Online purchase... Please help!

[DPrincess]

I recently purchased a 1.40 carat, D, VS1, Ideal H&A diamond from an online vendor for $12,500. When I went to get the stone appraised by an independent appraiser in the NYC diamond district, he verified the specs and commented that the retail (rip-off) value would be around $17,000, but you could probably buy it in the area for just $8,700-$9,000.

I don't think this guy knows what he is talking about. But I am a little concerned. Can anyone give me some reassurance that I paid a fair price?

Thanks!

 

[DiamondOptics]

Hi Dprincess,


The price you paid for seems to be about right.
You should expect a little leeway both direction.

But what ever that appraiser told you, sound like
the typical 47th street jargon.

If you want a real proffesional evaluation.
Have your diamond sent to an independent appraiser
like Rock Doc or Dave Atlas.

Don't forget that allot of these so-called appraiser
have a stake in telling you your diamonds no good,
so maybe you will return it and buy from them.


Buy Informed!

Kirk

 

[Richard Sherwood]

I agree with Kirk. The price you paid was fair, and the second price quoted by the appraiser was a "lowball" figure.

It's curious that he quoted you that figure. Was the appraiser an "independent" who doesn't buy or sell diamonds? Did he recommend anyone to purchase from?

It's also very possible that your assessment was correct (that he didn't know what he was talking about). Many appraisers are not familiar with the ideal cuts.

Rich, Independent GG
Sarasota Gemological Laboratory

 

[DPrincess]

Thanks so much for your replies. I'm feeling a lot better about my purchase now.

The appraiser claimed to be independent. He said he didn't buy or sell diamonds. He didn't try to recommend anyone.

However, I never actually told him the price I paid for the diamond. He offered to guess the purchase price and when I heard the figures, I was too shocked to tell him what I paid.

He also made a mistake on the appraisal. Even after I showed him the AGS cert, he put Good for the Symmetry and Polish instead of Ideal. When I asked about the discrepancy, he said that he would change it to Ideal when I get the appraisal for the completed ring.

Thanks again for all your help.

 

[lacina]

This was just an opinion of an indenpendent appraiser,...
Since he is located in the diamond district in NY I can understand why he didn't value the diamond as he should have. Appraisers are not Lab's and don't have all the equipment so if you didn't disclose the diamond was graded by a lab, the job he has done was no different than he would be grading any other diamond without a certifficate. Why? Certed diamonds are sold for premiun and high quality diamond like this should have a cert fully disclosed before submited for an appraisal. If evaluating uncerted diamond at W47th, many experts will not issue high grades as D, VVS, or Ideal cut,... That is just the way it is,.. If you are in Diamond district NY with a high quality stone like this without a certifficate, you should be submiting it to a lab for an appraisal,...there are plenty of them in the area and guess what, not every lab will issue an Ideal cut also . I know GIA won't,...
One think I believe, if the guy stated you can buy the stone in the area for $9000 I bet you can!
I just wonder why did you buy on line when you can shop in diamond district in NY? The hottest diamond market in the world?

George
GLE Gem Imports

 

[Richard Sherwood]

George, I don't think anyone's selling AGS certified 1.40 D VS1 Hearts & Arrow stones in the district for $8700-9000.

Perhaps a Class 3 cut stone, or maybe a Class 2 if the dealer needed liquidity for some reason, but I doubt if you would find an ideal Hearts & Arrow for that kind of money on the "street".

Most of the district dealers don't deal in those kind of goods, and many appraisers don't understand those kind of goods.

As for shopping the Internet instead of "the street", I can understand why many would take the Internet route. It is a very convenient method of shopping in one of the most competitive markets in the world. In a couple hours you can do a search that would take you weeks to perform on the street. With certs, BrillianceScope results & IdealScope results poor performers can be quickly eliminated, and the search narrowed down to a few excellent candidates. Then the consumer doesn't even have to "hit the streets" to examine the stone(s). The companies will send the diamond(s) right to their home for examination!

It's a new world, and a new market. Very efficient... It won't eliminate the "bricks & mortar" dealers, but it will definitely cause them to become more competitive.

Rich, Independent GG
Sarasota Gemological Laboratory

 

[lacina]

Hi Richard,
I meant uncerted goods,... The lady had submited the diamond without the certiffication!
You are right, most of the cutters, wholesalers and dealers I know from NY do not care about the Ideal cut branded diamonds. Honestly, they really can't because of the volume they sell,..
I buy in quantities and you will be surprised what you can find in the breifke,... If you know who to deal with ofcourse,...
Cutter is sometimes happy to sell a killer cut for the price of 2B,...
As you probably know most cutters cut to maximize their rough, and H&A is considerd another "breed" of cut,.. It is a custom cut that means loss of exta few points. I know there is a company that specialize in H&A cuts on W47th and yes they ask premium for their goods,...
And I agree if you shop at H@A specialist the price will be higher As far as Internet sales goes, NY diamond district is the gateway to US market and I would find add to see the prices on the net to be lower, that is if it comes fro legitimate source of course. It is not secret that diamonds are 10% cheapper in Israel, But by the time they hit the soil in US the price is almost the same,...
Best
George

 

[Richard Sherwood]

So George, I take it you're working out of the NY Diamond District? With trips maybe back & forth to Israel?

Rich

 

[lacina]

Hi Rich,
No, I don't work out of NYC diamond district , however I do all my purchasing there. I specialize in natural Fancy colored diamonds and colored stones. I used to buy from all over, however I found that most of the world's Diamond cutting houses have agents in NY . there is no need to travel anymore,...I do my two per year buying trips for colored stones not diamonds.
When I see the diamond prices on internet , yes they look great,...
Hard to beat in some cases! Knowing the diamond business ,this makes me wonder,... I am a firm believer in great future for internet sales, but I don't agree with everything the sellers have to say ,..That's just my humble opinion,...
Best
George

 

[DPrincess]

The diamond came with an AGS certification and I DID show it to the appraiser.

I made the purchase online because of the following reasons:
1. I heard many horror stories about 47th Street
2. I read many posts recommending online vendors and their competitive prices
3. Most of the 47th Street stores did not have any ideal cut, D color, VS1 diamonds
4. It was easier to find the specific diamond I was looking for online

 

[lacina]

Hi DPrinsess,
I agree, Internet is more convenient and you are right, more secure than buying on the street , even in the NY diamond district
Best
George