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Not Ready To Buy But Already Put Deposit Down...


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#1 helpinnyc

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Posted 08 February 2011 - 10:02 AM

Long story short, I put down a $1k deposit on a ring and the Jeweler is having it made. Just decided that I'm not ready to buy the ring but it should be ready within the next few days.

What happens next? I'm going to call them and apologize but I assume they keep the $1k deposit?

Also, have I tarnished my relationship with the jeweler meaning I can never go back to purchase when I'm ready?

#2 denverappraiser

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Posted 08 February 2011 - 10:15 AM

Talk to them immediately. They may not have finished the ring yet and may be able to stop before everything is done. Yes, there will surely be a penalty but whether or not it's the full $1000 will depend on the policies of the store and how much work they've already put into the piece. A few days isn't much.

Will they ever work with you again. I guess that depends on how this one works out. The first step is to call them NOW.
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#3 LaurieH

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Posted 08 February 2011 - 10:17 AM

I would speak the the jeweler honestly and let him know your situation. How long do you think it'll be til you're ready? What made you put down a deposit that large if you weren't close (that's just my curiosity)? As far as the rest of the questions, that's going to depend on the jeweler, how understanding they are to your situation, and how far along they are on the ring. I'd definitely speak to them sooner than later, so if they're still open today (don't know where in the world you are to know what time zone), I'd maybe give them a call, or if they're close enough, go by in person. The nicer you are to them, the nicer they're likely to be, and if you're lucky, they'll maybe be nice enough to let you ride that deposit towards something in the future or hold the item you're having made (perhaps minus the center stone, which they can unmount (or not set if it's not already), which you'd pick out later. If nothing else, depending on what they are charging for the ring mounting they're making, perhaps you could go ahead and finish paying off the mounting, and then you're not NECESSARILY tied to the same jeweler for the center stone.

Good luck and let us know how things work out!
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