Reasonable premium to pay brick and mortar store in NYC over online

[Diamond4Dummy]

Hello,

What's a reasonable premium to pay a NYC diamond district jeweler for a loose GIA stone over online?
I am trading up from a previous purchase, so I am probably stuck with the original dealer.
Using James Allen as a comparison, an average of 5 almost identical GIA stones came out 28% lower than the store quoted price. Is this too much premium to pay given my circumstance for a trade up at the present time?

Thank you,

 

[Tophat1]

Describe your trade in and what the dealer rules are. Might be better off selling and buying from a different place online

 

[caf]

This is pretty individual. For me it probably would be. For example, spending 2800 extra on a $10k stone (that I know someone else would sell to me for 10k) is a waste of $$$ to me. But I’m not really a trade upper. I still have my 1.5 carat J Vs1 round from 23 years ago. And my 3.0 ctw studs (I think j vs1 too).

But if this is your final upgrade and you are satisfied with the stone you are getting, then great. I’d still try and get the price down.

If it is not your final upgrade, and you want to continue trading up, I’d probably first try and negotiate the price way down. Then if that doesn’t work, I’d probably start over with another vendor. And Either sell the stone or use it for a pendant. Then go with someone that will let you trade up as time goes for less. It sucks but I’d rather not continue to pay that large a premium each time I wanted to trade up. But that’s me!

I do understand the value in being able to trade up. I don’t think BG, Whiteflash or HPD’s % is that high. I’d probably use one of them if I wanted their top of the line stone and knew I’d upgrade over time.

You should tell the PS’ers here what you are looking for and maybe they can help.

 

[ringo865]

Yes. Too much

 

[Diamond4Dummy]

Describe your trade in and what the dealer rules are. Might be better off selling and buying from a different place online

Dealer offers full credit ($22k on original purchase price) towards an upgrade to GIA 2.2, H, VS2, XXX. Upgrade cost is $8k.

 

[PintoBean]

There are PS recommended dealers in NYC. What you could do is figure out what you will be paying out of pocket. We could help you find the upgrade stone and then you can evaluate what you would pay out of pocket if you were to sell the current stone to a PS vendor and buy the upgrade stone from them. What I reckon will happen is that a PS recommended vendor will offer something closer to wholesale for the current stone and sell the upgrade stone at a lower price than your current vendor.

Your current vendor sounds like would give full value of current stone and sell the upgrade stone at a higher price. Now you have to figure out what works out better for you out of pocket...

Also, other factors are important too but are up to you how much they are worth to you - return, exchange, upgrade policies, cost of setting, quality of their bench work, etc.

 

[diamondseeker2006]

28% is a crazy amount more. I'd pay no more than 5% extra considering you're also paying sales tax on the difference buying locally.

But really, I'd just sell the current stone at a 28% loss and start over with a vendor (preferably out-of-state) that has reasonable prices and a great upgrade policy.

 

[whitewave]

Or make a pendant and start over....

 

[baby monster]

Dealer offers full credit ($22k on original purchase price) towards an upgrade to GIA 2.2, H, VS2, XXX. Upgrade cost is $8k.

Seems like excessive premium to me. I would explore trading in your diamond for a purchase at another vendor. You are unlikely to get 22K in credit but the next stone will cost less too. If you want to stick with NY diamond district, IDJ is a PS recommended vendor there. Contact them to see how much they will give as trade-in value if you buy the larger stone from them.

 

[MarionC]

You can always try negotiating. Perhaps find the diamond you want on one of the websites and have your tradeup shop call it in and give it to you for the price shown online??

 

[ringo865]

With full value on the trade in diamond you bought from them.

 

[Diamond4Dummy]

You can always try negotiating. Perhaps find the diamond you want on one of the websites and have your tradeup shop call it in and give it to you for the price shown online??

You mean to say my seller can contact another vendor and get the stone from them if I provide the GIA number?

 

[MarionC]

I don’t know exactly how it works, so someone here with more knowledge will have to chime in. But I do know there is a “pool” of diamonds that vendors sell from. You can find the same diamond for sale from a variety of vendors.
If not by the GIA#, by the exact specs.
Ah well, someone will let us know the details!