Ring value? 5 May 2020 at 9:14AM in Bankruptcy & living with it 12 replies 451 views

rach_k

A jeweller should do it for you.  I took mine to the local new-and-second-hand jeweller and he did it in a few days.  If I recall correctly, the fee was something like £20 + plus a percentage of the value, for a proper valuation certificate that would do for insurance purposes.  He was happy to give a verbal rough valuation just by having a quick look (but that turned out to be wrong).  

mwarby

Silvertabby said:

mwarby said:

Willing2Learn said:

How would the OR discover your 'little white lie'?  That is what I want to know!!

(Just to add that deceiving the OR is a criminal offence!!)

If OP purchased for herself there will likely be a transaction on a bank or card statement, that the OR can see (they can ask you, or ask the bank)

But if the OR wants the ring to be sold then how much OP paid for it is irrelevant.  It's how much it would fetch as scrap value - and that will almost certainly be considerably less than the original cost.

It may spark interest in why the asset wasn’t mentioned however. What would happen would depend on a multitude of things but boils down to IMHO was there an intent to hide something obviously very valuable. 

I’m not personally convinced that the OR has to sell it as scrap, although the purchase price and it’s current resale value will be different and for many types of jewellery it’s be rather less (some antique stuff may have increased in value)