Reines Jewelers: Peter Reines

7 Pages Posted: 21 Oct 2008 Last revised: 27 Nov 2018

See all articles by Sherwood C. Frey

Sherwood C. Frey

University of Virginia - Darden School of Business

Paul Bacon

University of Virginia - Darden School of Business

Abstract

Jeweler Peter Reines was intrigued by the diamond ring that had been dropped off by Ashley Gibson for his inspection. The center diamond was certainly more than three carats, the cut was old European, and the setting was exquisite. A friend with an impressive collection of antique jewelry, who came by the store, offered $30,000 for the ring. That offer translated into a maximum price to Gibson of $27,500 if she were interested in selling it.

Excerpt

UVA-QA-0689

Rev. Oct. 10, 2018

Reines Jewelers: Peter Reines

Peter Reines, founder and owner of Reines Jewelers in Charlottesville, Virginia, was intrigued by the diamond ring that had been dropped off that afternoon by Ashley Gibson for his assessment. The ring had three stones with a large center diamond flanked by two tapered baguette-cut diamonds on the sides in a classic setting made of platinum. The ring is pictured in Exhibit 1. The design of the setting and the cut of the central stone were telltale signs that the ring was more than 100 years old. Among Reines's specialties was interesting and noteworthy estate jewelry.

When Reines inquired with his associate who had accepted the ring from Gibson about their conversation, he learned little. Gibson had been referred by a number of enthusiastic endorsers, had confirmed Reines Jewelers' appraisal services through its website (see Exhibit 2), and had explicitly stated that the center diamond should not be removed from the setting. This restriction would make difficult an accurate assessment of the traditional aspects of the stone (cut, carat, color, and clarity). Without knowing Gibson's intentions, Reines agreed that that was the prudent action. The following morning's meeting with Gibson would be interesting and hopefully would provide more details about the ring and her intentions regarding it.

. . .

Keywords: negotiation, deception

Suggested Citation

Frey, Sherwood C. and Bacon, Paul, Reines Jewelers: Peter Reines. Darden Case No. UVA-QA-0689. Available at SSRN: https://ssrn.com/abstract=1284264

Sherwood C. Frey (Contact Author)

University of Virginia - Darden School of Business ( email )

P.O. Box 6550
Charlottesville, VA 22906-6550
United States

HOME PAGE: http://www.darden.virginia.edu/faculty/frey.htm

Paul Bacon

University of Virginia - Darden School of Business

P.O. Box 6550
Charlottesville, VA 22906-6550
United States

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