Earlier today, TMZ reported that New Orleans Saints quarterback Drew Brees is filing a lawsuit against Vahid Moradi of CJ Charles Jewelry in San Diego. Brees claims that he purchased $15 million dollars’ worth of jewelry from Moradi but was horrified to learn they appraised for far less, roughly $9 million dollars less in fact.
And cautionary tales like this motivate TrueFacet to bring transparency to the fine jewelry and watch marketplace. Here are the key lessons TrueFacet shoppers can glean from Brees’s bad shopping experience:
LESSON #1: Fine jewelry and watches can be an investment opportunity, but they’re never guaranteed to return on investment.
In his suit, Breees claims the fine jewelry was marketed to him as a long-term investment opportunity, something that he could profit from in 10-15 years. But shoppers should always remember: purchasing fine jewelry at full retail price is not always the amazing investment opportunity a salesperson may make it out to be.
This is why TrueFacet urges customers who hope to capitalize on a luxury watch or fine jewelry purchase to go the pre-owned route by bypassing a significant depreciation and saving money from the onset. To learn more about why pre-owned jewelry is a savvier investment opportunity than shopping traditional retail, read our post 5 Reasons to Buy Pre-Owned Jewelry and Watches here.
LESSON #2: Always seek an appraisal.
Drew Brees’s story and following lawsuit illuminates how important it is to get your recent purchase appraised right away. (At present, it is unclear why Brees did not immediately get his big-ticket buys valuated.) Had Brees promptly received his appraisal and seen how vastly different the amount he paid and the amount his items were valuated at, he could have returned the item quickly—and would not have continued to throw so much money down the drain.
So, what you should glean from this is: to ensure that you paid the fair market value, bring your item to a third-party (like another jeweler) to appraise your item. Check out our expert tips in how to find a jeweler or jewelry repairperson you can trust here.
LESSON #3: Research the fair market value before you buy any piece of jewelry or watch.
There is a significant retail markup in fine jewelry, sometimes marked up double or triple the original value. It seems like Brees may have been unclear of these steep, albeit common, markups and felt duped.
In turn, we strongly encourage you to thoroughly research the fair market value before spending—especially if you’re shopping for unbranded fine jewelry. (Jewelry from big name brands like Cartier and Tiffany & Co. have a standard price tag, set by the brands directly.) We further break down how jewelry valuation works and how to know if you’re getting a fair price for your jewelry in our post here.
To learn more about jewelry valuation works and what TrueFacet does to ensure you only pay the fair market value, feel free to call us at 1-800-690-3736 to speak with a concierge associate.