Drew Brees is learning a lesson the hard way about jewelry appraisals.

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Inside the Law: Jewelry Appraisal

October 23, 2018 - 4:30 am
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By Amy E. Feldman, Judge Technology Solutions​

PHILADELPHIA (KYW Newsradio) -- Drew Brees is learning a lesson the hard way about jewelry appraisals. 

New Orleans Saints quarterback Drew Brees filed a lawsuit against his jeweler earlier this year for defrauding him because he claimed that the diamond ring he bought for $8 million was appraised for only $3 million. 

Pft. I'm embarrassed for someone who would wear such a cheap ring. 

Or maybe not. 

After the low appraisal, Brees sold the ring for $3.75 million, but it's now come out that the jeweler who bought it has relisted it for almost $7 million.

It's unclear if he got scammed when he bought it or when he sold it. 

How do know what the value of jewelry really is? 

It's not so easy. 

There are no laws that set education standards or require certifications to become a jewelry appraiser, and jewelry appraisals are often done by the jewelry store which is selling jewelry. Moreover, it's often done to get the jewelry insured, but you need to know that it doesn't necessarily reflect the resale value, which is often considerably less.  
 
If you're getting an independent appraisal, make sure it's with a GIA-certified appraiser and be sure to ask what the resale value is lest, like Brees, you get sacked in the pocketbook.