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Diamonds Are NOT A Girl's Best Friend

For an anniversary gift, my father bought Mom a 3.6 carat, diamond solitaire ring for $51,000 in the early 1970s. That's $340,000 in today's dollars.

In sketchy areas, Mom turned the huge diamond to her palm. "I could have my finger cut off for this ring," she said.

Mom died in 2008. During a bad recession. We had Mom's ring appraised: $55,000; excellent quality. My three siblings and I held off on selling the ring, thinking the economy was lousy and it will increase in value.

Meanwhile, the diamond market and technology changed. Conflict diamonds became an international issue. Now diamonds are computer-cut. Everyone wants computer-cut diamonds.

Mom's beautiful, hand-cut diamond ring was suddenly Beverly Hillbilly-style, not desirable.

It was reappraised at $26,500. Attempts to sell it for $25,000 failed for a year. $15,000 failed for a year. Finally found a buyer at $9,500. We got $9,275 after expenses.

A New York City jeweler bought the diamond. The setting was melted down and sold as gold.

Yesterday, I received a check for $2,318 (what each of us got).

"May I have the crispest $100 bill you have?" I asked while depositing the check. "It's for my daughter."

My brother bought an iPhone.

Glad my mother gave me her pearls! Now I need to get them re-strung.

LiterateHiker 9 May 30
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26 comments (26 - 26)

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1

Ouch, I hate that feeling of losing out on a huge investment. While working at a music store before college, I bought a $3,500 Martin HD28-LSV acoustic guitar, worth more than most of my cars to this day. It should have been a great investment. Famous among bluegrass musicians, the D-28 is the most iconic acoustic guitar ever created, and this was a signature model with an extra large sound hole modeled after the one played by Clarence White of the Byrds. His cigarette had burned away part of the soundhole so he had it routed out to conceal the damage, creating a new, voluminous sound.

With the wholesale discount from working at the store I paid 2,700; I made payments while working over a couple years, and my dad paid off the last 600 dollars as a graduation present. It was really hard to play, but it was the loudest stringed acoustic instrument possible with the boomiest bass and crispiest high end you’ve ever heard. I fell on hard times paying my rent a couple years ago, and brought it to a music store. As it turns out, my years of chain smoking and not keeping a hygrometer in the case had dried it out, causing the neck to bow away from the body in such a way that I didn’t notice, because the action (string height) was always very high to begin with. It wasn’t made of the endangered woods I was told either; supposedly Indian Sitka Spruce and Brazilian rosewood, now illegal to harvest.

I know just enough about instruments to know they were telling the truth, and it would need serious repairs, but still a great instrument. I took 1600 for it and it still hurts to think about. I definitely don’t want to know what they sold it for after repairs.

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