Buying a diamond online question. Confused

[D8612]

I found a diamond online that I am very interested in but as I looked around I found the the same diamond priced 500 less, so I'm worried. If I were to buy a diamond online, would I have to go to a ton of other sites to see if the diamond is less or is there a easier way to find out?

 

[LadyMCh]

A lot of dealers have access to the same "virtual inventory". Markup can be different anywhere you go. Depending on where you're buying from, maybe they will price match? Is there a reason you can't buy from the place with the cheapest price?

 

[Queenie60]

Is is a PriceScope recommended vendor? If you post your budget and specs of what you're looking for I am sure that some of the experts will chime into help you out. Good luck.

 

[ChristineRose]

"Hello, I found a diamond I really like in your virtual inventory. But I noticed another dealer has the exact same diamond in their virtual inventory for $500 less. I would really prefer to deal with you because of your excellent reputation. Do you think you can adjust your price"

 

[Texas Leaguer]

Just a general comment to help the OP understand virtual inventory.

Many companies post diamonds for sale that they do not own or possess. This is a common practice and can be good for the consumer because merchants have reduced overhead costs if they don't invest and carry the merchandise. The thing to remember is that not all listers can actually deliver the diamond, and the ones that can may not be the ones with the cheapest price. Another thing to consider is any value added by the merchant such as gemological inspections, diagnostic images, buy back trade-up benefits etc. It can easily be worth many hundreds of dollars. Naturally you also want to perform due dilligence on the company you are considering trading with. Not all companies are the same in terms of reputation.

 

[AdaBeta27]

Make sure the vendor's return & refund policy works for you, as well, especially if you are out of the USA. Shipping to / from a country outside the USA can take a long time. Even in USA, shipping by USPS registered mail can take a painfully long time if the diamond must be shipped across the USA. Does the vendor's policy allow sufficient time for transit, customs (if applicable), and transit back, should you need to return it? How does the vendor refund on returns? A check? How long will that take, and you do need to know how long, because your money could be tied up for weeks or a month before you get a refund if the vendor refunds by check.

 

[WinkHPD]

Just a general comment to help the OP understand virtual inventory.

Many companies post diamonds for sale that they do not own or possess. This is a common practice and can be good for the consumer because merchants have reduced overhead costs if they don't invest and carry the merchandise. The thing to remember is that not all listers can actually deliver the diamond, and the ones that can may not be the ones with the cheapest price. Another thing to consider is any value added by the merchant such as gemological inspections, diagnostic images, buy back trade-up benefits etc. It can easily be worth many hundreds of dollars. Naturally you also want to perform due dilligence on the company you are considering trading with. Not all companies are the same in terms of reputation.

Texas Leaguer is totally correct!

I am reminded of a sale I made nearly twenty years ago. I brought in a princess cut diamond and talked with the client about it. It was PERFECTLY SQUARE which he really liked. I received the money and sent him his diamond. He received it on Friday and absolutely loved it.

On Monday he called and told me he found it $200 cheaper on another website and said I would have to send him $200 or refund the entire amount and he would buy it at the other site.

Angry, I called the vendor that I had already paid for the diamond to ask, "Hey, WHAT THE HECK?" I told him the name of the other site and asked him how he could let this happen. I was told that that vendor could not buy the diamond from him even if he still owned it since he was a slow pay and a pain in the neck to deal with.

I called my client to go ahead and TRY to buy it from the other site, that I owned that diamond when I sold it to him and that it was NOT available there. He sheepishly admitted that after he sent his email to me, he went to be sure he could buy it there if I did not give him the discount. The vendor told him that it was out with a client to be seen and that they had other similar diamonds.

I laughed and told him that it was not too surprising. I then joked with him that when I did not have a diamond it was $800 cheaper. He laughed, kept his diamond and I learned a valuable lesson about some people's ethics! (I am referring to the dishonest vendor, not the misled client!)

Wink

 

[WinkHPD]

Make sure the vendor's return & refund policy works for you, as well, especially if you are out of the USA. Shipping to / from a country outside the USA can take a long time. Even in USA, shipping by USPS registered mail can take a painfully long time if the diamond must be shipped across the USA. Does the vendor's policy allow sufficient time for transit, customs (if applicable), and transit back, should you need to return it? How does the vendor refund on returns? A check? How long will that take, and you do need to know how long, because your money could be tied up for weeks or a month before you get a refund if the vendor refunds by check.

When I make a refund it is by wire transfer if it was one of my branded diamonds. If it is a colored gem I send a check, never had one take more than a week to arrive.

Wink

 

[AdaBeta27]

Some others say "allow up to 10 days" (or whatever their policy is) for the refund, and when you get into the details, it's paid by check. Or amounts over a certain dollar amount take longer than say, refunding $1500. I just thought I'd mention that issue because some people might want or expect to get their money back faster. Local banks might add their own delay in releasing funds from a check, too.