November 22, 2011

Tis the season of questionable marketing practices

With Christmas approaching fast I am seeing and hearing things that are a little disturbing. I have talked before about appraisals being used as sales tools. This is the time of year when many men are considering purchasing a piece of jewellery for a Christmas present. How does the average guy on the street know he is getting good value. Unfortunately he often relies on an appraisal that comes conveniently with the item he is looking at. The best part, the appraised value is at least twice the price of the item. Why would the appraisal be so high? The answer is simple, this appraisal’s only use is to convince the customer they are getting more than they are paying for.  The inflated price is simply a sales tool.  If you buy the item make sure you get a second opinion reflecting a competitive retail value on the same item to make sure you are getting good value. Any reputable jeweller will gladly refund your money if the second opinion is slightly less flattering to the jewellery. Don’t be afraid to ask for the “competitive retail value” after all, insurance companies only pay out on the lowest price they are able to source your insured jewellery for. Therefor anything more than a “competitive retail value” is a wasted insurance premium.

April 9, 2011

Re-model your ring

Make that old diamond ring into something new. Look at the great ring a customer did this week. She had a beautiful 1.35ct. diamond and wanted a new setting that had a little bit of a “bling” factor. Our designer brand Simon G provided the new setting made to order in her finger size and modified to hold her diamond.  We set her stone into the mount and now she has a new ring for a fraction of the cost of buying the ring complete.

March 30, 2011

Gemology

I have been practicing gemology for over 20 years. I love this stuff; especially diamonds. They are unique in the world of gems. Nothing else has the unique qualities of a diamond. They are 200 times harder than the second hardest gem. They are 4 to 5 billion years old (as old as the earth itself). They have brilliance and dispersion that rival none. They resist all chemical attack, are almost impossible to scratch except with another diamond and they will last for generations. All this from the most simple composition, nothing more that crystallized carbon. The same stuff a pencil lead is made from. They are simply amazing. If you have any questions about diamonds or gemology please contact me.

Gold recycling

Jewellers are among the original environmentalists. For hundreds of years we have been saving the dust we create to recycle the gold and silver trapped within. From saw blades to sandpaper everything gets recycled. In more modern times we also extract the small amounts of silver contained in tiny watch batteries helping to divert them from landfills and the need to source new supplies of silver. At Bill Le Boeuf Jewellers we have 100’s of estate rings waiting to be refashioned into something new. We encourage our customers to consider an estate diamond to use in a new ring (after all a diamond is already billions of years old). Then recycle the old setting to help offset the cost of the new ring. It is a win win. You save some money because you are using an estate diamond and you help out mother earth by using gold that has already be mined. If you have any old jewellery or gold of any quality, bring it in to sell or trade for something new or something new to you.

Appraisals vs. Selling prices

Have you ever noticed many stores sell diamonds with appraisals that far exceed the actual asking price of the piece? This has been a confusing issue for me since I became a Gemologist over 20 years ago. If I buy a new car for instance it does not come with an piece of paper stating that it is worth much more than the price the sales person is offering it for. Why do so many diamonds come with appraisals stating the value is much much higher than the actual sale price? During my training I was taught all the skills needed to do an appraisal except the pricing. You see the diamond market is very dynamic as are the multitude of retail levels people buy them at. The same quality of diamond can sell at many different locations for many different prices. A very high end exclusive location gild store may sell a diamond for more than others. Most diamonds aside from a few patented cut brands do not have a manufacturers suggested retail price like a TV set or an appliance. The best way to value a diamond is to compare certified stones of the same quality using the same standards of grading . The most respected labs in the world, the Gemological Institute of America and the American Gem Society will not even comment on the value of a diamond.  They only report the quality. The market and the consumer will decide the value. My opinion is, the price of the diamond should represent the appraised value and no less. Many times other labs will provide a certificate of quality and then add a value for the consumer to feel good about. I feel there is a great conflict of interest to both attach a value on a diamond plus provide the report of quality without offending the seller or the buyer. Most of our diamonds come with certificates from the GIA and AGS. Both of these organizations will not place a value on any diamond submitted to them for certification. This is your assurance of an unbiased opinion of quality. One final thought. Insurance companies do not pay out a claim on the amount you have a diamond insured for. They pay out on how much it actually costs them to replace it. Even more reason to consider a certified stone, NOT one with just an ego style appraisal.