12 replies to this topic

[shh]

I am helping my sister's boyfriend with her engagement ring. We looked around and decided to get a quote from costco. The stone is 1.85, G color, VS1. They only sell ideal cut. Set in a simple gold band, it's about 17.5k. (We are having a bezel set band made by a relative.) I think this sounds pretty good, any thoughts?

[lady]

As I am sure you will see, how a store will describe its ring is one thing, how it is graded by outside experts is another.

does it come with a certification from a grading lab? (GIA, EGL, etc.)?

T

[shh]

Yes, the stone will come with a GIA report and IGI appraisal. They also say they only sell stones in the ideal proportion range. After being burned by diamond district dealers in NYC, we felt their guarantee and return policy made us more comfortable. I also saw a report online that compared Costco with Tiffany stones and the Costco stones were 1/3 the price (or less) and a good value.

[f0rbidden]

personally, i don't think i would but costco and tiffany in the same sentence..but that having been said, i've heard really great things about costco diamonds - and if it's GIA certed, at least you know what you're buying!

[ben]

If you're buying from CostCo, it's presumably because of the price. Therefore, be sure you do your homework and actually price-compare, because CostCo sometimes prices goods higher than others and get away with it because of the name. Try using the 'find online jeweler' area on this website to price-compare.

[shh]

Actually, price is only one determining factor. We were happy with their return policy and the fact they make it kind of simple for us, only selling ideal cut diamonds "I" or better and VS2 or better. We didn't want to haggle. My brother just got an eng. ring for his fiance and spent a lot on the wedding rings too. This same jeweler came back with a price of $26k for a stone we saw (comparably) listed here for $20-21k. Right then and there he lost our trust.

I looked up similar stones on this website and the price does seem reasonable. We're not looking for a steal, just not to get ripped off.

[Feydakin]

Why would he loose your trust if it costs him more to sell you a stone because of his overhead and volume, than a warehouse store that buys things by the truckload and can dump them anywhere?? Can the Costco salesgal, or website, hold the diamond and explain it's characteristics to you and explain why it is or is not a great stone?? These things are worth something..

As for your price and that stone's quality.. No real way of knowing "for sure" without someone with the proper knowledge taking a look at it..

[shh]

Well, he lost our trust because he told my brother he'd sell it for 5% below list, and when brother-in-law called him his quote (for an F S12) his price was clearly too high. I don't know if he expected BIL to say "can you do better" but after being told he'd give him a good deal, and being given a price 5k HIGHER than what could be found elsewhere we decided to move on. Unfortunately, having been ripped off in the past, I didn't want him to take that chance.

Sorry for taking money away from small business owners. I would like nothing better to have a local store I felt I could trust with a fair price and good advice, but that's eluded me.

[purpleeagle]

SHH, a similar thing drove me to an online dealer. My local B & M, who is a very good jeweler, made me feel awkward when he also said he would cut the price to the bone for me, because of my family's past business. He was about 25 percent higher then I paid online. I think he deserves to make a profit, but I don't think he was being honest with me, when he said his price for me would be "cut to the bone." I did ask him if he could sell a similar diamond to me for 8 percent over cost (what I paid from the online place). He was a gentleman, and thanked me for giving him an opportunity to sell me one for that margin. Unfortunately, he said it was not worth his time for so little profit.

[ben]

Trust is a huge issue. This, unfortunately, eludes many small business owners.

One way to address this issue and still work with a small business owner is to set expectations up-front. Before they talk prices, make sure they know you are a very educated consumer. Cite websites like this one. Make printouts and bring them in. Put them on your playing field and set expectations before they start playing their usual game with uneducated buyers.

As long as you are tactful and friendly, there is a good chance they will play your way and the transaction will be much more fun and much more beneficial for you... which is something you will never get at Costco or any other big retailers.

[Feydakin]

Purpleeage, it is very likely he was telling you exactly the truth.. There are a great many online vendors out there that are simply an office somewhere ($1000/mo).. With 2 or 3 employess.. Where a store requires retail space and rent ($10,000/mo) larger staff, and in many cases, millions of dollars in goods sitting in cases hoping to be purchased..

Obviously I work in a retail environment, but I have been in many businesses over the years and I am constantly amazed at how people in general can determine what is and is not a 'fair' price without the full knowledge of everything involved.. I don't mean to single you out, but this has been a pet peeve of mine for nearly 20 years now..

It's just frustrating to hear people say that they feel ripped off, or can't trust someone, simply because the price they were given didn't meet their expectations..

Now, if he said "my absolute bottom price is X", and you say no, then he counters with a lower price of Y, then I would be concerned.. But to be told that he can't sell something at such a low profit margin is simply being honest.. I don't mean to beat up on anyone about this, realy, I just have a prediagnosed mental defect when it comes to this particular topic and I find it hard to not respond

[shh]

Fey, I agree, but this guy was being dishonest from the get-go (this guy is in a jewelry booth on the Bowery in NYC so he's used to haggling I'm sure). I know there are other dealers, but since our cousin is going to create the band, it would be tricky to go into any local jewelry store and just buy the stone.

Costco seems to have a good program. You deal with someone over the phone and discuss the specs, they fax you the grading reports and ship it to a warehouse for your review. If you don't like it, you don't buy it.

[denverappraiser]

Costco is a fine company, they sell what they say they are selling, they charge relatively reasonable prices for everything they have without the need to haggle and they offer very little hassle for the purchase. Most stones accompanied by a GIA grading report are accurately graded and stones with ideal proportions are almost always lovely. If it turns out you get a dud, they are very gratious about taking it back for a full refund.

Neil