Find your diamond
Find your jewelry
shape
carat
color
clarity

Pricing question regarding second hand Legacy

Status
Not open for further replies. Please create a new topic or request for this thread to be opened.
O

OhMyLegacy

Rough_Rock
Joined
Jun 27, 2008
Messages
8
Greetings from a PS newbie!!!

I''m a very lucky girl with a very generous fiance-to-be. We just bought a house together and will be starting a family very soon, so I definitely want to be pragmatic when it comes to the e-ring.

So, recently divorced friend of a friend has a 1 ct Legacy VVS2, I color with the graduated side stones for sale. Total weight is 1.7 ct, purchased about 3 years ago. She has all the paperwork (including the leather bound certificate) and is willing to go with us to Tiffany''s to have the ring authenticated. So that, plus the fact she''s a friend of a friend makes me feel pretty confident that the ring is real.

She''s willing to accept $9k for the ring. That seems like a fair price since the Legacy with graduated sides starts at $16k on the Tiffany site.

Fiance-to-be is willing to go as high as $15-$16k for a ring (so we could buy one straight from Tiffany''s), but I don''t see any reason to spend the extra money for the "champagne experience."

The second hand Legacy is definitely in our price range... so, I''d like to know - if you were in our shoes - what would you do?

1 - would you just buy the ring for $9k and thank your lucky stars it was a great deal? Is it a great deal at $9k?
2 - would you counter at $7k? $8k? I don''t want to offer a ridiculous price and offend the seller since I think she may be giving us a "friend of a friend" price, but I don''t want to pay more than necessary.

I''d appreciate your thoughts. Thank you!!!
 
If you think the price is fair and you can get it inspected/appraised beforehand to make sure it's the real deal, then I don't see why you shouldn't go for it.

The price certainly seems in the realm of reasonableness. You can call Tiff's and ask them the price of that ring now just to make sure you know exactly what you are paying for.

And I personally would save the $!
 
Date: 6/27/2008 5:34:54 PM
Author: neatfreak
If you think the price is fair and you can get it inspected/appraised beforehand to make sure it's the real deal, then I don't see why you shouldn't go for it.

The price certainly seems in the realm of reasonableness. You can call Tiff's and ask them the price of that ring now just to make sure you know exactly what you are paying for.

And I personally would save the $!
Click to expand...
Ditto
 
Date: 6/27/2008 5:36:33 PM
Author: Skippy123

Date: 6/27/2008 5:34:54 PM
Author: neatfreak
If you think the price is fair and you can get it inspected/appraised beforehand to make sure it''s the real deal, then I don''t see why you shouldn''t go for it.

The price certainly seems in the realm of reasonableness. You can call Tiff''s and ask them the price of that ring now just to make sure you know exactly what you are paying for.

And I personally would save the $!
Click to expand...
Ditto
Click to expand...
Thritto
 
Wow, thanks for the lightning-fast response!! Much appreciated!!
36.gif


Okay, so it sounds like this ring is at an okay price at about 56% of retail. (We''re going to Tiffany''s to check out the retail ones this weekend).

Do you think it would be unreasonable to make a counteroffer at $8k? That would be 50% of retail price. I don''t want to seem like we''re trying to take advantage of the seller, but I''ve never purchased a second hand diamond before. I searched the PS archives, and it seems that second hand Tiffany rings hold their value than second hand unbranded rings, but I didn''t get a good feel for percentages. Is there a "rule of thumb" for second hand Tiffany diamonds?

Thanks again!!
 
There''s no rule of thumb. Something is worth what you can find a buyer to pay for it. If you counter at $8K she''s probably getting more than she would elsewhere and you''re getting it less expensive for the guaranteed thing than you would elsewhere.

If I liked the ring I''d probably just pay the $9K for it. Divorce is hard enough without getting less than you wanted to for the ring. Besides, she''s your friend and offering a very reasonable price.
 
This is a place that buys pieces and resells them. This is the closest I could find to your situation. It's a 1 carat with sidestones that retails for around $15,000. They are offering it for $9,950. I'm not sure what amount of that the original seller ends up with. http://www.signedpieces.com/item.cfm?item_id=5070
 
Date: 6/27/2008 6:01:35 PM
Author: Addy
There''s no rule of thumb. Something is worth what you can find a buyer to pay for it. If you counter at $8K she''s probably getting more than she would elsewhere and you''re getting it less expensive for the guaranteed thing than you would elsewhere.

If I liked the ring I''d probably just pay the $9K for it. Divorce is hard enough without getting less than you wanted to for the ring. Besides, she''s your friend and offering a very reasonable price.
Click to expand...
I agree. If it was a total stranger from craigslist I''d probably try to negotiate.

If this is a pretty good friend and I believed the price was fair (I think it''s a good deal) then I would save both her and I the embarrassment of haggling.
 
Addy - thanks for the website. Those specs do sound pretty similar - and SP is selling their $15k Tiffany ring for $10k.

PurrfectPear - I had never met "my" seller before yesterday. Bascially she sent out an email with photos to all of her friends, asking them to forward on to anyone who might be interested in buying her ring, and my friend received it and forwarded the email to me. My friend doesn't know the seller, so the seller is not a friend per se.

In an ideal situation, I think a fair price would be more than the seller would get from a consignment shop and less than I would pay at a consignment shop.
 
Sounds like a good deal. Out of curiosity, is it the one with diamonds on the sides of the shank and gallery (the one called Legacy with graduated side stones on the website), or the one with diamonds going down the top of the shank only (the one just called Legacy on the website)? I don''t know the pricing difference, but I''m sure there is one.
 
It's the Legacy with the graduated stones (so on the shank, and on the gallery). Basically the top half of the ring is covered in pave diamonds from all sides.
 
That does seem like a good deal. If it''s real, I''d give her the $9000 and save yourselves the rest of the money.
 
Date: 6/27/2008 5:57:22 PM
Author: OhMyLegacy
Wow, thanks for the lightning-fast response!! Much appreciated!!
36.gif



Okay, so it sounds like this ring is at an okay price at about 56% of retail. (We''re going to Tiffany''s to check out the retail ones this weekend).


Do you think it would be unreasonable to make a counteroffer at $8k? That would be 50% of retail price. I don''t want to seem like we''re trying to take advantage of the seller, but I''ve never purchased a second hand diamond before. I searched the PS archives, and it seems that second hand Tiffany rings hold their value than second hand unbranded rings, but I didn''t get a good feel for percentages. Is there a ''rule of thumb'' for second hand Tiffany diamonds?

I wouldn''t counteroffer the $8K b/c you are already getting an enormous deal if she is willing to give it to you for $9K. She could get more than that on the open marked. A 1.7 Carat Legacy with Side stones would probably get close to $20 or more at auction. She is your friend, so I wouldn''t insult her generosity with a lower counteroffer. That''s just me. :-)

Thanks again!!
Click to expand...
 
Date: 6/27/2008 6:34:58 PM
Author: OhMyLegacy
It's the Legacy with the graduated stones (so on the shank, and on the gallery). Basically the top half of the ring is covered in pave diamonds from all sides.
Click to expand...
Then it really does sound like a deal. I would jump on it. Call Tiff for an estimate on a new one just to satisfy your curiosity. I probably wouldn't counter offer because I think you would be splitting hairs at that point.
 
Date: 6/27/2008 6:40:30 PM
Author: Isabelle
Date: 6/27/2008 5:57:22 PM

Author: OhMyLegacy

Wow, thanks for the lightning-fast response!! Much appreciated!!
36.gif




Okay, so it sounds like this ring is at an okay price at about 56% of retail. (We''re going to Tiffany''s to check out the retail ones this weekend).



Do you think it would be unreasonable to make a counteroffer at $8k? That would be 50% of retail price. I don''t want to seem like we''re trying to take advantage of the seller, but I''ve never purchased a second hand diamond before. I searched the PS archives, and it seems that second hand Tiffany rings hold their value than second hand unbranded rings, but I didn''t get a good feel for percentages. Is there a ''rule of thumb'' for second hand Tiffany diamonds?


I wouldn''t counteroffer the $8K b/c you are already getting an enormous deal if she is willing to give it to you for $9K. She could get more than that on the open marked. A 1.7 Carat Legacy with Side stones would probably get close to $20 or more at auction. She is your friend, so I wouldn''t insult her generosity with a lower counteroffer. That''s just me. :-)


Thanks again!!
Click to expand...

Sorry, this should be OUTSIDE the quote! LOL:

I wouldn''t counteroffer the $8K b/c you are already getting an enormous deal if she is willing to give it to you for $9K. She could get more than that on the open marked. A 1.7 Carat Legacy with Side stones would probably get close to $20 or more at auction. She is your friend, so I wouldn''t insult her generosity with a lower counteroffer. That''s just me. :-)
Click to expand...
 
I was thinking the same Isabelle. On the Tiffany site when it says that they start at $16k, that is usually for a much smaller diamond. The one that she is selling would definitely sell for higher than that. I would ring Tiffanys and give them the specs and see what they would charge for it. I think that $8k would be too low.
 
The center stone is 1.0 carat and the 120 tiny side stones total 0.7 carats. But I''ll definitely check prices at Tiffany''s this weekend!
 
You might not want to wait, depending on how wide her email spread, that ring is going to sell ASAP.
 
i would go for it, there''s nothing quite like getting a tiff ring for a bargain price!
 
Oooooohhh.... now you all have me on pins and needles hoping we get the ring!

I just emailed fiance to be to check out this thread and to suggest that we try to close the sale tomorrow.

Now I'll be all nervous until then!
9.gif
 
I just wanted to second that it seems like a fair price. I''m a total dork, so I''ve been following the Signed Pieces pricing trends over the last few months. I''m at work so I don''t have my numbers in front of me, but they usually charge approximately 66% of the retail price for Tiffany pieces. (ie. if it cost 10,000 they would charge 6,666.66). However, I''ve noticed that they drop that a little bit for engagement rings that are not the typical round brilliant in a Tiffany setting, so more like 60% of the retail price. However, the Legacy is a more popular/rare design, so I would imagine that they would charge around 70% of retail. So, I think that you''re friend is giving you a fair price! I hope you get it!
 
I think 9k is an awesome price and as long as everything checks out when you go to tiffanys and also get it appraised, I say go for the pre-owned ring!!! I personally don''t see the need to spend an extra 6-7k when it''s not necessary to get exactly the ring you want. Spend the extra money on a tiffany''s wedding band and put the rest into the wedding/honeymoon, or into your house! I wouldn''t personally barter with the price since it''s already fair and your friend could be offended.
 
Date: 6/27/2008 5:30:48 PM
Author:OhMyLegacy
Greetings from a PS newbie!!!

I''m a very lucky girl with a very generous fiance-to-be. We just bought a house together and will be starting a family very soon, so I definitely want to be pragmatic when it comes to the e-ring.

So, recently divorced friend of a friend has a 1 ct Legacy VVS2, I color with the graduated side stones for sale. Total weight is 1.7 ct, purchased about 3 years ago. She has all the paperwork (including the leather bound certificate) and is willing to go with us to Tiffany''s to have the ring authenticated. So that, plus the fact she''s a friend of a friend makes me feel pretty confident that the ring is real.

She''s willing to accept $9k for the ring. That seems like a fair price since the Legacy with graduated sides starts at $16k on the Tiffany site.

Fiance-to-be is willing to go as high as $15-$16k for a ring (so we could buy one straight from Tiffany''s), but I don''t see any reason to spend the extra money for the ''champagne experience.''

The second hand Legacy is definitely in our price range... so, I''d like to know - if you were in our shoes - what would you do?

1 - would you just buy the ring for $9k and thank your lucky stars it was a great deal? Is it a great deal at $9k?
2 - would you counter at $7k? $8k? I don''t want to offer a ridiculous price and offend the seller since I think she may be giving us a ''friend of a friend'' price, but I don''t want to pay more than necessary.

I''d appreciate your thoughts. Thank you!!!
Click to expand...
Just have to say a big ditto to all the advice you have been given. Fair price, willing to have Tiff''s authenticate, half of retail, go for it.

that said, the above just absolutely cracked me up when I read it. I''m still giggling.

shay
 
With the money you save, you can buy plenty of champagne!
 
I'm going to disagree with everyone and say you should make her an offer. First, she is just a random seller, not your BFF. Second, she's lucky to get a good percentage back of what her *EX* paid for the ring. Third, all she can say is "no."

I'd approach it with delicacy, and be very very nice, but ask. Also, name an exact figure, don't just say "best price". That gives the seller something to work with. I work in an antique mall and seriously, 90% of people ask for a discount at the desk so I'm used to bartering with people all. day. long. She might expect to make a deal on this item- she might have calculated she could ask XX price and discount XX percent and still get what she expects. I don't think it's wrong or rude, but again, I'm very used to the process and can tell people no with equal niceness if I have to.

For example, I bartered with the private seller I bought my used car from, and she went down a LOT.

Caveat: you don't want to say something rude like "oh, this diamond just isn't as pretty as I thought, it's not quite what I like BUT if you discount it I might consider it" or otherwise put the seller/merchandise down. I get people approaching things like this surprisingly often at work and I will tell them NO even when I don't have to, just because they're being jerks.
11.gif
I'm sure it wouldn't cross your mind to approach it that way, but it can't hurt to mention
1.gif
But, again, I do think you CAN ask and be nice and polite and if she can discount it, she will. Of course, 9K might be her best price and in that case, you will know for sure!

It sounds GORGEOUS btw, I adore the legacy w/ graduated sidestones
30.gif
If you get it post pics ASAP!
 
Date: 6/27/2008 9:28:18 PM
Author: kcoursolle
I think 9k is an awesome price and as long as everything checks out when you go to tiffanys and also get it appraised, I say go for the pre-owned ring!!! I personally don''t see the need to spend an extra 6-7k when it''s not necessary to get exactly the ring you want. Spend the extra money on a tiffany''s wedding band and put the rest into the wedding/honeymoon, or into your house! I wouldn''t personally barter with the price since it''s already fair and your friend could be offended.
Click to expand...

ditto.
 
On the Tiffany website they list the ring as starting at $16,100. I think $9,000 is a very good price for an anthenticated ring.
 
Date: 6/27/2008 6:44:36 PM
Author: bee*
I was thinking the same Isabelle. On the Tiffany site when it says that they start at $16k, that is usually for a much smaller diamond. The one that she is selling would definitely sell for higher than that. I would ring Tiffanys and give them the specs and see what they would charge for it. I think that $8k would be too low.
Click to expand...

I agree. But I see that it is actually a 1.00 carat center, so the offer is for 50%. --Still a great deal. Personally, I think the seller could get more than 50% retail if it is very good condition. Actually, she could mail it to Tiffany, have them restore it to "like new" and sell it for closer to retail. Tiffany pieces usually sell for more than 50% retail. Having said that, since she is being such a nice friend and willing to sell it to her friend here for $9K, I hope her friend will jump at the chance. It is a gorgeous ring!!
 
Get over to Tiff''s ASAP! If this is authenticated, you have a terrific deal
6.gif
 
Thanks everyone!!

Update: We spoke with Seller today, and she agreed to $8k. We're going to meet next week at Tiffany to authenticate the ring. It needs to be sized up (5 to 6), so it will be at least a week after that before I can slip it on my ring finger.

Question: If we take the ring to Tiffany with the certs and ask them to size it, will they "automatically" look to make sure it's authentic, or do I need to ask the question? I don't want to be rude or tacky, just want to make sure it's authentic.

I'm sooooooo excited!! Crossing my fingers this purchase goes through. Thanks so much for all the advice. I'll be sure to post pics as soon as I get the ring!!
 
Status
Not open for further replies. Please create a new topic or request for this thread to be opened.
GET 3 FREE HCA RESULTS JOIN THE FORUM. ASK FOR HELP
Jewelry Blog
PriceScope-Concierge-Ad
Find prime cuts.
Top