Diamond wholesale prices since last July-Need help

[amylynn]

Hi All-

I am new to this board but I could really use some help from an expert in diamonds. My fiance bought me a .81 carat, round brilliant cut, D color, SI2, ideal (depth=60.3, table=58, girdle=thin to medium, polish-vg, symmetry-vg, measurement=6.04-6.07x3.65mm) diamond from a "family friend" who is an independent jeweler. He paid $4700 for the diamond LAST JULY 2002. It turns out we started doing some research on the wholesale value of diamonds recently and have learned that the Rapaport sheet for this week lists the wholesale price for this diamond at $3600! I have also been on all the major diamond wholesale websites (Blue Nile, Mondera, Ashord) and they have similar prices.

Can anyone tell me whether the wholesale price of diamonds has dropped in the last 8 months, and if so, does it appear as though we were overcharged for this diamond? Thanks in advance.
-Amy

 

[pricescope]

Amylynn, you are right. Rap price for 0.81-D-SI2 today is indeed $4500/carat or $3645 for 0.81 carat. Assuming your diamond is ideal cut and GIA certified, you paid 29% above Rap, which is pretty steep. In the internet ideal cut stones could be bought for 10% below Rap.

I doubt that Rapaport prices went down since lust summer for that much.

 

[dimonbob]

Hi AmyLynn, Welcome to the forum;

I should start a new thread entitled "Buying a diamond from a "Friend" or relative

I here this problem almost every day. Your "family friend" had an opportunity to make a little extra on the side from someone who did not know anything about diamonds and took advantage. You are not the first this has happened to nor will you be the last.
I have a couple of relatives that buy from me but before they do I tell them to go out to the stores and find out exactly what they want and how much it will cost. I then get them something with higher quality at a lower price.
Your "Ideal" cut diamond with a 58% table is not ideal. Close but no cigar.
The rap price for your diamond has not gone down in the last year.
I wish I had good news for you. Good Luck.

 

[pricescope]

Bob:

----------------
I should start a new thread entitled "Buying a diamond from a "Friend" or relative
----------------

Excellent idea!

 

[amylynn]

Leonid and DiamondBob,

Thank you for your replies. This information will be very helpful for when we contact the jeweler.

I wish I had found this forum last year

-Amy