Fifth Street Jewelers: Dana Frasier
3 Pages Posted: 21 Oct 2008
Dana Frasier, owner of Fifth Street Jewelers, was intrigued by the diamond ring that had been dropped off by a courier from the offices of Miller Moran. The center diamond was certainly more than 3 carats, the cut was European, and the setting was exquisitely ornate and detailed. A friend with an impressive collection of antique jewelry, who happened to be in the shop viewing other antique jewelry, offered $30,000 for the ring, if it were for sale. The offer translated into a maximum price to Moran of $27,500. See also "Fifth Street Jewelers: Miller Moran" (UVA-QA-0706).
FIFTH STREET Jewelers: dANA FRASIER
Dana Frasier, founder and owner of Fifth Street Jewelers, was intrigued by the diamond ring that had been dropped off for assessment that afternoon by a courier from the offices of Miller Moran, attorney-at-law. Located in the heart of the jewelry district, Fifth Street Jewelers specialized in larger gems so it was no surprise that this item had found its way to the shop. The ring had three stones in a classically ornate and intricate platinum setting, with a large center diamond flanked by two tapered baguette-cut diamonds. The design of the setting and the cut of the central stone were telltale signs that the ring was more than 100 years old. Frasier's curiosity about the ring's history had been further piqued when an antiques-collecting friend, who had come by to look at several other pieces of estate jewelry, expressed interest in buying it. Frasier's meeting with Moran the next morning would provide an opportunity to find out more details about the ring and Moran's intentions regarding it.
The technical aspects of the center diamond (the four Cs: cut, carat, color, and clarity) were difficult to assess accurately with the stone in the setting, and a note accompanying the ring expressly stated that the center diamond should not be dismounted. Because there was always some risk of damaging settings of this apparent age, Frasier agreed that the restriction was prudent, even though it would hamper the assessment.
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Keywords: negotiation, distributive bargaining, deception
Suggested Citation: Suggested Citation