6 ms·
It was appraised at $2150 USD. I'm not sure how that translates to the listing price but a 40x markup seems a bit extreme.
by hnbad 3y ago
It was appraised at $2150 USD. I'm not sure how that translates to the listing price but a 40x markup seems a bit extreme.
- davekeck 3y agoThe video (very end) and the website both say 192k. Where did you see 2150?
- hnbad 3y agoThe appraisal at the end of the video says "$2,375" according to the transcript (was watching without audio) and the sample appraisal (which I guess as your sibling pointed out was just meant as a sample of what an appraisal would look like, in which case I think it would have been better form not to include actual numbers) lists $2150 which is close to that value so I assumed that's the actual appraisal. Given that the sample actually shows a ring and refers to it in the full text, that's obviously not referring to the object but now I'm wondering about the $2,375 figure in the transcript. Is that just a really bad auto-transcription error?
- nickburns 3y agocut morganite retails for ~$300 USD/ct. this finished gem is a smidge over 297 carats.
- hnbad 3y agoThat explains the listed price, it doesn't explain the disparity to the transcript. Given the comments, I presume he said a different figure in the audio track than the transcript (and therefore subtitles) says?
- deleted 3y ago[deleted]
- Gare 3y agoYes, he said $192 375
- rkagerer 3y agoHow much was the stone he started with?
- nickburns 3y ago700 carats
- rkagerer 3y agoI meant in $
- nickburns 3y agoohhh. never mentioned.
- IAmGraydon 3y agoI’m guessing that uncut stone was around $40,000, but he never says because he clearly doesn’t want to reveal his margins.
- axlee 3y agoI'd have thought that the bigger the gem, the larger the markup.
- Karliss 3y agoYes seems like audio transcript error. The audio says 192375 instead of 2375 . Same number just the first few digits got cut off.
- rkagerer 3y agoWatched with subtitles and audio, and there are lots of errors in the transcript.
- junon 3y agoThe funniest error was [Music] every time it was just a grinding noise.
- IAmGraydon 3y agoYeah my wife and I were chuckling at that too.
- Mtinie 3y agoThe “dot” for “dop” mistakes were curious, not because they existed, but that the transcription engine got it right a few times.
- deleted 3y ago[deleted]
- ggruschow 3y agoI think you're reading the "SAMPLE LEGAL APPRAISAL" which is an appraisal for a different item. I think it's just to give you an idea of the form of appraisal they'd provide for insurance purposes.
- nickburns 3y agothis is correct. i found it odd to include that sample appraisal form with the listing at first glance, too. Wikipedia article on morganite says something like ~$300/carat depending on overall quality.
- TylerE 3y agoIt’s it a bell curve, so stuff that’s 4 or 5 std devs out is (potentially) worth much much much more than bull stones.
- jon_richards 3y agoNow I'm chuckling at the image of extremely expensive, perfectly cut, nanometer-scale stones.
- TylerE 3y agoThey’re actually very cheap, but you can literally get diamond sandpaper
- jon_richards 3y agoI'm picturing something more like this. https://researchnews.cc/imagenes/2021/03/19/Selffolding-2.jpg https://researchnews.cc/imagenes/2021/03/19/Selffolding-2.jp... Micrometer-scale, not nanometer-scale.
- Gare 3y agoNobody would waste 250 hours grinding a stone that cheap. It was obvious that there was error in audio transcript. Without any gemstone knowledge whatsoever, I guessed at least $40K.
- IAmGraydon 3y agoThat was my guess too - around $40k.
- hnbad 3y agoOh, absolutely. I wasn't questioning whether it would be sold for the price discussed here. I was wondering why the appraisal was that low (turns out: because the appraisal on the website is an unrelated sample and the appraisal in the video was mistranscribed by missing out several digits so the subtitles were off by orders of magnitude). There are a lot of areas where the label price is based on some underlying much lower value with somewhat standardized factors being applied so I was wondering if there's some implicit "everyone knows this" translation from the "appraisal" to the sale price I wasn't aware of. Hence me pointing out that that would be quite the markup so there is probably more to it than just profit.
- nickburns 3y agoin first-year 'Contracts,' 1L's study that the 'fair market value' of any good or service is defined by Black's Law Dictionary, amongst elsewhere, as "[t]he price that a seller is willing to accept and a buyer is willing to pay on the open market and in an arm's-length transaction [ . . . ]" this definition captures the actual sale price of almost any transaction imaginable quite comprehensively—which is what most people are really asking when curious about the 'value' of a good, like a precious gemstone, or a service. NB: 'value' is defined by the same as "1. The significance, desirability, or utility of something" or "2. The monetary worth or price of something; the amount of goods, services, or money that something commands in exchange." 'markup' as "[a]n amount added to an item's cost to determine its selling price."
- hnbad 3y ago