*sigh* Platinum price is up?

[dtexan]

I had a quote given for a ring by an authorized dealer for a designer setting in Dec. I just ended up ordering my ring first week of Jan. Now i get a call that the designer said the platinum prices are up so it''s going to cost almost $600 more! He says that''s considered "last" year''s price and is no longer valid. I wasn''t aware of any time frame. I''m so irritated but i still want it. So unfair. SIGH.

Has the price really gone up so significantly or the designer just decided to do a mark-up for the new year?

 

[noobie]

Hmm,

I just took a quick look at platinum between December 2004 and January 2005. The average price in Dec was $853.67 per troy oz. The average in January is $856.45. That''s an increase of $2.78 per oz. So let''s say your ring is PT 950 at 95% and you have a big hefty design at 10 grams.

The actual platinum cost increase would account for about 88 cents.

This is an oversimplification, but a huge pet peeve of mine when people claim high price increases due to commodity fluctuations.

 

[dtexan]

This is what i also thought, it couldn''t have increased so much. So it''s just the designer doing a mark-up and blaming it on Platinum? Such a significant price increase within a few weeks is very unfair. And i can''t even do anything about it.

 

[dtexan]

Steve,

What''s the normal increase from year to year for designer piece? They can''t possibly be increasing it by this amount every year, no one would be able to afford it in a few years. Must be my bad luck (i initially was excited at how good of a deal i had gotten).

 

[noobie]

Is there another dealer for the designer you can contact? It may not help much since many designers set and control prices for their settings.

One option you may consider is a good custom jeweler. You could get something similar and change some things that you may not like as much. Otherwise you could be stuck if you want that particular setting.

 

[dtexan]

Hi noobie,

The only problem is that i had spent enough time looking at settings and was content that i finally found one that i really like for a fair price. It''s already taken so long to make a decision that i just don''t feel like starting all over. Plus, initially i was given ridiculous quotes by custom jewlers for simple pieces. They quoted the platinum price being almost 3x higher than the gold. Given all this, if i start over i might have to go to several jewelers and get quotes from them and describe to each what i am looking for and that doesn''t guarantee their prices will be less or quality the same. Too much trouble. I''ll just have to chagrin and bear it. Just wanted to vent a little. Thanks for all your help.

 

[noobie]

Good luck, I''m sure everyone here would love to see it when it''s done!

 

[codex57]

Maybe dig up prices of platinum from December and January and show him how little difference it really is. Then negotiate that increase and at least make him be honest about the real reason for the increase.

 

[noobie]

This is a bit of a rant, but related to this topic. I came across something similar last year when metal prices were volatile. I received quotes two to three times what other customers who had reffered me received. The excuse I got was price of gold and platinum increased. Well, my math yielded a $15 metal increase to justify a $300 increase!

Now that''s fine, the price is the price, but don''t feed me a piece of BS. If you need more margin, it was a preferred price, or if you underpriced it before, that''s fine, but don''t insult me with some BS. How can I trust you after this?

Rant over.

 

[dtexan]

Hi Steve,

Well the original setting was done in white gold and it was priced around $900 something. The quote i was given for platinum was about $1,400. Today the price has gone to $2,004! When i expressed to the jeweler it was unfair he was just silent and sympathized a bit but didn''t say he could do much about it. He was basically just waiting for an answer. I couldn''t say no because i didn''t want to start over again and what if he didn''t negotiate any deal? Then i''d be too embarassed to say to go ahead and continue with it after i refused. Seems really tricky of them to increase it so much. Maybe the designer is gaining more popularity and decided it was under priced. When i first had the quote i thought it was very reasonable and was excited to find a good deal, maybe he also thought it was too reasonable! lol.

 

[perry]

Actaully, I wonder if it is not just a ploy to get you to pay more. I''ve seen people do this, wait until you really want it - then increase the price.

Personally, I''d call the bluff and start over if needed. My guess is that just by calling the bluff that you will get the original - or much nearer the original price.

I used to shop overseas when I was in the US military. The prices didn''t get good until they knew you were willing to walk away.

Perry

 

[strmrdr]

Date: 1/20/2005 6:40:56 PM
Author: Feydakin
It''s YOUR money.. He wants it.. That''s how retail works.. Be very clear that you will be more than happy to pay the original price, or maybe just a ''bit'' more if you really love the ring (don''t tell him this).. But, a 42% increase in price over a few weeks is excessive..


My guess is that he lost your quote and requoted it.. And now he''s caught himself in a corner because he couldn''t generate teh same quote price 2x in a row.. Do not pay the extra $600.. If he wants your business, he will do it for the original quote +/- $100 or so.. If not, there are plenty of wonderful jewelers out there that will be more than happy to make your ring for you..

Agree 100%

 

[strmrdr]

Date: 1/20/2005 7:40:45 PM
Author: Feydakin

Date: 1/20/2005 7:38:40 PM

Author: strmrdr


Agree 100%

/me looks for other signs of the coming apocolypse

LOL
I was thinking the same thing as I was typing it.
But you said pretty much what I was going to say but you did say it in a nicer way.