CIBJO releases Gemmological Special Report: considers process of separating measurable facts from opinion; See Gemological Articles below.
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 Post subject: AIG Appraisal for Black Diamond Necklace, Is It Legitimate??
PostPosted: Fri Dec 11, 2009 1:12 pm 
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Hi Everyone,
My fiance just asked me to place a black and white diamond necklace on ebay to sell. She gave me the necklace and appraisal by American International Gemologists. I'm a bit suspicious as to the validity of this appraisal and item after doing some research on the internet. Especially as to the reputation of AIG. I do not want to tarnish my ebay reputation with this item if it is bogus, but I also don't want to hurt my fiance feelings with out facts to back up that I think she was ripped off. Would it be appropriate to post a picture of the necklace and appraisal here to get some second opinions???? Thank You in Advance.

William


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PostPosted: Fri Dec 11, 2009 2:34 pm 
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Why don't you telephone AIG and ask them to define the market in which the appraised value is based on.

Let us know their response.


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PostPosted: Fri Dec 11, 2009 3:20 pm 
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Barbra Voltaire wrote:
Why don't you telephone AIG and ask them to define the market in which the appraised value is based on.

Let us know their response.


Hi Barbara,
Thank You for your response. When I call, what exactly am I trying to determine? Do I ask this question verbatim, then report back here? I am an engineer by trade and I'm not really versed in gemology and appraisal terminology. But I have no problem calling and asking the question. Thank You.

William


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PostPosted: Fri Dec 11, 2009 4:04 pm 
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I am gathering from your initial post that you feel the appraised value is unrealistically high.
Therefore, if you call them and ask them how they arrived at the value, it may shed some light on their methodology and whether their approach is realistic.

It very well may be.


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PostPosted: Sat Dec 12, 2009 7:32 am 
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westek,
The first question you could ask is whether or not they actually have it on record and check that what you have matches with their info.
Another thing I just noticed is that you are asking about AIG, is there an S on the end of this? If not, is there an AIG? Anyone?

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PostPosted: Sat Dec 12, 2009 8:06 am 
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http://www.aiglabs.com/

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PostPosted: Sat Dec 12, 2009 8:20 am 
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Ahh, this is gettin confuzin. AIG, AIGS, AIGLABS :lol:
Thanks Uber.

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PostPosted: Sat Dec 12, 2009 1:54 pm 
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After much web searching, it seems that AIG does do appraisals for auction companies and there are a few complaints of them overestimating. I will not speculate on if they are valid or not, but refer to BBB in California.


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PostPosted: Sat Dec 12, 2009 11:30 pm 
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That was good thinking Raw Rocks.


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PostPosted: Mon Dec 14, 2009 5:40 pm 
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Hi All,
OK, I spoke with Norman on the phone today at AIG, not AIGS, and he verified that the appraisal certificate was theirs and that it WAS accurate. BUT, the appraised value of $43K is a lot less now because of the market conditions he said. He even went on to tell me that Macys has the same necklace now for 3K or less... Is it possible for an item to loose over 90% of its appraised value in less than 2 years? I am a little uncomfortable with this company. Any comments?

William
PS I am attaching the appraisal if someone wants to look at it.
Thanks Again.

http://www.westek.org/DOC081117.pdf


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PostPosted: Mon Dec 14, 2009 5:47 pm 
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WOW...$43,000 down to $3,000?? At Macy's? If it cost that much at Macy's that means there is a...what..150% mark up..not really sure what jewelry retailers mark up is but I think it's pretty high...sort of makes you wish you would have invested in ENRON stock..LOL..it didn't even drop that fast.. :lol: ..something doesn't sound right to lose $40K in 2 years..dang

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PostPosted: Mon Dec 14, 2009 6:02 pm 
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Did you click on RAW rocks BBB link?


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PostPosted: Mon Dec 14, 2009 6:59 pm 
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Not even two years... just one day shy of 19 months.

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PostPosted: Mon Dec 14, 2009 9:03 pm 
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Barbra Voltaire wrote:
Did you click on RAW rocks BBB link?


Yes, I did. There were no really definitive complaints and only good reviews, but the few reviews I read could have easily been done for/by the company as is the case sometimes when dealing with online reviews. Only when there are 100's or 1000's of reviews do I take the average seriously... Anywho, the amount she wanted to sell the necklace for, $25K, isn't going to happen anytime soon. So, I have the answer I was looking for. I only wish there were some recourse for her as it sure seems that she relied on a company whose reputation I am finding out online is one of over valuation of items they appraise. Comments?

William


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PostPosted: Mon Dec 14, 2009 9:13 pm 
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I think maybe you were looking at the "trust link" reviews. The BBB itself rated them a 'D' (as in below average) and listed several complaints of over-valuation.


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