Hidden E-ring costs?

[podfoot]

Hello everyone!

I'm looking to purchase the engagement ring in a week or so, and I just want to know that the price I'm expecting to pay is the one I will be paying.

I've done a lot of online searching regarding this, but all engagement ring articles are about "how much to spend" and "picking the right style" and "the 4 C's," and nothing to do with the actual out-of-pocket expense compared to the sticker.

I live in Minnesota, and am familiar with the local and state sales tax of the jeweler I am planning on going to (about 7.5%). Let's say, for mathematic's sake, the ring cost $1000 on the sticker. Does that mean I'd walk away from the store paying $1075? Or do jewelery stores tack on extra costs and fees? The store boasts an excellent warranty/guarantee program, so I can't imagine I'll pay more for that, but what about setting the stone (I purchased mine online, not from the store...), ring sizing, service fees, luxury tax (maybe that's only in Monopoly? but there is a diamond ring in that spot...), shipping/handling?

What are the industry "norms"? The jeweler I'm going to is very reputable, has great reviews online, and has an A+ rating from BBB. What should I expect? $1075, or much more?

http://www.arthursjewelers.com/

 

[heididdl]

Okay if you buy the setting from this brick and morter jewelry store you will pay for the setting. Since they are not providing the stone they might charge you to set the stone or they may not. There is always Taxes (unless you are shipping the stone out of state). But there shouldnt be hidden fees.

 

[podfoot]

Thank you!!

 

[yasssss]

my fiance got slapped with an $800 fee that they called a service fee or something. Since it was a custom setting , I think they made up a reason after the ring was done to make a bit more money off of it. I dont know the details because he didnt want me to know how much he paid or anything but he did grumble about having to pay a random charge he didn't see coming. I don't think thats the norm, but it was a hidden unexpected cost

 

[denverappraiser]

Most jewelers are pretty good about quoting prices up front and sticking to their quotes. You can and should definitely ask about it but a few areas that MAY not be discussed in the initial sales presentation or included in the bundle might be:

Sales tax (as you mentioned). Use tax in the case of out-of-state sellers.
Shipping and the insurance associated with that shipping
Setting the center stone and/or sizing
Extended warranties
Financing
Design changes during the course of making a custom piece
The matching wedding band(s) that you forgot to include in the budget
Appraisals

 

[Gypsy]

I always ask for "out the door" price. I make sure it includes everything, and usually I ask for an itemized breakdown of costs.

 

[WinkHPD]

my fiance got slapped with an $800 fee that they called a service fee or something. Since it was a custom setting , I think they made up a reason after the ring was done to make a bit more money off of it. I dont know the details because he didnt want me to know how much he paid or anything but he did grumble about having to pay a random charge he didn't see coming. I don't think thats the norm, but it was a hidden unexpected cost

If I was your fiance I probably would have slapped them up along the head and taken my diamond out of their ring and said something along the line of, "Service THAT (expletive deleted)!"

I find such an action so out of line and bizarre that I want to know more about the story, there must be something there that we are not knowing. He would be totally justified in refusing to pay it and demanding back the money he already paid. There is not likely a small claims court in the land that would not side with him at such a "surprise fee" that had not been discussed previously.

Wink's calling a spade a spade department

 

[podfoot]

Alrighty! Today's the day! Any questions I absolutely NEED to ask before I hand over my credit card???

 

[VRBeauty]

my fiance got slapped with an $800 fee that they called a service fee or something. Since it was a custom setting , I think they made up a reason after the ring was done to make a bit more money off of it. I dont know the details because he didnt want me to know how much he paid or anything but he did grumble about having to pay a random charge he didn't see coming. I don't think thats the norm, but it was a hidden unexpected cost

That sounds more like a ransom than a "random fee."

 

[podfoot]

my fiance got slapped with an $800 fee that they called a service fee or something. Since it was a custom setting , I think they made up a reason after the ring was done to make a bit more money off of it. I dont know the details because he didnt want me to know how much he paid or anything but he did grumble about having to pay a random charge he didn't see coming. I don't think thats the norm, but it was a hidden unexpected cost

That sounds more like a ransom than a "random fee."

I'll make sure I don't get assessed anything "odd"

 

[tweeter8177]

Podfoot,
It sounds like you have already purchased the diamond? Do you already know which setting/style and the cost of it from Arthurs? If you are cool with the cost, then go for it! As already posted, you most likely will pay for the ring, plus tax and probably a setting fee (if you already have the diamond), but it is always good to confirm the costs. If you haven’t picked the setting yet, I highly suggest shopping around both locally and on-line to compare pricing. My experience from local jewelers in MN is that there is a substantial mark-up in the setting, particularily if the diamond is purchased somewhere else. Same goes for diamonds as there isn’t a whole lot of competition beyond the Mall stores.

If you want to post pictures of the setting you want, I am sure many PSers could help find something similar.

Good luck!

 

[telephone89]

Don't forget that you'll probably need a wedding band as well. Good to factor in when shopping.

 

[podfoot]

Don't forget that you'll probably need a wedding band as well. Good to factor in when shopping.

Very true! I'm not planning on proposing for about 6 months, but they were running a special where you get a gift card for the sales tax of the setting, which can be used for future purchases. I got a gift card for just over $500 to help towards the setting purchase, so that is really nice.

All in all the purchase went smoothly, and the setting should be in with the stone set in about 2 weeks he said. I had read other places that Tacori's took something like 6 weeks to make, but the jeweler I went to is a "blue diamond" dealer, so he said they usually get them in about 2 weeks!

 

[yasssss]

I asked my fiance the details but he's so vague because he doesnt want me to know how much he spent on the ring because he thinks it will make me feel guilty. I told him I had to know because I'm a curious human and there are some practical implications like people can benefit from the warning and he told me he'll tell me all about the process after we are married. Which is in three weeks! I'll try to remember to ask him the specifics again and get back to you Wink!