Not limited to diamonds, but you have probably seen TV commercials and newspaper ads that claim that the diamond you buy from them will be appraised for at least twice the price! Do you really believe this?
Many of these establishments base their selling philosophy on the premise that most people that buy these diamonds will not have them appraised thereafter. Some may do so to find out, to their dismay, the diamonds are not worth twice the price. Consequently, they will do nothing about it but never return for additional purchases. The remaining few that have them appraised, experiencing the same results, will take them back. The vendor will gladly give them a refund if they wish. That small percentage will have little effect on the overall scheme of things.
In many of these scenarios, the purchaser will have received a value commensurate with the purchase price. But, hardly the bargain it was purported to be. More times than not, the merchandise is also of inferior quality and misrepresented there as well.
Cos Altobelli is a third generation jeweler and president of Altobelli Jewelers in Burbank, previously located in North Hollywood for 60 years. His specialty is appraising for all functions and acting as an expert witness.
He holds a graduate degree from the Gemological Institute of America and the title of Certified Gemologist Appraiser from the American Gem Society, is the author of three appraisal books, and has appeared on “Prime Time Live” several times.
Mr. Altobelli can be reached at (818) 763-5151.