Engagement ring rip off.

Jennip38

Hi, my OH half has bought me an engagement ring (last Jan). He wanted to spread the cost so he took out an interest free credit arrangement with Beaverbrooks. He now realises he's been totally ripped off and although he paid just over half the ticket price, and thought he was getting a bargain!!, the ring is not even worth a quarter of the so called valuation.

We have called Beaverbroooks and they are not interested until the final payment has been made and then they may give him a credit note. We've tried to sell it to other jewellers and even and auction house but they are offer less than a quarter of what it's valued at.

OH feels totally ripped off. Are there any consumer rights regarding being taken in and ripped off??

paddyrg

Metal and stones are worth what someone will pay for them.

AppleCore

Jennip38 wrote: »

Hi, my OH half has bought me an engagement ring (last Jan). He wanted to spread the cost so he took out an interest free credit arrangement with Beaverbrooks. He now realises he's been totally ripped off and although he paid just over half the ticket price, and thought he was getting a bargain!!, the ring is not even worth a quarter of the so called valuation.

We have called Beaverbroooks and they are not interested until the final payment has been made and then they may give him a credit note. We've tried to sell it to other jewellers and even and auction house but they are offer less than a quarter of what it's valued at.

OH feels totally ripped off. Are there any consumer rights regarding being taken in and ripped off??

Sound like a nightmare but I think its probably just the way things are I'm afraid.

You pay a massive premium when buying jewellery from a high street store and you're unlikely to get anywhere near what you paid for it when you sell it on. Other jewellers will probably just value the ring for the raw materials, weight of gold, etc and not take into account the cost of its manufacture.

My MIL has a lot of fine jewellery, we're talking BIG diamonds and she has been trying to sell them. Most places aren't even interested and those who have offered to buy the stuff have offered a tiny price for them. She's decided to just hang on to it, the amount she's been offered for one beautiful 1ct diamond pear shaped ring wouldn't even buy her a tiny poor quality Argos diamond ring!

I hope you find a ring that you like and can finally enjoy your engagement without all this stress.

POPPYOSCAR

I really can't see how he has been 'taken in' exactly. He was offered a price and accepted it. Many identical items are sold by various stores at vastly differing prices it is up to the consumer to shop around and ascertain a price they are willing to pay.

Once an item leaves the store it is worth less as it then becomes 'second hand'. All valuations are vastly inflated anyway and another store will give you nowhere near what you paid for it as they have to resell it as second hand and make a profit.

Hintza

I have always bought either second hand jewellery or aternatively I bought stones in both cases you can have the stone/s set as you like. When I was in Madagascar I got a cracking rough Sapphire (bit dark) which I had cut. The consensus was that it wasn't a Sapphire so picked it up for less than £10 cost £0 to have cut and has been valued at £700 (trade price). Having said that I also managed to buy some crap!


Unfortunately the family jeweller has now retired but I have the name of his "man" that does the work. Currently buying in some baroque South Sea Pearls for the eldest's 21st. Which isn't easy when they are coming from Indonesia unseen :eek:.

As you now know the retail price of jewellery really has no bearing on the real value. You might only get 10%-20% for the ring.

moonrakerz

Jennip38 wrote: »

He now realises he's been totally ripped off and although he paid just over half the ticket price, and thought he was getting a bargain!!, the ring is not even worth a quarter of the so called valuation.

He hasn't been ripped off, he has paid the "going rate". It doesn't matter if he went to Ratners (QV!) or Tiffanys, the mark up is the same !

bris

An engagement ring should be bought for love not profit, have you split up already? why would you want to sell it.

Freddie_Snowbits

OP has two choices.

The Yellow pages for a decent Solicitor

Or exchange the trinket for a wedding ring

AppleCore

Freddie_Snowbits wrote: »

OP has two choices.

The Yellow pages for a decent Solicitor

Really? Would a solicitor seriously be interested in taking this on?

fluffnutter

A credit arrangement for something so non-essential?? Was it worth getting ripped off for the sake of a pretty sparkler? Couldn't you have waited until he saved enough money for a ring? Or perhaps have gone without?

gordikin

AppleCore wrote: »

Really? Would a solicitor seriously be interested in taking this on?

How much can you afford?