buying diamond

[knanev]

Hello,

I had been searching for diamond for a while and i found some good deals in China Tow,NY around Canal street. Has anyone had any experience buying diamond/rings from China Town?
Basically they sell GIA certificate diamonds and they are ready to negotiate the price much lower what they initially advertise. However one bothers me is that they don't have 15-30 days money return period. They only have exchange but i don't that think this would work since the initial price is high. Or would you recommend me other places to buy diamond/ring around NY tri-state area?


Thanks,

 

[Dreamer_D]

Never ever ever buy a diamond (or any other large ticket item) without at least a 7 day no-questions asked return period that you have in writing. It is simply too risky.

I highly doubt that you will get a deal at a store like the one you describe. The whole "Discounts below marked prices" thing is a sales ploy that does not work in the consumer's favour and is aimed at giving you a false sense that you got a deal. In fact, they would not sell a diamond below market value. Why should they?

Some recommendations of companies with excellent reputations and offices in NY (you need appointments at them):

ID Jewelery
Good Old Gold
Engagement Rings Direct
James Allen (I think they have an office there)
Excel Diamonds

 

[knanev]

Wouldn't it be OK if they have GIA certificate?

 

[denverappraiser]

Wouldn't it be OK if they have GIA certificate?

I agree with the above. Don't do it unless they have a return avenue if you are unhappy and unless you are personally a diamond expert. How much they initially asked is irrelevant. It's the current price that counts, not the discount. Also irrelevant are the 'appraisal value', 'wholesale value', and their cost.

What is, and what is not, on a lab report is a complicated subject that is discussed quite a bit on this forum. Poke around and read some older threads as well as the tutorial and some of the articles. There's a good one by John Pollard specifically on this topic.

Some highlights:

#1 There's NOTHING certified about it. The lab is giving an opinion, nothing more. A lab report is not a guarantee of anything, not even that they will assign the same grade again if they see the stone again.

#2 There is quite a bit of information about diamonds that is NOT included on the lab docs that has significant affects on the value. There's a reason that GIA includes a disclaimer on every single report that you should consult with a quialified gemologist to properly interpret the results. This, by the way, is exactly what I recommend you do during your return period.

I have no idea who your dealer is and it's entirely possible that they're top shelf. It's not the address that makes one better than another and if they want to set up shop in China Town, that's their call. The facts of the deal remain unchanged and if they are confident that they're giving you a good shake, they should be willing to let you have it checked out by an independent 3rd party.

 

[affguy]

Wouldn't it be OK if they have GIA certificate?

And if you take it to your appraiser and find the GIA certificate doesn't match? Or the stone is "clarity enhanced"? Or...or...or?

If they're willing to negotiate way down on the price, subject to an "exchange only" return policy, I'd shop elsewhere.

 

[knanev]

So i guess the best thing is to buy loose diamond and check with an independent quialified gemologist and then if everything looks good to mount it on a ring setting?

 

[denverappraiser]

So i guess the best thing is to buy loose diamond and check with an independent quialified gemologist and then if everything looks good to mount it on a ring setting?

Yep, pretty much. I would also advise that the expert you choose for this purpose be someone that YOU have selected, not someone chosen by the seller. This changes slightly if you are an expert yourself or if you have an established relationship with the seller and THEY are experts but that's the way you establish such a relationship. The lab is a reinforcement for your trust in the dealer, not a substitute for it and the independent inspection by a trained gemologist is a verification system, not an attack.

 

[Dreamer_D]

So i guess the best thing is to buy loose diamond and check with an independent quialified gemologist and then if everything looks good to mount it on a ring setting?

You can buy it mounted and have it appraised that way to see if the stone matches the lab report, too. For many of us, mounted is just fine to assess if the stone meets our needs and preferences in terms of cut/color/clarity. And an appraiser can tell you if the stone matches the report mounted. Others want an appraisal of the loose stone like Neil describes. It is up to you.

But get the return period in writing. So many times people come here after a sale and they are stuck with a vendor because they did not get a return policy in writing.

 

[Dancing Fire]

Hello,

I had been searching for diamond for a while and i found some good deals in China Tow,NY around Canal street. Has anyone had any experience buying diamond/rings from China Town?Basically they sell GIA certificate diamonds and they are ready to negotiate the price much lower what they initially advertise. However one bothers me is that they don't have 15-30 days money return period. They only have exchange but i don't that think this would work since the initial price is high. Or would you recommend me other places to buy diamond/ring around NY tri-state area?


Thanks,

don't do it!!.. probably for CASH!,right? i know how these Chinese retailer operate.

 

[knanev]

YES, they told me that if i pay cash, then i don't need to pay the NY state tax(8.5%).


After getting so many post-backs, i will not be buying my diamond from China town.


Thank you all for the great advices.

 

[Dreamer_D]

Cash only sales are very risky for a consumer. With no paper trail -- because cash almost always equals no receipt -- you have no recourse at all in the event that there is a problem with your diamond. Combined with no returns policy... that is just crazy to even consider such a purchase!

 

[Dancing Fire]

YES, they told me that if i pay cash, then i don't need to pay the NY state tax(8.5%).


After getting so many post-backs, i will not be buying my diamond from China town.


Thank you all for the great advices.

you see how smart i am?... stay away from chinese jewelry stores cuz most of them sell poorly cut stones and they'll eat you alive..