Need advice on an engagement ring

[wonders83]

Hey there, I'm looking for some advice about an engagement ring.

To make a long story short, one of my good friends is getting married. I mentioned it to a mutual friend of ours, he mentioned he still had an engagement ring from his ex-fiance that he wanted to sell since he really needs the money. In 2007, I want to say he paid around $8,500-9k at Jared's. I've looked around online and find the prices for anything similar to his ring (even at costco, samsclub) is $9k-10k+.

The ring is an IGI certified (9/19/2007) 1.26ct round brilliant cut solitaire set in platinum.

The information on the IGI certification: Measurement: 6.91-6.95 x 4.26MM, Color: G, Clarity: SI2, Polish/Symmetry: V. Good/V.Good

Here are a few photos that he sent me.

http://i.imgur.com/jbqyg.jpg
http://i.imgur.com/cJyQh.jpg
http://i.imgur.com/IxDKg.jpg

I have a long term girlfriend, but if I were to pop the question it would be a few years out. With that being said, if I were to pick up this ring for $4,500 and hold onto it for a few years, what kind of a deal am I getting? If the relationship went sour, would I be able to get out of it what I put into it? I just don't want to go searching in a few years for a $10k ring just to find out I can only buy the same thing I could have picked up for <50% a few years earlier!

Any suggestions, things I'm over looking, please please let me know! Appreciate you taking the time to read.

 

[webdiva]

That's a nice size, but that certification means nothing - it's not trustworthy (GIA or AGS only). Would he allow you to take it to an appraiser (or meet you there) with you paying the appraisal fee (about $75-200)? And the only reason I'm suggesting it is due to the nice size. I can't see the inclusions or color too well in the pics.

Plus, are you sure your lady wants a round?

It's only a deal if it's exactly what you want and a good quality.

 

[wonders83]

Hey, thanks for the reply.

I'm sure he would let me take it to an appraiser but unfortunately he's in Washington DC and I'm in Florida.

He posted the ring on craigslist for $5,500 and within a day or so got a few bites. He had one person come look at it and they made an offer of $5k. He said he would rather sell it to me for $4,500 knowing where it's going and who's finger its going on before selling to someone for less than the $5,500 he was asking.

The lady definitely likes the round cut, so that's a plus. Out of curiosity, what does the average appraisal time take? Unfortunately the guy needs the money and has another offer on the table. Based on what he paid etc he's feeling like he's giving me a steal as it is, I wouldn't feel right preventing him from selling it while its off being appraised and then the other sale falls through. I guess given the circumstances I should just tell him to move forward with the buyer from craigslist.

 

[webdiva]

Hey, thanks for the reply.

I'm sure he would let me take it to an appraiser but unfortunately he's in Washington DC and I'm in Florida.

He posted the ring on craigslist for $5,500 and within a day or so got a few bites. He had one person come look at it and they made an offer of $5k. He said he would rather sell it to me for $4,500 knowing where it's going and who's finger its going on before selling to someone for less than the $5,500 he was asking.

The lady definitely likes the round cut, so that's a plus. Out of curiosity, what does the average appraisal time take? Unfortunately the guy needs the money and has another offer on the table. Based on what he paid etc he's feeling like he's giving me a steal as it is, I wouldn't feel right preventing him from selling it while its off being appraised and then the other sale falls through. I guess given the circumstances I should just tell him to move forward with the buyer from craigslist.

Personally, if he actually has another offer - let him take it. It's a great size, but lining up an appraiser in DC and having him go there and arrange for you to pay the fee if you're not in town is a lot of hassle. Especially if you're not in a position to propose anytime soon or see it in person prior to purchasing. I'll let others chime in, too.

A member here really wanted a 1 carat and IDJewelry was able to find a very included but relatively eye clean one for $3700. A solitaire setting will set you back about $250/300. A top quality 1.26 diamond will cost A LOT more - you can look on jamesallen.com and whiteflash.com for comparisons. Another question is if your lady would be ok wearing a pre-owned ring.

 

[ddiamond]

Pass. This is an engagement ring we're talking about here, not a used car. If your buddy has another offer on the table already he's whole. Take the extra time to save funds for your eventual proposal and follow the excellent advice on this forum to select a ring your girl will love.

 

[wonders83]

Thanks for the reply.

I realize it's not a used car. At the same time, it's not like it's a used pair of tennis shoes either. I wasn't looking at it as the materials going to "go bad" or get "worn out".

I have money, that's not really my concern per se. I guess I was looking at it as getting the best bang for the buck. Whether it was a $100k ring or a $5k ring, if I can save money, I'm going to try an save it. My thought was if I picked $10k for a budget, a ring with a diamond anywhere near this size it's going for $9-10k+ at even Costco and Samsclub, so for $4500 that would leave me another $5500 to customize it and still come out at that $10k mark.

At the same time I didn't know the certification was meaningless and they'll just throw junk dirty fuzzy yellow diamonds in a setting and throw a decent rating on it, I don't want that either for any price!

He asked me to let him know by tomorrow. I think at this point I'll take the advice and just pass.