Recently bought Princess. Did I get ripped off?!?!

[CPapi]

I just purchased a 1.28 carat Princess cut diamond with 3 stone setting engagement ring for my fiance (she said yes)

1.28 cts
6 x 5.9 x 4.26
H color
SI1
72.2% depth
70% table width
11% crown height
57% pavilion depth
Medium girdle
Very good polish and symmetry

I originally thought it was AGA certified but came to find it is EGL cert. I paid just $6900 for everything (3 stone setting had .82 total carat princess cut and square baguettes G-H color in it)

Appraisal was $8,000 I thought the ring was supposed to appraise for DOUBLE?!?! Did I get ripped off

 

[jet2ks]

Appraisal was $8,000 I thought the ring was supposed to appraise for DOUBLE?!?! Did I get ripped off

Maybe your appraiser actually gave you a real appraisal instead of an inflated one. Inflated appraisals are not a good thing for anyone except the insurance companies who then charge premiums based on the appraisal and when the ring is lost or stolen, they then only pay current retail for a replacement.

The best thing to do is talk to your appraiser about how they arrived at the value.

 

[Dreamer_D]

Well, princess cut diamonds with those 3 C''s (knowing nothing about cut) with an EGL cert seem to cost around $2800. A setting like you describe in white gold would be about $1400, more if the setting is platinum. So yes, I think you probably overpaid based on internet prices.

 

[ering1]

Cpapi,

I dont think you got ripped off or i hope you didn''t. Thats about what i paid for my ering which is very similar to yours. Pricess cut, 3 stone setting, similar diamond grade. Sounds like the appraiser gave you the correct valuve and not a crazy inflated one.

 

[CPapi]

Why is an EGL certificate lowering the overall price of the diamond? Should I get an independent 3rd party appraisal done?

 

[jet2ks]

Date: 1/22/2010 12:43:44 PM
Author: CPapi
Why is an EGL certificate lowering the overall price of the diamond? Should I get an independent 3rd party appraisal done?

Because EGL is known to be lenient in grading, so what they grade as an H SI1 may be graded one to two grades lower in color &/or clarity by GIA or AGS, so the diamond is priced accordingly in the market--i.e. your diamond should be priced similar to a GIA graded I SI2 or so.

And yes, if you are questioning the value an independent appraisal is the way to go. Where did the appriasal you referenced in the original post come from?

 

[CPapi]

It wasn''t an in-house appraisal but supposedly a person that my jeweler does business with locally

 

[jet2ks]

Date: 1/22/2010 12:54:54 PM
Author: CPapi
It wasn't an in-house appraisal but supposedly a person that my jeweler does business with locally

There's your problem. The appraiser was working for the jeweler, not for you. In order to be completely confident about an accurate appraisal, you need to elimiate the conflict of interest and hire someone to work for you.

 

[CPapi]

Ok, just called to schedule an appraisal from and independent 3rd party. We''ll see what happens. . .

Either way I was very happy with the work he did: showing me different stones, educating me on the 3C''s as we looked at stones, let me see the setting I ordered separately before mounting and everything. So I can''t say I''m upset with my purchase - other than I may have been overpaying.

 

[jet2ks]

Hope your appraisal turns out well.

It is normal and perfectly fine for a B&M store to charge more than an internet vendor for a similar product, as they have higher overhead in most cases (building, showroom, staff, etc) and somewhere he also has to pay for the time to work with you. It is only a concern if the charged price is WAY higher than what you could have gotten online. See what your appraiser says, instead of the one hired by the jeweler and then make a decision.

 

[tyty333]

Date: 1/22/2010 1:20:53 PM
Author: CPapi
Ok, just called to schedule an appraisal from and independent 3rd party. We''ll see what happens. . .

Either way I was very happy with the work he did: showing me different stones, educating me on the 3C''s as we looked at stones, let me see the setting I ordered separately before mounting and everything. So I can''t say I''m upset with my purchase - other than I may have been overpaying.

So how much did the stone cost by itself?

 

[CPapi]

Just under $5300

 

[Sizzle]

Date: 1/22/2010 11:32:03 AM
Author:CPapi
I just purchased a 1.28 carat Princess cut diamond with 3 stone setting engagement ring for my fiance (she said yes)

1.28 cts
6 x 5.9 x 4.26
H color
SI1
72.2% depth
70% table width
11% crown height
57% pavilion depth
Medium girdle
Very good polish and symmetry

I originally thought it was AGA certified but came to find it is EGL cert. I paid just $6900 for everything (3 stone setting had .82 total carat princess cut and square baguettes G-H color in it)

Appraisal was $8,000 I thought the ring was supposed to appraise for DOUBLE?!?! Did I get ripped off

Three questions..1. Is she happy with it? 2. Can you return it if it doesn''t measure up like you want it to and 3. IS she willing to part with it if you want to return it. I only say this because you might be on a pointless journey.

 

[CPapi]

Yeah she loves it. I hope she wouldn''t be too willing to part with it so soon after I popped the question. I do have a 30 day window to return/ exchange if I am unhappy