Engagement ring help needed - 1.5, G, SI1 Diamond

[mike899]

So i am looking for engagement ring. I have deposit down on a ringt that is 1.5 carat, color G, SI1, very good
GIA Certified

When I picked the ring i was fairly uneducated on this topic or shall i say i am fairly more educated now.

However I still think my ring, as stated above, is a decent stone. It is set in halo type setting, with .7 carats on the setting.

I have put down 2k on the ring and am picking it up next week for a total of just under 10k. I understand this may sound like a lot, I live in NYC, I have good job. Obviously saving 5k is a good idea, but I am looking at it as a once in a lifetime purchase to start my family, that will last literally the entire life of my family. I want it to be nice.

My questions are:

a. is the stone actually considered a 'goog stone'?

b. does it sound like a good price? to me after all the research, it seems like a good price.

c. if when i get there and see it set, if i decide that i don't like it, or its not the 'one'. what is the process or propper manners for backing out of a deposit? or is it normal to ask to see something else?


any help is appreciated.

 

[yssie]

We can't tell you anything about the stone without more info. Does it have a report? From what organization? If so post that, and any other info/closeup photos you may have.

What we can tell you is that 10k for 1.5G SI1 + pave setting is a suspiciously low price for a reputably graded (GIA or AGSL) stone and a well-made setting bought in-store (as opposed to from an online drop-shipper without the overhead, and even then). You generally get what you pay for unless you're buying second-hand and know what to look for, so a "good deal" is something to be wary of...

I'll leave the deposit question to others.

 

[mike899]

Thanks for the quick response. A little feedback; first off the ring is GIA certified, I don't have the report online or the other information at this time. I have seen it in person and I thought it looked great. I did review the GIA report in person and it was legit.

The Jeweler; is the brother of one my good friends, who took me to the store and helped me pick it out. Now I only met the brother a few times before that day. My instincts told me I was not getting screwed in any way, being it was a friend.

When he rang up the price, it came to 14k total, between the diamond and setting. He was able to get it down to just under 10k for me.

 

[mike899]

Also the diamond itself came to 12k without the setting. I think it was 7500 a carat.

 

[ChrisES]

First of all, cut is the single most important factor. GIA "very good" is an extremely wide range, and without images of the stone we absolutely cannot tell you if have a good looking diamond or not. There are wonderful GIA very goods out there, but they are not overly common, and like Yssie, I am always nervous about something that looks like a "deal" - it is so easy to sell diamonds (especially GIA-certified diamonds) that there is really never any incentive to give someone a legitimate "deal" rather than pretend you are giving them a deal.

All of that said - it is absolutely possible that you got a great deal on a great stone. But no one here can tell you that without photographs of the stone and/or idealscope or ASET images.

Finally, the most important thing when buying a diamond is what YOU (and the stone's intended owner!) think of it. If you like the stone, then you did great. (And there's no question that you got a lot of diamond for your money.)

 

[mike899]

Ok so based on both replies, if the diamond is legit (i am sure it is), i have gotten a good price. Remember, this is a family friend. He told me he refused to show EGL diamonds b/c they are "shit". He had a bunch of the EGL's but stuck with the GIA crop.

With my limited knowledge the first time, it looked wonderful. Is 'very good' considered a poor cut? Should you consider not buying anything with a very good cut?

I plan on going back next week when its set and soaking it in more an taking a look at it closer.

Thanks for the feedback guys. Its helping.

 

[mike899]

another side question.. do you guys think a 1.5 diamond is 'over the top'? I am struggling if I should go smaller.

 

[mike899]

Another factor is I am paying actual cash for the ring. In the nyc region if you pay cash for the ring you get a nice price cut. The jewler reports less on their sale, pays less taxes and then does not pay the merchant fee for the credit card swipe . Most jewlers around here pass that savings on to you if you pay cold hard cash

 

[tyty333]

Most people on PS would go with a better cut than "Very Good". Very Good might make a nice pendant or earrings depending
on the cut of the Very good cut stone.

You dont know how many people we have had come on here and thought they had a nice stone because they got it from
a "friend" or a "friend of a friend". I dont know what your case is but I have heard to many stories.

1.5 would probably be about mid-range for Pricescopers. For NYC it may not be that large.

If you have the GIA report you can run some of the numbers through the HCA and see how it scores. You should be able
to call the jeweler and get the numbers off the report if you dont have them (its 4 numbers).
https://www.pricescope.com/tools/hca

 

[slg47]

another side question.. do you guys think a 1.5 diamond is 'over the top'? I am struggling if I should go smaller.

what is her finger size?

 

[mike899]

Thanks for the feedback.

I am going to try and get the numbers on the stone. If I can't get them before i go to see the final set, what am I looking for in the numbers?

Also isn't very good, then excellent? I have seen a lot worse than very good for sale out there. For the rating I have how do you feel about the price ?

 

[mike899]

is it possible to call the jeweler and just ask for the GIA cert# of the diamond i bought? Then i can look up the cert online and grab the #'s?

 

[slg47]

yes, you can definitely ask for the GIA report number and then look it up online if you have the carat weight (to two decimal places).

 

[mike899]

I do have the carat weight, it was 1.50, thanks for the help. I am going to call them tomorrow, I am very interested to run the #'s through.

you guys have been great.

 

[Dancing Fire]

Another factor is I am paying actual cash for the ring. In the nyc region if you pay cash for the ring you get a nice price cut. The jewler reports less on their sale, pays less taxes and then does not pay the merchant fee for the credit card swipe . Most jewlers around here pass that savings on to you if you pay cold hard cash

be careful.. with no paper work cash deals...

 

[mike899]

Another factor is I am paying actual cash for the ring. In the nyc region if you pay cash for the ring you get a nice price cut. The jewler reports less on their sale, pays less taxes and then does not pay the merchant fee for the credit card swipe . Most jewlers around here pass that savings on to you if you pay cold hard cash

be careful.. with no paper work cash deals...

I am going to get a receipt obviously for cash payment. I dont know about the rest of the country, but its pretty standard to pay actual cash here in the nyc area. I have 5-10 friends that recently took the plunge, all paid cash for the same savings..

 

[Dancing Fire]

Also the diamond itself came to 12k without the setting. I think it was 7500 a carat.

IMO,something smells here ... a well cut GIA 1.5ct G SI1 stone should be closer to $16K w/o the setting.

btw; ..is this one of those NY chinatown cash deals?...

 

[mike899]

you guys are all very cynical, its GIA certified from a reputable jeweler in Northern NJ.
they are closed for the day, i will call up tomorrow and get the cert#.

but based on all these replies, i'm confident i got a good price.

 

[mike899]

BTW.. someoone with 10k cash laying around doens't go to china town for a ring.

thanks though.

 

[Dancing Fire]

you guys are all very cynical, its GIA certified from a reputable jeweler in Northern NJ.
they are closed for the day, i will call up tomorrow and get the cert#.

but based on all these replies, i'm confident i got a good price.

yes you did ,butttt when it sounds too good to be true...well you know the rest... b/c no jeweler will give away a $16K stone for $7500 unless it is a problem stone.

 

[mike899]

I would agree with you. Not sure what pricing charts you are looking at. I see the same grade coming in at 12k 13k on diamond searches. he told me the cost of it was 11600.. i got it for 10 with the setting paying cash. don't sound that out of the norm..

I will have the report tomorrow we will know for sure.

 

[Dancing Fire]

I would agree with you. Not sure what pricing charts you are looking at. I see the same grade coming in at 12k 13k on diamond searches. he told me the cost of it was 11600.. i got it for 10 with the setting paying cash. don't sound that out of the norm..

I will have the report tomorrow we will know for sure.

sooo,he's gonna lose money on this deal?..

Mike, here's a good example of a well cut 1.5 ct G SI1 stone.

http://www.whiteflash.com/loose-diamonds/round-cut-loose-diamond-2671391.htm

 

[yssie]

Mike, we're cynical because we've been around long enough to have seen these types of stories go wrong again and again. Of course we hope that it works out well for you, and that you really are just getting a great deal from a great friend, but a lot of these sorts of deals do go badly - we'd be remiss if we didn't at least bring the possibility to your attention.

When you call tomorrow get three things:
1. The GIA report number
2. Confirm the exact carat weight listed on the report (will be x.xx)
3. The age of the report
You can look it up here: http://www.gia.edu/reportcheck/ or post 1-3 and we can help.

Yes, buying with cash is pretty common even online. DF makes a valid point - it is always riskier than buying w/ CC protection. Be sure to get *all* policies, guarantees, warranties, agreements in writing on the order confirmation with date and signature - return, upgrade, buyback, discounts, agreements on repairs... This is really, really important, especially since you're mixing business and pleasure (again, nothing necessarily wrong with buying from a friend, but it has the potential to get so much more awkward than business with a stranger and you want to make sure you are protected)


The math doesn't work out, and that's why we're advising caution. The reality is that a 1.5ct G SI1 w/ recent GIA report costs a LOT more - the 12k number was about right for just the stone alone. You must either be a very important person to him, or a very important person, to be worth taking no profit - maybe even a loss - for.

 

[mike899]

i know the carat weight is 1.50 b/c i saw the report in the store. i will get the report# tomorrow and report back. if 12k is right for the stone and the setting is 2k, thats 4k.. is it that absurd for a stranger walking in the door to bargin 4k off the price while paying cash?

from what i have read online you'd be amiss if you didn't try to take 3-4k off the price paying cash. so which is it? 3k off you are smart? or 3k off you are being screwed?

 

[mike899]

I would agree with you. Not sure what pricing charts you are looking at. I see the same grade coming in at 12k 13k on diamond searches. he told me the cost of it was 11600.. i got it for 10 with the setting paying cash. don't sound that out of the norm..

I will have the report tomorrow we will know for sure.

sooo,he's gonna lose money on this deal?..

Mike, here's a good example of a well cut 1.5 ct G SI1 stone.

http://www.whiteflash.com/loose-diamonds/round-cut-loose-diamond-2671391.htm

well first off on that is an ideal cut, i am not talking about an ideal cut, i am asking if my price is good for a 'very good' cut.

second, gia doens't even rate in 'ideal' i was told. excellent is their top rating.

so 17k sounds great for that diamond. but its a higher rated stone.

 

[mike899]

its also an F, could you pick a worse example?

i realise this diamond is not the highest rated, i know the highest rated. asking if its a decent diamond for the price, you'll have the #'s tomorrow.

if i search on the site you've given,
GIA
G
SI1
Very good

the price list goes for 11-13k. which is exactly what I have said. 11600, band 2k, total 13600.. is it THAT crazy to get 3600 off a ring paying cash as a STRANGER? let alone picking the ring out with the guys brother who will be in the wedding?

again i know the cuts differ, but we will see tomorrow first thing.

 

[mike899]

Maybe you guys can help me.

He gave me this #: 110203764058

GIA is telling me its too large.. do i have the wrong #? did he give me too many digits and i need to trip them off?

 

[mike899]

I called GIA, it was the barcode # they gave me the report #.. i'll post results shortly

 

[mike899]

on the HCA it received a 'good' score of 5.5..

still not sure what that means, please advice.

 

[yssie]

on the HCA it received a 'good' score of 5.5..

What numbers are you using w/ HCA? Post GIA report number.

still not sure what that means, please advice.

Generally nothing good. But post report number and we can tell you what and why.