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This ‘Fake’ Diamond Only Cost $13 … But It’s Worth $448,000!

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Thirty years ago, a woman from west London scooped up a showy ring for £10 ($13) at a car boot sale.

Convinced that it was costume jewelry due to its low price, oversized center stone and filthy mounting, the woman cleaned it up and made it part of her day-to-day fashion wardrobe. (For Brits, a car boot sale is akin to a flea market.)INSTORE carbootsale

Now, decades later, Sotheby’s London will be putting the ring on the auction block on June 7 for a staggering pre-sale high estimate of $448,000. You see, the bauble turned out to be a 26.27-carat, antique cushion-shaped diamond that dates back to the 19th century.

“The owner would wear it out shopping, wear it day-to-day. It’s a good looking ring,” Jessica Wyndham, head of Sotheby’s London jewelry department, told the BBC. “But it was bought as a costume jewel. No one had any idea it had any intrinsic value at all. [She] enjoyed it all this time.”

Only recently, a local jeweler told the owner that the ring could be very valuable. The owner, who did not want to be identified, took the ring to Sotheby’s, which confirmed the authenticity of the diamond with a report from the Gemological Institute of America. The diamond earned an impressive clarity grade of VVS2 and an “I” color rating.

Sotheby’s believes the ring will sell in the range of $320,000 to $448,000.

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The owner had been convinced that her stone was a fake because it didn’t sparkle like a modern diamond.

“With an old style of cutting … the light doesn’t reflect back as much as it would from a modern stone cutting,” Wyndham said. “Cutters worked more with the natural shape of the crystal, to conserve as much weight rather than make it as brilliant as possible.”

Wyndham said the sale of the ring would be life-changing for the owner. She called the ring a “one-off windfall, an amazing find.”

HOWARD COHEN is the Shoreham, NY-based editor of The Jeweler Blog, a daily blog ghost-written for retail jewelers. Cohen, a long-time industry veteran, is dedicated to making social media tasks simple and affordable for every jeweler. For more information, visit thejewelerblog.com or contact Cohen at 631-821- 8867, [email protected]. Websites: thejewelerblog.com, thejewelerblog.wordpress.com.


This article is an online extra for INSTORE Online.

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Wilkerson Testimonials

If It’s Time to Consolidate, It’s Time to Call Wilkerson

When Tom Moses decided to close one of the two Moses Jewelers stores in western Pennsylvania, it was time to call in the experts. After reviewing two candidates, Moses, a co-owner of the 72 year-old business, decided to go with Wilkerson. The sale went better than expected. Concerned about running it during the pandemic, Moses says it might have helped the sale. “People wanted to get out, so there was pent-up demand,” he says. “Folks were not traveling so there was disposable income, and we don’t recall a single client commenting to us, feeling uncomfortable. It was busy in here!” And perhaps most importantly, Wilkerson was easy to deal with, he says, and Susan, their personal Wilkerson consultant, was knowledgeable, organized and “really good.” Now, the company can focus on their remaining location — without the hassle of carrying over merchandise that either wouldn’t fit or hadn’t sold. “The decision to hire Wilkerson was a good one,” says Moses.

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This ‘Fake’ Diamond Only Cost $13 … But It’s Worth $448,000!

mm

Published

on

Thirty years ago, a woman from west London scooped up a showy ring for £10 ($13) at a car boot sale.

Convinced that it was costume jewelry due to its low price, oversized center stone and filthy mounting, the woman cleaned it up and made it part of her day-to-day fashion wardrobe. (For Brits, a car boot sale is akin to a flea market.)INSTORE carbootsale

Now, decades later, Sotheby’s London will be putting the ring on the auction block on June 7 for a staggering pre-sale high estimate of $448,000. You see, the bauble turned out to be a 26.27-carat, antique cushion-shaped diamond that dates back to the 19th century.

“The owner would wear it out shopping, wear it day-to-day. It’s a good looking ring,” Jessica Wyndham, head of Sotheby’s London jewelry department, told the BBC. “But it was bought as a costume jewel. No one had any idea it had any intrinsic value at all. [She] enjoyed it all this time.”

Only recently, a local jeweler told the owner that the ring could be very valuable. The owner, who did not want to be identified, took the ring to Sotheby’s, which confirmed the authenticity of the diamond with a report from the Gemological Institute of America. The diamond earned an impressive clarity grade of VVS2 and an “I” color rating.

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Sotheby’s believes the ring will sell in the range of $320,000 to $448,000.

The owner had been convinced that her stone was a fake because it didn’t sparkle like a modern diamond.

“With an old style of cutting … the light doesn’t reflect back as much as it would from a modern stone cutting,” Wyndham said. “Cutters worked more with the natural shape of the crystal, to conserve as much weight rather than make it as brilliant as possible.”

Wyndham said the sale of the ring would be life-changing for the owner. She called the ring a “one-off windfall, an amazing find.”

HOWARD COHEN is the Shoreham, NY-based editor of The Jeweler Blog, a daily blog ghost-written for retail jewelers. Cohen, a long-time industry veteran, is dedicated to making social media tasks simple and affordable for every jeweler. For more information, visit thejewelerblog.com or contact Cohen at 631-821- 8867, [email protected]. Websites: thejewelerblog.com, thejewelerblog.wordpress.com.


This article is an online extra for INSTORE Online.

Advertisement

Advertisement

SPONSORED VIDEO

Wilkerson Testimonials

If It’s Time to Consolidate, It’s Time to Call Wilkerson

When Tom Moses decided to close one of the two Moses Jewelers stores in western Pennsylvania, it was time to call in the experts. After reviewing two candidates, Moses, a co-owner of the 72 year-old business, decided to go with Wilkerson. The sale went better than expected. Concerned about running it during the pandemic, Moses says it might have helped the sale. “People wanted to get out, so there was pent-up demand,” he says. “Folks were not traveling so there was disposable income, and we don’t recall a single client commenting to us, feeling uncomfortable. It was busy in here!” And perhaps most importantly, Wilkerson was easy to deal with, he says, and Susan, their personal Wilkerson consultant, was knowledgeable, organized and “really good.” Now, the company can focus on their remaining location — without the hassle of carrying over merchandise that either wouldn’t fit or hadn’t sold. “The decision to hire Wilkerson was a good one,” says Moses.

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