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How To Use Cash To Buy A Diamond


dplottner
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I am saving up cash to buy a diamond in the $6000 range. My question is what is the best way to bring the money to the jeweler. I was thinking of bringing the money in cash, but I am I am worried about carrying that kind of cash around. On the other hand I want the jeweler to understand that this is a cash deal and if she/he gives me a good price then they will get the payment without a hitch.

 

 

Also, what is the best way to leverage the fact that I have cash for the purchase?

 

Edited by dplottner
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We've had customers come in with far more than that in cash.. It's not all that uncommon..

 

Also, depending on the store, I doubt using cash will get you more than a 1% discount (the cost of us taking a credit card) just because of the cash.. Here at least, it's just not a big deal to see that much money..

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Ditto what Steve said but I do have a special comment for cash buyers. If your purchase is for more than $10,000 in cash there’s a form that the jeweler has to fill for the IRS and the Homeland Security folks that involves providing an ID and collecting a signature from you. It’s nothing personal when they ask you to do this, it’s just a matter of them complying with the regulations. They do this to catch drug dealers, terrorists, tax cheats and other ne’er-do-wells.

 

Neil

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I bought my diamond online at Abazias. Paying with cash(bank wire) i got a 2.3% discount by paying in cash. I honestly don't think I would feel safe walking around anywhere with $6k straped to me. I was able to pay in cash from my home and I even got the diamond inspected and appraised at an independent jeweler.

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I bought my diamond online at Abazias. Paying with cash(bank wire) i got a 2.3% discount by paying in cash. I honestly don't think I would feel safe walking around anywhere with $6k straped to me. I was able to pay in cash from my home and I even got the diamond inspected and appraised at an independent jeweler.

 

Our company likes this solution best. Depending on your bank & account there may be a small fee to send a wire, but this form of payment is "same as cash," allowing the seller to give the best discount and the buyer to avoid walking around with his pockets stuffed full of bills.

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