Unwise to buy fine jewelry at auction?
Q.A local auction house is having a fine and estate jewelry auction monday night, and at the preview I saw a beautiful platinum and diamond bracelet as well as a platinum and diamond ring. As I don't have a "gemologist friend" to bring along to inspect, would it be unwise to make a purchase this way, or are there certain precautions to take, etc
A.- No easy answer to this one. I gather it does not come with a written appraisal? If not, find out if the auctioneer is guaranteeing it to be the real thing. Valuewise, the grade of the diamonds are very important. At one time, platinum was more valuable than gold, but a few years ago, it fell below gold prices. I haven't kept up with the market & don't know it's value today. If you do purchase the jewelry, be sure to get a gemologist written appraisal as soon as possible. Not only for your peace of mind, but for insurance purposes. - Platinum is more valuable than gold. Friday's price on the New York Mercantile Excange was approximately $380 per ounce for platinum and $280 per ounce for gold. Also, because of the way platinum is alloyed, jewelry is approximately 90% platinum. 18Kt gold is about 75% gold (18/25=75) and 14kt (14/24=58) gold is approximately 60%. Both of these factors account for the higher price for platinum jewelry. As far as the value of the diamonds is concerned, if they are of large carat weight, and high quality of color and clarity, then I would assume that the dealer would draw your attention to these points. He should also back up his claims with a gemologist's appraisal. If, however, he is vague, then it is safe to assume that the diamonds are not of great value. Therefore the value of the piece rests in its antique value, design and beauty. Since the auction is tomorrow, there's probably not enough time for this, but the best way get a feel for the prices is to stop in at estate departments in jewelry stores and familiarize yourself with similiar pieces.
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