Diamond Rings -- Advice

[Trevytrev11]

Re: Diamond Rings -- Advice

Try to stay away from the major retail jewelers. There markup is much higher. Try and find a wholesale place. Most major cities have some sort of "jewlery exchange". Look for one of those and often you will find your best value.

http://www.bluenile.com/

I belive this is the most reputible online jeweler. Their reviews are nothing but great and their customer service is top notch (my brother used them).

Other places to check out are Costco and Sams Club. You will pay minimum markup and the quality is top notch. Unfortunately they don't see a whole lot under 1CT, which is probably a little out of your budget. But check costco.com and samsclub.com. You do have to be a member to buy, but paying a $40 or $50 membership may be worth it if you can save a few hundred.

[mjb2124]

Re: Diamond Rings -- Advice

Needless to say, if I would have put a real diamond of great clarity in there the ring would have cost $10K +.

This is why I said negotiate like crazy. My wife's ring got appraised for a little over $10,000 (appraised for insurance purposes). I paid close to $6000 for it. I'd call that a pretty good deal.

[mjb2124]

Re: Diamond Rings -- Advice

Damn dude. Someone makes bank.

I'm guessing you haven't shopped for rings yet? They don't come cheap.

[stlstudios189]

Re: Diamond Rings -- Advice

shape matters I got my wife a 1/3 carret round cut but, it looks bigger because it's wider on top but, not as tall. I got lucky my wife didn't want a large stone she wanted a clear good looking stone. even then a 1/3 carret plus wedding band cost me $1300 7 years ago. you want to get here imput for sure. when I proposed I asked a lot of questions before buying. the wedding band was nerve racking as she never saw it untill the wedding day as I put it on her finger. that was almost as bad as proposing. (that was the 1st time I told her I love her.)

[Speedy]

Re: Diamond Rings -- Advice

This is why I said negotiate like crazy. My wife's ring got appraised for a little over $10,000 (appraised for insurance purposes). I paid close to $6000 for it. I'd call that a pretty good deal.

How are you able to negotiate that much money off? Car dealers won't even budge that much.

[Gotmadskillzson]

Re: Diamond Rings -- Advice

How are you able to negotiate that much money off? Car dealers won't even budge that much.

Well you just got to go in there dressed like you a high roller and just bluff them. I find that appearance makes all the difference in the world. If you go in there and sound like you don't know what you talking about, they will smell fresh meat and take you for all you got.

But if you come in there dropping industry terms, you can make them come down off the price.

[mjb2124]

Re: Diamond Rings -- Advice

How are you able to negotiate that much money off? Car dealers won't even budge that much.

I've gotten more than that off of cars as well. I got about $6000 off of mine and $8000 off of my wife's car (both luxury cars which don't always drop in price - remember to buy cars at the end of a month as they need meet numbers). Few simple things I've learned.

- As Gotmaddskillz stated, dress nice and know what you're talking about. Ever notice when you trade in a car, they'll point out every minor thing wrong with the car to drive down the trade-in value? Point out some minor things in what you're buying and why another car manufacturer does it better (or why it would be better to buy a cheaper ring).
- You have to be confident...they need the sale more than you do.
- Don't let the salesman control the conversation. Once you feel that happening, turn it around so they're listening to you (but don't talk too much as to give away how much you want what you're purchasing - that's key).
- One thing I love to do is walk in and immediately put a fair price I'd pay on the table and tell them I won't pay a penny more (of course the price leans my way with room for negotiation). If the ring costs $3000, I'd walk in and say I'll pay $1900 - not a penny more. If they refuse, I give them my information and tell them if they change their mind, call me. Mind you the higher the price, the more room to negotiate.
- Don't be afraid. Going back to cars - I've had a few car salesman literally laugh my *** out of the building telling me I was crazy to ask for the price I asked for. I simply got up and said "Sorry you feel that way. I've done research and know that my offer is more than fair. If you want to discuss my offer further, you have my number". They have your number because they often have you fill out paperwork at the beginning. Then walk out. Every single time they've called me back wanting to discuss my offer...sometimes weeks later...sometimes a month or two later. It's usually been too late for them as I've found that deal elsewhere, but it's always satisfying knowing they've come back. I've even gone to different states surrounding PA to get the best offer.
- Be patient. It takes a bit of time to work a good deal.
- Also be reasonable. If you want to pay $2200 and they won't budge off of $2400 on something priced at $3000, know that the offer is reasonable and accept (assuming it's exactly what you want).

Negotiating is a great skill to have. My Uncle is a CFO for a local hospital. He's worked multi-million dollar deals in his lifetime so I listen when he talks. He along with my Father have taught me a lot. I think the problem many people have is they're afraid to be laughed at or embarrassed. I do all my research beforehand so they know I know what I'm talking about and could care less what the salesman thinks of me as long as I get a fair price. With all that said, experience is also a big factor. As I've gotten older, I've become more comfortable sitting in front of a car salesman or jeweler or even negotiating deals at work.

[Stu]

Re: Diamond Rings -- Advice

How are you able to negotiate that much money off? Car dealers won't even budge that much.

The appraisal comes from the jeweler and they mark it up quite a bit. It makes people think they got a great deal when they may not have and it also gives you more insurance money to spend on a replacement if the ring gets lost or stolen.

[mjb2124]

Re: Diamond Rings -- Advice

BTW, here's a funny story I had happen to me once. I walked into a dealership to buy the car in my avatar 2 years ago. I came equipped with documentation, Kelly Blue Book values for my trade-in, average sales prices for that car in my area etc... I was loaded with info. I had been to 2 other dealerships farther away previously as well. This dealership was closest to my house.

Met the first sales guy at the door and showed him the car I wanted. I told him I had seen the car before and test drove it before. We checked out the car in the showroom, went on another test drive and then went to his desk to discuss. I pulled out all my paperwork and put it in front of him. Showed him the price I was willing to pay and said that the only way he was going to get me into the car that day was at that price. He took my paperwork and threw it in the garbage. He said he didn't believe any of that internet crap. He said I was buying a Lexus and the Lexus service/reliability isn't factored into those prices. If I wanted to buy a luxury car, I needed to understand that. I stood up and said "Thanks, but no thanks. I refuse to be treated in that manner and considering the shoddy service he was providing me, my initial offer was too high". He told me I would never find what I wanted and made a few other smart *** comments. At that point I walked into the Sales Managers office and told him what I thought of his salesman and the service provided to me and that he lost a sale that day. You should have seen the look on that Salesman's face as I ripped into him to his manager. I'm sure nothing was done, but I felt better at that point. I knew there was no way I would buy from that dealership so I had no problem burning that bridge.

It just goes to show that there are all kinds of people out there. As in any walk of life, some salesman are great, some suck to deal with. Hopefully you have good luck in your search for a ring.

[mjb2124]

Re: Diamond Rings -- Advice

The appraisal comes from the jeweler and they mark it up quite a bit. It makes people think they got a great deal when they may not have and it also gives you more insurance money to spend on a replacement if the ring gets lost or stolen.

Our appraisal came from a different jeweler than we bought the ring from (one right down the road from my house instead of where we bought it at which was 35min away). Plus, my wife's cousin who is a jeweler checked it out when she was in town that winter and thought the price we paid was incredible. Not that I disagree that a jeweler would do what you're saying, but it didn't happen in my case.

[Speedy]

Re: Diamond Rings -- Advice

Wow, mjb. Great advice...My father is wonderful at trading cars/negotiating but he doesn't get near the discounts you're claiming. Will you come down with me?

Seriously though, when you're trying to get a good deal on a ring. Say you see a sticker saying $3500 and it looks awesome. I only want to spend $2750 max...how would you go from there?

[Scottdau]

Re: Diamond Rings -- Advice

Littler diamonds with better clarity is actually a better diamond. But if she wants at less a carat then you might have to go the cheaper route. Though can get a real nice diamond under karat with great clarity. I gave my wife a half karat with great clarity. I think I pay about 3,000 grand, but I got pretty good deal, because of my mom's jeweler. He hooked me hope big time.

[mjb2124]

Re: Diamond Rings -- Advice

Wow, mjb. Great advice...My father is wonderful at trading cars/negotiating but he doesn't get near the discounts you're claiming. Will you come down with me?

Seriously though, when you're trying to get a good deal on a ring. Say you see a sticker saying $3500 and it looks awesome. I only want to spend $2750 max...how would you go from there?

Hah... I'll readily admit that I've made some pretty bad deals before. My first car out of college was a crappy deal as I had no idea what I was doing ($1800 off MSRP). The way I see it is - you live, you learn. I'm very happy with the deals I got on our current vehicles. We also bought them at a time when the market was horrible and not many cars were selling. I'm sure that helped.

I'd offer them $2000 for the ring and move up from there...hopefully agreeing at $2750 which is in the middle. Or you could come in strong at $2750 and say this is as high as you can go.

[KG]

Re: Diamond Rings -- Advice

Try to stay away from the major retail jewelers. There markup is much higher. Try and find a wholesale place. Most major cities have some sort of "jewlery exchange". Look for one of those and often you will find your best value.

http://www.bluenile.com/

I belive this is the most reputible online jeweler. Their reviews are nothing but great and their customer service is top notch (my brother used them).

Other places to check out are Costco and Sams Club. You will pay minimum markup and the quality is top notch. Unfortunately they don't see a whole lot under 1CT, which is probably a little out of your budget. But check costco.com and samsclub.com. You do have to be a member to buy, but paying a $40 or $50 membership may be worth it if you can save a few hundred.

I used bluenile. I highly recommend them. The diamond I bought appraised for a good deal better than what I paid. I was a little skeptical at first and scared about receiving something so valuable through the mail but it worked out well.

[55]

Re: Diamond Rings -- Advice

I've also noticed over the years that whenever I have offered to pay for something in cash on the spot that the seller is more likely to come down on the cost. When I bought my first HDTV a few years ago, the retail price was $2299 and it was "on sale" for $1999 that week at the particular store I went to. I went there with an envelope with $1500 in cash in it and told the guy straight up that I wanted that particular TV and this is what I was willing to pay for it. After 2-3 minutes of talking I got him to take the cash and I was on my way with my brand new HDTV.