(a) Definitions.
Jewelry. "Jewelry" means unset rare gems, precious stones and semi-precious stones, and articles for personal wear which contain rare gems, precious stones or semi-precious stones.
Standard of monetary value. "Standard of monetary value" means the basis for measurement such as retail replacement value, wholesale value, or resale value.
(b) Jewelry appraisals – requirements.
(1) Every written appraisal must state the standard of monetary value used, clearly and on the same side of the paper that contains the appraised value. If the standard used is the retail replacement value, the appraisal form must contain a notice which states clearly and conspicuously:
(i) that the appraisal value is the approximate price at which retail jewelry stores would sell the item;
(ii) that the consumer should not expect to be able to sell the item at the appraised value;
(iii) that appraisers' opinions as to the value of jewelry vary by as much as 25 percent; and
(iv) that the appraiser does not guarantee that it will buy the item from the consumer if the consumer desires to resell it in the future. (If the appraiser is willing to make such a guarantee, then it must state the price at which it will buy the item.) This disclosure need not be made if the appraiser never buys jewelry from members of the public.
(2) Example: The following notice would satisfy the requirements of 6 RCNY § 5-47(b), in the case of an appraiser who also buys from the public and who is not willing to make any guarantees concerning purchase:
Notice – This appraisal tells you the approximate price at which you could replace this article with comparable merchandise at a retail jewelry store which normally sells jewelry of like quality. You should not expect to be able to sell the article for this amount. The opinions of appraisers concerning value vary by up to 25 percent. This company does not promise to buy the article from you at the appraised value or at any fraction of the appraised value.
(c) Jewelry sales – requirements. A seller who offers to sell an article of jewelry for more than $75.00 must give to the buyer, at or before the time of sale, a written sales slip which conspicuously contains:
(1) the price;
(2) in the case of a diamond or any article containing a diamond, the weight of the diamond(s) stated in the manner and within the limits of tolerance established by the Federal Trade Commission; and
(3) a description of the article, stating all materials of which it is composed. [If a synthetic gem's composition is a trade secret, its trade name may be disclosed instead of its actual composition; in such a case, the words "imitation" or "synthetic" must be placed immediately before or after the trade name.]
(d) Sales and appraisals – prohibited practices. A seller may not mislead the consumer about any characteristic of the jewelry, including its type, kind, name, grade, quality, quantity, size, weight, cut, color, character, substance, durability, origin, prior ownership, price or value.