Did my Fiancé overpay?

[verbrel]

I recently got engaged and my fiance took me to a jewelry store that came highly recommended to him by his boss for the ring. This store has been highly rated in the community and the staff was very friendly. However I feel as though we might have overpaid for our center stone. The stone is not AGI certified (because the jeweler said that would be additional) but here are the specs:

Carat: .53
Color: H
Clarity: SI1
Cut: Round brilliant

we paid 2500$ for the stone (not including the placement in the ring). The jeweler took the time to explain about the specifics of the diamond and said that while online prices might be a bit cheaper, the diamond we got was a very good price. I still have doubts, did he overpay?

 

[farmer gal]

Can you return the ring?

 

[farmer gal]

Sorry, also what kind of setting is it in?

 

[verbrel]

I can trade in the ring, including the stone for store credit only.

 

[verbrel]

It's in an 18K white gold setting with side diamonds, I like the ring itself but the center stone is really bothering me.

 

[verbrel]

The ring was 7K total, but I can only trade it in for store credit at that store.

 

[farmer gal]

What does your fiance think? Are you thinking about trading in and if so is it a trade in program where you have to pay 2500 more?

 

[Haven]

You can do a search to compare diamonds on the PS main page. I did a quick search with the basic specs of your stone and this is what came up:


When did he buy the ring? Are you sure you can't return it?

 

[verbrel]

I looked up those numbers at it seems weird to me that he overpaid almost 1,000$ according to that data. The shop owner is very firm on only allowing store credit for purchases once they are made. If that's the case, I'm not sure what to do,

 

[minmin001]

7k in total means your setting was 4.5k? is it a designer setting?

 

[MissGotRocks]

So the stone was $2500 and it's not certified? Do you have any pictures of the ring?

 

[Laila619]

Yes, I do think he overpaid unfortunately. Maybe we can help you find something else, but if you can only get store credit, it seems like their prices will be high on anything else you find too. Can you please post a few pics of the ring?

And congrats on your engagement!!

 

[SandraPaneczko]

Last September I paid $3,150 for a whiteflash .63 ACA certified by AGS G color VS2 clarity. So yes I think for that money you guys could have done better. Since your money is tied up in that store ... My question is ..... Would you be happy with your stone had you not know the price? If so ..... Then my advice would be to keep it for now and maybe get a better deal somewhere else in the future.... Or you can use your store credit to find something else in the store you like better......for the mean time.... At the end of the day ...... Congrats on your engagement.... Try to enjoy the moment despite your worries.


Best wishes



Sandra

 

[jrich]

I'm hoping you'll post pics of the ring and tell us more about this setting. The center diamond is about right for in store, but that's sure an expensive setting, but if you love it that's what matters! You'll find that most people on PS will say to spend more on the stone than setting.

 

[jrich]

Just saw that it isn't certfied which makes it harder to compare prices.

 

[diamondseeker2006]

Yes, if it is not certified, H SI1 means really nothing. The sad thing is, the no-return policy fits right in with the whole scenario of selling an uncertified stone for a ridiculous price and then you are stuck when you figure it out. I would be very tempted to go back and ask him to send the diamond to GIA to be graded and if it comes back as H SI1, then you'll decide if you want to trade it in. But if it comes back lower, you want your money back!!! Pay for the grading. Let them put a simulant in your setting while the stone is at GIA. It may be a way out.

 

[jrich]

This is just my opinion but if you are stuck with them, Id use that 7k to get you to a carat (Gia cert, which I would assume he can get. Sine you can go see them you can look at I's and J's and see if you like the color (they are in the ear colorless and offer good buys) since it sounds like prices are high there I assume you could hopefully get a 1 carat for 6k, and then pick out a pretty non designer solitaire or depending on their pave bands, maybe one if those if that's what your looking for. Keep us posted, we can help! Diamondseeker I just am Betting that if he wouldn't even send the stone to Ags he won't send It to gia.

 

[Dancing Fire]

yes he did .. and w/o a lab report...

 

[Gypsy]

yes he did .. and w/o a lab report...

Yup. Bottom line. He didn't do his research and overpaid.

 

[Dreamer_D]

Yes, if it is not certified, H SI1 means really nothing. The sad thing is, the no-return policy fits right in with the whole scenario of selling an uncertified stone for a ridiculous price and then you are stuck when you figure it out. I would be very tempted to go back and ask him to send the diamond to GIA to be graded and if it comes back as H SI1, then you'll decide if you want to trade it in. But if it comes back lower, you want your money back!!! Pay for the grading. Let them put a simulant in your setting while the stone is at GIA. It may be a way out.

Ditto this.

And was the mount really $4500? That is astronomical, was it a very detailed pave designer mount? The jeweler sounds like they padded he setting price too For $7000 you can buy a 1ct diamond with a cert!

 

[motownmama]

Can it still be returned or exchanged?

 

[fridays_child]

It looks like you've said you can't return the ring, so if I were you I would go with some of the previously posted advice - exchange it for the biggest, nicest stone you can get with a cheaper setting. If you ever want to try and sell the ring and start over sometime in the future, the size of the stone will make the most difference in asking price.

To you and your fiance, IF you are feeling this way, please don't feel stressed or anxious or guilty about this purchase. People get taken all the time, and not just in diamonds, but in lots of other big ticket items. It can happen to the best of us, and now that it's happened to you just think of it as a lesson learned.

And of course, congratulations on your engagement!!! Best wishes to you and your fiance!

 

[kenny]

If the stone is not graded by GIA or AGS the color and clarity grades are unknown, so there's a good chance you overpaid even more than you think if you are looking up the prices of diamonds graded by GIA or AGS.
IOW, if your seller says it's H SI1, GIA or AGS might grade it k I2 or worse.

If you can only return it for store credit anything they sell you, including a GIA or AGS-graded diamond, will be at an obscene price too, but at least you'd know what your color and clarity grades really are.

Also be aware that color and clarity grades from other labs like EGL or IGI are more "generous" than GIA or AGS.
So if GIA graded that diamond K I2, EGL might grade it I SI2.

Frankly, I'd just keep this diamond, chalk this up to experience, and move on.
Every time you look at the diamond think not of a mistake, but a valuable lesson learned, to do your homework first.

Like Scarlet O'Hara said at the end of "Gone With the Wind", "After all, tomorrow is another day."

http://www.youtube.com/watch?v=R-OoIvgtuzs

 

[Haven]

It looks like you've said you can't return the ring, so if I were you I would go with some of the previously posted advice - exchange it for the biggest, nicest stone you can get with a cheaper setting. If you ever want to try and sell the ring and start over sometime in the future, the size of the stone will make the most difference in asking price.

To you and your fiance, IF you are feeling this way, please don't feel stressed or anxious or guilty about this purchase. People get taken all the time, and not just in diamonds, but in lots of other big ticket items. It can happen to the best of us, and now that it's happened to you just think of it as a lesson learned.

And of course, congratulations on your engagement!!! Best wishes to you and your fiance!

Big ditto. Put all of that money into the stone.
I'm sorry your fiance overpaid, but I agree that it seems like your hands are tied. At the very least demand a certified stone, preferably GIA or AGS.

 

[verbrel]

The ring itself was a designer ring which my Fiance picked out, it has .51 carat weight of diamond in the band.

 

[kenny]

It looks very beautiful.

You know, another way to look at this . . .

Pricescope is a place where members are among the upper 0.000001 percentile when it comes to diamond education.
I'll betcha that fewer than 1% of the world's people who buy diamonds came here first for a diamond education.

I'll bet the vast majority of diamond buyers out there got a "deal" similar or worse than yours.
That's just how the diamond industry is.
Take heart.

 

[ooo~Shiney!]

That's a lovely ring !!!!

Congratulations on your engagement !!!!

 

[Rhea]

You have a lovely ring!

I agree with Kenny. PSers have higher than normal expectations when it comes to gems. It's not that you have a bad rock or that you overpaid in comparison to the going rate for a high street jewelers, it's just that you overpaid compared to what we're used to.

 

[MissStepcut]

Yes, if it is not certified, H SI1 means really nothing. The sad thing is, the no-return policy fits right in with the whole scenario of selling an uncertified stone for a ridiculous price and then you are stuck when you figure it out. I would be very tempted to go back and ask him to send the diamond to GIA to be graded and if it comes back as H SI1, then you'll decide if you want to trade it in. But if it comes back lower, you want your money back!!! Pay for the grading. Let them put a simulant in your setting while the stone is at GIA. It may be a way out.

I like this idea. I wouldn't keep the setting, though. If it works, she may want to start from scratch.

 

[Dreamer_D]

If you adore the setting then go in and see what you can trade for, look for something super sparkly and compare as many stones as you can. Even if uncerted, then perhaps you can at leas get something you like better?