think paid too much for diamond - please help!! (australian)

[kk83]

Hi, new here but was wanting some help please!

I live in australia- melbourne (im guessing prices vary in different countries) & I recently got engaged. my partner and I were talking last night just about diamonds in general and how confusing it all is and he ended up mentioning he paid just under $4000 for the diamond alone (he went to a diamond jeweler/wholesaler then went got it set himself, he also said he shopped around but im not sure).

anyway i was horrified.. i didnt want him spending that much in the first place and from the little i know on diamonds you can get similar a hell of a lot cheaper.. mine is very nice and i love it because he picked it but its nothing amazing quality wise from what i understand and its quite modist, not very big or anything. anyways hes convinced he got a good deal but im not sure, and maybe i should just let it go but i need to know because id want to go back to where he got it and complain if he overpaid.

he went to get it independently looked at when he got it - but they didnt give price of what its worth (dont know if thats normal?!!) but they gave us a certificate of the details which we had a look at and from what i remember on it the details of the diamond are:

princess cut
0.75 carat
colour g
clarity sl1 (although apparently the jeweler he got it from told him it was vs1 - he didnt realise until last night it was different)
dont know quailty of cut
symmetry is very good
polish is very good

thats all i remember.. i know theres more info needed for exact price but can you tell from that if he got ripped off??? i really really hope he didnt because he was so proud of it when he got it and now his doubting himself.. and i feel awful for making it an issue but i cant see the point of spending so much for something quite standerd

thank you!!!

 

[ChrisES]

Re: think paid too much for diamond - please help!! (austral

Could you look at the certificate and post more complete information? And could you tell us what organization issued the certificate?

I do think that if the jeweler claimed it was VS1 and the certificate says SI1, that is a big deal.

My initial reaction is that it does sound like an overpayment, but I will admit that I don't know what diamonds retail for in Australia. I believe many of our members are Australian and should be able to help you better than I can.

Also, can the stone be returned? If so, I think it would make sense to do so and find something you both really can be proud of. But if the stone can't be returned and you do like it, it may be best to let the issue go rather than be upset about it.

Edit: Rereading your post I think you're saying that the certificate is just paper trail from the independent appraiser and is not a certificate from a lab that came with the diamond? If so, your partner got an uncertified stone.

 

[Amys Bling]

Re: think paid too much for diamond - please help!! (austral

Could you look at the certificate and post more complete information? And could you tell us what organization issued the certificate?

I do think that if the jeweler claimed it was VS1 and the certificate says SI1, that is a big deal.
My initial reaction is that it does sound like an overpayment, but I will admit that I don't know what diamonds retail for in Australia. I believe many of our members are Australian and should be able to help you better than I can.

Also, can the stone be returned? If so, I think it would make sense to do so and find something you both really can be proud of. But if the stone can't be returned and you do like it, it may be best to let the issue go rather than be upset about it.

Edit: Rereading your post I think you're saying that the certificate is just paper trail from the independent appraiser and is not a certificate from a lab that came with the diamond? If so, your partner got an uncertified stone.

these are my concerns....

Is it a certified/graded stone? Also- knowing the dimensions of the stone will give us a better idea of the cut quality. If they are way off- then we know that the stone is either cut steep or shallow and therefore giving us a better indication of the cut quality.

Going off what you provided-

here is the closest comparable I can find to what specs you provided.

http://www.abazias.com/database/NewDiamondInfo.asp?stock=109738894&flag=ps

 

[Amys Bling]

Re: think paid too much for diamond - please help!! (austral

please keep in ming that from what I understand diamonds are more expensive in Australia than in the USA

 

[kk83]

Re: think paid too much for diamond - please help!! (austral

thanks for your advice.. I will try to get more details tonight from the certificate

my partner said the diamond did come with a certificate from the jeweler as well (but i havnt seen that one), but he said there's no dollar amount on it.. is that normal??

i want to get it insured but with no dollar amount on either certificate I'm guessing we need to go elsewhere to get it evaluated.

 

[slg47]

Re: think paid too much for diamond - please help!! (austral

thanks for your advice.. I will try to get more details tonight from the certificate

my partner said the diamond did come with a certificate from the jeweler as well (but i havnt seen that one), but he said there's no dollar amount on it.. is that normal??

i want to get it insured but with no dollar amount on either certificate I'm guessing we need to go elsewhere to get it evaluated.

the grading report should not have a dollar amount on it. to get an insurance replacement value you would need an appraisal.

is the grading report from GIA?

 

[Amys Bling]

Re: think paid too much for diamond - please help!! (austral

you will need to get it appraised in order to determine the insurance value.

 

[ChrisES]

Re: think paid too much for diamond - please help!! (austral

The information on the certificate from the jeweler (including who issued the certificate) would be the most helpful information for us.

 

[snoopkat]

Re: think paid too much for diamond - please help!! (austral

I live in Sydney and it doesn't sound like you overpaid for your diamond judging by the information you've provided. It is true that diamonds (and other precious gemstones) are more expensive here than in the US for some reason, so it's an apple and orange comparison. But without knowing other specifics about the diamond, it's hard to tell for sure whether the price you paid is reasonable or not.

I did a quick Google search and in Melbourne, Bauer Gemmological Laboratories (on Little Collins St) will be able to grade your diamond. Give them a call and ask them if their grading is in line with GIA and if they will also be able to provide a valuation for you. The valuation should give you an indication of what the value of your diamond is in terms of insurance payout. You might also want to trawl the forum for more information before you speak to them so that you'll be able to better understand what they're saying.

Good luck!

 

[kk83]

Re: think paid too much for diamond - please help!! (austral

thanks heaps snoopkat! I shall try them and hopefully we can get a good evaluation for a piece of mind as well as insurance. I never realised how expensive diamonds were in Australia! you see them at the mainstream jewelers for loads less, although I'm assuming they use really bad quality diamonds.

I'll also get hold of more details later on.

 

[justginger]

Re: think paid too much for diamond - please help!! (austral

Yes, diamonds are very overpriced here in Oz. My rough rule of thumb in life is that Perth prices are double the prices in the area of the States I grew up. My ering was valued in Australia for about $20k more than I paid for it in the States - some of that is just inflated, but I do think it would have been at least $10k more down here than it was there. So don't take the American prices too much to heart. I would be MOST concerned about the clarity being so drastically misrepresented.

 

[ChrisES]

Re: think paid too much for diamond - please help!! (austral

Yes, diamonds are very overpriced here in Oz. My rough rule of thumb in life is that Perth prices are double the prices in the area of the States I grew up. My ering was valued in Australia for about $20k more than I paid for it in the States - some of that is just inflated, but I do think it would have been at least $10k more down here than it was there. So don't take the American prices too much to heart. I would be MOST concerned about the clarity being so drastically misrepresented.

Then it sounds like the OP did not in fact overpay (depending on the clarity question), right?