Asking for a refund due to not knowing the true value of the item at the time of the sale
Q: A diamond was purchased from one Muslim diamond dealer by another Muslim diamond dealer without a diamond certificate based on both diamond dealers judgments. The seller offered to send the diamond for grading and agree on a price afterwards but the buyer chose to buy it based on his judgment rather then a grading. If the diamond grading came better the seller wouldn't receive any additional cash and vice versa. On a value of 18000 the diamond dealer then viewed the diamond thoroughly and stated a slight flaw in the diamond which both parties agreed to reduce the price of the diamond to 15000. The 15000 was paid in cash to the seller. The diamond was then sent in for grading which took a period of time. The diamond came out as a treated diamond and an enhanced colour which was not known by the buyer nor seller. Based on the certification, the diamond value is only one 3rd of the price paid. Therefore the dealer that bought the diamond would like a refund on the diamond. What should be done and who should take the loss?
A: In principle, since the transaction was concluded by both parties on 15 000, the purchaser does not have any right to ask for a refund. However if the seller refunds him the 15 000 and takes back the diamond, it will be better and he will be rewarded as the purchaser was unaware of the value of the item at the time of the sale and was under the impression that it's value was around 15 000.
And Allah Ta'ala (الله تعالى) knows best.
Answered by:
Checked & Approved:
