Accidentally haggled for e-ring, is this a good deal?

[rr221]

(Maybe a little long, see *''s for cliff notes)

So I started with a budget of ~2500 for a nice 0.5 - 0.7 carat simple solitaire engagement ring, as close to ideal cut as possible, G+/SI2 or better (read it was OK to go that low since <1 carat). Basically something visible, eye-clean, and sparkly in most light conditions.

My credit is apparently bad so I couldn''t get financing anywhere except a lot at Kay''s and a little bit from a local jeweler. Since I have about 1500 cash saved, I narrowed it down to these two:

** 1) Kay Diamond - IGI certified 0.7 carat, E/SI2, $2600

Looked sparkly but no one could tell me what the cut was. Seemed pricey for that low a grade and no cut measurement, but it was detectable, it sparkled in darker areas, and they could loan me 2000 which was a huge help.

After having been to the local jeweler already, I went to tell them that the Kay financing won me over. They had already played all kinds of cards like "we''ll lower our original deal since we''re already not making money" and "we can sacrifice to have a customer for life", but upon hearing me say I was choosing a 0.7/E/SI2 at Kay''s, they "felt bad that I had a tight cash-only budget and was paying for an overpriced Kay diamond" (I probably was) and they "called the dealer who also felt bad." As a result of this, they said I could take 50% off the price of any diamond I wanted to get. All of a sudden a "4400" diamond they had "reduced" to 2900 was now 2200, setting and all.

** 2) Current option (Pulled from online EGL cert), $2200

Cristal Type: Type IaAB
Shape and Cut: Round Brilliant
Carat weight: 0.72 Ct.
Color Grade: G
Clarity Grade: SI1

ADDITIONAL GRADING INFORMATION
Measurements: 5.81 - 5.77 x 3.48
Polish: Excellent
Symmetry: Excellent
Fluorescence: None
Total Depth: 60.1 %
Table Width: 58 %
Crown Height: 14 %
Pavillon Depth: 43 %
Girdle Thickness: Medium, Faceted

COMMENTS
- ''DiaScript'' appears on the girdle.
- 8 HEARTS & 8 ARROWS - This Diamond was polished
utilizing superior precision & craftmanship, its
exquisite proportions generate the appearance of
8 Hearts & 8 Arrows, when viewed at the correct
angle & under the proper lighting conditions.
- ''Excellent Ideal Cut''.

** I''m basically assuming everything is a little worse than what the EGL cert says based off what I''ve read. Even if it''s at least SI2/H with g/g polish symmetry etc, based off measurements and comparisons to bluenile, I think it leaves me with a pretty decent diamond for the price. Assuming it looks OK when I see it next week, does 2200 including 14k white gold setting seem reasonable? People mention independent appraisers here a lot, is there any point in me taking that course, since the diamond is probably somewhere in an average/good area?

I know it''s a lot, thanks for reading if you made it. Just so new to all this..

 

[stci]

I''m not an expert and I can''t help you in your choice but all I can say is "don''t borrow to buy a diamond ring"!

Financing a jewel is always a bad decision cause if you need to sell it, all you can obtain is 50% of the original price.

Imagine... you bought a $4000 ring + you finance it at 18%. If you sell it you will be not able to pay for the ring and still with a debt and don''t have the ring anymore. Just save more if necessary and wait till you are able to pay the ring entirely.

 

[Sizzle]

I think both of these locations are taking advantage of you. No one "feels bad" and tries to give you a deal. They just don''t. They don''t know you from Adam. They don''t care about your sad story or whatever lead you to get messed up credit. They don''t care that your madly in love and want to get married.

Let me get the mom advice out of the way. At this time, it seems like your bad credit was news to you. Its something you might want to explore fixing before spending your cash on a ring. If your credit is that bad, chances are you owe people. Therefore the $1500 you have "saved" is not yours to spend, but rather is owed to a creditor. Getting additional financing from Kays is no better. You already owe people, so why go into MORE debt. This credit situation and debts owed are probably something you''re future spouse is going to want to know about. It''s possible she may be willing to forego a ring and spend more time cleaning up your credit for your future

Now off that soap box, if you absolutely MUST get engaged now and with a ring, check out Brian Gavin Diamonds and let them help you with a stone and simple solitaire mount (which is like $250) for around your $1500 princepoint and forget about Kays.

 

[joxxxelyn]

Well basically such drastic sale prices only mean that the merchandise was severely overpriced to begin with. All of a sudden a $4400 diamond with a markup in the hundreds of percentages was put back a bit closer to its ''real'' value. I''m not being a jerk, I just don''t want you to believe that it was a rare exceptional bargain. For example, look up some James Allen truehearts and find something with similar specs (which will also have a more reputable grading report).

Plus, you say that they claimed you could get that discount on any diamond you wanted, but then suddenly there was one that seemed more appealing? Did they pull that one for you? I wonder why they were so eager to move it. If you saw it and liked it thtat''s one thing. But desperate times call for desperate measures, as they say. So if you proceed I''d utilize a return policy (in writing) and have it appraised by someone who does not sell jewelry or diamonds. /2cents

 

[Dreamer_D]

All that song and dance sales stuff ticks me off to no end. It is all a line. Take your $1500 and get something online that is fair value for your money, no song and dance required.

 

[rr221]

Thanks for the advice so far, and I probably do deserve the soapbox. As far as the debt goes, the problem is I''m carrying a high percentage, but its only out of a couple thousand (and she also knows all this). I''ve just felt in the past few months its more important to get the ring and then pay down the debt afterward. In the back of my mind though I am a little worried that she''d also not want me to use too much for a ring...but it''s a once in a lifetime thing! I just feel like a 1500 ring will just look like I wasn''t willing to sacrifice a bit of my finances.

Anyway, as for the rings go, I''ve moved past Kay''s, but I do agree that the local place is exercising all kinds of shady tactics. To explain more what happened there, I started off with a budget of about $2500, and he convinced me to look at a 4400 ring that he could get me for $2900. I went back later and told him that was just too much, and then I looked at a a cheaper ring for $1900. Later after that, I told them I was turning the $1900 ring down for Kay''s, and that''s when they said I could drop the prices to 50% on that ring, or even any ring. That''s when I started considering the original "$4600" ring again, since the price was now $2200.

Just writing this I''m getting more and more lost with how much to spend and where to spend it. I''m being convinced by this thread to drop the size a lot and really assure quality, but can I get that online for sure? It doesn''t appear as though I can trust any brick-and-mortar store..

Well, being sleep deprived is probably not helping me figure this all out. Thanks for the responses thus far, and I hope to ask some more clear questions for help tomorrow.

 

[JulieN]

You could get a stone about .6 cts in a simple setting for $1500. No need to borrow money for an extra .10 carats.

 

[Andelain]

Date: 4/3/2010 3:23:49 AM
Author: rr221
Thanks for the advice so far, and I probably do deserve the soapbox. As far as the debt goes, the problem is I'm carrying a high percentage, but its only out of a couple thousand (and she also knows all this). I've just felt in the past few months its more important to get the ring and then pay down the debt afterward. In the back of my mind though I am a little worried that she'd also not want me to use too much for a ring...but it's a once in a lifetime thing! I just feel like a 1500 ring will just look like I wasn't willing to sacrifice a bit of my finances.

I beg to differ. Why can't you choose a nice half to .6 ct stone in a simple, but classy setting from a vendor like GOG, WF, BGD, and upgrade it later as your finances allow? Just make sure to pick a stone that's covered under the vendor's upgrade warrenty.

 

[brellymom]

I agree with the other posters - the most important thing is to get a nice diamond that you (and she) will love as long as she wears it - until she upgrades

I started with a .20 engagement ring and was quite happy - it was all we could afford.

I would echo the advice of others - the best thing you can do is work with a vendor who has a solid reputation and a good upgrade policy. Get a simple ring and a simple setting for now and then spend time researching what you love. By the time you have worked through all the different settings and stones, you may be in a position to upgrade.

Another option is to get a nice diamond eternity band. You can get some lovely ones for $1500 that can be worn with the wedding band for now and then as a stacker with a nice diamond ring that you could buy on your one year anniversary or for some other memorable occasion. I think an eternity band with a wedding band is very classy looking!

 

[waterlilly]

Date: 4/3/2010 3:23:49 AM
Author: rr221
Thanks for the advice so far, and I probably do deserve the soapbox. As far as the debt goes, the problem is I''m carrying a high percentage, but its only out of a couple thousand (and she also knows all this). I''ve just felt in the past few months its more important to get the ring and then pay down the debt afterward. In the back of my mind though I am a little worried that she''d also not want me to use too much for a ring...but it''s a once in a lifetime thing! I just feel like a 1500 ring will just look like I wasn''t willing to sacrifice a bit of my finances.


Anyway, as for the rings go, I''ve moved past Kay''s, but I do agree that the local place is exercising all kinds of shady tactics. To explain more what happened there, I started off with a budget of about $2500, and he convinced me to look at a 4400 ring that he could get me for $2900. I went back later and told him that was just too much, and then I looked at a a cheaper ring for $1900. Later after that, I told them I was turning the $1900 ring down for Kay''s, and that''s when they said I could drop the prices to 50% on that ring, or even any ring. That''s when I started considering the original ''$4600'' ring again, since the price was now $2200.


Just writing this I''m getting more and more lost with how much to spend and where to spend it. I''m being convinced by this thread to drop the size a lot and really assure quality, but can I get that online for sure? It doesn''t appear as though I can trust any brick-and-mortar store..


Well, being sleep deprived is probably not helping me figure this all out. Thanks for the responses thus far, and I hope to ask some more clear questions for help tomorrow.

Absolutely! You can 100% get far better quality for your money by using an online vendor, no doubt!
Take a look at BG, GOG, WF stones and settings - you will also have the huge advantage of having an "upgrade" policy with one of their stones too- so when/if you would like to upgrade you don''t have to deal with trying to sell your stone.

 

[Asscherhalo_lover]

I would go for this stone with this setting because I know that for me, a little bit of pave has always helped with making the ring seem so much more "expensive" looking without adding a lot of expense. This solitaire is only about $150 more than their plain ones and looks so much nicer in my opinion.

Good luck!

 

[jan can]

Agree with all the other comments here. Another thing to consider is the lack of sales tax online. Depending on your state, you''re saving some real money there alone. The B&M is only trying to help themselves.

 

[legallyspoiled]

I agree with Asscher''s recommendation.

 

[Miss Sparkly]

You''re not necessarily out of the running for sales tax, the streamlined salles and use tax agreement has been gaining more attention with the increase in online shopping. Also, you state that you think your creidt is bad, but you''re not sure. Annual_credit_report.com is the ONLY way to obtain your credit reports from all three agencies for free once per year. Do not give out your credit card or bank acccount info for your score - look for the little clickable buttons to skip this step. You don''t get your numbers for free but you will see if you have a lack of credit history, missed payments, or if somebody else is using your credit (this happened to my husband

).

My 2cents is to buy the stone online and buy the setting from a local jeweler. I love the fact that when we bought my ering we paid $49.99 for the "lifetime plan" and I have never had to pay to retip the prongs, tighten the stone, size the ring and redip it in rhodium. I''m biased towards Jareds because I have friends who work for them and I love the fact that they have jewelers in house so most repairs only take a couple hours.

The eternity ring is also a great idea!

ETA: if you found a preset ring at Kays that you really really want, check out their preowned section of Kays.com - it might be there....

 

[Dreamer_D]

When we got engaged four years ago, by husband had a little debt and I was very adamant he *not* spend money he did not have for my ring. He ended up spending about $1000 and got me a lovely sapphire ring. Later, when finances allowed, we bought me a diamond and I am upgrading it to the size I would like!

No matter what you offer your gf as a token of your commitment to marry, she will love it. And if a part of her wanted a larger diamond, I think that your assurance that you will upgrade in the future if she would like will be all that is required!

Though I suspect she will want to keep her original ring

Even though I am upgrading my diamond, I feel a little sentimantal about my original proposal ring, which I now wear on my right hand when I get more dressed up.

I think a .50ct to .60ct diamond is a lovely size and will cost what you can realistically afford.

 

[Dreamer_D]

If you buy your setting online you can actually have it maintainted and serviced at any respectable jeweler. I would not recommend having the diamond set locally as the local store will not insure the diamond against damage during the setting process. It is much simpler to have it set by the company that sellf you the diamond, they will take responsibility during the setting process.

 

[PumpkinPie]

definitely don''t finance - either propose with something smaller or without a ring and wait to buy a ring until you have more money saved

 

[swingirl]

Date: 4/3/2010 10:54:32 AM
Author: Asscherhalo_lover
I would go for this stone with this setting because I know that for me, a little bit of pave has always helped with making the ring seem so much more 'expensive' looking without adding a lot of expense. This solitaire is only about $150 more than their plain ones and looks so much nicer in my opinion.

Good luck!

This would be a very nice choice and within your budget. In the future when your finances allow you can put the original diamond is a sweet pendant and upgrade the ering with a larger stone.

A 0.5 ct is a very respectable size.

 

[LGK]

I would also like to join in the chorus pestering you to not finance a ring

Not everyone can afford something major when they're ready to marry, and that is totally OK. My husband & I got married 9 years ago, right after college, and I had something like $20K in student loans and there wasn't a chance we were going to spend a lot on a ring. We spent $400 on a vintage 1940s 0.20 cttw wedding set. And quite honestly I woiuldn't have ever replaced it with a larger one, except it was first broken and then lost.

A lot of women wear smaller diamonds proudly either all their life or upgrade them as finances permit, or get a really nice anniversary ring in addition. I think that most of us would far prefer getting something that our fiance can legitimately afford, and if we're really wanting something larger, upgrading it later, rather than having a fiance making payments on our ring when it would make more sense to spend that money reducing the debt that we would soon collectively be sharing. Not as romantic to be sure, but I know it would be my preference.

Anyway, of course you don't need to listen to any of us- it is your own decision- but I think you could definitely do better online with just the cash onhand... the stone might end up a smidge smaller, but with a better cut it'll be very eyecatching and appear bigger than its size. And as others have mentioned a lot of online jewelers have really excellent upgrade plans.

ETA: A half carat diamond is a pretty respectable size anyway- if you look at women's hands in real life (unless you live in a really upscale area) you aren't going to see many large stones. Average would be well under a carat in my area anyway, probably 1/3 carat or so. Don't let advertising or PS skew your perspective and make you think every woman on earth has at least a full carat! I work in retail where we see mostly women, and yeah- a full carat is pretty dang big and not seen that commonly, in Seattle anyway.

 

[jlx]

yes, please don''t purchase at kay.