help! am i being lied to?

[jamie73]

my hubby bought me a new diamond for my engagement setting. took it to a jeweler and he said that he needed to replace the basket with a new one. says it will be about $400 or possible $500 and that he is only charging for the prongs and is giving me a break on labor. i don''t know what to think. the setting is platinum and i really love the way the prongs are and feel that if he changes them that i will not like my ring.

when i asked him what he is doing with the platinum that he is taking out of my ring he said it''s not worth anything and that it''s scrap, but i have to wonder, if it isn''t worth anything --- why is he charging me $400 or $500 to replace it? i have seen entire settings that you can buy for $500! and he wants me to pay that just for the basket.

i left a $200 deposit 1 week ago and have not heard from him. i am feeling sick about the whole thing and don''t know what i should do. i just want my new diamond in my ring without being ripped off -- is this too much to ask?

attached is with the old cz in it - my hubby bought me a new 1.25ct D VS2 ideal cut round - it is gorgeous! i just want my setting to reflect that.

 

[DBM]

did he explain what is wrong with the basket? if the prongs are weak u should be able to at the very least laser solder more platinum on i believe without needing to replace the entire basket (which in that setting looks particularly messy anyhow)

the scrap value of the basket is considerable in platinum. (at the very least $45 per gram i''d say) there definitely should be some crediting if he is infact changing the entire basket.

 

[ladykemma]

no, you are not getting ripped off. sounds about right to me. that head alone is around $225. the laborer is worthy of his hire.
they cannnot reuse the scrap-- make sure he gives it back to you if it bothers you.

 

[denverappraiser]

Assuming that the new diamond is significantly different in size from the old stone, it’s correct that you will need a new head and the price quoted is pretty reasonable although the separation of profit on the head from labor charges to install it is mostly an academic exercise. Scrapping old platinum is remarkable difficult but it’s a stretch to say that it’s worth nothing. Most of the cost of the new head is in the labor to manufacture and install it but the materials are getting decidedly pricey these days. Jewelers will regularly accumulate this sort of thing and recycle it as the pile gets big enough to justify the costs of the refinery. For a jeweler who does a fair amount of this it can turn into a nice bonus at the end of the year. That said, $45/gm is extremely high for scrap. At today’s prices he’ll be selling it to the refinery for about $38/gm and some of that will be absorbed in shipping and refining fees. $25/gm is a fairly typical salvage offer and the salvage head is probably less than a single gram. That’s why he doesn’t want to quote you a price. Selling a new one for $500 and offering you $20 trade-in on the old one is just going to annoy you. If it bothers you, ask him to return it with the finished piece or simply request a credit on your bill to let him keep it.

Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Appraisals in Denver

 

[jamie73]

my husband called the guy today and he said that he still had not found a match to replace my basket. i am wondering at this point if we should try to get our deposit and my ring back and take it to someone else. it''s a Scott Kay ring that we bought in 1999. would it be better to take it to someone who deals with Scott Kay? i don''t even know if SK still even makes that setting.


i know that i probably sound completely ignorant when it domes to this type of thing but TRULY i am and i appreciate all the help and info you have to give me.

it''s so easy to research diamonds and how to buy them and what to look for, but it''s hard find good information on what to do once you have the diamond!

thank you all for your help.

 

[diamondseeker2006]

Apparently the new diamond is larger than the old one which makes it necessary to change the head. Since it is Scott Kay, it wouldn''t suprise me a bit for the new head plus labor to be $500. I hope they can get one that matches since it is a designer ring. Congratulations on your new diamond, though!

 

[mrssalvo]

I would try to find a scott kay dealer and let them send it all to scott kay to replace the head. I personally wouldn''t want my jeweler working on the designer setting. I do agree that the price seems right for replacing the head.

 

[surfgirl]

ditto mrssalvo...Find a SK dealer and let them handle this one. If it was me, I''d go through a SK dealer and ask them to send it back to SK to be re-set.

 

[jamie73]

thank you for all your input and help. i think i will ask my husband to try to get it back from the jeweler along with our deposit (i hope) and get it to a SK dealer. i don''t know if the guy''s gonna give us a hard time getting it back though bc when my husband called today and the jeweler said that he had not found a matching basket. my husband asked if he had checked with SK and he said that he had not but that he is still looking. i think he wants to do the work himself and not go thru Scott Kay.

 

[jamie73]

great news! my husband called the jeweler that we bought it from some 8 years ago and was told that he can send it to them and they will send it to SK and have the diamond set at no charge! my husband remembered that when he bought the ring that the store told hem when he gets the diamond he wants to bring it back and that they will mount it in the ring. so... he found the number, called them up and they said that they will still honor it even though it has been so long.

now we just have to get it back from the other guy - who of course is not opened today!