Via the website, propertyroom.com (stay away from this website too), I bought a ring that was reported by them to have an Estimated Replacement Value (ERV) of $4,500. This was "certified" and came with an "Authenticity Grading Report". However, two different jewelers I went to (including one who is a friend) said that the value of the ring I had purchased wouldn't even come close to a tenth of that. Basically it would be a stretch to say it was valued at even $450.
Upon contacting the company to ask for an explanation of what a ERV actually was they said, "The Estimated Replacement Values you are seeing in some of the jewelry listings are very subjective. The Replacement Value on
a listed item should not be confused with appraisals or market value as they are not the same. Please note that the Replacement Value can be different from Market Value and is subject to change from store to store."
In other words, we make it up and it means nothing other than to deceitfully convince you the item has value.
In trying to send the ring back, I was told that I needed to have it re-appraised and send the paperwork back proving the ring is junk or I would be subject to a large re-stocking fee. We'll see if I ever get my money back at all.
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