Ring sold to proper jeweler, wants to nullify sale

I sold a ring to a proper jeweler with a GIA report for one of the stones in the ring.
After the transaction, the jeweler calls me and says the GIA report is incorrect
regarding the carat size of the stone and wants to nullify the transaction.
I will call the GIA enquiring about the results of the stone and their report.
But wondered what recourse do I have, If any?
State CA.
Thank you.

Asked on September 16, 2017 under Business Law, California


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 3 years ago | Contributor

If the GIA report is incorrect, the jewler may nullify the sale on  one of the following basis:
1) Mutual mistake: if you believed the GIA report as did the jewler but it turns out the report was wrong, then the agreement for you to sell and him to buy the ring was based on a "mutual mistake" and there was therefore no "meeting of the minds" as to what was being done--you both thought the ring was other than it was. That sort of joint or mutual mistake is grounds to void a transaction.
2) Fraud: if you in fact knew or had reasonable suspicions that the report was false but represented that it was true and reliable to the jeweler, you committed fraud which also provides grounds to void a transaction.

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