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Report: #1474742

Complaint Review: Genesis Rare Damonds - toronto ontario

  • Submitted:
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  • Reported By: Art — Durham ontario Canada
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  • Genesis Rare Damonds 49 Ontario St, 7th Floor toronto, ontario Canada

Genesis Rare Damonds Sold Diamonds as an investment, kept up-selling, kept reducing minimum bid, will not return calls or e-mails toronto ontario

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Bought diamond for investment.  Later asked them to market it for me.  Did not sell at their suggetsed minimum over several sales.  They claimed there was a buyers premium so I would get the full bid price.

They suggested puting it into an $8340 setting and it was sure to sell for a minimum of $45,000.  I sugested $40,000.  They were sure it would sell foe 45 - 50k.  after several sales they sugested we place it in a large sale in Hong Kong with Ritchies.  Cost would be $3,428.28 sellers commision. Dropped minimum price to $34,000.  Assured me if it did not sell it would be placed in future Rithies auctions at no addition cost.  They subsequently cancelled the contract with Ritchies.  I asked for a refund of the commission which was refused.

They contacted me to place the ring in their sale at a reduced price of $29,000 which I agreed to even though I now had about $35,000 invested.  Ring did not sell in their sales.

Contacted me last fall and wanted 5% commision up front on the $34,000 to place in another auction house.  Also suggested the $29,000 should be reduced.  I refused so they said they would place it in their December sale.  

Have had no report on that sale and they do not answer telephone messages or emails.

This report was posted on Ripoff Report on 03/05/2019 02:00 PM and is a permanent record located here: https://www.ripoffreport.com/reports/genesis-rare-damonds/toronto-ontario-m5a-2v1/genesis-rare-damonds-sold-diamonds-as-an-investment-kept-up-selling-kept-reducing-minim-1474742. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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