My friend wanted RM 618,000 and the jeweller could sell for any amount and keep the difference as his fee but after a year, asked her to sell to him instead for RM 500,000 and now he owes her RM 133,000!
Be VERY careful when consigning your jewellery to someone to sell on your behalf. Even if you think you trust the person who has been selling his jewels to you over the years!
The problem is getting back the bling if they are unsold or getting the money AFTER they are sold!
NOTHING is completed until you get the money!
My friend asked a Hongkong jeweller to sell a set of emerald necklace, earrings and bangle for RM 618,000. He could mark the price to RM 750,000 or a million ringgit or whatever and keep the profit. This would be his commission as my friend just wanted RM 618,000 and he could keep the rest as his fee which is normal.
After nearly a year and much pestering, he finally said he would buy the entire set for RM 500,000 which was less than the RM 618,000 demanded by my friend. His excuse was that he was unable to sell and was doing my friend a favour by buying it for RM 500,000.
To cut a long story short, she finally agreed and after a while got RM 280,000 with RM 220,000 oustanding.
After a lengthy wait as he is not Malaysian and only comes to KL during the jewellery fair, they met and he gave her a Hongkong cheque for HK$ 400,000 which is equivalent to RM 220,000 the outstanding amount since he was based in Hongkong and did not have a Malaysian bank account.
She asked him to simply transfer the RM 220,000 from his Standard Chartered bank in Hongkong to her Malaysian bank in KL which could be done in minutes.
The jeweller demurred and insisted on a cheque which seemed OK.
He asked her to bank in on Monday but a day later he transferred cash RM 87,000 into her Malaysian account and cancelled the cheque!
He promised to bank in the remaining RM 133,000 but that was a week ago and so far there has not been a squeak.
My friend is upset as she has bought jewellery from him since they met in KL during a jewel fair some 6 or 7 years ago amounting to around a million ringgit. He even invited her to his son's wedding in India.
So she thought she could trust him.
It has been a year since she entrusted him with the jewels. For all we know, he could have sold the jewels a month after receiving them for RM 900,000 or a million ringgit and deposited the cash in his bank to earn interest for a year! He could have told her they were unsold.
However, she did not mind since she agreed to sell for RM 500,000 but now she just wants her remaining amount of RM 133,000!
She is giving him a week to settle before she begins legal proceedings and reveals his identity!
THIS IS THE FABULOUS EMERALD SET MY FRIEND WANTED TO SELL FOR RM 618,000 BUT SOLD TO THE JEWELLER FOR RM 500,000
THE CANCELLED CHEQUE! WHY ISSUED A CHEQUE IF THERE ARE INSUFFICIENT FUNDS OR WITH THE INTENTION OF CANCELLING IT?