Pricing Negotiation- Tiffany & Co.

[karrmo]

Need some advice: Does Tiffany & Co. negotiate on price? I''m used to getting about a 20% discount at national jewelry stores. My husband and I are looking at a three stone (2.5 ct. oval center H color VVS2 center w/ 1.08 G color VVS1) ring and the price is about $79,000.

Do you know if they give a cash discount or same as cash one year financing or are willing to come down than the "sticker price"? Any advice you can provide would be great and I''d appreciate it greatly. I''m brand new to this forum so please exuse me if my post is in the wrong place or if I haven''t followed protocal. Thank you so much!

 

[Regular Guy]

Karmo,

Though I don''t know the answer to your question...having something like comparables in mind can''t hurt. Here''s one as an example, from a vendor who primarily only deals in well cut diamonds...and he''s going to have the smaller ones as comparables, to consider, too. But...to fill it out, and to mix and match, try these two, as well. All found here, with diamonds that are not routinely virtual, but are in house.

Just an idea...which can also help to give perspective.

Regards,

 

[fanboy]

Tiffany will not negotiate on price and they don't offer one-year financing, although I think they offer some sort of shorter-term payment plan.

When you buy Tiffany engagement rings, you pay a huge premium for the name. When I first began looking at engagement rings, I believed that Tiffany, Cartier, Harry Winston, etc., must offer something more in their diamonds and workmanship. They don't--not for engagement rings, at least. You can get equal or superior quality diamonds elsewhere through a reputable vendor or broker, then have them set in a custom setting that will easily exceed the quality of the stuff mass-produced by Tiffany. And if cache or prestige matters at all, what could be better than something made uniquely for you?

$79,000 sounds absurdly high for the ring you are describing. A quick and dirty price search online reveals that you can get the 2.5 and 1 carat G-H VVS stones you're looking at for ~$42,000 ($30k for the 2.5 carat oval, $6k for each 1 carat oval). Even the most elaborate platinum setting with extensive pave by a high-end custom jeweler or designer won't cost more than $10,000.

Thus, without looking more carefully and negotiating prices, and assuming the most elaborate setting possible, you still save more than $25,000. How much is 'Tiffany' worth to you?

 

[bee*]

nope I don''t think they offer any discount. We just bought our ring there a couple of weeks ago and while we were browsing there was a guy asking for a discount and they advised him that they don''t offer one.

 

[peachster]

They do not offer discounts to customers. However, I believe employees can get a discount for themselves.

 

[iheartscience]

Date: 7/30/2007 12:54:38 AM
Author: fanboy
Tiffany will not negotiate on price and they don''t offer one-year financing, although I think they offer some sort of shorter-term payment plan.

When you buy Tiffany engagement rings, you pay a huge premium for the name. When I first began looking at engagement rings, I believed that Tiffany, Cartier, Harry Winston, etc., must offer something more in their diamonds and workmanship. They don''t--not for engagement rings, at least. You can get equal or superior quality diamonds elsewhere through a reputable vendor or broker, then have them set in a custom setting that will easily exceed the quality of the stuff mass-produced by Tiffany. And if cache or prestige matters at all, what could be better than something made uniquely for you?

$79,000 sounds absurdly high for the ring you are describing. A quick and dirty price search online reveals that you can get the 2.5 and 1 carat G-H VVS stones you''re looking at for ~$42,000 ($30k for the 2.5 carat oval, $6k for each 1 carat oval). Even the most elaborate platinum setting with extensive pave by a high-end custom jeweler or designer won''t cost more than $10,000.

Thus, without looking more carefully and negotiating prices, and assuming the most elaborate setting possible, you still save more than $25,000. How much is ''Tiffany'' worth to you?

fanboy pretty much summed it all up! I agree completely!

 

[Madam Bijoux]

Hi! I''ve been shopping at T & Co since 1991, and they have never negotiated prices.

 

[Pupper]

Date: 7/30/2007 7:00:28 AM
Author: peachster
They do not offer discounts to customers. However, I believe employees can get a discount for themselves.

The company I used to work for owned Tiffany''s once upon a time; the most I ever got was a 15% discount (some higher-ups got 30%), but not on anything that might be considered an engagement ring. There was no discount on e-rings...

 

[mrssalvo]

tiffany''s has only been in my area one year. they have always been very kind when I''ve gone in but never once willing ot negotiate on price..

 

[diagem]

Date: 7/30/2007 7:21:25 AM
Author: thing2of2

Date: 7/30/2007 12:54:38 AM
Author: fanboy
Tiffany will not negotiate on price and they don''t offer one-year financing, although I think they offer some sort of shorter-term payment plan.

When you buy Tiffany engagement rings, you pay a huge premium for the name. When I first began looking at engagement rings, I believed that Tiffany, Cartier, Harry Winston, etc., must offer something more in their diamonds and workmanship. They don''t--not for engagement rings, at least. You can get equal or superior quality diamonds elsewhere through a reputable vendor or broker, then have them set in a custom setting that will easily exceed the quality of the stuff mass-produced by Tiffany. And if cache or prestige matters at all, what could be better than something made uniquely for you?

$79,000 sounds absurdly high for the ring you are describing. A quick and dirty price search online reveals that you can get the 2.5 and 1 carat G-H VVS stones you''re looking at for ~$42,000 ($30k for the 2.5 carat oval, $6k for each 1 carat oval). Even the most elaborate platinum setting with extensive pave by a high-end custom jeweler or designer won''t cost more than $10,000.

Thus, without looking more carefully and negotiating prices, and assuming the most elaborate setting possible, you still save more than $25,000. How much is ''Tiffany'' worth to you?

fanboy pretty much summed it all up! I agree completely!

I agree you can get "equal or superior" quality Diamonds elsewhere...
BUT..., as far as the quality of their metal craftsmanship is concern..., dont under-estimate Tiffany''s QC...
They are not that ''easily'' passed!!!
Tiffany''s QC is strict!!

 

[fanboy]

Date: 7/30/2007 9:37:47 AM
Author: DiaGem
I agree you can get 'equal or superior' quality Diamonds elsewhere...
BUT..., as far as the quality of their metal craftsmanship is concern..., dont under-estimate Tiffany's QC...
They are not that 'easily' passed!!!
Tiffany's QC is strict!!

I am not well-versed in the least on Tiffany's production process. All I know is that I've seen plenty of uneven milgrain and slightly crooked edges on Legacy engagement rings in the store. Furthermore, we know that Tiffany produces thousands upon thousands of the same ring--even the strictest quality control measures at that production scale are not going to sort out all flaws or errors. See Rolex.

Tiffany is not the only offender in this regard. Some time ago, a poster on this forum showed a Harry Winston solitaire that had prongs noticeably uneven on both sides.

There's plenty of advertising and public opinion in favor of Tiffany, so I don't hesitate to say I'm not impressed.

 

[WorkingHardforSmallRewards]

Date: 7/30/2007 12:54:38 AM
Author: fanboy



Thus, without looking more carefully and negotiating prices, and assuming the most elaborate setting possible, you still save more than $25,000. How much is 'Tiffany' worth to you?

It seems to me the real key is not the financial sacrifice, but rather the quality of the diamond sacrifice to obtain the coveted Tif. name.

you can pay 25k and get the Tiffany name, that isn't such a huge sacrifice if you can afford it. But, for that same money there are options such as this:

3.64ct E "Internally Flawless", GIA cert

Now I do not know anything about oval dimensions, but I do know that when I run a search and see that the Tiffany name brand is costing 1.1 cts, 3 color grades and a clarity grade, well, that just seems like a totally unreasonable expense. 25k is not that much, but the sacrifice in quality sure seems to be too me. Now, like I said, I don't know much about truly ideal oval cuts, but I am certain based on preliminary searches that they exist of significantly greater size and higher quality than Tif for the same money. Maybe I am wrong, but that seems to be the case. And looking at that diamond some more its true the cut may not be top notch ideal, but surely if you sacrificed a bit of ct weight or color in it, you could still get a significantly larger, higher quality of top notch cut for the same money as well. Screams to me it is worth searching for anyway!

 

[fanboy]

If you save $25k, obviously you can spend it elsewhere if you choose (on a better diamond, perhaps). I didn''t mean to imply that the OP should simply pocket the dfference. After all, cash is 100% fungible.

 

[WorkingHardforSmallRewards]

Date: 7/30/2007 11:32:32 AM
Author: fanboy
If you save $25k, obviously you can spend it elsewhere if you choose (on a better diamond, perhaps). I didn''t mean to imply that the OP should simply pocket the dfference. After all, cash is 100% fungible.

Yea I know, I just mean that 25k itself might not seem like such a big deal if they were willing to spend it already. Also, if they were looking at Tif''s then diamonds of that size and quality would have been well out of their pricerange. Any idea what the going rate is for a Tif 3.64ct E IF oval? lol, I think its alot.So perhaps they didn''t realize exactly how much mroe of a diamond that 25k can yield, thus that they are sacrificing

 

[WorkingHardforSmallRewards]

Date: 7/30/2007 11:32:32 AM
Author: fanboy
If you save $25k, obviously you can spend it elsewhere if you choose (on a better diamond, perhaps). I didn''t mean to imply that the OP should simply pocket the dfference. After all, cash is 100% fungible.

Yea I know, I just mean that 25k itself might not seem like such a big deal if they were willing to spend it already. Also, if they were looking at Tif''s then diamonds of that size and quality would have been well out of their pricerange. Any idea what the going rate is for a Tif 3.64ct E IF oval? lol, I think its alot.So perhaps they didn''t realize exactly how much mroe of a diamond that 25k can yield, thus that they are sacrificing

 

[Madam Bijoux]

Speaking of T & Co''S prices:
I looked at a pair of diamond stud earrings this weekend (2.50 carats per ear, E color, VVS2 clarity, cut very well) and they were $200,000.00 USD. I''m sure the same quality could be found elsewhere for much less.

 

[fanboy]

Date: 7/30/2007 11:36:53 AM
Author: Madam Bijoux
Speaking of T & Co''S prices:
I looked at a pair of diamond stud earrings this weekend (2.50 carats per ear, E color, VVS2 clarity, cut very well) and they were $200,000.00 USD. I''m sure the same quality could be found elsewhere for much less.

Now, that''s absurd. Couldn''t you get the same for ~$80-100k?

 

[fanboy]

Date: 7/30/2007 11:36:15 AM
Author: WorkingHardforSmallRewards

Yea I know, I just mean that 25k itself might not seem like such a big deal if they were willing to spend it already. Also, if they were looking at Tif''s then diamonds of that size and quality would have been well out of their pricerange. Any idea what the going rate is for a Tif 3.64ct E IF oval? lol, I think its alot.So perhaps they didn''t realize exactly how much mroe of a diamond that 25k can yield, thus that they are sacrificing

This all too true. Examining Tiffany engagement rings and their prices with any objective scrutiny is an eye-opening (and wallet-closing) experience.

 

[MichelleCarmen]

Date: 7/30/2007 11:36:53 AM
Author: Madam Bijoux
Speaking of T & Co''S prices:
I looked at a pair of diamond stud earrings this weekend (2.50 carats per ear, E color, VVS2 clarity, cut very well) and they were $200,000.00 USD. I''m sure the same quality could be found elsewhere for much less.

Yep, Tiffany''s stuff is really overpriced. I DO think that they have some cute stuff, though, and even own a couple Tiffany necklaces, but I think it''s only worth buying really unique pieces from them that cannot be found elsewhere AND/OR money is no option.

If money isn''t an option for you and you can afford the $79K ring, then maybe go for it, BUT, since you''re asking about financing, I take it you''d don''t have the cash at your disposal. I would consider contacting a few of the vendors listed, like Good Old Gold or Whiteflash and getting something within your price range

Good luck.

 

[MoonWater]

This thread is very interesting. I always knew Tiffany & Co. were overpriced but I was still considering a diamond wedding band from them simply because I love their selection. Also it appears that they have quite a few under 3k which I thought was reasonable. You guys really have me second guessing myself!

 

[MichelleCarmen]

Date: 7/30/2007 1:00:30 PM
Author: MoonWater
This thread is very interesting. I always knew Tiffany & Co. were overpriced but I was still considering a diamond wedding band from them simply because I love their selection. Also it appears that they have quite a few under 3k which I thought was reasonable. You guys really have me second guessing myself!

I think a diamond wedding band that is under $3K would be fun to have! When it comes to spending loads on BIG center-stone diamonds, I would definetly shop around.

Everyone has differing opinions regarding Tiffany, though, so really do what''s best for you. Right now I''m lusting over an aquamarine necklace they have, which I know is 3X what I should be paying, but I would LOVE to have it! lol It''s only a $1,100 splurge, though, not a $79,000 one! The latter is a down payment on a house! lol

 

[AdamSklar]

Tiffany has a one-year financing plan. Depending on your credit, it''s anywhere from 25%-35% of the purchase price down. Balance to be paid in 12 equal monthly installments. No interest.

Adam

 

[bee*]

Date: 7/30/2007 1:00:30 PM
Author: MoonWater
This thread is very interesting. I always knew Tiffany & Co. were overpriced but I was still considering a diamond wedding band from them simply because I love their selection. Also it appears that they have quite a few under 3k which I thought was reasonable. You guys really have me second guessing myself!

If it''s what you like and you can afford it, then get it. We got a tiffany lucida as we searched high and low and have never found a setting like it. For us, it''s worth it and we could afford it and are extremely happy with our decision. If you like it, then that''s what will make you happy.

 

[diagem]

Date: 7/30/2007 5:59:50 PM
Author: bee*

Date: 7/30/2007 1:00:30 PM
Author: MoonWater
This thread is very interesting. I always knew Tiffany & Co. were overpriced but I was still considering a diamond wedding band from them simply because I love their selection. Also it appears that they have quite a few under 3k which I thought was reasonable. You guys really have me second guessing myself!

If it''s what you like and you can afford it, then get it. We got a tiffany lucida as we searched high and low and have never found a setting or a Diamond cut like it. For us, it''s worth it and we could afford it and are extremely happy with our decision. If you like it, then that''s what will make you happy.

 

[bee*]

Date: 7/30/2007 6:43:07 PM
Author: DiaGem

Date: 7/30/2007 5:59:50 PM

Author: bee*

Date: 7/30/2007 1:00:30 PM

Author: MoonWater

This thread is very interesting. I always knew Tiffany & Co. were overpriced but I was still considering a diamond wedding band from them simply because I love their selection. Also it appears that they have quite a few under 3k which I thought was reasonable. You guys really have me second guessing myself!

If it''s what you like and you can afford it, then get it. We got a tiffany lucida as we searched high and low and have never found a setting or a Diamond cut like it. For us, it''s worth it and we could afford it and are extremely happy with our decision. If you like it, then that''s what will make you happy.

Yep that''s true too!! We don''t have a tiffanys over here so the name wouldn''t mean a huge amount to me but from what I saw while I was there, the settings are amazing. Im sure that you can get better diamonds for a better or similar price, but I just adore the tiffany settings. It''s not hard to see why they''re replicated so much-they''re just so clean and simple.

 

[karrmo]

To the 24 Replies to my post: I wanted to thank each and everyone of you who responded to my question about the Tiffany & Co. 3 Stone Oval Ring. I truly appreciate your assistance. I wasn''t familiar with goodoldgold.com or whiteflash.com. I typically just go to bluenile.com or costco.com for reference. My spouse and I have been trying to find the best diamond and we sometimes get caught up in all the stats. The Tiffany ring was stunningly beautiful in how it sparkled and its clarity to the naked eye. It does seem like a premium price to pay for the name and I was aware of the markup but really needed to see a bunch of diamonds up close. If anyone knows of a good dealer/designer in Seattle, please let me know.

So many of the independent jewelry stores don''t seem like they have access to much inventory on 2+ carats. We were working with Alvin Goldfarb in Bellevue, WA and were pretty happy with them but the Tiffany ring just sparkled so much.

I will spend a little more time reviewing the sites. One objection many of the bricks and mortor jewelry stores claim you need to see the diamond in person to really understand its beauty. I don''t know if that''s marketing hype or what.

My spouse and I do have the cash for the $79,000 ring but thought if we could get interest free credit for one year we''d invest it and then pay it off at the end. Sorry to hear Tiffany''s doesn''t have a cash discount or price negotiations.

Here are the exact stats on the ring. My apologies for having the color wrong on the center stone on my original post.

Shape: Oval, Cut: Brilliant, measurements 10.31X 7.51X4.75mm, carat weight 2.53 cts., color grade: G, fluorencence: none, Precision of cut: excellent, symmetry: good, polish: very good, clarity grade: VS1, cut proportions: total depth %: 63.2%, table size %: 54%, crown angle: 32.0 degrees, pavilion depth %: 44%, girdle tickness: thin to thick, girdle finish: faceted, culet: none

side stones: H, excellent cut, symmetry :good, polish: good, VVS2, etc.

Thanks so much to everyone. We just can''t seem to make up our mind and it does kill me to spend so much on a ring. I sometimes have nightmares because I grew up very conservatively and even though we can afford it, 79k is a ton of money. We''ve waited about 9 years to get to this point. Maybe I''ll just wait a little bit longer. - Karrmo

 

[diamondfan]

Well, I have a Tiffany ring so I am not going to say don''t...but you want to be happy with it and not feel stress or guilt over it. I hope you get what you love!

 

[WorkingHardforSmallRewards]

yea, if you really like it no big problem with that, the side stones are .54 cts each right? I think its still clear you could get a larger center of slightly better quality elsewhere, but at those sizes with a three stone who really wants larger? lol.

One thing to remember though-I have just yesterday gone around to about 30 fine jewelery stores, looking at my own diamond in comparison to others and with wedding bands. My solitaire sparkled MUCH more in Tiffany's than anywhere I visited, including the Cartier's (of which there are two within a 5 minute walk, lol.) Now in each situation mine held its own and surpassed the performance of the diamonds around it, however, the Tiffany lighting is VERY effective.

it makes it somewhat difficult honestly, for instance, in my search for a nice eternity band my gut reaction was that the Tiffany band far surpassed everything else I had seen.

Then I got more critical. I pulled out my symmetry scope and looked at the Tiffany band. about half of the diamonds showed clear arrows, the others were just a jumbled mess and looked like my brothers OEC symmetry wise--even though they were certainly modern cut. Then I went to some other shops that sold "pure hearts and arrows" eternity bands. Those all displayed very crisp arrows, even in such tiny stones. Now that is not necessarily indicative of light performance, but it did cause me to look more skeptically at the Tif band. In doing so I came to the conclusion that the change in performance between the two bands at their respective stores was roughly equivalent to the change in performance of my center stone when viewed at each store. Thus, while the Tiffany band absolutely knocked my socks off and made me want to run out of the store with it and take my chances on stealing it, it was, I believe, and as the symmetry might indicate that the real difference in performance was because of the lighting. Thus, use caution when comparing with your eyes! using your eyes is obviously a great tool, but that really only applies when viewing them under the exact same conditions, otherwise numbers and analysis of the lighting and environmental conditions should be, I would say, a major element in the decision making process.

 

[karrmo]

The side stones are 1.02 and 1.06 cts.

 

[WorkingHardforSmallRewards]

Date: 7/30/2007 10:13:53 PM
Author: karrmo
The side stones are 1.02 and 1.06 cts.

ah, well that diminishes the gap a bit. Honestly, at the point where you are spending this much money, I say just make an excursion to all of the top namebrands and pick whichever one sings to the heart. After all, its a ring. If you search for the highest quality possible thats nice and all, and maybe she will love it for its excellent quality and size. But you head out to the name brand stores and she picks the one she loves, then she loves it. No doubts. You are the husband right? If not I guess the same applies anyway, but I will write it thinking you are the husband. so just learn enough to make sure that she won't be displeased with the color of the diamonds under living conditions, that the cut is good enough to maintain itself in various lighting conditions and that she won't see the inclusions, then there is no reason at all why her love of it should diminish over the years from the time of purchase right? so if you run a personal quality control on top of the Tif, cartier, etc, quality control, it could easily become a very pleasant and beautiful experience for her. Thats my thoughts anyway, for whatever its worth, since you are already getting a large enough and impressive enough ring to not have to worry about it being too small or inadequate