NEED HELP, found $5500 diamond ring!!!!

[Sphinx]

I was at Morro Bay CA yesterday with my explorer 2 , I found a 18k gold engagement ring with a 1.4ct diamond. The gold I find, I separate by KT and plan on melting it down into ingots. The diamonds I find on the other hand are an issue, most are easy. The one I found at Morro Bay has a GIA or other number burned on it. I had it appraised today and the jeweler said it is worth around $5500 for the diamond alone. Now how would I go about selling this thing and not getting in trouble later down the road in case the GIA number comes back lost or stolen? Even though I found it fair and square on the beach, how can I liquidate it with out getting locked up or being falsely accused of "stealing" it in case the owner reported it lost or stolen? Should I report it to the police department and wait the 30 days to see if anyone claims it? I was thinking about just going to a local jewelers or pawn shop and selling it, but dont want it to come back and bite me in the ass because of the GIA numbers on it. Any help would be greatly appreciated!

 

Amazon Forum Fav 👍

Agony and Death on a Gold Rush Steamer: The Disastrous Sinking of the Side-Wheeler Yankee Blade - Grab it through Amazon!

[jeff of pa]

Ask the Jeweler if He knows how to Trace it.
It may be too old,
or there may be a reward.

My Personal Opinion, Leave the Police out of it.
Or you'll never see it again.

 

[SHERMANVILLE ILLINOIS]

Sphinx,

did the thought ever cross your mind
that it would be neat if you could find
the owner?

Nice find.

SHERMANVILLE

 

[jeff of pa]

Not sure if this is the same Number
they are asking for.

Try it.

http://www.gia.edu/reportcheck/

 

[DFX-SE Gregg]

Just so you know....not sure where everyone comes up with this 30 days and its mine idea! Lost property is inventoried as lost/found property...if you turn it in it is not yours! Not even after 30 days, not where I work and not when I inventory it! So not sure if it is different in different towns. If you want to keep it be careful. Also do not let a jeweler out of your site with it!<<<Some jewelers are crooks! The old switch a roo might happen!

 

[Sandman]

Depending on the state, most anything you find Belongs to the person that lost it. Unless it is abandoned property. There are many rules and laws governing such things like these. As for tracing it to you, check with the jeweler, but don't show him the ring.

It is best to try to locate the owner first by running an ad, but don't describe it fully. If the owner comes forward, do the right thing and hand it over. You'll cry some, but you know it isn't yours. Selling it will not get you even 20% of it's appraised value. Those values are for insurance company's; not what anyone would give you for it.

Still it is a nice ring and you were lucky to find it. Or you could save it for if you ever date Paris Hilton..............

 

[Sphinx]

I noticed a lot of people say "do the right thing" and try to find the owner , But why on earth would I want to do that? Its finders keepers. When I find valuable things like this ring, I don't ponder about morals, ethics or anything in that nature. I'm in it to make money, buy my kids clothes from it, food for the family from it, pay bills from it, not waste my time finding valuables for people that are not responsible, and lose their stuff and get a crappy reward from it. Some people may say "If you would return it to the owner you may get a reward" ....Ok, this may be true, but that is like me turning in a million bucks cash for a $10,000 cash reward. You must be out or your marbles to do that. Keep the million, screw the 10 grand.....see my point?

Now if some one came up to me that same day noticing I had a md and asked if I would help look for it in a general area or asked if I had found a ring I would have certainly give it to them or helped them look for it, I'm not that much of an a$$h0l3.

If the person who lost it is not smart enough to leave a $5500 ring at home or hide it in there vehicle while they are on the beach, shouldn't make me waste my time tracking them down to return it. My time is more valuable than that. My wifes ring is around the same value, she NEVER takes it to the beach. Its just common sense. If I lost something that valuable, I have no one to blame but myself, and would expect who ever found it to benefit from my stupidity.

 

[Ron B]

Sphinx,
Then, the solution's simple; keep it and wear it proud.

GRB

 

[mirage hunter]

Well you can look at it another way to!! The owner if smart had insurance on it! And have already replaced it!! AT least with a ring like that I would!! Or my wife or soon to be wife would not were it to the beach!! And you might be doing them a big favor by finding them! If they already made a claim with the insurance!! They would make out big time and you would loose!! Good Luck on what ever you decide!!

 

[ronald99]

Sphinx
You wanted advice,Then as people respond,you say why would i want to do that.
That is a nice ring you found,There is a good chance that the owner had insurance then again maybe not,The person that lost this ring had to be so sad,And had it been you or a family member then you would understand.
No one can tell you what to do,But if the owner ever get's wind that you have it or later sold it knowing that there is a ID on it,Then you will have made a bad choice in life,
Sandman told you the truth on the value that you would get,There is a better chance that if you locate the owner they will match or better the value,That was a great find.
Your last post about the person not being smart You seem to be the same,Just remember Karma.

 

[DFX-SE Gregg]

Well said!

Sphinx
You wanted advice,Then as people respond,you say why would i want to do that.
That is a nice ring you found,There is a good chance that the owner had insurance then again maybe not,The person that lost this ring had to be so sad,And had it been you or a family member then you would understand.
No one can tell you what to do,But if the owner ever get's wind that you have it or later sold it knowing that there is a ID on it,Then you will have made a bad choice in life,
Sandman told you the truth on the value that you would get,There is a better chance that if you locate the owner they will match or better the value,That was a great find.
Your last post about the person not being smart You seem to be the same,Just remember Karma.

 

[djui5]

If the person who lost it is not smart enough to leave a $5500 ring at home or hide it in there vehicle while they are on the beach, shouldn't make me waste my time tracking them down to return it. My time is more valuable than that. My wifes ring is around the same value, she NEVER takes it to the beach. Its just common sense. If I lost something that valuable, I have no one to blame but myself, and would expect who ever found it to benefit from my stupidity.

Watch that Karma, it'll get at ya.

You're greed is going to get the best of you someday my friend.

 

[mirage hunter]

To clear up my comment !! I didnt mean that you should keep it!! the proper thing to do is try to find the owner. I was just saying that is probably what would be the out come!! I cant see anyone not having insurance on a ring like that!!

 

[SHERMANVILLE ILLINOIS]

I noticed a lot of people say "do the right thing" and try to find the owner , But why on earth would I want to do that? Its finders keepers. When I find valuable things like this ring, I don't ponder about morals, ethics or anything in that nature. I'm in it to make money, buy my kids clothes from it, food for the family from it, pay bills from it, not waste my time finding valuables for people that are not responsible, and lose their stuff and get a crappy reward from it. Some people may say "If you would return it to the owner you may get a reward" ....Ok, this may be true, but that is like me turning in a million bucks cash for a $10,000 cash reward. You must be out or your marbles to do that. Keep the million, screw the 10 grand.....see my point?

Now if some one came up to me that same day noticing I had a md and asked if I would help look for it in a general area or asked if I had found a ring I would have certainly give it to them or helped them look for it, I'm not that much of an a$$h0l3.

If the person who lost it is not smart enough to leave a $5500 ring at home or hide it in there vehicle while they are on the beach, shouldn't make me waste my time tracking them down to return it. My time is more valuable than that. My wifes ring is around the same value, she NEVER takes it to the beach. Its just common sense. If I lost something that valuable, I have no one to blame but myself, and would expect who ever found it to benefit from my stupidity.

"why on earth would I want to do that"


Yes, you sound like the type of person who
would not know why you should do that."

 

[Lafitte]

You might try the local Craigslist.com site. It has a lost and found section. And it's free. If you're local paper has a website, you could check the classifieds there. Also free.

Hope it helps.

 

[Treasure_Hunter]

I would not give it to the police or to a jewelry store. I would ran an ad in the largest local paper for "diamond ring found", I would be very vague about describing the ring, let the owner describe it to you.

If someone legitimately describes the ring then return it, it is theirs. If no one comes forth in 30 days who can describe it accurately to claim it, then keep it.

If someone could describe it to me and I had found it, I personally would return it, just as I would want someone to return it to me. Who knows the circumstance it was lost under.

 

[jeff of pa]

Here is what I go by.

If the item can be Traced, I do my best to trace it.
If that still dosn't tell me where the owner is, I
post a lost & found add giving the Name of the Person
who it belonged to, & request if anyone knows
where they are to have Them contact me about the Item.

IF the Item cannot be Traced,
I keep it, & dispose of it as I wish.

In the case of yours,
as I said, I Personally would
make an attempt to have the number traced.

If not possable,
I would put an add in the paper.
Say I found a Ring with a GIA Number
& where.
I would give the First & Last numbers in the add
and say IF anyone can Provide the GIA paper that
Corrisponds, & fills in the Blanks, the ring is theirs.

Not everyone attempts to return found items,
even when they can be traced easily.
I'm not your Mother or your Concience.
I'll leave it at that.

Other then to say, I wouldn't report a Million Dollar Cash Find.




JEFF

 

[watercolor]

I empathize with you in your situation but, like djui5 mentioned, KARMA . It can work for you or against you when least expected. The fact that you started this post suggests that you may have some personal reservations about "liquidating" your find. By doing what you believe is right, deep down in your heart, will go a long way in days to come.

 

[Ramapirate]

Why would you even ask. I'm sort of with you on this one, not to disappoint anybody, but DANG, where do you draw the line. Did we all buy detectors to go out and find other peoples stuff to return to them? And if some MORON had a $5,500 diamond ring and didn't have enough sense to insure, they need to be whacked. I've return as much good stuff as I've kept, not that I've found anything killer, but a lot of cell phones and keys, wallets (my wife and I found a pocketbook with about $10,000 cash in it in Charleston, S.C. and found the person it belonged to and barely got a thank you). I think if you start looking for someone that lost a $5,500 diamond ring you are setting yourself up for a scam. Like you said, if someone came up to me and asked would I help them find a ring, or they tell me they lost a ring and they told me exactly what it looked like, yes, they'd get it back. Otherwise, it's a little iffy.

Ramapirate

 

[zlathim]

Sphinx- I can't say that I totally disagree with your thinking. You found an item worth a lot of money and you want to cash out, so to speak. I can get on board with that. Although I would probably make an effort to find the owner, I can totally understand your logic. Most of us are in this hobby to have fun and maybe, just maybe, find something really vauable in the process. I don't really think that there is anything wrong with wanting to turn your find into cash.

I am sure that all of the do-gooders that have responded to this post spent good money on their detector so that they can return ALL lost items to their rightful owner and therefore restore peace and harmony to the universe. Baloney! I also call BS on the whole Karma idea too. If it makes you feel good to return things to their owner, then do it. If it makes you feel good to cash out, then do it.