We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Ring value?

Options
2»

Comments

  • rach_k
    rach_k Posts: 2,253 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    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
    mwarby Posts: 2,048 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    mwarby 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)
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.7K Banking & Borrowing
  • 253K Reduce Debt & Boost Income
  • 453.4K Spending & Discounts
  • 243.7K Work, Benefits & Business
  • 598.5K Mortgages, Homes & Bills
  • 176.8K Life & Family
  • 256.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.