The following advice is offered by Jack Price ’64, who has spent thirty years in the wholesale diamond and jewelry business and worked with refiners, pawn shops, and jewelry buyers to recover these rings before there was a formal ring recovery program.
- Speed DOES count, especially in theft. Often stolen goods are sold immediately for cash. Most jurisdictions require all jewelry or precious metal buyers, pawnshops, and refiners to file buy slips with their local police. These slips require ID from the seller, a description, and amount paid. There is usually a 30- to 60-day hold period before the buyer can sell or convert the goods. The better photograph and description provided, the better chance of recovery. A police report should be filed ASAP, along with a copy of an appraisal and close-up photos of the ring and engraving, showing size, weight in grams, etc.
- Distribute flyers. West-Point.org is working on a sample. Once available, you will be able to quickly edit the flyer to include text fields and photos by contacting email@example.com. Start by calling the local PD Pawn Detail to get their suggestions on where you can hand carry quick copies of the flyer and/or call phone book listings and solicit e-mail addresses to where you can send the flyer.
- Now, two suggestions: Although you are not required to reimburse the buyer, it is recommended. It is recommended that you offer to give them full gold value, which is usually more than they would get from a refiner, or you can offer a reward for the same amount. Most small diamonds in these rings get no more than $1 a point (1/100 of a carat). Next, don’t concentrate on the back path of how it got to the buyer; that’s the police department’s job. Don’t press the stolen issue.