Need advice regarding negotiating prices on a ring

[simpsondavid]

I''m looking at a particular stone and setting at a store in the diamond district in Los Angeles. The intial quote for the stone is $10,345 and then the setting is $2200. This total would be $12,545.

My question is: do I have room to negotiate for a lower price?

I don''t have enough experience to know the answer. This is a store similar to any diamond store in major cities. The prices above were those that I was initially quoted at. Can I talk them down to $12,000? a price lower that $12k? or is negotiating an understood "no-no"?

Thank you for your help!!

 

[diamondsbylauren]

Hi Simpsondavid,
To answer this question properly, please give us some more info.
What are the particualars stone? Size, Shape, color clarity, etc...
Does the diamond carry a GIA or AGS report?

 

[oldminer]

I most parts of the world you would lose self respect by not working on the price. Do you have any objection to raise with a component? Do you have a bit of a limited budget? Have you shopped for similar on Pricescope or elsewhere that informs you that you might be overpaying?

All of these questions are ways to request a better price before you make up your mind. I suggest you really research the value on Pricescope and see just how good a deal you are getting now. You'd be foolish to offer less arbitrarily, but if well informed, then you might consider doing it politely.

Working over the number is a developed skill. You have to learn it somewhere and begin sometime. If it is warranted, then give it a try. Be sure there is some room and then ask the salesperson if they "could sharpen their pencil a bit?" or "if there is any room for a lower price for a rapid decision NOW?" These are useful phrases when used at the right time. Don't haggle over a great price. Be well enough informed before you ask for a better number.

 

[Regular Guy]

Two links here could help.

Regards,

 

[cutes814]

Date: 8/17/2005 3:13:23 PM
Author: diamondsbylauren
Hi Simpsondavid,
To answer this question properly, please give us some more info.
What are the particualars stone? Size, Shape, color clarity, etc...
Does the diamond carry a GIA or AGS report?

Along with those questions, I had a few more too. What kind of setting is it? When you are at the store, do you see other people negotiating? Is it a wholesale jewelry store? Reason why I ask is, if it is a wholesale jewlery store, they start off with a very high price, so there is plenty of room for negotiations.

Give us as much info as you can and it''ll be easier for us to help.

 

[dsteve]

I went to one place that wouldn''t budge on the price, though they had pretty good prices to begin with.

I went to another place that was rather expensive, and they brought down the price, but not nearly good enough (still quite higher than the first place).

So, like others have said, I guess it does depend on the circumstances!

 

[phoenixgirl]

If they tell you to take a hike and that they''re no longer willing to work with you just because you asked if the price was negotiable, then they''re not very business savvy. The real question is whether or not they will negotiate or will stand firm. There''s only way to find out, but the more information you have, the better.

If you do tell them, "I found a similar diamond online for x," be prepared for them to tell you internet shopping horror stories or to insist that your stone has an amazing, perfect cut just because it has excellent polish and symmetry. To be fair, local bricks and mortar stores should be able to charge a little more for providing a place to take your ring for polishing, cleaning, servicing, etc. and for letting you see before you buy. They have to pay the rent in those expensive places. But what isn''t fair is when some jewelers use customer ignorance to perpetuate misconceptions . . . telling them the cut quality can be determined by the table, depth, symmetry and polish, or that the highest color and clarity is the best choice for every person, without explaining that negligible visual differences can add up to a lot of extra money paid.

My brother paid exactly what the high-end store quoted him for my sister-in-law''s ring, and I know he could have saved thousands and gotten a better cut if he had been more informed. My sister paid $600 for a simple white gold band she could have ordered online for $100 at the time.

Also, they may have a negotiating policy . . . stay strong for a bit, then kick in x% if the customer isn''t swayed. Just make sure that just because they caved, they''re still not fleecing you. Taking 5% off of something that is 50% over what you might pay elsewhere still isn''t a deal.

 

[LadyluvsLuxury]

Excellent advice has already been given. I do believe the art of negotiation begins with tact. There''s a difference between saying the right things the wrong way and saying the wrong things the right way, or you could say the wrong things the wrong way! haha! The point is don''t be crass or rude (which I know you would not do!

) or expecting and definitely have some type of ''back up'' if possible, if you find that their prices are reasonable but your problem truly is budget wise then express that to them and maybe they will work with you if they know it will guarantee them a sale. Goodluck!

 

[simpsondavid]

Everyone - Thank you so much for your help. Great advice so far.

Here are the exact specs (for some reason I put in the wrong price during my initial posting):

For the stone alone: Asscher: 1.51 FSI1 - $9500

This asscher is very much like the old original asschers and not like the square emerald (a lot of facets).
The flaw is minor and can''t be seen by the naked eye (especially with all the facets).

Do I have room to negotiate?

 

[fire&ice]

Simply put - "I really like it. Could you do any better on the price as it''s my only hesitentcy?" But, you have to be prepared to buy. And, as Dave points out - know what''s a fair price.

 

[strmrdr]

Date: 8/17/2005 10:07:00 PM
Author: simpsondavid
Everyone - Thank you so much for your help. Great advice so far.


Here are the exact specs (for some reason I put in the wrong price during my initial posting):


For the stone alone: Asscher: 1.51 FSI1 - $9500


This asscher is very much like the old original asschers and not like the square emerald (a lot of facets).

The flaw is minor and can''t be seen by the naked eye (especially with all the facets).


Do I have room to negotiate?

if it has a gia cert the price isnt too bad.
The range is 8900-9400 online.
With an egl cert its 8800-8950 would be more like it.
Add little bit for a b&m and your in the ballpark.
Sounds like to me if it has a gia cert that Id ask if he can do a little better if I buy today and if he knocks some off go for it if not its still a decent deal for the diamond anyway.
If its an egl cert id want a bit of a price break.
Cant comment on the setting price.

 

[laney]

Be prepared to walk away.

--- You can always go back for the full price stone.

Bring cash

--- if you can

Come to a conclusion of what price you want to pay for this combo. If this combo was 10K - would you buy right now? If so - say that. If I give you 10K in cash today - can we make a deal? Or something similar.

If you are pleasant - there response could be.. hold on - need to talk to my mgr..,. .then they could say ''Sure'' or - we can do it for 11K? And you can think about it.

Oh - what setting are you thinking of? Did you price it on line? Maybe there''s some negiotiating room there.

I was a bit afraid to haggle at first - but BELIEVE me - you won''t be the first or last to at least ask

 

[TimeTraveller]

I think it depends on the particular store in question. Can one go to Tiffany''s and haggle over price?

 

[jewelgirl]

The worst they can say is "no" right?