Negotiating Diamond and Setting Price

[bsohn]

Hello all, would appreciate your insight on this. I've been working with a brick and mortar jeweler and found a diamond and setting I'd like to purchase. I was given a quote, but after some research I discovered that an online jeweler was selling the loose stone for $3700 less than what I was quoted for the loose stone itself (out of stock though). Was wondering if I have any room to negotiate the diamond and setting with the jeweler I've been working with and how to go about it. Thanks for any advice!

 

[antelope1]

Just checking: You're sure it's the same loose stone? That is, you've compared the certificate numbers, and they match?

Generally, B&M have higher overhead and hence, higher markups than internet merchants. The merchant has to cover their costs (including rent!) so you probably won't be able to get as much of a discount as you want. You should also ask for something like 5-10% off the total price given that you are also buying the setting from them. At a minimum, you should be able to get 3-3.5% off for using a wire transfer or cash rather than credit card payment. However, this isn't going to get you to $3.7k (unless you are buying a $100k diamond...)

If you are sure that is the diamond that you want, and you are sure it is the same diamond...the B&M has probably put it on hold to bring it in for your evaluation, which is why you can't buy it through the internet merchant any more. If you were to tell the B&M that you were not interested, and they were to ship it back to the warehouse...then you could buy it through the internet merchant. As soon as the B&M releases it, I would call the internet vendor and ask them to put it on hold for you. This kind of sucks for the B&M merchant, but I doubt they would give you a discount given that they probably feel like they've already bagged you. So the only way to get it is for you to unbag yourself.

Most settings can be made (or sourced) by most internet merchants, so it's the diamond that is the important part...

 

[bsohn]

Antelope1, thanks so much for your detailed response. Appreciate it. I can't confirm the certificate numbers match, as I could only view the GIA report from the jeweler. Below is what's listed on the online jeweler's website. The GIA report received from the jeweler I'm working with does however match exactly every single grade/number below. Is it safe to assume it's the same diamond?

Stock No : 2025928
Carat Weight : 2.69
Cut : Good
Color : G
Clarity : VS1
Price($) : 25,089.47
Lab Name : GIA
Depth : 61.4
Table : 75
Polish : Very Good
Symmetry : Very Good
Girdle : XTN-TK
Culet : None
Fluorescence : Faint Blue
Ratio : 1.14
Measurements : 8.75x7.65x4.70

 

[antelope1]

It's probably the same. You matched the dimensions too?

I thought it was a much smaller diamond when I said that you wouldn't be able to get it back.

Looking at prices for similar diamonds (E VS1, between 2.65-2.7cts => ~ $60k) using the PS search tool, he's giving you a pretty darn good price. You might be able to get it for $3.7k less via an online merchant, but that's only 5% of the purchase price (and this guy has higher costs, so it really is a good price, and you got to see the diamond, and he's probably going to put you down on his list of best customers and offer you free cleanings, adjustments in the future -- probably).

In your case, just ask if you can get a cash / wire discount of 3.5% (~$2.1k). That's reasonable and fair, and he should agree to it. If not, charge it to a credit card that will give you 1-2-3% back on your purchases + 2x miles or something like that. 120k miles is an international trip for 2. Or for 1 in first class.

 

[D&T]

The dimensions is not for a ROUND diamond correct? what is the diamond shape?

 

[denverappraiser]

Show the ad from the online jeweler to the folks you would prefer to do business with and see what they have to say. Will they match the price? Maybe, maybe not, but it's unlikely to hurt to ask. (I say 'unlikely' because it's sure to annoy them to have to face the competition directly and they just might tell you to take a hike). If it matches on every item in your list above, it's almost certainly the same stone but the way to tell is to match the report number.

 

[bsohn]

@antelope1: The measurements shown online and the GIA report from the jeweler are identical. 8.75x7.65x4.70. It's a G, VS1, not E, VS1. Thanks for your suggestion on asking for a cash/wire discount. I will keep that in mind.

@D&T: It's an emerald cut. My girlfriend likes the Asscher, but after some looking around discovered that an Emerald cut with a 1.14 L/W ratio faces up square and bigger than an Asscher proper.

@denverappraiser: Thanks for responding. I guess I have nothing to lose by showing them the webpage, right?

 

[pinoybruin]

It never hurts to ask. Plus if you go ahead with the purchase without asking you are always going to think about the big "WHAT IF" Everyone is is correct about the wire and the setting discount. If they do get a little rough when confronting them just ask in a nice way if they can do just a little bit off for piece of mind sake because the way that I see it is...Every little bit helps.

 

[antelope1]

@antelope1: The measurements shown online and the GIA report from the jeweler are identical. 8.75x7.65x4.70. It's a G, VS1, not E, VS1. Thanks for your suggestion on asking for a cash/wire discount. I will keep that in mind.

Sorry, I am blind. 2 color grades at that clarity + ct weight = about $20k difference, which makes $3.7k closer to a 10% difference.

Good luck!

 

[bsohn]

Thanks everyone! Is it best to negotiate in person or through email? The jeweler is pretty busy with appointments usually.

 

[D&T]

Antelope1 - not sure how you got that pricing ?

Bsohn- are you certain this is the diamond you like? i'm just curious as the table for that emerald seems awfully large, but hey just make sure you see that diamond in all lighting condition to make sure its the one as jewelry store lighting can be misleading.

 

[antelope1]

Antelope1 - not sure how you got that pricing ?

<smacks head> This is an emerald??? Whoops! I was just using the PS search function, then narrowing by color, clarity, and a 0.05 band for the carat weight. That was based on a RB though.

Gosh, I really am having a series of senior moments on this thread. I'm going to be quiet now.

 

[D&T]

Antelope1 - not sure how you got that pricing ?

<smacks head> This is an emerald??? Whoops! I was just using the PS search function, then narrowing by color, clarity, and a 0.05 band for the carat weight. That was based on a RB though.

Gosh, I really am having a series of senior moments on this thread. I'm going to be quiet now.

lol.... nah,,, keep on talking you have very insightful information

 

[bsohn]

D&T, I did notice the table was rather large when comparing it to the table numbers in the link below. The jeweler told me that Table% etc does matter, but the numbers only take it so far but it's really who cut the diamond and how brilliant it appears to the human eye. What do you think? https://www.pricescope.com/wiki/diamonds/emerald-cut-diamond

 

[D&T]

its rather hard to assess based on numbers alone. Are you able to compare a few GIA graded ECs while you are there with this stone (side by side)?

ETA:
And I definitely agree numbers can get you so far, then its up to your eyes to follow through. Do try and view it in many various lighting situation, under counters, dim lighting, NATural lighting...etc.

 

[bsohn]

D&T, I was originally looking for an Asscher, but the jeweler also showed me this emerald cut with a L/W ratio of 1.14. It faced up very square, which is pretty much what my girlfriend was looking for. My girlfriend's sister and my own sister compared this diamond against 5 GIA Asschers, and they all liked this emerald cut the best. We didn't put the emerald cut under different lighting conditions, but when doing the side by side comparison in the jeweler's lighting conditions, they both on separate occasions agreed that this was the one to go with.

 

[D&T]

well then, sounds like its the one ... sorry to go off your initial topic (just wanted to double check you did your diamond spec due diligence ) and was aware of the table size and specs, but yes, agree with Neil in printing off the ad, and see what they say.

 

[bsohn]

Thanks D&T! Going off topic was nothing but super helpful! I'm going to print it out and give it a shot. Hey, I have nothing to lose.