(Closed) Did I make a huge mistake?

posted 7 years ago in Rings
Post # 3
Member
3257 posts
Sugar bee
  • Wedding: October 2011

Why not just get it appraised? Then your mind can rest easy and you can truly enjoy the ring if you decide to keep it. You know you’ll keep thinking about it if you don’t. It’s a gorgeous ring, btw, but I have no idea if it’s overpriced or not. 

Post # 4
Member
1 posts
Wannabee
  • Wedding: November 2011

In for updates!

<—-Significant Other of the OP

Post # 5
Member
100 posts
Blushing bee
  • Wedding: August 2012

Beats me. It looks pretty dazzling, so it might have been worth $7000 some originally, but I don’t know anything about ring values either. I agree– the best thing to do would be to get it appraised before the “return-by” date.

Post # 6
Member
1361 posts
Bumble bee
  • Wedding: April 2011

Ya, just go get it appraised and see what happens.  I mean, jewelry is marked up like crazy so…it’s not like they’re losing money by lowering the price (although that price difference is a little extreme).

Keep us updated!

Post # 7
Member
14307 posts
Honey Beekeeper
  • Wedding: June 2011

My quick go to guide for good diamond prices is bluenile.com.  A fast search on there shows your 0.5 center to cost about 1300.   A jeweler that fixed a ring for me basically told me that the little diamonds in the band arent really worth anything on its own – maybe 10-20 a piece, so tcw doesnt really mean anything, but just cost what they do based on waht people are willing to pay (perceived value) and labor. So for your center and setting, I think 2k is fair, and you didnt get ripped off.  7k would have been REDICULOUS though.

Post # 8
Member
726 posts
Busy bee
  • Wedding: June 2013

@pinkshoes: Along with what you said, “brick and mortar” stores often cost more than online stores like bluenile (so i’ve heard, but not sure if it’s true).

OP, another thing that would factor into the cost is the cut of the center stone. That’s what would make it all sparkly and so it’s kind of a big deal. One that’s leaking out light left and right and not reflecting properly wouldn’t be worth as much as one that is optimizing light. Hopefully the center stone has been graded by a certified lab, like the GIA, and it would include the stats on the stone like depth, table, etc, and you can use that info to find a more similar one on bluenile and the like, like pinkshoes did for you. Also, since you don’t know much about diamonds, bluenile does have a great education section so you don’t have to look at “SI” on the receipt and think “what on earth does that even mean?”

Post # 10
Member
726 posts
Busy bee
  • Wedding: June 2013

@ebet24: getting it appraised may still be a good idea if you’re planning on insuring it. Some companies require it and others will just need the cost you paid. I’m still looking into insurance, and trying to narrow down which company to try and insure through. 

Post # 11
Member
629 posts
Busy bee
  • Wedding: November 2012

That’s our price range as well, or a little out of it… I haven’t seen anything that extravagent looking anywhere near that range. I think it defintely looks more valuable than 2,000. However, not sure about 7,000. 

I think it’s beautiful.. and it’s a really good idea to get it appraised anyways so you can get insurance on it. Enjoy your ring though it looks awesome!

Post # 13
Member
726 posts
Busy bee
  • Wedding: June 2013

@ebet24: Homeowner’s insurance isn’t an option for us, so we are most likely going to go through Jewelers Mutual. If you check out http://www.pricescope.com they have a lot of threads on insurance, and another company mentioned a lot there is Chubb, but there are conflicting stories on whether or not they still insure jewelry without having a homeowner’s policy with them. With Chubb they cut you a check if something goes missing, and with Jewelers Mutual they’ll pay to replace what you lost as close as possible to the original. I’ve heard that Chubb often costs more than Jewelers Mutual, but some people prefer it because if they lose their jewelry they like the hassle-free-ness of Chubb and the freedom to upgrade. But Jewelers Mutual gets you right back to square one (which is fine with me as I got the ring I wanted in the first place, no plans to ever upgrade). That’s the basic gist, anyways. pricescope is a great idea, as they’ll tell you the kind of questions you should be asking the insurance companies (even if you decide to add it to your homeowner’s instead of get a separate policy for it). Jewelers Mutual can even give you a quote online so you can get an idea of what insurance will cost in your area, as it varies by area like with car insurance. Good luck and enjoy your ring!

Post # 14
Member
9825 posts
Buzzing Beekeeper

Honestly no, that ring is not worth over 7 grand.

But for what you paid it’s totally fair. If you get it appraised it would probably be right around $2,000 or maybe even a little more.

Don’t feel like you got duped though! You love your ring, it’s a nice sized diamond and the setting is great. Enjoy it!

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