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Setting fee from B&M

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Scotty

Rough_Rock
Joined
Feb 8, 2007
Messages
12

Hello, I am purchasing a diamond from an online vendor, but the setting from a B&M (I realize this is common approach from reading postings here at PS).



Here''s the question: The B&M wants to charge a $350 setting and appraisal fee. However, the B&M isn’t even setting the diamond! The designer of the ring, Mark Patterson www.markpatterson.com sets the diamond after making the ring exactly to my specs (ring size and diamond size).

I asked the B&M why they would charge a setting fee when they are not setting the diamond, and they said it’s “store policy” when the customer does not buy the diamond from them. I also told them that I don’t think I need their appraisal work since I will be having the final product appraised by a completely independent third party (please let me know if I am wrong about the need of the B&M to do a separate appraisal in this case).

Mark Patterson works with only one B&M jewelry store here in Seattle, so I can’t easily just go to another shop.

$350 seems high from what I’ve read here, but it seems ridiculous given that the B&M isn’t even doing the setting. Is there some reason why this fee is reasonable? I am ok paying a fair price, and value the service that the B&M provides, but I hate to pay for things because it’s “store policy.”

Thanks for any help
 

Adylon

Shiny_Rock
Joined
Nov 14, 2006
Messages
232
Wow, $350 is too much if you ask me.... well I guess if you're buying it from a certain designer through a B&M they can charge you whatever they want, but I'd call another Mark Patterson store even if it's in another state and ask them what their policy is on setting a diamond just out of curiosity.

For $350 he better give you something in writing saying they're responsible for loss of the diamond if set improperly. I'd want to get my money's worth that's for sure.

I suppose the jeweler will have to spend say $30-100 to ship your diamond to the designer to set depending on how much your diamond is worth fully insured, and insurance again on it's way back since the ring will be insured much more set then it would just as an empty mounting. Maybe they're trying to get you to pay for these expenses.

Just curious --- Why not get the mounting empty and ship it to the online vendor to set that you're getting the diamond from?
 

Scotty

Rough_Rock
Joined
Feb 8, 2007
Messages
12

Thanks Adylon! One out of state vendor (Michael C. Fina in NY) will sell the setting and ship it to my diamond vendor, so that is an option. They don''t charge a setting fee, and their list price for the ring is $90 less. My two hesitations in going this route are 1) the loss of the service of the local B&M after the sale, 2) Mark Patterson setting the diamond in his own setting seemed like a better idea than having the diamond vendor do the setting.


I guess it also seems a bit scary to coordinate everything online and see neither the setting nor the diamond until the whole thing is put together.


what is the preferred way to coordinate this if not using a local B&M? Do I have either the setting or diamond sent to me before they are put together? Or can I just have the setting shipped directly to the diamond vendor, have them put it all together, and then ship to me for appraisal?


Thanks!


 

belle

Super_Ideal_Rock
Joined
Nov 19, 2004
Messages
10,285
$350 does seem a little high but as long as you aren''t ALSO being charged by the designer, i think it might be reasonable... provided they are also taking full responsibility for the stone during setting.
is this a large diamond?
 

Scotty

Rough_Rock
Joined
Feb 8, 2007
Messages
12
Thanks again. Here are the only two pictures I find - I hope they provide enough detail:

MarkPatterson1.JPG
 

Scotty

Rough_Rock
Joined
Feb 8, 2007
Messages
12
Second picture..

Belle, to answer your question, the diamond is 1.5ct RB

MarkPatterson2.JPG
 

Adylon

Shiny_Rock
Joined
Nov 14, 2006
Messages
232
Your basic 4-prong mounting should be as easy as pie to set by any jeweler.

I wouldn''t worry at all about having your diamond dealer set it. Just ask them to double check that it''s set nice and straight/flat if you''re really worried. Best of luck to you.
 

denverappraiser

Ideal_Rock
Trade
Joined
Jul 21, 2004
Messages
8,744
It's fair and reasonable that the designers representative (meaning the store) is paid for their service but they may not all have the same policies. Consider shoping with one of their other retailelrs who may have different rules and fees for processing your order and for sending in your stone.

It sounds like you aren't thrilled with the service, or at least not with the prices anyway. You may find that one of their other stores suits your style better. Many jewelers have a fair amount of experience supporting out-of-town clients.

Neil Beaty
GG(GIA) ICGA (AGS) NAJA
Professional Appraisals in Denver
 

enbcfsobe

Brilliant_Rock
Joined
Jan 17, 2007
Messages
1,154
I wouldn't want this B&M's service. If they try to charge you an exorbitant fee now, I wouldn't expect their subsequent pricing to be any fairer! Just my thoughts...I wouldn't set foot in there again. Trying to charge fees when they're not giving you any additional service -- who do they think they are, a bank??
 

mrssalvo

Super_Ideal_Rock
Joined
Jan 3, 2005
Messages
19,132
I agree that $350 is high. definitely check with other Mark Patterson dealers and see what they quote you. I''d still have the diamond sent to Mark and have him set it. There are several threads around here where the simple setting job has gotten messed up by the local setter setting a stone into a designer setting.
 

elmo

Brilliant_Rock
Joined
Jun 18, 2003
Messages
1,160
$350 is your local B&M's tax on internet diamond sales
. BTW I've seen some pretty cool Mark Patterson pieces with mixed size and color sapphire melee. Have you thought about incorporating some color into the piece?
 

Scotty

Rough_Rock
Joined
Feb 8, 2007
Messages
12

My GF fell in love with the exact piece I posted a picture of and can''t imagine anything else :) But we both LOVE some of his other pieces with color in them, and I have a feeling this won''t be our last Mark Patterson purchase.


A BIG thanks for everyone for your help on this issue. I called Deb at Borsheim''s in Omaha and it looks promising. They charge only $40 for an external diamond (for the appraisal) with no setting fee. They also highly recommend that Mark do the setting himself based on their past experience. I don''t have a price quote yet for the same ring, but I will be shocked if it''s not lower than my local B&M.


So it looks like I will go with Borsheim''s and WF or GOG for the stone. I''ll update this thread after I get more info from Borsheim''s. I think it''s cool that it''s a Warren Buffet company! The combination of a cool designer for the ring, and a business legend as the setting retailer has a certain symmetry that appeals to me :)

 

Gypsy

Super_Ideal_Rock
Joined
Aug 8, 2005
Messages
40,198
Um. GULP!


mark patterson asscher halo.jpg
 
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