Need advice about a Princess Cut Ring & $$$

[Trex3000]

I am in the process of buying an engagement ring (suprise for my GF) and one of my good friend''s dad own''s a jewelry store. He is the guy that most of our friends go to when it comes time to do the deed.

My question is that I''ve found a ring that I think is amazing but I just wanted to run the specs of it by the Pricescope world and make sure I''m getting a fair deal. Here are the details:

Princess Cut
1.31 center stone, F color, VS2, 73% table, 73.5% depth, good symmetry, good polish, no fluoresence. The look of the stone is actually much bigger and looks more like a 1.5 ct

The ring itself is a platinum, split shank pave band (the pave runs down about 3/4 of the side of the band) with two square side diamonds next to the center stone. This gives the impression of a much larger center stone as it looks like one large diamond (2ct +). The total ct weight for the ring is 1.22 cts so all in the total weight of the ring is 2.53 cts.

The retail price on the total ring is $18,900 and he offered it to me for $14k. I''ve worked him down to $12.5K but I think that is as low as he will go (unless he says I want to lower the ct of the center diamond).

The jeweler says he usually sells the setting itself for $6,900. I''ve seen comparable center diamonds on Blue Nile for $7,800 so I''m just wondering if I''m getting a good deal. He is also giving me the flexibility to return the ring if she isn''t in love with it so I give him some value for that.

Please let me know your thoughts as this will be happening ASAP.

Thanks for any help.

 

[Trex3000]

Also, forgot to mention the l/w ratio is 1.04.

Thanks for the help

 

[Lorelei]

Date: 5/21/2009 12:32:00 PM
Author:Trex3000
I am in the process of buying an engagement ring (suprise for my GF) and one of my good friend's dad own's a jewelry store. He is the guy that most of our friends go to when it comes time to do the deed.

My question is that I've found a ring that I think is amazing but I just wanted to run the specs of it by the Pricescope world and make sure I'm getting a fair deal. Here are the details:

Princess Cut
1.31 center stone, F color, VS2, 73% table, 73.5% depth, good symmetry, good polish, no fluoresence. The look of the stone is actually much bigger and looks more like a 1.5 ct

The ring itself is a platinum, split shank pave band (the pave runs down about 3/4 of the side of the band) with two square side diamonds next to the center stone. This gives the impression of a much larger center stone as it looks like one large diamond (2ct +). The total ct weight for the ring is 1.22 cts so all in the total weight of the ring is 2.53 cts.

The retail price on the total ring is $18,900 and he offered it to me for $14k. I've worked him down to $12.5K but I think that is as low as he will go (unless he says I want to lower the ct of the center diamond).

The jeweler says he usually sells the setting itself for $6,900. I've seen comparable center diamonds on Blue Nile for $7,800 so I'm just wondering if I'm getting a good deal. He is also giving me the flexibility to return the ring if she isn't in love with it so I give him some value for that.

Please let me know your thoughts as this will be happening ASAP.

Thanks for any help.

Hi Trex,

By the info given it sounds like a ' commercial" cut quality Princess which is fine if you have seen the diamond, it is what you want and you like it, I would suggest checking out some AGS0 cut grade if there is a Jareds near you to see how this one compares. That way you would be comparing diamonds of known cut quality to this one.

Before I comment on the price, what is the grading report for the centre diamond, is it GIA?

 

[Trex3000]

Yes, GIA certified

 

[Trex3000]

Any thoughts on this? Literally going to meet the guy in like 2 hours and I need to decide whether or not to stay with it.

This process is super stressful, feel like i''m starting to lose and looking for guidance from the experts.

Thx

 

[Lorelei]

I did a search for a similar size diamond ( online prices are normally cheaper). A similar diamond is selling for around a bit less than 8 thousand USD. The setting is expensive, but depending on how he is apportioning the diamond and setting price it is hard to say. I would advise making the deal final on an independant appraiser checking the ring out, that way they can give you an opinion on the diamond, the setting and the purchase price, and get this in writing.

Have you looked elsewhere? I just mention this as in my years here I have seen things go sour when folk buy from a relative of a friend, I am not saying this will happen in your case but I just thought I would mention it.

 

[Trex3000]

Thanks for the feedback. I have shopped around (been to several stores in the jewelry district in LA and friend works for Tacori and can get me a good discount) but this is definitely the coolest setting I''ve seen.

In my mind, I see myself as paying $8K for the diamond and then $4,500 for the ring (a 35% discount from normal retail). I think I would like to be closer to $11K to feel like I''m getting a great deal but it is what it is.

He''s also giving me the flexibility to return it since I have no idea if my girlfriend will like it.

Thanks for the appraiser idea. Would I be looking to have the appraiser give me the same value or should I hope that they appraise it significantly higher?

 

[Lorelei]

Date: 5/21/2009 3:49:59 PM
Author: Trex3000
Thanks for the feedback. I have shopped around (been to several stores in the jewelry district in LA and friend works for Tacori and can get me a good discount) but this is definitely the coolest setting I''ve seen.

In my mind, I see myself as paying $8K for the diamond and then $4,500 for the ring (a 35% discount from normal retail). I think I would like to be closer to $11K to feel like I''m getting a great deal but it is what it is.

He''s also giving me the flexibility to return it since I have no idea if my girlfriend will like it.

Thanks for the appraiser idea. Would I be looking to have the appraiser give me the same value or should I hope that they appraise it significantly higher?

What you want is an appraiser to give you his or her opinion on the purchase and the price you paid, whether that is reasonable. Yes often appraised values are much greater but really this can be a bit misleading - if the ring was really worth xxxxx inflated amount then it would sell for that in the first place so don''t rely on that too much. What you want to aim for is whether the appraiser thinks the price you paid is fair and to give you a suitable figure for insurance purposes.

Appraiser tool here so you can find one in your area. https://www.pricescope.com/appr_list.aspx

And you are most welcome!