but now she wanted a much bigger stone.
I looked at her receipt. It had a description of the item listed as "Lds Diamond Engagement Ring" (Lds = Ladies). Then it showed the Price, Service Plan, Tax and Total.
I look through her other paperwork which was a Diamond Guarantee and a Service Plan. They all listed the same thing "Lds Diamond Engagement Ring".
"Do you have an Appraisal or Certificate with your Ring?" I asked her.
"Everything they gave me is right here" she says.
The Jewelry Store didn't list the size of the Diamond anywhere on the receipt. Nor did they list the Clarity. They also failed to list the Color and the Cut of the Diamond (even though I could see it was a Brilliant Cut).
I looked at her and asked...
"How do you know what you bought?"
She shrugs her shoulders "I don't!"
And she was right!
All too often I see this sort of thing happens. Some lazy Jewelry Stores put a weak description and maybe a SKU # on the receipt and that's all the customer gets.
No regular price, no trade-in price, no quality, size, nothing whatsoever... Just a limp, generic "Engagement Ring" description that could be used for just about any Diamond Ring in their showcase.
It's kind of scary!
Sure the store (if it's still in business) could probably research all of the customer's info and look it up on their computers. Sure they could probably tell you what you bought and all the good information about the Diamond. And I'm sure if you asked them, they could probably type you out an Appraisal for Insurance Purposes...
The point is: Why didn't they do this already?
This important information is crucial for any Diamond Engagement Ring Purchase. When you buy a Diamond worth thousands, you should leave the store with documentation that tells you exactly what you bought and what quality it is.
Even if it's just hand written on the receipt... Something!
Don't leave the store without it!
Diamonds get Confusing
People look at so many Diamonds when they're making that big purchase. They look at different Clarities and Colors and Sizes at tons of different stores. It's too easy to get them mixed up and forget if you bought a VS2, G or an SI1, H??? I can't even remember what I ate for breakfast yesterday morning. You never want to question things like this. You spend that kind of money (or even a hundred bucks), you should get this info.
This is one of the reasons why I push Certified Diamonds as much as I do. Certificates are Proof of Purchase.
Certificates list Clarity, Color, Cut and Carat Weight right on the report. Most of them also show you a Plot of the Diamond showing you where all the Inclusions are. They may also list the Laser Inscription number if your stone is laser inscribed.
Certificates prove what you bought and what quality the Diamond was. You'll never have to second guess yourself.
So if the Jewelry Store doesn't list on your receipt what it is you bought... Force them! Tell them to jot down everything they can. You want it in writing.
And if you buy a stone that's Certified (here's hoping you are), take the Certificate with you when you leave the store. That Certificate is yours. They cost money to replace. Put the Certificate in a safe place. Lock it up. Protect it.
It is also a wise thing to make a copy of the report and attach it to your Jewelry Appraisal so you can give a copy of it to your insurance company.
Certified Stones remove all doubt. And when you take your Diamond into a store years later to trade it in towards a bigger Diamond, that Certificate carries weight with it. It helps the Jeweler quickly evaluate your stone and arrive at a trade in price. Plus, the Certificate makes your stone even more valuable.
If you trade in your Diamond, that Certificate (the original) goes with it.
I just hope that you trade it in towards another Certified stone! :)
This works well for a Solitaire Diamond... But, if you have a Wedding Set, you'll need more than just the Certificate. You'll also need the Appraisal!
Jewelry Appraisals
Certificates are great for the center Diamond, but for an entire ring you'll need to put a value and quality on that as well. Jewelry Appraisals will list the sizes of all the Diamonds (even the Certified one), along with the Clarity, Color and Cuts and put a Retail Value on the item as a whole.
That way, if you were to lose your ring, get it stolen or even damaged, the Appraisal Value will help Insurance Companies arrive at a payout or replacement cost.
A receipt by itself is almost never good enough. You'll more than likely need both the Appraisal and Certificate. These two forms of paperwork will cover your butt and your ring.
Do you have all your paperwork?
Hopefully you have this locked away in a safe place. Without them... you just don't know!
And that's the truth!
So if I were you, I would double check today. Also look to see if your Appraisal is more than 7 years old. If it's older than 7 years, chances are, it needs to be updated with the current market value. Inflation happens!
Plus, you want to be ready if you ever need to Upgrade that Diamond...
You do want a bigger stone don't you?
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Copyright © 04-27-2011 Jewelry-Secrets.com
