help please re: private sale

Janjel

Apologies if this is wrong board.

I recently sold my engagement ring which was valued recenlty by jewellers. They valued it at £2000 and I sold it for £750. I gave him written valuation with ring.

The buyer rang me today really irrate and said i ahve ripped him off and that he is coming to my work to get money back.

Do I have any rights - I sold it in good faith based on valuation - it was in great condition.

Smiley82

Did he say why exactly he thinks he was ripped off? If its a case of the valuation being wrong, then that is something he needs to take up with the Jeweller I would have thought???

Providing your valuation is legitimate, then I would say that it could be buyer's remorse, or an issue which he needs to take up with the Jeweller.

Sounds scary......do you have other people at your work who can make sure he doesn't intimidate you and ask him to leave?

Janjel

he said that his jewellers said they would give him £500 for it max - I rang the jewellers he went to and am waiting for them to come back to me. My valuation was from a legitimate jewellers who have said they will stand by their valuation 100%.

CAB said he should take me to small claims if he thinks he is right as he has no rights as a private purchaser. Just wish I did not meet him at my workplace to sell ring now

RabbitMad

The ring is valued at £2k, but any jewler will only offer at most £1k as they need to make a 100% mark up to cover all their costs.

Basically tell him to get lost. To buy the ring from a shop would cost him in the region of £2k and thats what is insurance value should be.

McKneff

Stand your ground. he thought you were a mug selling it for £750 when it was legitimatley valued at £2k, he thought he was going to make a profit by reselling it
otherwise why did he buy it in the first place. You are perfectly within yor rights. The valuation is normally what it would cost to replace the ring if it was lost or stolen. Tell him to take it up with the jewellers if he is unhappy,
if he causes a rumpus, ring the police.
Better to have been at your workplace to sell him it than at home eh.

Regards
Annie

Janjel

it is just worrying that he said he is coming to my workplace - does he honestly think i would have met him at my workplace if i wanted to rip him off - he is scary looking also.

Chippy_Minton_2

Did he view it before he parted with the cash?
Was he then happy to pay £750?
If so stand your ground and let him take you to court.

Smiley82

Yep, agreed with all the others. It's a clear case of buyers remorse now that he knows he can't make a quick buck! You did nothing wrong, and the jewellers valuation is legitimate. Jewellery is never worth what they say on the valuations....particularly as a resale item!

Agree with Annie though....I personally think you're lucky that he's at your work and not your home! If he gets nasty, call the cops

simpywimpy

Have to agree, you would never expect to be offered the valuation price or remotely near it when selling an item to a jeweller.

He obviously made a mistake in his presumtion that he was about to make a fast buck. If that had been the case, I'm sure you would have just sold it to a jeweller yourself.

I have my main pieces valued properly but wouldn't dream of either paying that price for them or expect to get anything like that amount should I decide to sell them.

Janjel

thank you all for your advice - I knew jeweller would rip me off so did not sell to one. The buyer said he was buying it for his wife as present.

Smiley82

Hmm, another thought. It's possible that he bought it for his wife as a present, but wanted a second opinion before he gave it to her. So took it to a new jeweller and played the 'how much will you give me for this' game.

I know from my dealings with jewellers, you are looking at getting about 15% to 30% of a valuation, if you're lucky!!!

So now he thinks it's worth less, just because they didn't want to offer him more money? Either way, still not your problem.....you have a valuation, which can be confirmed, and you didn't do anything wrong.

Good luck with it all