Jewelry Store Pricing

[TomFord]

Forgive me if this has already been asked. I did some searching but couldn’t find an answer.

I went to a local jewelry store, one with a good reputation, to look for an engagement ring. The sales rep showed me a few stones and when we narrowed it down to three I asked about the prices. I noticed the rep was just quoting me prices off the Rap List. I used to work in retail and understand the concepts of MSRP, MAP, overhead, terms etc., and I know (from my research on PS) that the Rap List is just a guideline that doesn’t take everything into account and is not the definitive way to get a final price.

My question is should I be concerned that the rep was just quoting me straight off the list?

Thanks for all the knowledge.

 

[lovedogs]

My bigger concern would be the quality of the stones themselves. Most Jewelers don't have excellent cut diamonds (beyond just gia XXX), and we know here that gia XXX includes some awful stones. Other Jewelers only have egl stones, which are even worse.

 

[TomFord]

First time buying a diamond so I'm trying to get educated. All the stones were GIA certified, but like you said it could still be bad. I could definitely see differences b/t the stones. I thought it was strange that there wasn't a price on the stone already and the rep just used the List to come up with a price without considering any of the other factors (e.g. how much they paid, how long its been in stock, etc).

 

[Austina]

If you post what you’re looking for, I’m sure the good people here will be more than happy to help you.

 

[lovedogs]

If you post what you’re looking for, I’m sure the good people here will be more than happy to help you.

This. Please let us help you rather than buying from a random jeweler.

 

[distracts]

This. Please let us help you rather than buying from a random jeweler.

Let us help you even if you buy from a random jeweler - you can still post the report numbers and pictures and whatnot. If you'd prefer to buy from your local jeweler you can, it will just be more effort on your part to get a nice diamond.

 

[TomFord]

Copy that. Man this is the nicest forum. I've been on others (not for jewelry) and it's brutal out there. I'll start a new thread. Thanks!

 

[tyty333]

Copy that. Man this is the nicest forum. I've been on others (not for jewelry) and it's brutal out there. I'll start a new thread. Thanks!

We don't usually bite !

 

[Bron357]

Phew, you have saved yourself from overpaying and underperforming.
Buying diamonds is a science these days.
There is nothing wrong with using your local jeweller but unless they have access to large inventory you are choosing from a dozen or less similar size or price diamonds when in fact there are thousands out there available.
And of course the “add on price” for your local jeweller is likely more than the online vendor who with a huge turnover can add on less due to their lower overheads and large volume of business.
You are paying a significant amount of money for a small sparkle bomb. And you should be wanting your little sparkle bomb to be as sparkly as possible, not looking yellow and without flaws your unaided eyes can see at normal viewing distance.
So let the diamond gurus here point you in the right direction to ensure you get the best diamond for your hard earned dollars.

 

[Venzen007]

Other than there being significant diamond-to-diamond variation not taken into account in the Rapaport price points, my understanding is that the prices on the Rapaport are based on the price for which the majority of diamond sellers would absolutely sell a stone (of a certain size, color, clarity, etc.) In other words, those prices are not deals for the buyer, but deals for the seller.

 

[MollyMalone]

Other than there being significant diamond-to-diamond variation not taken into account in the Rapaport price points, my understanding is that the prices on the Rapaport are based on the price for which the majority of diamond sellers would absolutely sell a stone (of a certain size, color, clarity, etc.) In other words, those prices are not deals for the buyer, but deals for the seller.

There's a lot of confusion about what the "Rap" prices are. But honestly, the Rapaport Price List seems nigh meaningless imo for us consumers in any event (I'd say "totally meaningless", but I imagine there may be Trade members who'd say that's too absolutist and would explain why). In addition to the fact that the Rap List doesn't account for all factors considered in the pricing of stones, it isn't a compilation of the prices paid by consumers. Nor are the numbers (couched as price/carat) "the wholesale price" for the diamonds in each of its categories & its prices also are not the mean or median ones actually paid by those in the trade in the preceding week. Rather, it's Rapaport's assessment of the high, asking B2B cash prices; used to be the high, asking cash price in the NYC wholesale market when my late father-in-law was "in the trade" here in NYC, but I doubt it's still limited to that.

Think this is a really helpful thread:
https://www.pricescope.com/communit...rch-for-gia-diamonds-wholesale-prices.227239/
as is this Whiteflash webpage:
https://www.whiteflash.com/diamond-prices

And here's the portal page for more info from "the horse's mouth" re the various lists -- the Rapaport Price List, the RapNet List, and the Parcel List -- plus, additional relevant info that's not behind a paywall:
http://www.diamonds.net/Prices/RapaportPriceGuide.aspx

 

[PreRaphaelite]

Well said!

 

[sledge]

Personally I'd do a search for very similar size, color and clarity stones using RC or PS and determine an average price. To get more definitive, plug some table, crown, pavilion and depth criteria to get an even more equal comparison.

See how it compares with the numbers you were quoted. Assuming the jeweler has a well cut stone (we can analyze for you), let the bartering begin! LOL, yes I've negotiated prices, even at places like Walmart. Sometimes it's fun, others it's frustrating.