bank wire

[captkirk]

well, I''ve chosen my diamond and a very reputable dealer (at least according to the feedback listed on PS) has had it shipped to him. We talked and he said he checked it out and it is very nice and a very nice price. He said that he does take diamonds back on "trade ups" in the future and would have no issues with putting this stone into his inventory if that ever came up. So, I feel very comfortable about the stone and want to purchase.
I save 3% with a bank wire of funds. This diamond is laser inscribed, so I will be able to know I am getting what I am buying. However, I''ve never met the jeweler personally, he has been in business in NYC for quite a while, and many people recommend him here. I realize he has nothing to gain (in the long run) by not coming through. Am I being too paranoid? Should I just put it on a credit card, pay the extra 3% and have some buyer protection. What happens once I bank wire him the $. What if I never recieve it or it''s not right? Am I over analyzing. How does the insurance work as far as once I recieve delivery?

 

[Skippy123]

Is it GOG? You will receive it. I understand how you feel though. I was in your shoes not to long ago.

You can have GOG send the stone to the appraiser if you like first to comment on the color, cut, clarity.

 

[neatfreak]

It depends on who it is. If it''s someone reputable from PS I would have no problem wiring $. My fiance recently wired $ to Mark at ERD with no problems as I assume people do everyday.

If you have any hesitations about it at all however ask if you could send a certified check or cashiers check (at least has a bit of a paper trail) in the mail instead and still get the break? I would think that the 3% surcharge is only to cover what the CC company charges them, so a check would probably be fine too...

If you''re hesitating just pay the extra 3%, put it on your CC, and have the peace of mind that goes along with it.

 

[MWG]

Is this a Pricescope dealer, if so, I would feel that you are safe. Since, you have already wired the money to the vendor, you can tell us the Vendor''s name.

Congratulations
MWG

 

[MWG]

Yours fears are justifiable!!!!!! But, if you are using one of the Pricescope Vendors, then you are okay. These people have reputations to protect and do so very well.

MWG

 

[captkirk]

No I haven''t wired the money yet, either tomorrow or Tuesday. It is w/ Mark at ERD.... I feel very comfortable with him. But it is a lot of money. Once I recieve it do I call my insurance agent and get a rider? Since I will have it put in a setting my GF has chosen here locally, do I wait to get appraisal after its set? It is a GIA H&A stone do I need to have a local jeweler appraise it?

 

[neatfreak]

Date: 5/24/2007 11:01:55 PM
Author: captkirk
No I haven''t wired the money yet, either tomorrow or Tuesday. It is w/ Mark at ERD.... I feel very comfortable with him. But it is a lot of money. Once I recieve it do I call my insurance agent and get a rider? Since I will have it put in a setting my GF has chosen here locally, do I wait to get appraisal after its set? It is a GIA H&A stone do I need to have a local jeweler appraise it?

Don''t worry about it at all then. Mark is a very very trustworthy guy with a longtime business. He''s not going to choose to screw you over after NOT screwing over thousands of other clients!

I don''t know the details about insuring a loose stone (i.e., if it can be done by a consumer), but you can get the policy with only the papers Mark sends you (cert and he will send a simple appraisal too). I just filled a policy out online the moment I had my ring, and bada bing, it was insured! I just had to send the papers in within 10 days (or upload them to their website) and then i got the official policy in the mail. But it was "insured" from the moment I got a confirmation email. I went with Jewelers Mutual.

 

[Skippy123]

I don''t know if this helps, but I bought my diamond and it came w/ a basic appraisal from the vendor and I gave that to State Farm who wrote the rider. I didn''t have an appraisal.
If you want it appraised there are some great appraisers here on PS. Rock Doc, Richard Sherwood.
Also, use this tool to find an appraiser in your area. https://www.pricescope.com/appr_list.aspx

 

[captkirk]

thanks for all the input and the vote of confidence Neatfreak. PSers have always been a great help! Skippy the link was great, there''s an appraiser in my town. By the certification that comes with the diamond, why have it appraised other then peace of mind?

 

[Skippy123]

Date: 5/24/2007 11:14:23 PM
Author: captkirk
thanks for all the input and the vote of confidence Neatfreak. PSers have always been a great help! Skippy the link was great, there's an appraiser in my town. By the certification that comes with the diamond, why have it appraised other then peace of mind?

lots want peace of mind. Also, Harriet's diamond not being an I comes to mind.

 

[diamondseeker2006]

Date: 5/24/2007 11:14:23 PM
Author: captkirk
thanks for all the input and the vote of confidence Neatfreak. PSers have always been a great help! Skippy the link was great, there''s an appraiser in my town. By the certification that comes with the diamond, why have it appraised other then peace of mind?

Let me just say that I have bought stones from GOG and WF (paid by wire), all either GIA or AGS, and I saw no need to get another appraisal. You can ask the jeweler who sets the stone to write you an insurance valuation to send to the insurance company so it will include the setting. They almost always do that for free. But I''d recommend discussing with him how he will reach a value so that he doesn''t over-value it resulting in overpaying insurance premiums.

 

[neatfreak]

Date: 5/24/2007 11:31:23 PM
Author: diamondseeker2006

Date: 5/24/2007 11:14:23 PM

Author: captkirk

thanks for all the input and the vote of confidence Neatfreak. PSers have always been a great help! Skippy the link was great, there''s an appraiser in my town. By the certification that comes with the diamond, why have it appraised other then peace of mind?

Let me just say that I have bought stones from GOG and WF (paid by wire), all either GIA or AGS, and I saw no need to get another appraisal. You can ask the jeweler who sets the stone to write you an insurance valuation to send to the insurance company so it will include the setting. They almost always do that for free. But I''d recommend discussing with him how he will reach a value so that he doesn''t over-value it resulting in overpaying insurance premiums.

FYI captkirk: Mark usually sends two appraisals a "price paid" appraisal and a "retail value" appraisal. You can then choose which to use for your insurance if you just use his appraisal.

 

[Skippy123]

Date: 5/25/2007 12:12:03 AM
Author: neatfreak

Date: 5/24/2007 11:31:23 PM
Author: diamondseeker2006

Date: 5/24/2007 11:14:23 PM

Author: captkirk

thanks for all the input and the vote of confidence Neatfreak. PSers have always been a great help! Skippy the link was great, there''s an appraiser in my town. By the certification that comes with the diamond, why have it appraised other then peace of mind?

Let me just say that I have bought stones from GOG and WF (paid by wire), all either GIA or AGS, and I saw no need to get another appraisal. You can ask the jeweler who sets the stone to write you an insurance valuation to send to the insurance company so it will include the setting. They almost always do that for free. But I''d recommend discussing with him how he will reach a value so that he doesn''t over-value it resulting in overpaying insurance premiums.

FYI captkirk: Mark usually sends two appraisals a ''price paid'' appraisal and a ''retail value'' appraisal. You can then choose which to use for your insurance if you just use his appraisal.

Wow, engagement rings direct shounds awesome!!