I recent purchased a ring from bidz.com. The ring was listed at over $12,000, and I won the auction with a bid much lower than the estimated value of the ring.
I also asked for the appraisal documents. For $33 dollars I received a detailed, 1 page document from the American International Gemologists located in LA. I took my ring to a local, reputable appraiser, and he had a different story. He appraised the ring for $5,200, with a complete 13 page appraisal document.
I love the ring, and I am not complaining because I still got an excellent deal, but Bidz.com should not advertise a piece of jewelery to be double what it is worth. I looked over the two reports, and it looks like the original appraisers took the best attributes of all the diamonds and incorrectly linked them to the biggest stone, thus falsely raising the rings overall total value.
The appraiser I took the ring to did say that it was very solidly made, and seeing how I like the ring, and the deal I got on it, I am not that mad. Bidz.com should definitely be more careful on how they advertise their merchandise, and also that it is appraised correctly, or they will run into many problems down the road.
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