BBB Business Review

This Business is not BBB Accredited

Calgary Wholesale Diamond Exchange

(403) 264-4491260 333 5 Ave SW, CalgaryAB T2P 3B6 Send email to Calgary Wholesale Diamond Exchangehttp://www.calgaryfinediamonds.com

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BBB Accreditation

Calgary Wholesale Diamond Exchange is not BBB Accredited.

Businesses are under no obligation to seek BBB accreditation, and some businesses are not accredited because they have not sought BBB accreditation.

To be accredited by BBB, a business must apply for accreditation and BBB must determine that the business meets BBB accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints. BBB Accredited Businesses must pay a fee for accreditation review/monitoring and for support of BBB services to the public.

Reason for Rating

BBB rating is based on 13 factors. Get the details about the factors considered.

Factors that raised Calgary Wholesale Diamond Exchange's rating include:

  • Length of time business has been operating.
  • Complaint volume filed with BBB for business of this size.
  • Response to 1 complaint(s) filed against business.
  • Resolution of complaint(s) filed against business.

Customer Complaints SummaryRead complaint details

1 complaint closed with BBB in last 3 years | 1 closed in last 12 months
Complaint TypeTotal Closed Complaints
Advertising / Sales Issues1
Billing / Collection Issues0
Problems with Product / Service0
Delivery Issues0
Guarantee / Warranty Issues0
Total Closed Complaints 1

Customer Reviews Summary Read customer reviews

0 Customer Reviews Customer Reviews on Calgary Wholesale Diamond Exchange

Customer Experience Total Customer Reviews
Positive Experience
Neutral Experience
Negative Experience
Total Customer Reviews 0 Customer Reviews

Complaint Breakdown by ResolutionAbout Complaint Details

Complaint Resolution Log (1)
11/20/2015Advertising / Sales Issues | Read Complaint Details
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Complaint
On Jan 31, 2011, an appraisal was done by Canada Gem Laboratory for my 3 rings. They appraised them at $22,100.

The company and I signed an agreement on September 10, 2012 to consign the rings for the amount of $12,500 less $452.00 for grading and shipping costs.

Because the rings had not sold, I went into their store on May 7, 2015 to pick the rings up and the owner stated they had been sold months ago for what he "thought" was $5,000 and gave me no further information. On August 19, 2015, they produced a bill of sale dated September 10, 2014 for $4,850 plus GST. My rings had been sold 8 months prior, and the company had never contacted me regarding the sale nor paid me.

I did not agree in writing to sell my rings for anything less than $12,500.

Desired Settlement
I wrote the company a letter on August 13, 2015 requesting that they pay me the agreed upon consignment price less expenses in the amount of $9,398.00, and they have refused.

Business Response
Thank you for reaching out to us regarding the complaint recently placed against us. We have gone over the complaint and would like to share our version of the story. I would like to apologize for the delay in our reply.

To start off with the customer, **** ****, put her ring on consignment with us in 2011. At the time an appraisal was done on the ring to evaluate it correctly so that we have a good Idea of what the ring is worth before trying to sell it. The APPRAISED value of the ring came back at $20,660 ($14,660 for the main engagement ring and $3,000 for each of the two accompanying bands). Hence, we put the ring up for sale at $10,000 as retail values as usually half of an appraised value for products. Please keep in mind in general we try and sell our consignment merchandise at less than half appraisal value because that's what makes them lucrative to a person who is going to purchase a consignment piece and we gave this opinion to Ms. **** when she first put her ring on consignment.

The ring sat in our cases for a good year and there was no response from potential customers as the ring was priced too high. In the meantime the rings needed work done on them to bring them to show room condition. The work was done on the rings totalling an invoice of $1,400 which upon mutual agreement was decided to be deducted from the sale price once the ring had been sold. In December, 2013 Ms. **** visited our shop and asked why the ring was not selling, even though it had been such long time. We then informed her that the price she was asking was too high and customers just aren't willing to pay that much for that particular ring.
She then asked how much customers are willing to pay for it. We informed her that we had a few customers who were willing to pay up to $5,000 for it. She then VERBALLY agreed and instructed us to sell the ring for $5,000. Accordingly, we took note and consequently sold the ring in September of 2014 for $5,000. Right around that time we had turnover in our staff and the exiting staff did not pass ** the message to the oncoming new employee that a payment had to be made for the ring which had been sold. It was not till much later in August 2015 that the employees became aware of that a payment had not been issued. We admit this is our fault. We then let Ms. **** know that according to her last instruction the ring had been sold for $5,000 and she owed the store $1,400 in service charges and 10% commission for selling the ring. This brought her total to $5000 - $1400 - $500 = $3,100. This is the only blame Ms. **** can put on us is not issuing a payment for her ring earlier.

At this point Ms. **** started making the claim that she had never instructed us to sell her ring for $5,000 and rather wanted $10,000 for it. Our fault is we did not take any written confirmation from her regarding the ring however in good faith we trusted her word. Now Ms. **** is making a claim which is unethical and embarrassing for us all. We are a reputable business and deal with consignment jewellery on a regular basis. This is the first complain we have ever received and we have lots of clients to back us up with real life examples of their business with us.

We have told Ms. **** a check will be issued out in her name for the amount tolling $3,100 but she refuses to accept it and is trying to make the situation difficult for both her and us. We have receipts to prove her ring was sold for the above stated amount and even sent her copies when she requested them. There is no reason for us to sell a product at a price which a customer is not willing to sell it for because we are responsible for the product and selling it. We are liable to the customer for the amount he / she agreed to sell it for. If not we would just be losing money and paying out of our business account which no business would want. Secondly and more importantly we have an image to maintain and a promise to our customers which is much more important than any monetary amount and we wouldn't do anything to hamper our future business.

Hope our explanation is as clear as possible. I hope you understand our position regarding this particular transaction.

Consumer Response
(The consumer indicated he/she did not accept the response from the business.)
Please see attached letter

Industry Comparison| Chart

Diamond Dealers

Additional Information

top
BBB file opened: 29/08/2012Business started: 27/07/2005
Type of Entity

Corporation

Incorporated: July 2005, AB

Business Management
Principal: Imran Junaid (Business Development Manager)
Business Category

Diamond Dealers

Map & Directions

Map & Directions

Address for Calgary Wholesale Diamond Exchange

260 333 5 Ave SW

Calgary, AB T2P 3B6

To | From

LocationsX

1 Locations

  • 260 333 5 Ave SW 

    Calgary, AB T2P 3B6(403) 264-4491

Industry Comparison ChartX

The information in the table below represents an industry comparison of businesses which are of the same relative size. This is based on BBB's database of businesses located in Southern Alberta & East Kootenays. Businesses may engage in more than one type of business. The percent of time the business engages in a type of business is not accounted for. There is no known industry standard for the number of complaints a business can expect. The volume of business and number of transactions may have a bearing on the number of complaints received by BBB.

*Calgary Wholesale Diamond Exchange is in this range.

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Types of Complaints Handled by BBB

BBB handles the following types of complaints between businesses and their customers so long as they are not, or have not been, litigated:

  • Advertising or Sales
  • Billing or Collection
  • Problems with Products or Services
  • Delivery
  • Guarantee or Warranty

We do not handle workplace disputes, discrimination claims or claims about the quality of health or legal services.

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Additional Email Addresses

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BBB Complaint Process

Your complaint will be forwarded to the company within two business days. The company will be asked to respond within 14 days, and if a response is not received, a second request will be made. You will be notified of the company's response when we receive it (or notified that we received no response). Complaints are usually closed within 30 business days.

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BBB began including complaint response text in BBB Business Reviews on March 4, 2014.

BBB reports the complaint response text for all reportable complaints against a business that are received electronically.

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Industry Tips for Diamond Dealers

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BBB Customer Review Rating plus BBB Rating Overview


BBB Customer Reviews Rating represents the customers opinions of the business. The Customer Review Rating is based on the number of positive, neutral and negative customer reviews posted that are calculated to produce a score.

Customer Review Experience Value
Positive Review 5 points per review
Neutral Review 3 points per review
Negative Review 1 point per review

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Details

BBB Letter Grade Scale

BBB Rating Value
A+ 5
A 4.66
A- 4.33
B+ 4
B 3.66
B- 3.33
C+ 3
C 2.66
C- 2.33
D+ 2
D 1.66
D- 1.33
F 1
NR -----
Star Rating scale

  Average Score
5 stars 5.00
4.5 stars 4.50-4.99
4 stars 4.00-4.49
3.5 stars 3.50-3.99
3 stars 3.00-3.49
2.5 stars 2.50-2.99
2 stars 2.00-2.49
1.5 stars 1.50-1.99
1 star 0-1.49

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