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Need Help Accessing Diamond


kagen327
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Hi Everyone,

 

I would like to know if this diamond is of good value for the price the jeweler is requesting. Essentially is it worth go checking out and what do I have to look for on the diamond. Buying a diamond for an engagement ring. Can always upgrade it later (I think).

 

The price is $3610 by check. See attached diamond report.

 

What I would also like to understand is the report is not GIA. Is that a be deal. What is the difference? Can I get GIA to grade it and is that expensive? Thank you.

post-129087-0-66090500-1320877923_thumb.jpg

Edited by kagen327
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What I would also like to understand is the report is not GIA. Is that a be deal. What is the difference? Can I get GIA to grade it and is that expensive? Thank you.

Yes, it's a big deal. The problem is that grading is not consistent across the labs. One lab's idea of a 'high SI1' may be a VS2 in one place and an SI2 or worse somewhere else. H sometimes means H, and sometimes it means I, J or even K.

 

GIA will grade pretty much anything they're paid to grade and no it's not terriblly expensive although the delay is pretty bad right now. Expect about $100 and 7 weeks. Whether or not the dealer will tollerate this as one of the terms of sale is debatable but I would expect not. If you want a GIA graded stone, get a GIA graded stone. Let the dealers worry about converting from one pedigree to another.

 

Upgrades are a matter of dealer policy, not gemology. Some do it and some don't. It's in the fine print of the dealer contract but it's not correct to assume that you can always get your money back and spend it on something else if you prefer. A FAR better assumption is that you will never see any of you rmoney again and to buy accordingly.

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Is EGL not respectable in the diamond business? Are their specific work not consistent?

 

I will definitely go see this jeweler's diamonds. I will not buy site on seen. I also check Blue Nile and other sites and the same specifications as stated by EGL in post #2 run for ~$7.7k to $9k.

 

So essentially since they are selling it for ~$3.9k they must know something about it since they didn't go to GIA for a report. Again, I will check them out but I would like to know what diamond specifications would you all be comfortable with seeing at that price? Would the price be inflated for a color of I and a SI2?

 

I plan to ask the jeweler if they can send it to GIA and I will pay for the report.

 

Lastly, if I go see it looks beautiful would giving them a cash offer for a cheaper price be unreasonable?

 

Thanks!

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Respectable is not the same thing as reliable. They are a perfectly respectable (sizable, providing good service, fast) business, just not a reliable one.

 

Yes, they know something about it: it is not what GIA would call H/VS2. The price of a GIA report is $100 + shipping and handling costs (and a 6-8 week wait), so if it were an H/VS2, they would send it to GIA and for $200 it would magically increase in value by $4000 or even $5500. Not a bad return for less than two months of waiting.

 

The problem is that you have no idea what that diamond is in reality. There are plenty of cases where EGL is off by 3, 5 or even more grades overall. And there are quite a few where they are within one or 2. As a consumer, your best guide is the price: if the dealer is selling it at the price of a L/SI2 (as in your case), that's what it probably is. However, that assumes that the dealer is honest - what if it is an M/I1? Would you be able to tell the difference?

 

Some more threads on the "why the lab matters" topic:

 

http://www.diamondreview.com/forum/topic/7515-egl-international-is-this-a-legit-appraisal-firm/

http://www.diamondreview.com/forum/topic/7489-potential-value-in-egl/

http://www.diamondreview.com/forum/topic/7436-advice-on-this-35-ct-round-diamond/

 

Lastly: yes, there is always a discount for cash. However, paying with a credit card also provides you with some recourse against an unscrupulous seller. Credit card commission is of the order of 2-5% depending on the credit card company; plus they pay at least 30 days late, so dealers will typically offer 3-4% discounts for cash; let's call it $200 in your case. Compare that to the legal cost to recover your money if something goes wrong, and decide the extent to which you trust the seller.

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