Bizarrely Expensive Price for Basic Setting at Local B&M

[diamondsfordays]

Hi there, I've been a lurker, but I decided to come out of the shadows to recount one of the strangest experiences I have ever had at a B&M store.

I was looking for a classic, plain platinum tapered baguette ring (center stone NOT included), and decided to stop in a highly regarded local mom and pop store.

They had nothing in stock that was a tapered baguette setting, but assured me they could easily custom make one for me with CAD/cast, being a simple and standard enough design.

My setting requests were basic, and I don't think out of the ordinary. I requested platinum with ~.50 ctw tapered baguettes, F-G color, VS, eyeclean, no black carbon. After meeting in person, they said to email them the details, and they would provide the quote.

To my utter disbelief, this mom and pop operation came back to me with a quote of 15 K for the setting alone. THIS DOES NOT INCLUDE A CENTER STONE.

Just to show how utterly baffling such an amount is:

Similar settings with similar specs by high end designers such as Vatche can be found online for about $4200

http://www.exceldiamonds.com/-Engagement-Rings-5/Designs-By-Vatche-Classic-2-Tapered-Baguette-Diamond-Engagement-Ring-309-272472.html

I also looked at another B&M store, and without even negotiating they said their stock ring was $4500 and that they could custom make one with CAD/cast for about 4k, including the side stones.

Even going with a high end designer who hand-forges like Victor Canera, Leon Mege, or Steven Kirsch, you would expect the total for the setting and side stones to be 5k at the most.

Finally, you can actually buy this mounting from Tiffany's, with all of their crazy markups and name-branding, and still get a 1 carat centerstone included for 14k:

http://www.tiffany.com/Engagement/Item.aspx?groupSKU=GRP10025

Flabbergasted, I called back to clarify, to see if some mistake had been made. Not at all, they said. The cost of the sidestones alone would cost 7k. (!!!) (These are ~.25 ct F/G VS baguettes we're talking aboout). Then they said the cost of the labor and metal, for a CAD/cast size 6 thin ring would cost up to another 8K, for a grand total of 15k. No center stone included!

I don't know what to make of all of this. It's like going to a Honda dealership and they tell you the price of a Civic is $100,000. It's not even that it's expensive, it just doesn't make any sense.

What is your take on this? Is this as crazy as I think it is?

 

[Mayk]

They don't want to do the ring... would be my guess. Or they have a very high opinion of their work. That's crazy!

 

[tyty333]

Cray, cray!

$7k for .50 ctw baguettes??? Wow! I guess my baguette setting with 1.08 center stone must be worth $20k!

 

[Missy]

Hmm, interesting. I wonder how they are staying in business.

 

[diamondsfordays]

Maybe youre right and they didn't want to do the setting. They defnitely had this strange initial attitude of shock and confusion that I knew what I was talking about even a little. They probably saw me talking about extremely technical things like "pointed prongs" "set low to medium" "thin shank" and "basket setting" and must have thought wow that's one fussy lady! I should have used simple language that shows I'm easy to please like "shiny metal round thing that holds the pretty white sparkly things."

What gets my goad is they kept me there an hour talking about the ring design. Asked me to write up a highly detailed email. Gave me the impression they were reasonable competent jewelers wanting to go ahead with the project, then took a week to get back to me with the silliest quote of all time. "I clearly don't want to work with you" to me would have been a quote of 5-6k for this setting. A quote of 15k implies either they think I'm dumb or they're dumb, 'cause this ain't Van Craeynest.

Funnily, I actually sent them an inspiration link to the tiffany's setting with the 1 carat center starting at 14.5k and they still gave me that ludicrous quote.

 

[diamondsfordays]

Tyty333 no way! If they're charging 7k for .5 ctw baguettes one has to imagine a 1 carater would be at least...hmm idk...40k? That seems about right.

 

[EvangelineG]

Wow, this is insane. I don't get it?

And I though our local jewelers had crazy mark ups (Canada)!

 

[MrsCanuck]

Was it a small mom & pop? I had a very similar situation when I was stalking engagement rings for my now-husband. He used to reside in a small-ish town about 30 minutes from me, and while I was house-sitting, I stopped in the local jewelry store. DH and I had already generally discussed what I wanted, so I thought I'd stop by this jeweler, and see if his prices were any better than the other places we had already looked. I was not looking for anything spectacular, as we'd settled on +/- a one carat marquise with decent specs in a very plain cathedral solitaire setting. Imagine my surprise when I told the jeweler what I wanted, and they quoted me a price of $15,000. FOR A ONE-CARAT SOLITAIRE? I was speechless.

I've felt your pain.

 

[unsettled]

Goodness. Even in platinum, I would never expect to pay more than $4000 for that setting. Unless it was by Harry Winston himself. I personally have that setting and love it. But it's not not anything that looks out of the ordinary or detailed.

 

[retrogamer]

Insane pricing structure. Honestly how the heck do they stay in business?

 

[diamondsfordays]

Yikes sorry you had to go through a similar sort of craziness. It wasn't a small mom and pop, they have three stores now. But they are local and the feel is still very much mom & pop.

I don't understand either how they stay in business. There's expensive and then there's just silly. Are there really people out there who would pay 15k for a simple setting? I dont even think Tacori's most blinged out setting costs that much.

That's cool that you own the Vatche it's so classic. I agree I wouldnt pay more than 4k for that setting in platinum. It's just not worth more than that. That's why I was saying I have would have gotten the hint that they dont want to work on the project if they had quoted me 5-6k. But 15k?? They were going on and on trying to justify it because CAD/cast is so "one of a kind" and talking about the "very high quality" of F/G VS baguettes as if they were the hope diamond.

 

[tyty333]

Tyty333 no way! If they're charging 7k for .5 ctw baguettes one has to imagine a 1 carater would be at least...hmm idk...40k? That seems about right.

Wow! I had better go and up the insurance on my ring!

 

[woofmama]

That's crazy! I have three settings with side baguettes, two are plat & one is 18k wg. Paid under $1600 for all three including setting my stones and sizing. I did search for a while & only one was purchased at a B&M. The other two were from Intergem show. Most that I looked at during my search were around $3k.

 

[heididdl]

They don't want to do the ring... would be my guess. Or they have a very high opinion of their work. That's crazy!

I agree

 

[diamondsfordays]

I agree they probably didn't want to do the ring. Do you think because they lacked the skills to make a ring or something else? My thing is if the custom benchman can't even construct one of the simplest, most timeless designs what is he even there for? I'm not asking for 3 sided micropave with a split shank filligree and milgrain. My fiance took time off of work to set up an appt and go talk to them. We wasted a week with these jokers when we could have moved on and made alternative plans. I find the whole thing unprofessional and disrespectful.

Another interesting tidbit, during the appointment the benchman showed me some rings he was wearing that he made. They basically looked like thick round wire cut and made into circles. At the time thought to myself wow this guy must like really basic rustic designs!

Maybe I should call them back and tell them I'm ready to plop down 15k for their fabulous custom setting and see what they say.

 

[diamondsfordays]

Woofmama: that's an amazing price pt and much more reasonable especially for platinum. What is intergem show?

 

[woofmama]

Link to Intergem: http://www.intergem.com/ Check the schedule to see if there's an upcoming show near you. I had a couple of gemstones to set so I brought them to the show and searched the vendor booths for settings. Found two there that were exactly what I needed. It was interesting, my first time there & a lot to wade through. Some great vendors, some junk, but the settings are very nice quality and the price was extremely fair.

 

[diamondsfordays]

Just my luck, not anywhere near my area Bet it would be fun to attend though.

 

[unsettled]

That's cool that you own the Vatche it's so classic. I agree I wouldnt pay more than 4k for that setting in platinum. It's just not worth more than that.

I don't have the Vatche. I wish! I just have a basic version of that setting!

They really must not want to do it. But I just don't understand why. It is so timeless and classic!

 

[Skhii]

Link to Intergem: http://www.intergem.com/ Check the schedule to see if there's an upcoming show near you. I had a couple of gemstones to set so I brought them to the show and searched the vendor booths for settings. Found two there that were exactly what I needed. It was interesting, my first time there & a lot to wade through. Some great vendors, some junk, but the settings are very nice quality and the price was extremely fair.

Woofmama, are there many larger (2+ carats) diamonds (old european cuts, old mine cuts, transitionals, cushions) at the Intergem Show? Are the prices the same as retailers like Jewels by Grace and GOG? Thanks for any help you can provide!