What would you pay for this engagement ring?
January 22, 2015 10:51 AM Subscribe
I'm considering buying this engagement ring.
While it's listed on Ruby Lane, the dealer is local, and I checked out both him and the diamond today. He offered me a price off of the cost listed on the site ($2,895).
This isn't my first rodeo buying diamonds, so please--I know it's just pressed carbon and "it's worth what you'll pay for it" and all that . . . but I'm looking for an objective figure based on the info listed. Ideally, as an antique, what HE may have paid. Thanks!
While it's listed on Ruby Lane, the dealer is local, and I checked out both him and the diamond today. He offered me a price off of the cost listed on the site ($2,895).
This isn't my first rodeo buying diamonds, so please--I know it's just pressed carbon and "it's worth what you'll pay for it" and all that . . . but I'm looking for an objective figure based on the info listed. Ideally, as an antique, what HE may have paid. Thanks!
Knox Jewelers is on the expensive side for local jewelers around this part of the country, but in this search for new loose diamonds around 0.8ct (the size of your center stone), I'm not seeing much less than $3,000, which I assume is probably a good sign.
Blue Nile also seems to allow a search for loose diamond prices (though it's not playing nicely with my browser ATM).
There's still the cost of the side stones, and the platinum setting to add, and then some amount of discount for being "used," (offset, to some degree I'm sure, by being "vintage").
posted by sparklemotion at 11:03 AM on January 22, 2015 [1 favorite]
Blue Nile also seems to allow a search for loose diamond prices (though it's not playing nicely with my browser ATM).
There's still the cost of the side stones, and the platinum setting to add, and then some amount of discount for being "used," (offset, to some degree I'm sure, by being "vintage").
posted by sparklemotion at 11:03 AM on January 22, 2015 [1 favorite]
No. For that price range, if you don't go with platinum, you could find a thousand other more beautiful rings. That one's (no offense) very plain for the price. I would be upset if someone paid that much for a ring like that for me. But I tend to be happier with better deals, personally, and prefer jewels other than diamonds.
posted by DriftingLotus at 11:08 AM on January 22, 2015 [2 favorites]
posted by DriftingLotus at 11:08 AM on January 22, 2015 [2 favorites]
This is what you asked:
What would you pay for this engagement ring?
I would not pay any reasonable price that the dealer would accept, because I don't particularly like the raised setting on the ring. I also think the side stone settings are a bit too flashy for such a simple ring, which makes the overall ring seem imbalanced.
This is what I think you meant to ask:
What is the lowest price you think the dealer would accept?
Since the dealer isn't dividing the diamond grading into GIA-recognized numbered grades, you can assume that SI clarity means SI2 and H/I color means I color. Based on that, and a quick search on Blue Nile, the diamond is priced (new) on the order of $1800-$2000. Looking at vaguely-similar (new) platinum settings, I see prices of around $1000-$1500. So, based solely on that, one could say that the price you're given is on the right order of magnitude.
What the dealer paid is irrelevant - the dealer will price what the market can bear, which is not at all related to what he paid, which is a sunk expense.
This is what I also think you're looking for:
How would you try to minimize the price of the ring in my shoes?
Ruby Lane's seller fees are mostly related to having the site at all rather than per-unit sale price. In other words, there isn't really any money he saves by selling to you directly. He does incur credit card processing fees, so I would offer $2600 cash, assuming he'll come back with $2700 and I'd accept that.
posted by saeculorum at 11:10 AM on January 22, 2015 [4 favorites]
What would you pay for this engagement ring?
I would not pay any reasonable price that the dealer would accept, because I don't particularly like the raised setting on the ring. I also think the side stone settings are a bit too flashy for such a simple ring, which makes the overall ring seem imbalanced.
This is what I think you meant to ask:
What is the lowest price you think the dealer would accept?
Since the dealer isn't dividing the diamond grading into GIA-recognized numbered grades, you can assume that SI clarity means SI2 and H/I color means I color. Based on that, and a quick search on Blue Nile, the diamond is priced (new) on the order of $1800-$2000. Looking at vaguely-similar (new) platinum settings, I see prices of around $1000-$1500. So, based solely on that, one could say that the price you're given is on the right order of magnitude.
What the dealer paid is irrelevant - the dealer will price what the market can bear, which is not at all related to what he paid, which is a sunk expense.
This is what I also think you're looking for:
How would you try to minimize the price of the ring in my shoes?
Ruby Lane's seller fees are mostly related to having the site at all rather than per-unit sale price. In other words, there isn't really any money he saves by selling to you directly. He does incur credit card processing fees, so I would offer $2600 cash, assuming he'll come back with $2700 and I'd accept that.
posted by saeculorum at 11:10 AM on January 22, 2015 [4 favorites]
Best answer: SI clarity and H/I color the 0.80 carat center diamond
>> enter into bluenile.com at those specs
(using a round cut since old european doesn't exist anymore)
I found about $2300-$2500 for the centre stone alone (brand new). saeculorum I'm interested in how you got the $1000-$1500 price on blue nile, hopefully you can post again. My guess is they are rounding up that grading though, based on my experience with antique shopping / old mine cuts.
I agree with the others, the price is increased due to platinum and not white gold.
I would offer to pay in cash at and try for $2300-$2500 taxes in. If the ring was $10k you have much more wiggle room. but when its already fairly low I don't try to negotiate very much. 10-15% at most.
Unless you are willing to risk them not being open at all, at which case try them for $2000+tax in cash. Make up a sob story.
You can also ask them directly "how flexible are you on price?" and "what can we do to reduce the price?" sometimes they will offer to swap out the centre stone for another more included stone.
You can also try buying at the end of the month when sales people are wanting to make their numbers.
Mazel tov!
posted by St. Peepsburg at 11:29 AM on January 22, 2015 [1 favorite]
>> enter into bluenile.com at those specs
(using a round cut since old european doesn't exist anymore)
I found about $2300-$2500 for the centre stone alone (brand new). saeculorum I'm interested in how you got the $1000-$1500 price on blue nile, hopefully you can post again. My guess is they are rounding up that grading though, based on my experience with antique shopping / old mine cuts.
I agree with the others, the price is increased due to platinum and not white gold.
I would offer to pay in cash at and try for $2300-$2500 taxes in. If the ring was $10k you have much more wiggle room. but when its already fairly low I don't try to negotiate very much. 10-15% at most.
Unless you are willing to risk them not being open at all, at which case try them for $2000+tax in cash. Make up a sob story.
You can also ask them directly "how flexible are you on price?" and "what can we do to reduce the price?" sometimes they will offer to swap out the centre stone for another more included stone.
You can also try buying at the end of the month when sales people are wanting to make their numbers.
Mazel tov!
posted by St. Peepsburg at 11:29 AM on January 22, 2015 [1 favorite]
I found about $2300-$2500 for the centre stone alone (brand new). saeculorum I'm interested in how you got the $1000-$1500 price on blue nile, hopefully you can post again.
$2300 CAD is $1850 USD, which is right around what I suggested for the stone ($1800-$2000). The linked seller is in the USA. I was estimating $1000-$1500 for the setting mostly because the Blue Nile settings I compared to had smaller side stones, but appeared to have wider bands.
posted by saeculorum at 11:39 AM on January 22, 2015 [1 favorite]
$2300 CAD is $1850 USD, which is right around what I suggested for the stone ($1800-$2000). The linked seller is in the USA. I was estimating $1000-$1500 for the setting mostly because the Blue Nile settings I compared to had smaller side stones, but appeared to have wider bands.
posted by saeculorum at 11:39 AM on January 22, 2015 [1 favorite]
Unless you're in love with this very ring and no others would do, I'd pass. That's a fairly standard (boring) setting and you could find many similar rings; most likely one would be less than that.
posted by fiercecupcake at 11:41 AM on January 22, 2015 [1 favorite]
posted by fiercecupcake at 11:41 AM on January 22, 2015 [1 favorite]
Response by poster: Thanks everyone! He's a small dealer, and without any prompting when I asked what he could do for me (in-person, I won't be paying any Ruby Lane fees, or CC fees), offered $2300. I would be paying cash . . . I'm primarily interested in your answers because I'm wondering how much lower than$2300 I could get him to. Maybe I'll counter-offer $2,000 . . . I should also mention that my GF/fiance picked this ring out . . . it may be boring, but she likes it. Which is all that matters IMHO.
posted by eggman at 11:44 AM on January 22, 2015 [10 favorites]
posted by eggman at 11:44 AM on January 22, 2015 [10 favorites]
whoops... the googles knows I'm from up north. thanks saeculorum.
I don't know about the others, I like this ring but then again I am very partial to old mine cuts, they are sexy and elegant especially in low light. I've shopped antiques before and I find the online pix never do them justice.
eggman - if he offered 2300 w/o promting then why not try lower than $2000. He just knocked $800 off the price without you making the first offer! That's a good sign he's flexible.
posted by St. Peepsburg at 11:49 AM on January 22, 2015 [3 favorites]
I don't know about the others, I like this ring but then again I am very partial to old mine cuts, they are sexy and elegant especially in low light. I've shopped antiques before and I find the online pix never do them justice.
eggman - if he offered 2300 w/o promting then why not try lower than $2000. He just knocked $800 off the price without you making the first offer! That's a good sign he's flexible.
posted by St. Peepsburg at 11:49 AM on January 22, 2015 [3 favorites]
I think it's a lovely, elegant ring. As long as it all checks out the asking price seems decent to me, but definitely try to negotiate down. Don't worry about insulting the dealer... it's not like it's his artwork.
posted by zennie at 12:34 PM on January 22, 2015 [3 favorites]
posted by zennie at 12:34 PM on January 22, 2015 [3 favorites]
$1500 seems like a good target to be firm on.
posted by oceanjesse at 3:08 PM on January 22, 2015 [1 favorite]
posted by oceanjesse at 3:08 PM on January 22, 2015 [1 favorite]
I purchase at least one nice vintage piece each year, but am far from an expert. I generally buy things in the under $5,000 range, as the ring in question, but I also talk frequently to a dear friend that sells vintage jewelry mostly in the over $5,000 range. She travels with her jewelry to sales across the US.
The first thing to understand about pricing of vintage jewelry is that it is used, and pricing for it cannot be compared to new. Even used loose stones are much cheaper when compared to "new." There is some ballpark pricing for used stones and used rings. You could look at other local places to get an idea of the value in your local market for a similar size and quality stone.
The other things that influence pricing of vintage jewelry is condition, trends, and history. How is the setting of this particular ring? Is the back of the ring thin? Are the prongs worn down at all? Is the detail stll very sharp, or partly worn away? Current fashion trends will influence what is getting good price. The piece you have here is very common, seen all over the US and has a pretty average demand for it, so it does not warrant a particularly high or low price due to setting style. It seems this ring was not known to have been owned by Jackie O or anything, so there is no historical value to it past the value of any other piece of jewelry.
You should examine the stone and setting for any damage. The H/I color is pretty common in older stones, make sure your future wife understands this color is not the same as the bright white that is fashionable in new rings today.
My feeling (with no research) is that it is a fair price for the ring, ESPECIALLY because it is the one your future wife wants! If you really want to be sure it is a fair price, you must shop around locally for a similar ring, or at least similar (used) stones, to figure this out. I think comparing to online sales is difficult as you cannot actually examine it in person and it might not be as good as it looks in photos.
Is the gem certified in any way? That would be a nice to have, as well as something you can hand over to your insurance company to document the stone and value it for insurance. Thinking of this, the last diamond I bought vintage cost me about $3500 but was valued at $8500 new replacement value, I think, by the insurance company based on the gem certification. So your vintage purchase should be a fraction of purchasing a similar ring new.
I also would like you to consider that this dealer has put a lot of time into sourcing these rings, and providing you with a selection of them and the knowledge of good jewelry. It is a lot of hours of watching Craigslist and estate sales to collect and provide a consumer with a good selection, and this person's time and knowledge is worth paying for. Don't try to offer the same price as a similar stone that you see on Craigslist from someone trying to dump Grandma's ring. If that's how you want to do it, you need to buy Grandma's ring off Craigslist and hope it's real.
Best of luck, it sounds like she'll say yes.
posted by littlewater at 4:27 PM on January 22, 2015 [5 favorites]
The first thing to understand about pricing of vintage jewelry is that it is used, and pricing for it cannot be compared to new. Even used loose stones are much cheaper when compared to "new." There is some ballpark pricing for used stones and used rings. You could look at other local places to get an idea of the value in your local market for a similar size and quality stone.
The other things that influence pricing of vintage jewelry is condition, trends, and history. How is the setting of this particular ring? Is the back of the ring thin? Are the prongs worn down at all? Is the detail stll very sharp, or partly worn away? Current fashion trends will influence what is getting good price. The piece you have here is very common, seen all over the US and has a pretty average demand for it, so it does not warrant a particularly high or low price due to setting style. It seems this ring was not known to have been owned by Jackie O or anything, so there is no historical value to it past the value of any other piece of jewelry.
You should examine the stone and setting for any damage. The H/I color is pretty common in older stones, make sure your future wife understands this color is not the same as the bright white that is fashionable in new rings today.
My feeling (with no research) is that it is a fair price for the ring, ESPECIALLY because it is the one your future wife wants! If you really want to be sure it is a fair price, you must shop around locally for a similar ring, or at least similar (used) stones, to figure this out. I think comparing to online sales is difficult as you cannot actually examine it in person and it might not be as good as it looks in photos.
Is the gem certified in any way? That would be a nice to have, as well as something you can hand over to your insurance company to document the stone and value it for insurance. Thinking of this, the last diamond I bought vintage cost me about $3500 but was valued at $8500 new replacement value, I think, by the insurance company based on the gem certification. So your vintage purchase should be a fraction of purchasing a similar ring new.
I also would like you to consider that this dealer has put a lot of time into sourcing these rings, and providing you with a selection of them and the knowledge of good jewelry. It is a lot of hours of watching Craigslist and estate sales to collect and provide a consumer with a good selection, and this person's time and knowledge is worth paying for. Don't try to offer the same price as a similar stone that you see on Craigslist from someone trying to dump Grandma's ring. If that's how you want to do it, you need to buy Grandma's ring off Craigslist and hope it's real.
Best of luck, it sounds like she'll say yes.
posted by littlewater at 4:27 PM on January 22, 2015 [5 favorites]
This thread is closed to new comments.
posted by Crystalinne at 10:57 AM on January 22, 2015 [1 favorite]