BEWARE... CONSUMER FRAUD
Recently I served as an expert witness in a consumer fraud case involving the alleged misrepresentation of the quality of a diamond sold by a local jewelry store. As a Master Gemologist Appraiser of the American Society of Appraisers, I am required to do extensive testing in the color and clarity of a diamond, and to extensively research the market to find an accurate value, not just the value of the diamond if sold in my own store. After examining the client’s diamond and doing my appraisal, I reviewed the defendant’s appraisal.
The defendant’s appraiser had no gemological or appraisal education, the color was exaggerated by four grades compared to our gemological lab report, the value was seriously inflated, and the bottom of the form stated "The appraiser is not responsible for any errors stated regarding quality and value." This document was merely a piece of paper written to satisfy the needs of a customer. Imagine if you prepared a professional document, bound by the law, with these kind of inaccuracies!
If your client gets involved in an issue that deals with jewelry appraisal, be very certain that your appraiser is someone who is top notch, professional and certified. You can’t afford second best.
Susan Eisen, January, 1999.