PRICE BARGAINING

[luv2lift]

Over the last couple weeks it has come to my attention that there are individual stones out there listed on multiple vendors websites. Assuming one of these stones checks out, how would you go about getting the very best possible deal so as not to overpay? Do you suggest pitting each competing vendor against the other and buying from whichever one offers the lowest price, and would I need to talk to a manager to make it happen? My last question....anyone know the average profit margin markup a vendor places on a stone (so I know what range i'm dealing with) and maybe how low a % or profit they would be willing to go to sell? Any info on this issue would be greatly appreciated.

All the best
Todd

 

[sakari_8]

Hi Todd

I think you have posted a great question and all potential buyers can benefit out of this forum.
Let me help you answer every question of yours, Yes it is true there are online stores listing the diamonds and same
stone you will find on different websites with different stock numbers and every company sell it with different pricing,
some are very aggressive so they give best lowest deal and some companies sell at higher cost, what is more important
is buying from the store which gives you the benefits after the sale like A) Return policy of at-least 30 days - you can
return at free shipping cost from the store without incurring cost to return B) Upgrade policy - you could upgrade the stone
whenever you decide to C) Warranty of the Jewelry - If you are buying the Jewelry you do have the warranty on the product.
Apart from the points I mentioned, what is also important is the store should have the good reputation supported by good reviews
from the clients.

Can the Managers discount the stone? I am not sure but I think online stores do not really bargain the price whatever price
they have set are not negotiable as they are working on very small margins. My suggestion would be to buy from the stores
with reputation like James Allen, B2C Jewels, Bluenile all have good reputation, check the pricing of all and
accordingly you can decide. I am not really sure about the profit margins but I know the prices for the stone online
with different stores differs between 2% to 10%

I wish you best of luck to find the best deal

 

[Christina...]

I'll just a add a bit to what Sakuri has already mentioned...buying diamonds online, especially fancy shaped diamonds can be a challenge. Beyond purchasing from a reputable vendor with a return policy, upgrade, trade in, buy back etc, I would also suggest that you stick to vendors that can show you images of the stones you are interested in. If it's a round you will want Idealscope images to determines it's light performance, if it's a fancy shape then an ASET will better provide this information, I like to see a photo of the actual diamond so that I can see it's facet patterning because some are more appealing than others...this is even more important when purchasing fancies because no two stones look the same and there are many many different cut patterns, you most likely will find one more appealing that another. For example, cushions can either have a crushed ice appearance, or have big bold facets and everything in between the two, typically a person finds one much more appealing than another. Likewise with Princess cuts, they can have two, three or four chevrons, this changes the appearance, pears, ovals, marquis, cushions all have different length/width ratios, some prefer short and fat, some long and thin.

As far as getting the best price, shopping online typically ensures that, but it's important to remember that online vendors are working with the same margins as BM shops. BMs can offer significant discounts because they mark their diamonds up significantly, online vendors typically don't, Many PS vendors also offer discounts for PS members so you should inquire about this with your selected vendor, others offer discounts on the setting as well. Keep in mind though that vendors that can offer you the additional info that you need to make a good buying decision are typically priced a bit higher than the vendor that offer no additional information. I personally believe it's money well spent and reduces the cost of shipping multiple stones back to the vendor, which essentially will end up costing you more money in the end.

 

[JulieN]

This wouldn't work as well as you think it will.

A virtual stone needs to be called in for pictures and to be reviewed. You cannot get the vendors to compete with each other on the lowest price because the vendor who has it in hand has priority.

 

[pavejewelers]

Todd, great question(s). And, to those that posted -- you hit the nail on the head. These days any vendor can offer you that specific stone at that specific price, but it's all the other things that matter. The margins in the industry are extremely thin, and even worse if you (the consumer) return the stone. An average cost to ship and/or return a stone via a prime shipper with insurance is 2% of the value + transport fees, it ends up being a ton!

Furthermore, there are stones that BM jewelers have that you will never see online, and some will never care what the online price is because they may have an established customer base + overheads. To get the best deal on a stone that is not listed on line you will have to do an "apples to apples" comparison. For example a 1.00 carat round with a 6.2mm diameter won't be priced the same way as a 1.00 carat round with a 6.4mm diameter. Additionally, 58% table / 62% depth achieve 1-3% premiums. So you need to match all specs as closely as possible, especially measurements!

As a member of the trade, pitting two jewelers against each other will only get you so far and makes the transaction very cold (as someone already mentioned). This is one of the most expensive and auspicious moments in your life. So you want someone who can not just earn your trust, but keep your trust while giving you a good deal at the same time. The aforementioned jewelers: B2C, JA, BN are successful for a reason, but I am sure they have their fair share of returns and/or exchanges-- it's the cost of doing business.

Hope the information makes sense and is helpful!

 

[luv2lift]

Thank you all for the great perspective/advice! I think i'm going to talk to a few of the other vendors that are advertising the stone to ask them if they would like to make a lower offer without really pushing the subject and see what they say. The price will probably be in the 10,000-15,000 dollar range, so maybe that will entice them to drop the price by 2-4 hundred bucks and make a quick sale? If none of the other vendors who list the diamond bite, then I will probably buy it from the vendor who listed it at the lowest price and have it shipped to whichever establishment I end up going with for the custom setting.

All the best
Todd

 

[SB621]

Thank you all for the great perspective/advice! I think i'm going to talk to a few of the other vendors that are advertising the stone to ask them if they would like to make a lower offer without really pushing the subject and see what they say. The price will probably be in the 10,000-15,000 dollar range, so maybe that will entice them to drop the price by 2-4 hundred bucks and make a quick sale? If none of the other vendors who list the diamond bite, then I will probably buy it from the vendor who listed it at the lowest price and have it shipped to whichever establishment I end up going with for the custom setting.

All the best
Todd

I think that sounds resonable. You might notice if it is a PS vendor they offer a bank wire discount or a PS discount. You will need to ask for it.

 

[JulieN]

Just ask the vendor who has it to price match if you see a lower advertised price.

I see you are dealing with JA, they will price match.

Otherwise, it is not really cool to ask a vendor to call in a diamond for pictures and analysis, just to waste their time and energy by buying it from someone who has it listed for less.

 

[YoungPapa]

Thank you all for the great perspective/advice! I think i'm going to talk to a few of the other vendors that are advertising the stone to ask them if they would like to make a lower offer without really pushing the subject and see what they say. The price will probably be in the 10,000-15,000 dollar range, so maybe that will entice them to drop the price by 2-4 hundred bucks and make a quick sale? If none of the other vendors who list the diamond bite, then I will probably buy it from the vendor who listed it at the lowest price and have it shipped to whichever establishment I end up going with for the custom setting.

All the best
Todd

Hi Todd,

That sounds like a reasonable plan if you're just shopping virtual diamonds, but if you ask a vendor to compare multiple diamonds side by side, take ASET images, perform GG inspections etc, are you saying you'll just cancel the hold and buy the diamond from the cheapest source you can find?

 

[luv2lift]

Hi Christina, I've read some of your posts on other threads and value your opinion. I just made a post on an AGS Triple Ideal showdown between 2 diamonds. Anyway you could give your opinion on which one you think is the best choice/best light performance? Any insight would be greatly appreciated.

All the best
Todd