Diamond rings: How much are they really worth?

(pix11.com) - Kay Jewelers is one of the largest retail jewelry chains in the country. They advertise heavily. "You see the commercials. Every kiss begins with Kay," said Brandon Lewis, a steamfitter from Staten Island. "I thought it was the right place to go." Brandon bought an engagement ring at Kay Jewelers in the Staten Island Mall a year and a half ago. He said the store manager, who sold him the ring, assured him the center diamond, weighing almost one carat, was high quality at a low price. "He wrote down that the center stone was worth $9,000, but he’s giving it to me for $6,400,”  Brandon said. The total cost of the ring, including the setting and surrounding diamonds, was $9,002. At the time of purchase, the store manager gave Brandon a Report of Authenticity prepared for Kay Jewelers by Gemological Science International, GSI. It describes the center stone and grades it for clarity and color, among other things. Recently, after Brandon and his fiancée called off their engagement, he went back to the same Kay Jewelers store and asked for a refund. The manager refused, since it was long past Kay’s 30-day refund limit. So Brandon decided to have the ring appraised elsewhere, hoping to sell it. He remembered what the Kay manager said: "He told me it was going to appraise for what I paid, if not more." Unfortunately, that is not what three different appraisers said.