Price to set a stone. Sorry if this is an old topic.

[jline123]

Hello, I am new to jewelry (besides watches), diamonds, anything wedding related, and this forum! I have a quick question I'm hoping some well-seasoned diamond-buying vets might be able to help me with!
Backstory: I went to my local Shane Co. and picked out a lovely setting and a 1 ct. center stone. As I was unsure if this was the "one" I opened a layaway to have it reserved in case it in fact was the "one". After doing a LOT of research online, I decided to buy a Ritani diamond today. 1.01 carat, VVS1, H. I called Shane Co. to let them know about my change of heart, and asked what the cost would be to have this diamond set on their setting, which I still plan to purchase. The guy on the phone quoted me at $300!! I was awestruck and asked why (it was going to be free if I got the center stone from them). He said it was just the cost of labor and materials.
I got off the phone and called a few places and the most expensive quote I got was $120. The others averaged $50.
I may have just answered my own question, but is this normal?? Why would they charge so much? And finally, would it be worth my time trying to barter and have this service cost reduced? Thank you in advance, and have a good day!

 

[Niel]

I'm not surprised you got 50. Personally I've shopped around in my area and found as low as 35. But many were around 50. I've had local jewelers also offer to charge less when I was using them for other services. So I guess if its an independent jewelry store, they may be open to bargaining. Did you mention you were shopping around? Maybe just say "I've been quoted 50$ by a jeweler to set a stone, can your company beat that?"

 

[jline123]

I'm not surprised you got 50. Personally I've shopped around in my area and found as low as 35. But many were around 50. I've had local jewelers also offer to charge less when I was using them for other services. So I guess if its an independent jewelry store, they may be open to bargaining. Did you mention you were shopping around? Maybe just say "I've been quoted 50$ by a jeweler to set a stone, can your company beat that?"

I did not mention that as it was just a phone call. It's not independent, it's Shane Co. When I get the loose diamond next week I plan to go in there with it, hoping to have it set, but also hoping they will do something for me about this price. If they will not budge, I will just take my money elsewhere. If everyone charged $300 I would totally be okay with it, it's just a fraction of what I'm paying for the diamond and the setting. But this seems like it's WAY over market-average.

 

[pfunk]

Yeah at the big chains in my area it runs $2-$3 per point (1 carat = 100 points). The independent jeweler I am getting my setting from is setting my stone for free even though I purchased it elsewhere. His customer satisfaction is a high priority #1 though so I wouldn't expect places to do that.

 

[tyty333]

They are trying to deter people from buying stones elsewhere!

I'm glad it's not stopping you from getting what you want!

 

[Cricketcat]

This response is based only on my experience with my local Shane Co. If you really like the Shane Co. setting, I would buy it, get insurance, but have the diamond set at another jeweler who is skilled. The last diamond I had set at Shane Co., they told me it was $3 per point. After they set it, they opted not to charge me (the setting was theirs and had been purchased several years ago, but the diamond was from Brian Gavin). I was glad they didn't charge me, because when I looked over things closely at home, the diamond was set crooked. I took it back to get fixed and when I looked at it through my loupe at home, two of the six prongs were not even holding the diamond, and a third had a only a strand of metal touching the diamond. They hadn't finished the setting job and had given it to me as completed. My experience is that over the years, they were always very accommodating at attempting to fix a problem, but things never got fixed. I ended up buying a whole new setting elsewhere with a skilled jeweler on site which cost more, but now have peace of mind and no headaches.

 

[pfunk]

This response is based only on my experience with my local Shane Co. If you really like the Shane Co. setting, I would buy it, get insurance, but have the diamond set at another jeweler who is skilled. The last diamond I had set at Shane Co., they told me it was $3 per point. After they set it, they opted not to charge me (the setting was theirs and had been purchased several years ago, but the diamond was from Brian Gavin). I was glad they didn't charge me, because when I looked over things closely at home, the diamond was set crooked. I took it back to get fixed and when I looked at it through my loupe at home, two of the six prongs were not even holding the diamond, and a third had a only a strand of metal touching the diamond. They hadn't finished the setting job and had given it to me as completed. My experience is that over the years, they were always very accommodating at attempting to fix a problem, but things never got fixed. I ended up buying a whole new setting elsewhere with a skilled jeweler on site which cost more, but now have peace of mind and no headaches.

Not sure how easy it is to find a jeweler who will set a diamond for you if you didnt purchase either the diamond OR setting from them. Also, be aware it will almost certainly void the ShaneCo warranty.

 

[denverappraiser]

Prong setting a round diamond in a new mounting around here (Denver) is typically about $100-200/ct., but there are a bunch of variables that aren't obvious. It's not usually a particularly difficult job but not everyone has the same skills and not everyone values their talents the same way. The bottom is very cheap, the top is very expensive. The best are rarely the cheapest. In the grand scheme of things, spending an extra $100 here to work with someone you're comfortable with is money well spent. I strongly encourage picking your setter based on skills and personality, not price. It's sort of like how you pick your chef.

Two of the big issues have to do with breakage liability and ongoing warranty issues. A lot of jewelers won't do the job for these reasons and others will expressly exclude both issues. Be sure to ask. As with the above, the ones with the most generous policies usually aren't the cheapest.

Recycled mountings often require some prong repair to make it work. Obviously pricing for that is going to be going to depend on what exactly the problem is.

Not every job is both possible and advisable. The first piece of expertise being asked for is what will work and what won't. That's usually, but not always, free. It's mandatory, and valuable to get someone who actually knows what they're doing, even if there's a fee.

 

[jline123]

They are trying to deter people from buying stones elsewhere!

I'm glad it's not stopping you from getting what you want!

This seems to be the case! Really not going to worry about it. If that's what they want to charge, that is fine, it's a free market, but I'm not going to pay it. I spoke with someone from Shane Co. again online and they said I'm paying for the experience and skill of the setters. Give me a break. I've now called about 20 jewelry stores and not one quote exceeds $120. I asked one store if they charge a dollar amount per point, to which he laughed and said "only Shane Co. is that ridiculous." I told him that's who I was price matching against. I'll get the setting, insure it, then have it set by a mid-priced jeweler.

 

[pfunk]

Just remember you are voiding the warranty. That's fine if you'll have it insured, just wanted to make sure you were aware of that.

 

[WinkHPD]

pfunk is correct. You may prefer not to worry about their warranty. I am not specifically informed about the warranty of Shane and company, but many chain stores require you to have the jewelery inspected by them at regular intervals to keep the warranty in place.

In my opinion, you are much better served to have good insurance that will protect you against both loss and damage to your jewelry. (Not normal wear and tear though.)

As for pricing, Denver Appraiser is correct, the cheapest are rarely the best. I am frequently told by clients that they can get their diamonds set for $15 in New York or LA. Having seen those $15 setting jobs, I just respond that after it is set for $15, they can send it to me for resetting properly. Of course it will cost more since I will now have to either repair the prongs or replace the head entirely, depending on how badly the ring is mangled during the $15 setting job.

For the $50 to !00 that you are being quoted, you can expect the job to be done correctly and expertly. Check the local yelp or other on line comments to see if there are a plethora of happy or unhappy clients, and avoid dealing with someone who has too many complaints. With the transparency provided by the internet these days, it should be easy to find out if your local option has a good or bad reputation.

Wink

 

[jline123]

For the $50 to !00 that you are being quoted, you can expect the job to be done correctly and expertly. Check the local yelp or other on line comments to see if there are a plethora of happy or unhappy clients, and avoid dealing with someone who has too many complaints. With the transparency provided by the internet these days, it should be easy to find out if your local option has a good or bad reputation.

Wink

Thank you for your input sir! I went to Shane Co. when the loose diamond was delivered, asked them face-to-face what the cost was, after the lady said $303, I backed away from the case, made an "um" sound, and the lady said "How about half that?!?" So $150 to have it set, I said what the heck. I guess I'm getting married now!