finally received a diamond ring, but did we pay too much?

[jchip1011]

This site is great and I''ve been learning alot. I''ve finally worked up enough courage to ask a question - did we pay too much for my new ring? I''ll try to provide as much information as possible in hopes of getting knowledgable people to weigh in on this topic.

The ring (a 3 stone- past/present/future) was purchased at a mall store (who knew that was a bad thing?!!) The ring was not pre-set. I selected the center stone from a solitare and the 2 side stones were matched to the center stone. I also selected the mounting.

3 stone ring - all princess cuts, set in 14 kt., total weight = 2.25 carat. This ring has lots of fire and appears white & bright in any light. No visible inclusion, a couple of feathers & a small extra facet.

Center stone:
GIA grading report & # inscribed on the girdle
Shape/cut style: Square Modified Brilliant
Measurements: 6.40 x 6.11 x 4.61 mm
Weight: 1.51 carat
Depth: 75.5%
Table: 65%
Girdle: Thick to Very Thick
Culet: none
Polish: Very Good
Symmetry: Good
Clarity grade: VS2
Color grade: K
Fluorescence: medium blue

The information below on the 2 smaller stones, is from an appraisal I had done with a local jeweler. I don''t believe this person has accredited certification. She signed the appraisal as "student of gemology", so I don''t know if I''m making myself sick over this ring for no reason.

1st side stone
.38 pts
Clarity grade: SI1
Color grade: K

2nd side stone
.36 pts
Clarity grade: VS1
Color grade: K

I have some concerns, 1st - the appraisal I rec''d from the local jeweler was $4000 under what we paid for this ring! Shouldn''t the ring appraise out for at least what I paid for it? 2nd - there are no independent appraisers in my area. I contacted the ASA and the closest on is 400 miles away. I don''t know what to do.

Any information would be greatly appreciated!!!

jchip1011

 

[valeria101]

If anything, Pricescope is pretty good to scoop up what a diamond's "replacement cost" might be - a dozen or so independent sellers post quotes in the database here. There aren't too many 1.5 K/VS2 princess cuts at the moment, but the quotes present go around $4500. Usually local prices are somewhat higher. Besides, your princess sounds like one fine cut (you may want to check the "Fancy Shapes" section under "Knowledge" on top of this page for the refference). It may not be the easiest job to find a trully brilliant princess cut, let alone K/VS2.

Not sure how much the setting would cost elsewhere - or how much would it be to have made. How does it look ? If certified, the sidestones together would be a bit below 1k by themselves... I think.

Anyway, I might be dead wrong, but finding some look-alike ring online may be relatively easy. There are reasons why the appraisal could be less than the immediate replacement cost (say, the main diamond is damaged, or was sold with unsound grading). Did the appraiser mention any of the sort ? Any other details motivating the appraisal value ?

Just my 0.2 worth... Hope some better help is under way.

 

[jchip1011]

The jeweler agreed with everything on the GIA report on the center stone. She indicated to me that she uses "guide key & guide 77.5"? The mounting is listed as "overnight, 2 ct, 14ktt, $303.00. I''m really ignorant when it comes to this type of thing! My ring is beautiful. It has so much brillance that I''ve been asked by several people if the ring is around 4 or 5 carats.

Here''s the #break down from her appraisal:
$4030.00 per ct. lot (guide 77.5 as of 1/2005)
40.30 per pt x 151pts = $6085.30 center stone retail replacement

1800.00 per ct. lot (guide key)
$18.00 per pt x 38 pts = $684.00 (SI1 / K)

1700.00 per ct lot (guide key)
$17.00 per pt x 36 pts = $612.00 (VS1 / K)

Totals:
6085.30 center
684.00 side
612.00 side
351.00 mounting / setting

$7732.30 + 595.53 (tax) retail replacement $ 8327.83

Is the low figure because an insurance company has large purchasing power and can replace the stones with heavily discounted stones?

It''s upsetting to think that we paid too much for it and can''t insure it for the purchase price.

 

[qtiekiki]

Are you saying that you paid over 10k for the ring????

 

[jchip1011]

yes - $12,500. We traded in a previously purchased ring & rec''d credit of $2171.

Final total w/trade was $10,624

 

[DiamondsRagirlsbestfriend]

As someone who realized that we could have paid less for my engagement ring, I want to offer you this:

1) anytime a large purchase is made, "buyer''s remorse" can happen. You can LOVE the ring, but a little voice inside says, "hmmm...was that the best decision I could of made?" It''s just human nature. These feelings can stick around for a while...a lot of us have been through this.

2) there''s a lot to be said for the sentimental value of an engagement ring. My fiance and I selected it together, and the search was extremely romantic and exciting. We can''t put a price tag on that. We''ll remember how we felt when he slipped the ring onto my finger for the rest of our lives. And everytime I look at my beautiful ring, I''m reminded of how special our relationship is to me and I think about how I felt when we picked it out in the store together ALL the time.

You two will no-doubt enjoy this symbol of your commitment to one another for a long time. The ring sounds sooo pretty and special. Fire and sparkle are wonderful to wear!!! She''s a lucky girl!

Smiles, Mary

 

[windowshopper]

HERE IS A SEARCH OF PRINCESS CUT STONES WITH THE SAME SPECS AND IT WOULD APPEAR YOU PAID QUITE A BIT MORE THAN THE MOST EXPENSIVE LISTED HERE--HOWEVER YOURS COULD BE A MUCH NICE CUT THAN THESE WE HAVE NO WAY OF KNOWING AT THIS POINT:

(edit--only 2 show --one is with several vendors but wanted to show the price variation)

1.50 K VS2 71.1% 74% GIA thn-etk no gd vg no 6.41*5.99*4.26 $2674 $4011*S

1.50 K VS2 71.1% 74% GIA thn-etk no gd vg no 6.41-5.99-4.26 $2719 $4078*SP

1.50 K VS2 71.1% 74% GIA thn-etk no gd vg no 6.41*5.99*4.26 $2767 $4151*S

1.50 K VS2 71.1% 74% GIA thn-etk no gd vg no 6.41x5.99x4.26 $2781 $4172*SP

1.50 K VS2 71.1% 74% GIA thn-etk no gd vg no 6.41*5.99*4.26 $2839 $4258

1.55 K VS2 69% 70% EGL thn-m no vg gd no 6.42*6.41*4.42 $2921 $4528*S

 

[kevinraja]

I am NOT suggesting anything here. But if it were me, I would definitely return the ring and take time to get better deals.

 

[cascadejim]

It sounds like it may have been a little too long to return it. Quite frankly, do you love the ring? Was the price within your price range? If the answers are yes, don''t worry about it. This is something that will last a lifetime, what''s an extra $2k over 50-60 years?

 

[onedrop]

It sounds like you are feeling like you paid too much for what you got. And the info that you have in this thread seem to suggest that. I am with DiamondsRagirlsBestFriend, buyer''s remorse is common with large purchases. However Kevin also made a good point...if you are still within the time to return the ring, you could consider that option. If not, just enjoy your purchase. It still sounds like a nice ring.

 

[ICAA]

Think of it this way.

What is that ring worth to you? Obviously what you paid.

Could you get it cheaper? Of course you could.

The fact you paid that much, the value of the ring was such.

Try to separate value from price or you will forever kick yourself.

If you truly believe you didn''t get value for your money, then do what you can to return it, etc.

Take it as a lesson learned.

As someone else mentioned, there will always be "buyers remorse".

 

[qtiekiki]

I agree with everyone that the value and meaning of the ring is more important than the price tag. But at the same time, I feel like you did pay a lot for what you got. So if I was in your situation, I would be debating the same things. In the end, I would probably return the ring because I rather have the extra money for vacation or other things that me and my FI can do or use together since the different in price is around 3000 - 4000 dollars.

 

[jchip1011]

Thank you all for your knowledge, insight & words of encouragement. I really appreciate you taking the time to answer my questions.

Just to let you know, this ring was for my 20th wedding anniversary. We''re still within the return window. I''m concerned with returning the ring based on an appraisal from a local jeweler. This ring is beautiful & the stones appear larger than they''re actual weight. I''m afraid that we may not find a ring with the same fire and brilliance.

The decision to get me a ring was a big suprise and we didn''t have a budget so to speak. I just said I wanted something at least 2 carats.

I''m happy with the ring, I just don''t want problems with insurance if any thing should happen to my ring.

Do you think I should make the 400 mile trip to have the acredited jeweler appraise the ring?

Thank you!!!

 

[belle]

it may be worth sending it to an appraiser for sure.

 

[AndyRosse]

I agree with Belle. I would ship the ring to get it appraised. 400 miles is a long trip!! Unless you want to make it a mini-vacation

 

[jchip1011]

Thank you, I''ll try to contact the appraiser on Monday. I found an example of what my ring looks like except my center stone is 1.51 and it''s set in 14 kt.

http://engagementrings.pricescope.com/eGallery/photos/3/22.aspx

 

[MichelleCarmen]

I found an example of what my ring looks like except my center stone is 1.51 and it''s set in 14 kt.

Very pretty!

 

[perry]

Actually, you may have done just fine.

Most people here are so focues on the prices that can be gotten over the internet where vendors work on 10% -15% markup that they forget that jewelry stores cannot exist on such slim markups. Jewlery stores in general must charge at least 50% markup just to break even for their store expenses. 100% markup used to be common and still exist in some mall stores.

If you really like the ring, then forget about what you paid compared to the internet. Sounds like you may have paid a reasonably competitive store price. Just remember that in the future - you can save a lot of money over the internet by shopping wisely. Of course, the stores are starting to adjust as well.

Perry