just curious...went to b&m and almost fell off my chair...

[1215n]

I live in westchester co. ny and there is an upscale mall ,i was browsing around and decided to go into a jewelery store and sit down.I specifically was looking at princess stones and tried on a 2.33 j/si1...holy moly!!!!!!!!!23,000

can that be right???? I have been lurking on this forum to learn and i looked it up!!!!I can not believe the mark up,can they do that???And do u really think anyone would buy that??????I would never buy from there...(my bf has something picked out already...the wait is just killing me!)

 

[Momoftwo]

Yep, it can be. I was looking in a Jared's here in Northern VA and they had a 2 ct rb for $71,000. All I can figure is that it's D color at least and IF for that price. I didn't even ask to see it. We looked at 1.5 ct for more like $10,000. Jewelry is typically marked up 400-500% over the real wholesale price so even when you find something that is 40-50% off they're making a huge profit.

Just search some of the diamond sellers mentioned on this site andyou can compare. Like Whiteflash, GOG, and even on this site you can compare from different dealers. Hit the pricescope link and search by ct weight, color, clarity, price, etc.

 

[yowahking]

If you have ever gone to a ball game and priced a hot dog and beer, it seems like they are making a killing. When you deduct the overhead, they are not making much while only having 3 hours to sell you some stuff. Crazy prices on jewelry are seen in malls, designer stores, internet, cruise ships, TV. Just as there are places to be on the high end,there are stores in the mid range and low end of profit margins. 85% of jewelry is sold in stores. A test market showed that about 35% are paying about what they should pay. That means that 65% are overpaying. Just figure out which places are in the 35% range by shopping around. It is not so hard in most places with a population of 50,000 or more. Competition is a good thing for consumers. The good ones will rise to the top whether internet or B&M.

 

[Momoftwo]

My point was to research it on line and not just walk into any jewely store in the mall. My statement about mark ups came from my experience of 24 years ago buying my original engagement ring in the diamond district in NY through a friend who worked with a wholesaler. I've since received gifts from my husband from mall jewelry stores and they're always "on sale" even when there's no sale posted. Jared's is one exception of those in that they never seem to have those (drastic in any other retail store)sales. Just walk in and look at anything in the mall stores and they whip out the calculator and show you how much you'll save by buying today or this week.

The $71,000 stone was just an example of how extreme prices can be since the original post was about a $23,000 stone that was larger and probably graded lower than the one I was told about.

BTW, we didn't buy a stone yet and my husband probably will buy it online for our 25th anniversary in a couple of years since I've shown him on this website the diamonds others have bought.

 

[yowahking]

Not that it is good, bad, or same, but you mentioned Jarred as being different than mall stores. Jarred is part of the Sterling Corp, which is also Wiesfields, Kay's and several others. Some don't know that Zales, Gordon's, Bailey Banks, & Biddle along with a few others are the same Corp. Warren Buffet (2nd richest guy in US) owns a quite impressive store (one of the best in the US)in Omaha NB. He medium grade company is Ben Bridge, his lower level company is Helzberg. Almost all levels of these companies survive, so there is something for everyone, or ads are successful at bringing you in. Just as in where you dine, you may find your favorite place by a friend who was satisfied, or by trying a few, reviews from awards or consumer watchdogs, or blind luck. There is no one spot for the best of anything. Anything like a diamond can have 10 to 100 places to find the same thing for the same price.

 

[AGBF]

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On 9/28/2004 8:22:28 PM 1215n wrote:

I live in westchester co. ny and there is an upscale mall ,i was browsing around and decided to go into a jewelery store and sit down.I specifically was looking at princess stones and tried on a 2.33 j/si1...holy moly!!!!!!!!!23,000

can that be right???? I have been lurking on this forum to learn and i looked it up!!!!I can not believe the mark up,can they do that???And do u really think anyone would buy that??????I would never buy from there...(my bf has something picked out already...the wait is just killing me!)

----------------

Tiffany's at The Westchester by any chance? No...I just realized Tiffany's wouldn't carry a J SI1. Who did?

 

[AGBF]

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On 9/28/2004 9:45:21 PM Momoftwo wrote:

Yep, it can be. I was looking in a Jared's here in Northern VA and they had a 2 ct rb for $71,000. All I can figure is that it's D color at least and IF for that price. I didn't even ask to see it. We looked at 1.5 ct for more like $10,000. Jewelry is typically marked up 400-500% over the real wholesale price so even when you find something that is 40-50% off they're making a huge profit.

Just search some of the diamond sellers mentioned on this site andyou can compare. Like Whiteflash, GOG, and even on this site you can compare from different dealers. Hit the pricescope link and search by ct weight, color, clarity, price, etc.----------------

Where is Jared's? What town and what mall or address?

 

[Momoftwo]

The "different" I meant was that you don't get hit with the "sale" and whipped out calculator when you walk into Jared's. You do get immediate personal service though. I didnt' mean to infer that they were any different in any other way, except they do have a wider selection than the "mall" stores. I know it's all part of a larger conglomerate of stores. It's easy to see that when you receive all their advertisements in the mail (Zales and Kays, for example, send almost idential mailers). They all are alike. Just like the fact that the Piercing Pagoda is owned by I think it's Zales. Bailey Banks and Biddle distances themselves from the other stores though and come across as more high end and sell more than just jewelry, Lladro's for example. It's always interesting to see who sells what though. I don't think I've ever seen anything bigger than a 1 ct stone in Zales or Kays, but Jared's and BB&B sell larger stones.

Jared's is at a couple of places I know of in N. Virginia. Dulles Town Center Mall and there's one in Fairfax County too, I think in the Fair Lakes area. They're a stand alone store and not in the malls themselves. I'm not sure of all the locations but they do have a website. It's Jared.com.

 

[1215n]

hi agbf and thank u to all the ones that responded...can u believe it???? Agbf,it was whitehall jewelers at the westchester mall!!! We also went to bailey biddle and banks(i think thats the spelling) and the guy was so so rude!!I had no intentions of buying anything but still..geez...

 

[treysar]

You were at the Westchester, right? At BB&B?

I love goingto Tiffany there and trying on big shiny honkers for fun.

 

[Golden Oak]

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On 9/28/2004 9:45:21 PM Momoftwo wrote:

Jewelry is typically marked up 400-500% over the real wholesale price so even when you find something that is 40-50% off they're making a huge profit----------------

I wish there were those kinds of margins.

As a owner of a independent jewelry store in a upscale shopping district allow me to clue you in to a few things.

Yes I try to sell for a profit, but that is my job as a business man, I know of very few successful business that are not for profit. My products are priced fair or it doesn’t sell and that is my fault. I don't discount so if it is not a fair price it just sits in the case not making me any revenue. Products are not market up based on a fixed % of what I paid but what I think the fair market value is for each item sold. As a upscale, full service jeweler we try to bring customers unique works of art not mall schlock jewelry, sure we have basics but you have to service the special and basic needs.

Now for the things you may not thinking about, if you like to buy high end products in nice high end shopping districts, we the owners have to pay high end rents and we have to spend lots of money making sure the places look good. Jewelers also have to carry lots of additional expenses like jewelers block insurance, in addition there are other liability insurance issues and security issues that need to be addressed. Do you have to worry about someone coming in with a gun at your place of business? We have higher employment costs because we need trusted skilled sales people and jewelers. When someone can walk out the door with a few $100k of product in their pockets there needs to be trusted long term employees. We buy the bulk of our inventory and that inventory is very expensive, so that is operating capital that is tied up and it needs to earn or it should be invested in to stock, bonds or into other revenue generating tools.

I can't speak for all jewelers, but I am out there just trying to make a living like everyone else. I like to make some money that have a nice life and make sure I have happy employees that get some basic thing like health care insurance. I think most of us are like me, we are not out to get ya. Sure there are bad apples in every industry, my recommendation is find a jeweler you trust and like and perhaps you won't feel like you are getting taken.

Regards,

Brian

 

[Momoftwo]

I have no problem with anyone making a living and a profit. My point on that was that there is a larger mark up in jewelry than in most products and services. The real issue here is that you can compare other ways than walking into stores. I really don't like the "all the time sale" that you see in chain jewelry stores. Why can't they just advertise the price and quit playing games. It's very misleading to someone who has no idea what they're doing. Not to mention, sales pressure by the clerks. I usually walk out when they start pushing. You have to go in knowing what you want and how much you're willing to pay. Yes, you can get what you pay for in terms of service, but not everywhere.

Every business has expenses and all retail stores risk employees walking out with merchandise. I know my child worked in a store that hired him/her (not too much personal info) after firing the whole sales crew that had been there for massive theft. Stuff was being carried out each day in shopping bags and on people as well as given to friends. It happens in all kinds of businesses. There's risk in everything. I worked in a restaurant in college that was in a small mall that had several businesses held up at gunpoint. We were always alert and aware. It's sad, but it's the risk you take when you open a retail establishment.