Need Help, i think i got ripped off.

[Mattymo]

Hi,

I bought a emerald cut diamond that was 1.51carats, SI1, I Color with 2 tapered G VS2 Baguettes on a platinum band for $13,800. The dimensions of the diamond itself were 7.6 x 5.57 x 3.87. The cut was "very good".

The problem is I have a feeling that i might of been ripped off. It seems that for a I colored SI1 1.5 carat emerald i paid to much. I sent the ring to GEMSCAN to have it appraised and they said the insurance replacement value is $15,200. I was wondering what the jeweler would of paid and if i had paid way to much?

Thank You,

Matthew

 

[neatfreak]

Is it certified by anyone?

 

[swingirl]

There are too many unknown variables for anyone to say if you paid too much or got a fantastic deal. Do you love your ring and how did you decide on this particular one?

 

[Mattymo]

When i first bought it i received no certification. The diamond is apparently from South Africa according to the jeweler.

After asking for my money back we had the ring sent to gemscan to get appraised. However, the only certificate of appraisal that i got was from the jeweler himself. We had the ring sent to gemscan and the insurance replacement cost came to $15,200. They said it was h/i color, SI1, very good cut. If their are any more variables that i can provide please ask.

Yes, i do like the ring. I decided on a fancy cut since it is a little different from the typical round/princess.

 

[Mattymo]

One of my questions is if GEMSCAN estimated the insurance replacement value at 15,200 whats a good rule of thumb to determine how much the jeweler paid for the diamond himself.

 

[neatfreak]

Date: 8/28/2008 7:43:14 PM
Author: Mattymo
One of my questions is if GEMSCAN estimated the insurance replacement value at 15,200 whats a good rule of thumb to determine how much the jeweler paid for the diamond himself.

Well...often the insurance replacement values are double the fair retail price...but not always. Let''s run a few searches for you...

 

[neatfreak]

So similar diamonds with EGL certificates (not the best, but better than nothing and usually more valuable than nothing) are showing your stone at around $5,000 give or take...

So that being said, unless you got a crazy fancy setting, which it sounds like you didn't, you probably could have gotten it for less.

I have a sapphire set in a ring very similar to what you described, but in palladium... I think the plat version of mine about a year ago was like $1500 or something...

Are you still within the return period?

 

[Mattymo]

Well i just bought the ring less then a week ago. I asked if i can return the ring i said i would even pay for the band, he wants to charge me 20% of the cost of the diamond to restock it. Which would amount to around $2000. He says he is charging me 10,500 for the diamond alone.

 

[neatfreak]

Date: 8/28/2008 7:53:40 PM
Author: Mattymo
Well i just bought the ring less then a week ago. I asked if i can return the ring i said i would even pay for the band, he wants to charge me 20% of the cost of the diamond to restock it. Which would amount to around $2000. He says he is charging me 10,500 for the diamond alone.

Well, only you can decide what you want to do here. It appears that you can get the stone for about $4500 give or take, with an EGL certificate...but you''d do it online through one of those vendors. Depends on whether it''s worth your time and money.

 

[risingsun]

Date: 8/28/2008 7:43:14 PM
Author: Mattymo
One of my questions is if GEMSCAN estimated the insurance replacement value at 15,200 whats a good rule of thumb to determine how much the jeweler paid for the diamond himself.

Please remember that the jeweler will not be selling you the diamond at his cost. The price at a B&M store is typically higher than the same stone purchased online. The appraisal for my diamond was ~30% more than the purchase price, if replaced in the retail market. It would have been less if had I requested the appraisal be done for the online market, which is where I bought my stone.

 

[Mattymo]

I just wish he would allow me to return it. Since i''am not satisfied. however, he is giving me a lot of trouble. Its a private office. He mainly does higher designs for premium customers. Their is no actual shop or display. The company is called premier diamonds in toronto.

 

[Blackhawk24]

I feel for you, but unless your in love with the stone I think you need to make this "vendor" come down (ALOT) on how much he wants to ''restock'' the diamond. $2000 is he serious??

If you can get him to come down on that you should look at some of the options around here.



http://www.jamesallen.com/diamonds/G-SI1-Ideal-Cut-Emerald-Diamond-1135153.asp
http://www.jamesallen.com/diamonds/G-SI1-Ideal-Cut-Emerald-Diamond-1135122.asp
http://www.jamesallen.com/diamonds/G-SI1-Ideal-Cut-Emerald-Diamond-1101613.asp

Unless of course you are in love with that diamond. In which case just enjoy that baby and don''t worry about it.

 

[Mattymo]

Thanks for all the input. I do like the stone, however, i despise the fact that i paid way to much and the vendor is being stubborn to return it. I have tried everything to appease him, however, it seems just to get worse.

 

[lovegem]

did he mention anything about the return policy to you when you bought the diamond? If you already knew that there was a 20% restocking fee when you bought the diamond, then you have to just bite the bullet. However, if he didn't mention anything like a stocking fee and no-refund or exchange to you, then he obviously wasn't doing it right. Tell him you will go to small courts to claim for the restocking fee if he were ever going to charge you (it is very easy to file the claim in Toronto). Is he on BBB? If he is, tell him that you are going to complain to BBB about his business practice. You have to do it fast. Don't just talk on the phone. Email him (detail the fact that he didn't mention anything about restocking fee, etc), get his replay on email, then he will have to pay when you file the claim.

 

[Mattymo]

no lovegem, he did not mention anything about a restocking fee. In fact when i originally asked if i could return the ring he said i would be able to do so if i paid for the setting and returned the diamond.

Then after a future phone call he said he decided he would not allow me to do so anymore and told me that he will now charge me a 20% stocking fee. I do not know if he has email however, i just checked and he is not on BBB.

 

[Lorelei]

How did you pay for this ring? Credit card or cash/ cheque?

 

[oldmancoyote]

If you cannot find his email, send him a letter by registered post, recorded delivery or whatever it''s called in Canada so that you have proof that it has actually been delivered to him. In the letter be very clear about what you expect from him (take back the diamond, you keep the setting, you get all of the money paid for the diamond back), by when and what you will do if he does not accept your requests (small claims court). The faster you do this - however unpleasant - the faster you''ll be able to leave it behind you.

Good luck!

 

[lovegem]

Date: 8/29/2008 4:11:22 AM
Author: oldmancoyote
If you cannot find his email, send him a letter by registered post, recorded delivery or whatever it''s called in Canada so that you have proof that it has actually been delivered to him. In the letter be very clear about what you expect from him (take back the diamond, you keep the setting, you get all of the money paid for the diamond back), by when and what you will do if he does not accept your requests (small claims court). The faster you do this - however unpleasant - the faster you''ll be able to leave it behind you.


Good luck!

Ditto this. also... if he didn''t provide anything in writing that said there would be a restocking fee... it is his fault.

 

[Mattymo]

Ya he did not provide anything in writing, I paid a combination of cash and cheque. I have the invoice for the cheque for 7913 that says paid with the description of the ring. however, i still owe him 4910 which i refuse to pay until this ordeal is solved. So he has a total of 5900 cash + 3000 cheque (deposit) and i owe him $4910.