A Southington man was disappointed to learn that a ring he believed to be worth thousands of dollars was unlikely to sell for anywhere close to what he paid.
Over the years, Steven Perretta has built up his Versace collection. In 2017, he added another piece that included an 18-karat, white gold, diamond and amethyst ring he bought at a Meriden jewelry store for $3,800.
“It’s the first purchase I ever made that’s Versace that’s not bought directly from Versace,” said Steven Perretta.
The appraisal certificate from the jeweler, for insurance purposes only, estimates the ring’s value at $6,850.
“It was more like an investment and an asset down the line,” said Perretta.
Perretta said he didn’t get authenticity papers from the sales associate when he bought the ring.
“It felt like the real deal, it had Versace in it and even on the inside, it had a V. So, I was under the impression this was the real, this was an actual Versace authentic Versace item,” said Perretta.
He went to several jewelers in Connecticut to see what the ring was worth if he sold it. Perretta was disappointed to learn that the ring’s resale value was only $350 to $800 - thousands of dollars less than what he paid for it.
“I was infuriated,” said Perretta.
NBC Connecticut Responds reached out to the jewelry store’s owner who told us he buys high-end pieces at different shows across the country and not all of the jewelry comes with authenticity papers.
“We’ve come into this many, many times,” said independent expert Arthur DeMello.
DeMello is an gemologist. He says he’s seen this often in the jewelry industry where consumers are confused over the cost of replacing jewelry versus reselling it.
“When it comes to selling that item, that item is only going to be worth a value to the consumer in that market. Not necessarily to a jeweler because a jeweler will buy that item and has to resell that item,” said DeMello.
He adds that there are high-profit margins for jewelry based on supply and demand. He reminds the public that it’s important to get a certificate of authenticity and warranty papers when you make a purchase.
And that’s the take away for Perretta. He said the next time, if he doesn’t purchase an item at the Versace store, he’ll do his research before buying the designer jewelry at another store.
“And wait for the papers, don’t purchase before that,” said Perretta.