Logistics for Finalizing a Transaction

[Hipolito]

So this is a procedural question more than anything else, but the engagement ring I'm buying from Fully Bonded Diamond/Diamond Cutters Int'l is now ready, and I'm preparing to wire payment over to them.

Before I do that, however, I feel as if I should be provided some sort of itemized bill on company stationary, no? I was just provided the total balance via an email, but I'm naturally a bit uneasy wiring over so much money and having just an informal email as my only recourse should any problems arise thereafter.

Would appreciate any feedback on this and what is generally typical for these types of transactions not made in person. To that end, would experienced buyers recommend procuring insurance before I get the ring, or is the sale paperwork needed for insurance purposes?

Thanks in advance, guys!

 

[Hipolito]

Anybody able to help?

 

[yssie]

Get the work order with all costs and services itemized, all policies/guarantees/warranties clearly stated, on company letterhead, clearly dated.

But first you may want to do a search for Fred Cuellar and read some reviews. Please don't read the "articles" on the website, though.

 

[diamondseeker2006]

Wish you had come here first. However, absolutely you have to have an invoice with all the details before you wire money...and I surely hope you have a return period in writing on the invoice. And you can arrange insurance once you have the invoice or you can wait until it arrives to be sure you are keeping it.

 

[Christina...]

+1 to all of the above!

 

[Hipolito]

Thanks for the pointers, guys. I am curious about Cuellar after having read a few other posts on the forum about him. I chose to get my diamond with Fully Bonded Diamonds since I wanted something that was bonded. Is that not something worth paying a premium on as much as I was perhaps led to believe?

Should I have any reason to worry about getting my diamond from them? Conflict-free + fully bonded were the two main operating factors in my diamond search.

 

[Christina...]

Many PS vendors offer these same services. They have upgrade and trade in policies, they also have wonderful return policies, James Allen offers 60 days, and many of them also have buy back programs, I've seen them at 70-80% of the purchase price of the diamond. Also it's unlikely that your diamond is every going to crack, but in the event that should ever happen, that's why you carry insurance on it right? They aren't offering you anything that many many other vendors will offer you, and these other vendors have better reputations!

 

[Hipolito]

Great, thank you Christina.

It's worth noting that I only put down a $100 deposit for them to set the diamond in the ring, so it's not too late to back out. In truth, I probably should have done more research on Cuellar/DCI prior to getting involved. It was only when I was not provided with a standard invoice and they wanted me to wire them the money with very informal instructions via email that my suspicions were aroused.

Part of me doesn't want to have to embark on a new diamond search, but obviously worth it if I'll be saving money and dealing with a more reputable dealer. You recommend James Allen? Are they guaranteed conflict-free?

 

[Christina...]

All PS vendors strictly adhere to the Kimberly Process. I found this on JAs site for you as well. I think that will find something similar on all of PS vendor sites.

http://www.jamesallen.com/conflict_free.html

I've purchased two diamonds from JA, and they have been wonderful to work with. There are many others as well, Good Old Gold, Brian Gavin diamonds, Whiteflash, ID Jewelers. I think every PSer has their favorites, but they are all wonderful and have proven themselves again and again.

I can totally understand not wanting to start your search all over again, but if you want to tell us what your looking for and your budget we can help make some suggestions for you, and make it as painless as possible. In fact you might want to start a new thread asking for help choosing a stone, so that people will know that your on the hunt, you'll get more suggestions.

 

[Hipolito]

I'll do that -- thanks Christina!!

 

[Christina...]

Oh, and I bet we can get you that $100 back in savings on a new stone and setting through a different vendor, so it's really a win win!!

 

[rubybeth]

I'm with Christina, look at a different vendor and don't give another penny to this guy. I'd be hesitant to do a wire transfer unless I fully trusted someone/a company, as I would be with any of the PS vendors.

 

[Rockdiamond]

Checklist for wiring funds to any diamond or jewelry company:
1) perform a thorough check of the company you're considering.
Google the heck out of them
2) make sure you have received binding document- such as a bill of sale showing terms and conditions such as money back guarantee.
I do believe that an email doc is considered binding- hopefully a legal expert reads this to confirm or deny.
The truth is if step one was not done properly, no document can protect you