Diamond News
A Too-Good-to-be-True Diamond Deal Gets its Day in Court
Israeli Diamond Industry - Blog
Illustration image: Alrosa
A recent trial held in Miami affroded the diamond world with an entertaining diversion from the daily grind, ruling against a cruise ship passenger who tried to cash in on a (literally) unbelievable diamond deal.
According to the News Tribune, who reported on the trial, the story begins in 2013, when Thomas DePrince, an experienced buyer and seller of diamond jewelry, came across a 20.64 carat emerald-cut diamond aboard Holland America Line’s Eurodam. It was mistakenly priced at merely $235,000, which reflected the price per carat rather than its total carat value. DePrince quickly made a purchase, knowing – at least according to the court – that it was really worth millions.
The retail operator, Starboard Cruise Services, quickly realized the mistake, called DePrince, canceled the sale and refunded the purchase price to DePrince’s credit card. The diamond was never delivered to DePrince’s home in New York.
And here is where the plot thickens: DePrince then filed a lawsuit in Miami-Dade Circuit Court, alleging a breach of contract. He lost, appealed, and now lost again.
According to the appellate judge, DePrince had “significant experience in buying and selling fine jewelry”, and even consulted with his life partner and his sister, both certified gemologists, before the purchase.
The actual value of the diamond was $4.8 million - 20 times the price DePrince paid.
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