One morning a client calls for an appraisal appointment on a purchase made over the weekend at an estate auction. They had purchased an advertised 4 carat 'canary' diamond. Upon discovery in the evaluation process, there was no diamond by identity. The client was a bit upset having spent several thousands of dollars for no diamond. We produced the necessary paperwork and they called the auction company. The auction company had sold the diamond based on another jeweler's appraisal and was surprised to find they had unintentionally made a mistake. They did not have to return the money but graciously did. The auction company called the attorney's office that had the jewelry appraised, then the jeweler was called . . . .

Who is the responsible party?

Why did the jeweler appraise the stone as diamond when it wasn't?

Why did the jeweler appraise the diamond as a fancy vivid yellow (canary) when they have no equipment nor knowledge to evaluate it? If it was a fancy vivid yellow, what is the origin of color . . . natural or irradiated?

The role of this appraiser is to call it like it is. Stay independent and be an advisor to the client.

To future buyers at auction, know your appraiser. What are their credentials? Do they stay abreast of current trends? Do they have the gemological tools to identify? Do they know the various markets that they do not participate . . . particularly the secondary market