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Is this a good deal??


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Two parts answer - one around price, the second around value.


The pound is low, and VAT is high, which makes the usual attractiveness of US-based merchants somewhat lower, however their "discount" price of £3,500 incl. VAT is equivalent to $3,580 once netted of VAT and import duty. Important because my main source of price benchmarks is in the US.

Next, let's dispose of a couple of moving parts; there are at least three components in the ring: the stone, the setting and the labour in putting them together. You can find what seems to be a comparable quality setting for less than $500 (for example here: https://www.b2cjewels.com/1/TSAJ0332/diamond-solitaire-cathedral-engagement-ring-mounting-with-prong-settin). Most sellers would bundle the setting labour in that price, but let's assume that it's charged separately at $100.

This leaves us with about $3,000 for a 1.00 ct I/I2 of unknown cut quality (and possibly unreliable colour grading). Which is a fairly difficult spec to compare to... because commercially an I2 clarity grade is a killer, so while there are plenty of I2 around only few get graded and advertised separately; the majority are sold in pre-set jewellery as ungraded stones, so from that point of view kudos to Goldsmiths for being honest.

There is only a couple of stones of vaguely comparable specs on the database here (out of ~500,000 stones listed), and funnily enough these are priced around $2,500 once adjusted for colour: https://www.diamondreview.com/diamonds?sortOrder=price&sortDesc=0&fShape=Rnd&fCaratLo=0.90&fCaratHi=1.20&fColorLo=F&fColorHi=K&fClarityLo=I2&fClarityHi=I3&fCutLo=&fCutHi=poor&fDepthLo=0.0&fDepthHi=100.0&fTableLo=0.0&fTableHi=100.0&fSymLo=&fSymHi=poor&fPolLo=&fPolHi=poor&fCulLo=&fCulHi=vlarge&fFlrLo=&fFlrHi=vstrong&fPriceLo=0&fPriceHi=1000000&adv=1

Which means that it's probably not an unfair price - with a 50% "discount" - but not the bargain it purports to be.


Value is very much in the eye of the beholder, so the real question is what does this look like. Here are a couple of pictures of I2 rounds. Neither is a particularly "evil" I2, and they can get quite a bit worse. They still sparkle, and from a distance they do look like diamonds. Is that what you were expecting? If so, by any means go ahead in the knowledge that it's not a rip-off (which it definitely would have been at £7,000!). There are plenty of Goldsmiths (chain) outlets, and they may even get a couple of rings for you to see and compare so you can choose the one you like most "in real life".

yellow diamond


The two above are quite "typical" I2. Here is a good one:

colorless diamond

And here is a bad one (I know; it's not a round and it's pink, but this gives you an idea of the range):

natural pink diamond

Edited by davidelevi
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I think Davide covered all the relevant points above.  Do not get fooled by "discounts."  Jewelers just use them to mess with your mind.  Look at the bottom line asking price for a given stone.  That is the only information that counts and it is easy enough to compare to similar stones or rings on a number of websites.

Jewelers mark their items up in order to give a discount.  I offered a stone to a customer a while back for $10,000.  I don't mark up in order to discount.  The customer eventually bought the same stone from somebody else who had priced it at $20,000 and given him 40% discount.  He paid $12,000 for the stone, 20% more that I was charging, but felt the other jeweler was more willing to "work" with him.  Do not be fooled by discounts.

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