It actually lasted a lot longer than a few months. The seller DDD has at least backed down a bit on the appraisal values that they, themselves (themselves being the supposed 3rd party preparing the appraisals) were conjuring. Do you remember those stretch freshwater bracelets, costing less than a dollar in China, with standard appraisals for $3900? I also have a feeling they are connected to UGL and Bitons on Bid4assets.com. Do you notice the similarity in design and graphics? Check this appraisal for 6.5mm freshwater (visibly low-end) for more than $4000.
http://www.bid4assets.com/auction/index.cfm?auctionid=262966&STI=1131350
DDD is selling along side Bitons as well on bid4assets.
http://www.bid4assets.com/auction/index.cfm?auctionid=263687&STI=1131363
Check it out. 50 cent earrings, and they tell us to do the math. Wholesale is $865?!?! Maybe in 50 years after super inflation. True wholesale would be closer to $.865.
I found these guys a few years back when a customer of theirs brought some pearls to me for an evaluation - along with the cert. I told them in no uncertain terms that it was a worthless document. The owner of DDD proceeded to call me and threaten to sue me. I basically laughed at him.
Here is a letter sent from the JVC to DDD a couple of years back. I have serious doubts as to whether they provided any information on the "graduate gemologists" to the JVC.
April 16, 2004
Diamond Depot Direct
40880 B, Suite L
County Center Drive
Temecula, CA 92591
ATT: Mr. Constantin Tsambasis
RE: File No. 10202 JVC v. Diamond Depot Direct
Dear Constantin:
The Jewelers Vigilance Committee asks for your special attention to the following matter. As a non-profit association, solely supported by the industry, it is our mission to advance high ethics and sound business practices in the jewelry industry. Since 1912, the JVC has undertaken to assist members of the industry to comply with federal and state laws, in order to promote the integrity of the industry.
The estimated retail replacement values that you are providing on your eBay site, for example for items #4102302554, #4102296870, #4102699959, #4102760256, #4102760287, seem drastically inflated. The Federal Trade Commission Guides for the Jewelry, Precious Metals and Pewter Industries, ? 23.1, clearly state that it is deceptive to misrepresent the value of a jewelry item. In addition, ?43(a) of the Lanham Act prohibits any representations of facts or words that cause confusion or misrepresent the truth. By continuing to provide deceptive and misleading appraisals that state inflated values you are in clear violation of these laws and regulations. In addition, your competitors might file suit against you, as provided for by the Lanham Act.
Aside from immediately ceasing to use such inflated appraisals, please forward the following information: Who is operating the ?Gemological Grading Group?? Kindly provide the JVC with the names of the Graduate Gemologists that examine your merchandise, as stated on your web site.
Diamond Depot Direct
April 16, 2004
Page 2
Should you choose to continue using these inflated appraisals for advertising your merchandise, the JVC will be left with no alternative but to discontinue your JVC membership in the future. We hope that you understand that such blatant disregard for existing laws and regulations as
well as for ethical standards is not acceptable to an industry association whose specific goal it is to achieve industry-wide compliance with exactly those laws and regulations.
In the meantime, we trust you will make every effort to correct the mis-impression you may have given your customers. We look forward to hearing from you. Thank you for your time and attention to this matter.
Very truly yours,
Ulla Wolff
Assistant General Counsel
