My Costco purchase... does this sound too good to be true?

[Shneebs]

Hello folks,

First off, I tend to be pretty long-winded, so I''ll apologize in advance...

I''m a Pricescope newb - found your site a couple weeks ago and am loving the wealth of information here...

So, I''m getting ready to pull the trigger on getting engaged, and have been doing my reading, research, etc, etc... Walked into Costco to "look", but ended up walking out of there with a ring! I found a ring there that seemed to good to be true. Knowing that Costco''s return policy is second to none, I bought it and have to decide whether I''m keeping it before my Amex bill is due! Here''s the specs, price, etc...

0.90 Carat Brilliant Round Canadian diamond
VS2 Clarity
G - Colour
18kt White gold solitaire setting (4-prong, slightly different than any other I''ve seen, but still quite plain - the way I wanted it)
Platinum setting (prongs I''m assuming!?)

Included with the ring was a GIA certificate confirming the above specs, plus the following (from memory - cert is at home, I''m at work, but I''m 100% sure of the numbers I''m listing below):
Table: 58%
Depth: 60.5%
Dimensions: (can''t remember, but length and width were virtually identical - i.e. symetrical)
Girdle: Thin
Cutlet: None
Polish: Excellent
Symmetry: Excellent
Fluorescence: None
Note: Feather, Crystal

Okay, here''s where it gets interesting... I live in Canada, and was hoping to keep my engagement ring budget to around $4000-$5000 Cdn or approx $3300-$4200US (FYI: $1US = approx $1.20 Cdn). So, I have been surfing several sites, and have a rough idea what I could expect to get for that kind of money...

So, Costco''s price for this diamond ring was listed at $3,849.99 Cdn!!! (Approx $3,200US)

Furthermore, the ring came with an IGI appraisal report, which of course listed an appraised value... The value on the IGI report was $13,020Cdn!!! (Approx $10,850US) It confirmed all the same specs, and also mentioned that the diamond was examined before it was mounted on the ring. I''m also aware that this price is usually an inflated value, but this seems either grossly inflated, or my diamond was underpriced!

So... did I get the deal of the century? For what it''s worth, I''m no diamond expert, but the diamond looks eye-clean to me. I even got out a magnifying glass (not a proper loupe though) and still couldn''t find the imperfections. I''m hoping the the previously mentioned "feather, crystal" are not smack in the middle of the diamond, but I couldn''t find them! My GIA report was of the variety that had no sketch denoting imperfection locations.

Anyway, I am now looking for a reputable appraiser in my area to get another opinion, but it seems to me that for a Cdn diamond of this quality... I wonder if it was a pricing error?! I have read that some IGI reports are questionable, but with the specs I''ve listed, a search here on Pricescope does not yield any diamonds close to this price... cheapest would be in the $3,700US range with inferior symmetry, polish, table & depth dimensions, etc....

Sorry, I told you I was long-winded... Any comments on my story?

Thanks in advance,

Shneebs.

p.s. Am I posting this in the correct area of the Pricescope forums?

 

[valeria101]

Date: 12/5/2005 12:26:15 PM
Author:Shneebs



Brilliant Round Canadian diamond
GIA report
0.90 Carat
VS2 Clarity
G - Colour
Table: 58%
Depth: 60.5%
Dimensions: (can''t remember, but length and width were virtually identical - i.e. symmetrical)
Girdle: Thin
Cutlet: None
Polish: Excellent
Symmetry: Excellent
Fluorescence: None
Note: Feather, Crystal

Cool

With this stats, you can at least check comparable listings for a reference price ball park.


So, Costco''s price for this diamond ring was listed at $3,200US

That is not ridiculously low. The IGI ''appraisal'' value is a little transparent sales tool with no backing. That is a 3k diamond, not 10k - anywhere. If you search for words like ''IGI'' and ''appraisal value'' on this forum there will be some stories. Except for creating an inflated illusion, in this case... it doesn''t seem to have hurt. The price is not that bad either.


So... did I get the deal of the century?

No... otherwise every other guy who ever read an IGI report would

I wonder if it was a pricing error?!

No, prices are not standardized at all. Even if listed side by side in database like this

I have read that some IGI reports are questionable,

But your diamond has a GIA report.



a search here on Pricescope does not yield any diamonds close to this price... cheapest would be in the $3,700US range with inferior symmetry, polish, table & depth dimensions, etc....

Well, that isn''t so much more than your price, right? Besides, prices do not go so closely after table/ depth etc. It is likely that your search was too narrow, because mine found quite a few things at $3k-3.5k at the first click.

The search was for (citing from the interface):

"Round shape, 0.85–0.95 cts, G color, VS2 clarity, 58–63% depth, 53–62% table, $100–100000, GIA certified"

There were nearly 300 listings. I did not count how many were more or less, but your price is among the lowest. Which is ok, of course.

The stats on the GIA lab report are not enough to make very fine cut quality considerations - the sort that add a premium to the price.

If there is further reason for the diamond to have been discounted other than the sheer mass of CostCo, I don''t know more than you wrote - and there is no detail that rises questions there.

An appraiser may go into some detail about cut quality - especially if they practice some sort of cut grading (via IdealSCope, or the like).


Hope the 0.02 worth helps

 

[Shneebs]

Thanks for the comments. I appreciate your input - it all makes sense. I just searched again on Pricescope for 0.85-0.95 carat, VS2, G colour, and found a lowest price of $3213US for a 0.85Carat here: https://www.pricescope.com/origin.asp?id=271880&sh=8&prc=3213

So I''m quite happy with the price I paid for the quality I got. My Costco price included the setting, for the same price as the lowest loose diamond price I could find on Pricescope - no setting. My only added cost will be re-sizing.

Thanks again,

Shneebs.

 

[tawn]

I love the rings I see at Costco...and they actually mark the price down if they don''t sell fast enough or when the stock gets low, so you can get some great deals there! They also have a minimum color and clarity limit, and it''s nice that they come with all the reports as well!

Sounds like you got a great deal to me, and when you find the "one" sometimes you just know! Take it to an independent appraiser for your peace of mind!

And, most importantly post some pics if you can!

 

[Kit]

I think you''ll eliminate any doubts and confusion, and give yourself peace of mind, if you get an independent appraisal of the diamond by a reputable expert in your area. It doesn''t cost much compared to what we pay for this type of pricey jewelry and is well worth it IMO. If it appraises below what you paid, you''ll return it; if it appraises above, then you''ll give yourself a nice well-deserved pat on the back

 

[Shneebs]

Re: marking the rings down, I forgot to mention that part! The first Costco employee I spoke to said he was 99% sure it was the same ring one of his friends had looked at a few months before, but it had been priced somewhere around the $4,500 range. I thought that seemed unlikely, but after tawn''s comment, mabye not!

Shneebs.

 

[icekid]

We can''t really tell how great the cut is without additional information, but if the cut is good, then you certainly got a fine deal!

 

[AndyRosse]

Date: 12/5/2005 4:17:13 PM
Author: icekid
We can''t really tell how great the cut is without additional information, but if the cut is good, then you certainly got a fine deal!

Ditto!

 

[Angel7]

I''m not expert but I think pics would help!

Congrats!

 

[Brighter_Suns]

You got a deal! I am from BC and just bought an excellent Ideal .87 carat cut F VS2 online and paid $4664US for the diamond alone.......don''t foget the 10% Canadian Excise tax with you add then do the conversion and add GST! All said and done my ring cost me $8k Cdn landed cost in a beautiful setting. You should also remember a Canadian diamond seems to trade about 8-10% over US prices (I don''t know why).

I think I could have lived with a G for that price...........Its funny as I went to Costo and looked, just did not like what I saw at that time but I remember thinking if a guy knew nothing about diamonds he would still get a better deal at Costco then any chain store. Congrats that is a wonderful deal. I personally think there had to have been an error.........like they forgot the US Cdn conversion or something.

Post a picture!

 

[Shneebs]

Well, here are my best attempt at some detailed pics. I've learned that

a) I need to learn how to properly clean this thing! Close-ups make it look worse than it really is!
b) I need to learn how to take better close-up pics with my camera! lol...

(nice hair hanging off the setting! lol...)

I'm pretty disappointed in how poorly these pics represent the ring! Could someone point me towards some info or links re: photographing diamonds? Cleaning diamonds?

Shneebs.

 

[Brighter_Suns]

Its beautiful...........reading that yesterday I am going to by Costco this morning and have another look...........I can''t beleive that price. You paid less then half what I did on a larger diamond! Where abouts are you in Canada? Did the Costco have a good selection? Ours had three rings..one half carat......one over a carat and one Princess cut which I did not want.

Don''t listen to anyone here getting a diamond of that quality in Canada for that price is a deal......go to Birks.com and see what I mean.

 

[allycat0303]

I''m Canadian and shopped around. It sounds to me like a good price compared to what I''ve seen in Canada

 

[Angel7]

Thanks for the pics! Looks like a beautiful ring!
Congrats!!

 

[february2003bride]

Are you sure the setting is 18K w/g? I clearly see PLAT stamped on the inside of the setting (which is a cathedral setting) which would make it platinum not w/g..

Carrie

 

[gailrmv]

If it says PLAT and is plat, that means you got an EVEN BETTER deal becaue Plat is so much more expensive than wg!
Not sure if you can do this from canada but from the US you get a much better selection on costco.com. I''ve never viewed the rings up close at my local store but from in the case they are gorgeous! I did look at a w-band there and they had an independent appraisal document on it - it appraised at nearly twice the price. Wow!

 

[gailrmv]

PS My comment about the selection on costco.com was intended for the other people who were inquiring about shopping at costco.
Re: The ring that is posted here, it is beautiful! LOVE that cathedral setting!! I wouldn''t change a thing. The setting just makes the ring, and the RB stone is gorgeous!

 

[valeria101]

I am just sorry there is not way to peek into this one - is there a clear pattern on it? The pictures sort of show one - but that is most aparent face down. Not that with or without your stone will be less than great - there is no agreement between cut grading systems what to say about this, but that strict internal symmetry is what makes the difference (or so they say) between branded diamonds and non. So, seeing yours looks so darn photogenic, I wonder just how lucky yours is!

 

[Shneebs]

Thanks for all your kind words.

Re: Platinum vs 18k Gold, I too hope it is actually platinum, but I''m pretty sure there is further engraving on the inside of the ring (obviously not visible in the pics I posted) which states "18k"... the included IGI report, mentions 18k Gold with a platinum setting (meaning the four prongs, correct?) so I''m assuming that''s accurate. I''ll have to double-check though and maybe I''ll post another pic.

Shneebs.

 

[Brighter_Suns]

I went to Costco today and just was I remembered not much selection........a G VS2 in 1.08 selling for $11305 CDn, I checked Costco.com and Costco.ca, nothing even close to the same price as yours........I am pretty sure you got yours net of exchange and even the excise tax. The best price for a similar stone .9 carat G VS2 diamond at Blue Nile is $4407US, the higher at $5004US. You need to mutiply by 1.1 for the excise tax, then add the exchange, 1.2, so you should have paid somewhere around $5800 to $6600 Cdn for the diamond alone.........had you bought online.

You saved enough that if you are not happy with the setting go pick out what you want! Put it in patinum if that is what you want.

I am posting a picture of mine just so you can see how little of difference there is for about $3500 you saved!!!