Friday, November 21, 2008
NGL has gone mobile!
With more and more people relying on PDA's (myself included), I have now published a mobile-friendly version of the website! This new version is pretty basic at this point, and only includes information on the lab. Stay tuned to see the school go mobile too! Point your mobile browser to http://www.nwgem.com/mobile, or be redirected from our current website at http://www.nwgem.com/
Thursday, November 13, 2008
Schedule for 2009 classes debuts today!
The much-anticipated 2009 schedule for NGI is now up and running on the website! You can view it here! The new classes will start in March, and the format is similar to this past year, with the success of our one-weekend format as opposed to consecutive Sundays as in the past. Also added is the availability to accept credit cards for tuition, something new offered as of this past summer. Diamond Grading and Gemstone Identification will both be offered three times next year, accommodating most schedules and avoiding holidays. Gemstone Identification and Gemstone Evaluation will each be offered once, so sign up early! Don't forget, that taking Gemstone Identification in conjunction with Gemstone Evaluation class will make you eligible for the Tucson Tour the following February!
Look out for the new website coming soon, where we hope to be able to accept tuition online!
Look out for the new website coming soon, where we hope to be able to accept tuition online!
Thursday, November 6, 2008
Selling your jewelry?
In these tough economic times, we have been filtering a lot of calls from people wanting to sell their jewelry. For a couple years now, we have had our brochure "What You Need to Know About Selling Your Jewelry" posted on our website. It is available in both quick reference and download form. In the past, many people wanted to sell their jewelry because they no longer wear it, or a broken relationship; but more often we are seeing jewelry for potential sale to boost their current income. We start off our brochure with a dose of reality, but before you sell your jewelry, ask yourself "is selling Grandma's engagement ring really worth one month's rent", what happens next month? Of course there is nothing wrong with selling jewelry you no longer care about, but maybe think about other options before selling a treasured family heirloom.
Tuesday, October 7, 2008
Gemstone Identification
Just a notice to let you know that we still have availability in the Gemstone Identification class this weekend, October 11th and 12th. Taken in conjunction with Gemstone Evaluation (next month), you earn eligibility to go to Ted's Tucson Tour in February! For information on our classes, see the school section on our website.
For last minute enrollment, call Audrey at 425-455-0985.
Monday, August 25, 2008
Digging through the archives
Well, I've been digging through the old NGL archives and found our old newsletters dating back to the early '80s! I found it interesting to see issues we are still encountering today, or problems that seemed to creep up much earlier than you would think. I'll be posting them all here (or at least the relevant ones) with their original dates. Make sure to comment and let me know what you think!
Audrey
Audrey
Tuesday, June 24, 2008
When selling gold, it pays to shop around
The following is a news story by KOMO 4 news reporter, Herb Weisbaum, which NGL was consulted on:
By Herb Weisbaum
Watch the Story
With gold prices nearing $900 an ounce, selling old or unwanted jewelry can seem like an attractive option, and Northwest pawn shops and jewelry stores are buying more and more gold.
"Probably 35 to 40 percent over a year ago," said David Michael with Dacel Jewelers.
If you have gold coins you know exactly what they're worth. But when you walk into a store with an old ring or chain and say "make me an offer," are you going to get a good price?
We decided to find out by going undercover.
We visited three jewelry stores and five pawn shops with a gold ring and gold chain brought in by a KOMO producer, and Linda, a viewer with a pile of gold jewelry she wanted to sell. Each store had a different procedure.
At Ben's Loans in Renton, they just took the items and put them on a scale.
Same drill at the Yuppie Pawn Shop in Kirkland.
At the Pawn Xchange in Bellevue and Super Pawn in Tukwila, they took a lot longer coming up with a price, spreading each item out and going over them in detail.
The offers for the ring and chain ranged from $50 to $120. Linda was offered anywhere from $70 to $105 for her items.
In both cases, the two highest offers came from the pawn shops, not the jewelry stores.
The Yuppie Pawn Shop in Kirkland gave us the highest price for our producer's ring and chain, and the lowest price for Linda's jewelry.
The lesson?
"I learned to shop around, that it's a good idea to get out there and take your jewelry to lots of places," said Linda.
Yuppie Pawn Shop owner Brian Lurie said he tries to give a fair price, but it might not always be the best price.
"We want your motorcycle, your rolex and we pay you more for it," he said. "We're not a jewelry store and we don't love the jewelry. We just love the weight of the jewelry."
Lurie said sellers shouldn't come in thinking they're going to get top-dollar.
"You're not going to get what gold sells for and you're not going to get what new jewelry prices are."
A lot of the gold people bring is to sell is 14-karat gold, which is only half gold. So if you have an ounce, it's not worth $900 -- it's worth about $450. But the buyer also has to sell it to the refiner.
"So you might see 30 to 50 percent less than the refiner actually pays the jeweler or over-the-counter buyer, simply to take into account those market fluctuations and the cost of doing business," said Ted Irwin with the Northwest Gemological Institute.
For example, if you had an ID bracelet that weighs a little more than an once, the scrap gold value is probably about $500.
But pawn shop owner Lurie says you're never going to get that much for it, and could instead expect about $250.
So before accepting an offer, be sure to take your gold to several pawn shops or jewelry stores to see who makes the best offer.
For More Information:
What you Should Know About Selling Your Jewelry
By Herb Weisbaum
Watch the Story
With gold prices nearing $900 an ounce, selling old or unwanted jewelry can seem like an attractive option, and Northwest pawn shops and jewelry stores are buying more and more gold.
"Probably 35 to 40 percent over a year ago," said David Michael with Dacel Jewelers.If you have gold coins you know exactly what they're worth. But when you walk into a store with an old ring or chain and say "make me an offer," are you going to get a good price?
We decided to find out by going undercover.
We visited three jewelry stores and five pawn shops with a gold ring and gold chain brought in by a KOMO producer, and Linda, a viewer with a pile of gold jewelry she wanted to sell. Each store had a different procedure.
At Ben's Loans in Renton, they just took the items and put them on a scale.
Same drill at the Yuppie Pawn Shop in Kirkland.
At the Pawn Xchange in Bellevue and Super Pawn in Tukwila, they took a lot longer coming up with a price, spreading each item out and going over them in detail.
The offers for the ring and chain ranged from $50 to $120. Linda was offered anywhere from $70 to $105 for her items.
In both cases, the two highest offers came from the pawn shops, not the jewelry stores.
The Yuppie Pawn Shop in Kirkland gave us the highest price for our producer's ring and chain, and the lowest price for Linda's jewelry.
The lesson?
"I learned to shop around, that it's a good idea to get out there and take your jewelry to lots of places," said Linda.
Yuppie Pawn Shop owner Brian Lurie said he tries to give a fair price, but it might not always be the best price.
"We want your motorcycle, your rolex and we pay you more for it," he said. "We're not a jewelry store and we don't love the jewelry. We just love the weight of the jewelry."
Lurie said sellers shouldn't come in thinking they're going to get top-dollar.
"You're not going to get what gold sells for and you're not going to get what new jewelry prices are."
A lot of the gold people bring is to sell is 14-karat gold, which is only half gold. So if you have an ounce, it's not worth $900 -- it's worth about $450. But the buyer also has to sell it to the refiner.
"So you might see 30 to 50 percent less than the refiner actually pays the jeweler or over-the-counter buyer, simply to take into account those market fluctuations and the cost of doing business," said Ted Irwin with the Northwest Gemological Institute.
For example, if you had an ID bracelet that weighs a little more than an once, the scrap gold value is probably about $500.
But pawn shop owner Lurie says you're never going to get that much for it, and could instead expect about $250.
So before accepting an offer, be sure to take your gold to several pawn shops or jewelry stores to see who makes the best offer.
For More Information:
What you Should Know About Selling Your Jewelry
Counterfeiters capitalize on 'Tiffany' name
The following is a news story by KOMO 4 news reporter, Herb Weisbaum, which NGL was consulted on:
By Herb Weisbaum
Watch the story
When it comes to fine jewelry, no one shines brighter than Tiffany. So when Sarah VanGrunsven was deciding a Valentine's Day present she had her heart set on a Tiffany chain and heart pendant. "She'd mentioned that she'd found a few online that were reasonably priced and, of
course, you know that sounded good to me," said Lee Van Grunsven.Lee wanted to surprise his wife, so he went online while she was asleep and ordered the chain from the tiffanyjewelry.us web site. "The website said that it was the true, legitimate Tiffany's," said Lee, who spent $89 for the bracelet -- a good price since it's listed for $190 at the Tiffany store. "A few days later I saw it was a being shipped from China and I was like, 'uh oh.' This might not be legit like the website says it is."When the package showed up, it was a counterfeit chain and pendant in a counterfeit Tiffany bag. "They never responded to any of my e-mails of course, because they knew that they were caught that they were sending a knockoff," Sarah said. Lee couldn't stick his Valentine with a cheap knockoff, so he went to a Tiffany store and bought the genuine chain. But just what do you get when you wind up with a fake? It starts with the bag. On a real bag the "Tiffany" label is embossed, but with the fake it's just printed on. And when it comes to the actual jewelry, Gemologist Audrey 
Forrest of the Northwest Gemological Institute had no trouble telling them apart. "Tiffany does take a lot of care to make sure theirs is manufactured with precision," she said. "They obviously use a cheaper process in the counterfeit."Tiffany engraves its heart pendant, and the counterfeiters don't. There's also a big difference in the chain links. Tiffany uses a perfect round shape, but the counterfeit uses non-symmetrical egg-shaped links, which are cheaper to make. "The Tiffany bracelet which sells for $190 would appraise for $190," Forrest said. "This bracelet which was sold on the fake web site for $89 is really not worth the Tiffany that's on there. You're looking at a $50 to $60 bracelet because it's just a silver bracelet."Tiffany says it tries to shut down web sites selling counterfeit jewelry, but cleary it can't stop them all.So, how do you protect yourself? Just remember this: Tiffany never has a sale, and it doesn't have an outlet store. There are no specials, and no discounts. If you're dealing with Tiffany, it's full price.
By Herb Weisbaum
Watch the story
When it comes to fine jewelry, no one shines brighter than Tiffany. So when Sarah VanGrunsven was deciding a Valentine's Day present she had her heart set on a Tiffany chain and heart pendant. "She'd mentioned that she'd found a few online that were reasonably priced and, of
course, you know that sounded good to me," said Lee Van Grunsven.Lee wanted to surprise his wife, so he went online while she was asleep and ordered the chain from the tiffanyjewelry.us web site. "The website said that it was the true, legitimate Tiffany's," said Lee, who spent $89 for the bracelet -- a good price since it's listed for $190 at the Tiffany store. "A few days later I saw it was a being shipped from China and I was like, 'uh oh.' This might not be legit like the website says it is."When the package showed up, it was a counterfeit chain and pendant in a counterfeit Tiffany bag. "They never responded to any of my e-mails of course, because they knew that they were caught that they were sending a knockoff," Sarah said. Lee couldn't stick his Valentine with a cheap knockoff, so he went to a Tiffany store and bought the genuine chain. But just what do you get when you wind up with a fake? It starts with the bag. On a real bag the "Tiffany" label is embossed, but with the fake it's just printed on. And when it comes to the actual jewelry, Gemologist Audrey 
Forrest of the Northwest Gemological Institute had no trouble telling them apart. "Tiffany does take a lot of care to make sure theirs is manufactured with precision," she said. "They obviously use a cheaper process in the counterfeit."Tiffany engraves its heart pendant, and the counterfeiters don't. There's also a big difference in the chain links. Tiffany uses a perfect round shape, but the counterfeit uses non-symmetrical egg-shaped links, which are cheaper to make. "The Tiffany bracelet which sells for $190 would appraise for $190," Forrest said. "This bracelet which was sold on the fake web site for $89 is really not worth the Tiffany that's on there. You're looking at a $50 to $60 bracelet because it's just a silver bracelet."Tiffany says it tries to shut down web sites selling counterfeit jewelry, but cleary it can't stop them all.So, how do you protect yourself? Just remember this: Tiffany never has a sale, and it doesn't have an outlet store. There are no specials, and no discounts. If you're dealing with Tiffany, it's full price.
Friday, June 20, 2008
NGL is Blogging!
NGL has decided to begin blogging our articles online! Sometimes we save our articles for a few months before we publish our sometimes-yearly newsletter! Now you can read our articles as soon as we have them ready. Archives from past years will be up shortly.
Audrey
Audrey
Tuesday, May 20, 2008
Whataya gonna do….sue? At least complain (Op-ed with Ted)
You just bought fine jewelry over the internet. You shopped several dealers offering diamonds certified by major laboratories and found a company with a much better deal than the others. Their diamonds were several grades better for the same money, in fact , their deals were “TOO GOOD TO BE TRUE”.
While the grading “labs” used weren’t the familiar GIA (Gemological institute of America – Gem Trade Laboratory) or AGS, (American Gemological Society Laboratories) they still had three initials and were represented as “independent’ so you made the purchase. Then, to acquire insurance, you visit NGL for an appraisal…...only to have your bubble burst.
We, unfortunately do a lot of bubble-bursting i.e. informing the client the grading is way off, the diamond has been clarity-enhanced without proper disclosure, etc. But, what is surprising is that most of our clients in this scenario either make a polite return (if allowed) or keep the jewelry anyway! Because the “value” amount on our appraisal is usually similar to what was paid, the client GOT WHAT THEY PAID FOR. They were just mislead when the qualitative aspects were grossly inflated.
Do they have recourse? Since most courts view damages as the monetary discrepancy between what was paid and the appraisal value, many think no. But what if the approach were to gain “the benefit of the bargain” by demanding the promised quality? In the hundreds
of such cases we have had, only a couple clients have pressed the internet jeweler to send what they promised. Since only a very, very small percentage of consumers do this, it doesn’t hurt the jeweler if they occasionally make good on their promises. Of course, if all wronged consumers did that, the jeweler would be losing money and that is precisely how you change such practices.
Northwest consumers are fortunate in the fact that our local bricks and mortar jewelers are some of the most reputable in the country and quick to investigate an alleged discrepancy, which often tend to be minor or a matter of “professional opinion”.
There is a big difference, however when you can’t see the jeweler, handle their merchandise and personally confront them if a problem arises. So one needs to investigate virtual jewelers on how they represent themselves, their merchandise, and stand behind their promises - and don’t rely on the “positive feedback” section their web listing. Talk to a real person and tell them you are having your independent appraiser verify their grading. Tell them you expect the quality to be as promised, replacement with the stated quality if not, or a financial adjustment if the grading is off and you still want to keep the piece.
Since most reputable internet dealers tend to use only AGSL and GIA for diamond
grading reports, they won’t be the ones priced way under the rest of the market. And, while there are other respected laboratories out there, the consistency does drop off after the “big two”. The issue comes more into play when the “labs” are merely producing “paper” for the jeweler and their grading (see our last newsletter) seems to be significantly high relative to the asking price. That’s your red flag.
In a recent conversation with a consumer advocate personality I know, I brought up the prospect of a news feature on the prevalence of internet jewelry fraud. His response was “That isn’t news... ……..it’s assumed.” So, protect yourself and remember you have a friend in the diamond appraisal business (that would be us).
The rest is up to you.
Ted
P.S. The Accredited Gemologists Association (of which we are a Certified Lab) has produced a consumer complaint form to report fraud or deceptive practices. It can be procured from their website http://www.accreditedgemologists.org/. along with instructions and possible courses of action.
While the grading “labs” used weren’t the familiar GIA (Gemological institute of America – Gem Trade Laboratory) or AGS, (American Gemological Society Laboratories) they still had three initials and were represented as “independent’ so you made the purchase. Then, to acquire insurance, you visit NGL for an appraisal…...only to have your bubble burst.
We, unfortunately do a lot of bubble-bursting i.e. informing the client the grading is way off, the diamond has been clarity-enhanced without proper disclosure, etc. But, what is surprising is that most of our clients in this scenario either make a polite return (if allowed) or keep the jewelry anyway! Because the “value” amount on our appraisal is usually similar to what was paid, the client GOT WHAT THEY PAID FOR. They were just mislead when the qualitative aspects were grossly inflated.
Do they have recourse? Since most courts view damages as the monetary discrepancy between what was paid and the appraisal value, many think no. But what if the approach were to gain “the benefit of the bargain” by demanding the promised quality? In the hundreds
of such cases we have had, only a couple clients have pressed the internet jeweler to send what they promised. Since only a very, very small percentage of consumers do this, it doesn’t hurt the jeweler if they occasionally make good on their promises. Of course, if all wronged consumers did that, the jeweler would be losing money and that is precisely how you change such practices.
Northwest consumers are fortunate in the fact that our local bricks and mortar jewelers are some of the most reputable in the country and quick to investigate an alleged discrepancy, which often tend to be minor or a matter of “professional opinion”.
There is a big difference, however when you can’t see the jeweler, handle their merchandise and personally confront them if a problem arises. So one needs to investigate virtual jewelers on how they represent themselves, their merchandise, and stand behind their promises - and don’t rely on the “positive feedback” section their web listing. Talk to a real person and tell them you are having your independent appraiser verify their grading. Tell them you expect the quality to be as promised, replacement with the stated quality if not, or a financial adjustment if the grading is off and you still want to keep the piece.
Since most reputable internet dealers tend to use only AGSL and GIA for diamond
grading reports, they won’t be the ones priced way under the rest of the market. And, while there are other respected laboratories out there, the consistency does drop off after the “big two”. The issue comes more into play when the “labs” are merely producing “paper” for the jeweler and their grading (see our last newsletter) seems to be significantly high relative to the asking price. That’s your red flag.
In a recent conversation with a consumer advocate personality I know, I brought up the prospect of a news feature on the prevalence of internet jewelry fraud. His response was “That isn’t news... ……..it’s assumed.” So, protect yourself and remember you have a friend in the diamond appraisal business (that would be us).
The rest is up to you.
Ted
P.S. The Accredited Gemologists Association (of which we are a Certified Lab) has produced a consumer complaint form to report fraud or deceptive practices. It can be procured from their website http://www.accreditedgemologists.org/. along with instructions and possible courses of action.
For both legal and family interests - Handling Estate Issues for Fine Jewelry
Jewelry left in one’s estate usually requires thoughtful examination by an expert to determine value (or lack thereof) for disposition to heirs, taxation or just plain curiosity from family members. Even if previous documentation is available, it was probably prepared for insurance purposes, not fair market value, as used for estates. For large estates where items have significant value, written appraisals should be provided with the same depth as those prepared for insurance purposes.
But, unlike insurance requirements, more abbreviated documents may also serve the estate, providing essentials for identification and value, photographs and a signed document. We often advise this shortened format since it still provides sufficient information for probate and declaration purposes while saving the client money in the process.
In some cases, where a signed document is not required an informal consultation may suffice, where we examine articles and sort out those of value. The client receives the essential information verbally and may take notes that can be shared with the interested parties. We often recommend this route when there are a high number of costume and lower valued items, not contributing significantly to the estate.
Whenever representing an estate, make sure to state that purpose to the appraiser so articles are properly prepared at fair market value. This represents a hypothetical sale price in the market most appropriate for that article and may vary considerably from a retail value done for insurance replacement purposes. There is no set ratio to arrive at fair market value from retail. It depends on the article, its marketability and condition, with each piece being considered on an individual basis.
As more and more baby boomers are now dealing with the estates of their parents, a much greater proportion of our business is for such purposes. NGL continues to offer consultation for the best course of action in an individual case—whether documenting a multimillion dollar estate or giving descendants an idea of what Mom left in all those shoe boxes.
But, unlike insurance requirements, more abbreviated documents may also serve the estate, providing essentials for identification and value, photographs and a signed document. We often advise this shortened format since it still provides sufficient information for probate and declaration purposes while saving the client money in the process.
In some cases, where a signed document is not required an informal consultation may suffice, where we examine articles and sort out those of value. The client receives the essential information verbally and may take notes that can be shared with the interested parties. We often recommend this route when there are a high number of costume and lower valued items, not contributing significantly to the estate.
Whenever representing an estate, make sure to state that purpose to the appraiser so articles are properly prepared at fair market value. This represents a hypothetical sale price in the market most appropriate for that article and may vary considerably from a retail value done for insurance replacement purposes. There is no set ratio to arrive at fair market value from retail. It depends on the article, its marketability and condition, with each piece being considered on an individual basis.
As more and more baby boomers are now dealing with the estates of their parents, a much greater proportion of our business is for such purposes. NGL continues to offer consultation for the best course of action in an individual case—whether documenting a multimillion dollar estate or giving descendants an idea of what Mom left in all those shoe boxes.
