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ESTATE JEWELRY : An Appraisal of the Estate Jewelry Business by Elly Rosen Appraising "estate" jewelry is as broad a field as is the buying, pricing and selling it. This is as it should be, considering that appraiser's need to stay cognizant of their primary obligation to provide estimates of monetary worth which are a reflection of actual market activity. This reality makes it possible to discuss the appraisal of "estate" jewelry in a manner which can, at the same time, provide information on the buying, pricing and selling of "estate" jewelry. Many market considerations and priceue elements should be, and are, the same for the merchant as they are for the appraiser. This is true even as we stay mindful of the bottom line distinction between merchants and appraisers--merchants establishing markets and setting prices while appraisers analyze markets and provide estimates of monetary worth based on accomplished transaction prices in those markets. Structured as a two part mini-series, this first article will address general areas for concern, caution and, at the same time, perhaps assist some in rethinking some buying and related appraisal practices. A later second article will get into specifics of value and marketing elements to consider when buying, selling or appraising the world of estate jewelry and will also provide a more in-depth look at appraisal specific considerations. Legal Distinction for Buying and Reselling There is of course one major difference between the role of estate buyer and that of appraiser. There are direct laws, regulations and rules on the buying of over-the-counter second hand jewelry; while most laws, regulations and rules pertaining to the appraisal of such items usually effect appraisal clients and usually impact on the appraiser only indirectly. [We'll get to those a little further on.] Many state, provincial, county and municipal jurisdictions have laws pertaining to the buying of jewelry from the public. Most of these laws center around concerns of recovering reported lost or stolen property and are designed to prevent the honest merchant from inadvertently aiding and abetting criminal activity. Some jurisdictions are very tough and persistent in enforcing such laws while others sometimes appear to be a bit lax. In any event, a buyer of second hand jewelry is cautioned to check out the relevant requirements and do their best to comply with the rules. The penalties are usually worse than any inconvenience inherent in compliance. Typical areas for you to be checking on if establishing, or already engaging in, the business of buying second-hand jewelry from the public include: * Which local office handles such matters; typically this would be your local law enforcement agency. Whether you need to register with or obtain a license from the monitoring and enforcement office, e.g. a "Second-Hand Dealer's License." * What information you must obtain from potential sellers, e.g. acceptable forms of identification, etc. What form of paperwork you must maintain and for how long a period. * What paperwork or information must be submitted to the monitoring and enforcement office. Whether there is a specific list of types of items, materials or thresholds based on monetary amounts or quantities for any possibly varying compliance requirements. * The duration of any mandated holding period before you can resell, breakout or scrap any items bought over-the- counter from the public. * Whether the monitoring and enforcement office has a standard procedure in place which would keep you informed of any new rules or modifications to existing rules. Often this will come with any registration or licensing, but it might not. They might expect you to keep up on your own. * What the federal, state, provincial or any municipal reporting requirements are for paying out cash to members of the public for over-the-counter purchases. Many, often inadvertently, fall afoul of any of the above requirements. You might have been doing so for some time without being aware of compliance rules or of any changes to such rules. Depending on local rules, the first time buyer could easily be stung by any or all of the above requirements. A jeweler, or an appraiser, who usually does not engage in such buying but can't pass up that first very attractive offer could suddenly find that they have been marked as a violator to be watched. Joel Windman, executive vice president and general counsel of the Jeweler's Vigilance Committee cautions that "You could be accused of being a buyer of stolen property if you buy jewelry from the public without taking the trouble to find out the local laws and requirements for making such purchases." Getting Stung by the Professional Consumer Seller Caveat Emptor (let the buyer beware) should be considered a warning which goes both ways. Many over-the-counter buyers have been victimized by the apparently unknowledgeable consumer seller. Almost as often appraisers have been duped into being the unwitting partner to such swindles by consumers. The scenario takes many forms, but the bottom line is: fooling the buyer with a fake! Sometimes it's a quick hit-and-run type of sting and often it's a much more elaborate and gutsy, longer term effort. The quick hit simply involves the seller offering an item containing a convincing simulated, synthetic or "enhanced" (treated) stone(s) and going store to store until they find a careless jeweler who will jump at what appears to be a good deal. Often, ironically, it's the buyer who's thinking that they are in fact ripping off the unwitting seller. The more elaborate sting could involve leaving jewelry containing fake stones with the jeweler on consignment or for the jeweler to think about. This scenario would be played out with a potential buyer who has poor or limited "take-in" procedures. The seller then returns to retrieve the item and charges the jeweler with stone switching. The same has often occurred with items left for appraisal or repair. Occasionally, the first stop such a seller makes is at a gemologist or appraiser hoping to find one that will not notice the fake and who will issue a report which can then be used to setup the buyer at the next stop. There have even been situations where such a seller has gone to the trouble of having an old mine cut diamond in a genuine period piece replaced with an old mine cut CZ reproduction. Some obvious preventive measures for these scenarios include: obtaining and using the necessary knowledge and instrumentation; allowing only specially trained and competent staff to handle such purchases and not allowing temptations, possibly caused by greed, to rule where caution should lead the way. Even the presence of a microscope on the counter may be enough incentive for the con artist to move along to greener pastures. (Of course it would be much better protection to also be in possession of the knowledge of what to be looking for under that microscope.) It should also be standard procedure to always keep items offered for sale in full view of the seller. If you need to have a gemologist or other personnel look at the item, it is best that they do so in front of the seller to avoid later charges of stone switching or of your having damaged the item in some way. Enter Filled Diamonds Reports of jeweler's being taken by sellers often involve situations where the seller was unknowing of their having been an original victim who is now just passing it along to a jeweler. Jewelers often sell treated or simulated items without disclosure and consumers often return the favor to the trade when reselling their jewelry. There have been many reported incidents of such mistakes related to filled diamonds Even honest jewelers have often sold such items in violation of FTC disclosure guidelines due to their supplier being unaware of the treatment or of disclosure rules, or just simply deciding not to pass along the information. Many consumers have been taught through this procedure that disclosure is unnecessary. Indeed, FTC Guides for the Jewelry Industry apply to members of the trade and to second-hand consumer sellers. It might even be more difficult for a jeweler/buyer to seek recourse with the consumer/seller in this scenario where the buyer is supposed to be the professional and more knowledgeable party to the transaction. This would vary with the laws and their application of different jurisdictions. This particular concern applies to a great many gemstones (and other jewelry components) besides CE. stones, and issues for buyers to think about were laid out in more elaborate detail in my February 3, 1995 article in the Rapaport Diamond Report entitled "Appraising the Yehuda Controversy." I suggested at that time, and would reiterate here, that all parties would benefit from a uniform industry policy of a "stamp" on jewelry which indicated that it contained treated (enhanced) gemstones. This would cut down on many problems including, but hardly limited to: intentional and inadvertent deceptive selling practices; later problems resulting from repolishing and other jeweler provided bench services and it would also help to cut down on jewelers getting burned further on down the road in an over-the-counter purchase situation. Over-the-counter buyers might also consider having sellers sign a declaration as to any knowledge they have of the item containing any misleading, simulated or treated materials. One might even consider a prominent sign at the buying counter to the affect of "We disclose any knowledge of treatment of jewelry materials when we sell and we expect you to do the same when you sell. Consummation of the sale is dependent on such good-faith disclosure by both of us." (Just a quick suggestion, you should consult with competent legal counsel in your area for the actual wording of any such seller declaration or sign.) Purchase Prices Might be Held as "Unconscionable" A common error by merchants in many legal jurisdictions is to embrace the notion that caveat Emptor means that buyers can be charged unfair prices because the buyer is expected to protect themselves. While it is true that in our capitalist society merchants are free to -- (continued in part 2) Stephen Kilnisan - Traders of Babylon - Fine Jewelers to the Internet andWeb - Diamonds and Gemstones at wholesale prices - Diamonds of allshapes,sizes,colors and cuts with GIA certificates - All sorts ofGemstones, fine quality and unusual - Ancient engraved gems from 3000 B.C.to 1000 A.D.- Antiquities and Ancient coins loose or incorporated inhandcrafted designs - 47th Street N.Y.C. location,the Diamond & GemstoneCapital of the World - call 212-221-1145 or email orcome visit us at the National Jewelers Exchange,4 West 47th Str.,Booths 65& 66
ESTATE JEWELRY : Buy:[KOREA] Pre-Owned and Estate Jewelry********************************* *************************************Type of Opportunity Demand of Product Date of Message 19980113Reference ID 19980113_0005Valid From 19980112Valid Until 19980131Company Name SICUSAAddress P.O. Box 832585 Miami, Florida 33283-2585Country U.S.AContact Person Mr. Richard SwaebeE-MAIL Fax No. 1-305-854-6044Tel No. 1-305-273-4411Terms of Delivery HS CODE 911420Product Quantity Product Quantity Unit Product Description Pre-Owned and Estate Jewelry We purchase Pre-owned, Estate, Closeout, Overstock, Distressed Diamonds, Precious Gems & Jewelry.We are Buyers of Estate Jewelry, Gold, Diamonds, Old Mine Cuts,Capes, Precious Gems, Pearls, Signed & Unsigned Fine Jewelry, Antique Jewelry, Scrap Gold, Broken & Chipped Diamonds & Gems. Highest price paid. Immediate evaluation & payment.Respectfully we suggestProduct Price Currency**************************************** *****************************This electronic trading opportunity (ETO) is sent to you by the KoreaInternational Trade Association in Seoul, Korea. If you want to change any information, including your e-mail address or unsubscribe to ETO, please send an e-mail to or fax to 82 2 5516702/5199.*************************** **************************************** ***
ESTATE JEWELRY : Buy:[KOREA] Pre-Owned and Estate Jewelry********************************* *************************************Type of Opportunity Demand of Product Date of Message 19980113Reference ID 19980113_0005Valid From 19980112Valid Until 19980131Company Name SICUSAAddress P.O. Box 832585 Miami, Florida 33283-2585Country U.S.AContact Person Mr. Richard SwaebeE-MAIL Fax No. 1-305-854-6044Tel No. 1-305-273-4411Terms of Delivery HS CODE 911420Product Quantity Product Quantity Unit Product Description Pre-Owned and Estate Jewelry We purchase Pre-owned, Estate, Closeout, Overstock, Distressed Diamonds, Precious Gems & Jewelry.We are Buyers of Estate Jewelry, Gold, Diamonds, Old Mine Cuts,Capes, Precious Gems, Pearls, Signed & Unsigned Fine Jewelry, Antique Jewelry, Scrap Gold, Broken & Chipped Diamonds & Gems. Highest price paid. Immediate evaluation & payment.Respectfully we suggestProduct Price Currency**************************************** *****************************This electronic trading opportunity (ETO) is sent to you by the KoreaInternational Trade Association in Seoul, Korea. If you want to change any information, including your e-mail address or unsubscribe to ETO, please send an e-mail to or fax to 82 2 5516702/5199.*************************** **************************************** ***
ESTATE JEWELRY : HUGE ESTATE JEWELRY ONLINE AUCTION! - Hundreds of items online for bidding!-------------------------------- ------------------------------Dargate guarantees the descriptions, condition, andauthenticity of all property sold in its "Online Auction."-------------------------- ------------------------------------We cordially invite you to join our rapidly growing list of onlineauction registrants. Visit, view and bid online today onexceptional estate jewelry right here on our website. Online auction estimates range from $150.00 -- $10,000.00 andinclude: Pendants, brooches, watches, vanity sets, rings, bracelets,earrings, cameos. Makers include: Cartier, Tiffany, Torou & vintageincluding Art Deco and Victorian. Each item listed has multiple photos,a complete description, and a condition report.Each month a new category is featured with over 100 new items.New items are added every day. April -- Estate Jewelry (preview and sale begins March 15th!) May -- Art Pottery & other Ceramics (preview and sale begins April 15th!) June -- To Be Announced
ESTATE JEWELRY : Dargate's Internet Auction is safe, easy, and efficient. Onceyou have registered, you can place a minimum bid on any itemor items, and if you choose, you can also place a maximum bid(AutoBid) which will automatically be bid for you, as necessary,to stay ahead of competitive bids as they are entered by otheronline bidders. You will receive emails from us to keep youposted if you are outbid -- and you will be immediately notifiedif you are a winner.Dargate Auction Galleries of Pittsburgh, PA is an establishedand trusted regional auction company with years of experiencein the auction business. A professional staff is ready toanswer your inquiries and help you in any way you require. Ofcourse, Dargate guarantees the descriptions, condition, andauthenticity of all property sold. We hope you will take advantage of this opportunity to registerwith us online and to join the unbelievably fast growing Netcommunity. It's an incredibly easy and very exciting way to buy!
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