The Gold Standard Jewelry & Gold Buyers

Review: On 6.*.13, I left a pair of diamond and emerald earrings by [redacted] & Co. with The Gold Standard Jewelry & Gold Buyers for further evaluation to sell as the initial offer was $1,000. The earrings were examined at the time that they were left and no defect was noted. I provided a Retail Replacement Valuation dated 4.**.02 which estimated the retail replacement value at $7,655. I was told that the offer was increased to $1,200 on 6.**.13. I decided not to sell the earrings for that amount. My husband went to pick up the earrings on 6.**.13 and learned that one of the earrings had been damaged. [redacted] has stated that the emerald stone of one of the earrings broke when the earring was dropped by a business associate that was examining the earrings. The earring was to be repaired at no cost to me "per [redacted]." However, I will not authorize the repair by anyone other than [redacted] & Co. so as to retain the value and ensure that the earring was repaired to [redacted]'s standards. [redacted] sent the earrings to [redacted] & Co. [redacted] claims that [redacted] & Co. wants $5,000. to replace the broken emerald stone. [redacted] has now refused to pay for the repair by [redacted] and has increased the offer to buy the earrings to $2,000. However, I am not willing to accept $2,000. for the earrings nor will I authorize the repair by anyone other than [redacted] & Co.

I have a copy of the [redacted] & Co. Retail Replacement Valuation as well as receipts from The Gold Standard Jewelry & Gold Buyers with the following notations:

"Returned all pieces excluding erald & diamond earrings for repair. 6/**/13"

"18kyg emerald & diamond T & Co. earrings -- repair at no cost as per [redacted] 6/**/13"Desired Settlement: Pay for the repair by [redacted] & Co. in full to retain the replacement value as stated by [redacted] & Co. I am open to accepting a reasonable offer for the purchase of the earrings. However, the offer thus far has been less than the cost of the repair so it is hardly reasonable.

Business

Response:

The Gold Standard has gone to great lengths to accommodate [redacted]. In order to get our customer the very highest price the secondary market will bear we took the item on consignment. It was explained at the time that these are not new items and the value is based on supply and demand. The expectation of the money she would receive should not be based on an appraisal. Appraisals are based on the "new retail" replacement value, not what the secondary market will bear for used items. The highest offer we obtained for the earrings was what we used to make an offer to the client and can be seen as the value of the item.