(Closed) Negotiating Diamond/Ring Price

posted 6 years ago in Rings
Post # 3
Member
3000 posts
Sugar bee
  • Wedding: July 2012

I believe I was the one who told you about Windy City Diamonds (as that’s where I got my ring!) but we also negotiated there!

I had my ring custom made based on a designer ring I loved from the Sylvie Collection. There is only one jeweler in Chicago-land that sells Sylvie rings so I had called and found out my dream ring would cost $2,100 for just the setting. When we were at my jeweler, they made a computer aided drawing of a replica ring like my dream setting. We were talking about pricing and I had mentioned that I inquired about the ring at other stores. He asked how much they were selling it for. Even though I was quoted $2,100 at the other store, I told the guy I was quoted $1,900 and he said he would make the setting for $1,600 – it is 14k white gold with a split shank band and halo with 0.71 cttw in diamonds! The center stone was a separate cost, but I’m glad I was able to negotiate the cost of the custom designed setting!

 

I didn’t try to negotiate the diamond price, but the owner of WCD owns another business where he sells wholesale diamonds so he has great prices. It’s worth a shot!

Post # 5
Member
1917 posts
Buzzing bee
  • Wedding: April 2012

If you want to negotiate the price, you need to be prepared to pay in cash immediately.

Post # 6
Member
2254 posts
Buzzing bee
  • Wedding: October 2012

My SO negotiated the price of our diamond and ring setting to take off $4,000.

1) What really helped was doing the research of comparable diamonds both online and other jewelry stores in the area. Print out the quotes and bring them in. If anything, they’ll try to match and beat that price to induce you to go with them.

2) Also, the associates at the jewelry store we went to do not work of commission so it helped in that we didn’t have to worry about a salesman’s ulterior motive for boosting their paycheck. 

3) Be serious and let your associate know you are willing to buy if the price is right. They are more willing to whip out the calculator and crunch numbers with a buyer who is ready.

4) Don’t hesitate to speak to a manager. Managers always have to worry about sales quotas. Even if a sales associate is hesitant, a manager can be of more assistance at times.

5) As mentioned above, ask if they offer a discount if you pay cash. But my jeweler told us we could still finance even though we haggled for a reduced price. We opted to buy it outright.

6) Remember: you a buying a big ticket item from them. In this recession, no store wants to lose a big sale like that. If they don’t offer you the total amount you requested see if you can ask for waived services that can help recoup the difference such as warranties and upgrades.

Lastly, even if you seek a discount, be realistic about how much they will take off. Some stores can only go so low.  

Hope this helps. Good luck!

Post # 7
Member
5423 posts
Bee Keeper
  • Wedding: November 2012

We were lucky in the fact that Fiance told the jeweler what he wanted and what his overall budget was (he was willing to spend a bit more) and he did more than we asked for for well under.  I suggest telling them you want this for X amount (lower than what your willing to spend) and see what happens.  But stay pretty firm.  What type of break they’re willing to give you depends on what they have already invested in the stone/setting.  They’re going to want to make a profit. 

You could also look at stones that are slightly below the 2ct mark.  There is  no visible difference between a ~1.9 and 2ct stone and staying under that 2ct mark will save a pretty penny.

Post # 8
Member
3261 posts
Sugar bee

We negotiated A LOT. We spent four months going to independent jewlers and comparing prices. We finally got a ring with a 1.77 ct stone, F color VVS1 clarity, with a setting and band with diamonds all the way around (significantly big diamonds) for $6,000. We had originally been quoted close to 9k for a ring with a significantly smaller stone. 

You just have to be persistent. And search. Even if its frustrating and you feel like you want to “settle” go to one more jeweler. They want your business, so tell them another store said they could get you the same ring for less. Don’t be afraid to negotiate. 

Post # 10
Member
3000 posts
Sugar bee
  • Wedding: July 2012

@ane7: They told us a custom ring could take up to 4-6 weeks so my Fiance waited that long before even calling the place to check. Turns out it was done in less than 2 weeks!

Post # 11
Member
3000 posts
Sugar bee
  • Wedding: July 2012

@ane7: Another tip I have: Since you will be buying a fairly substantial diamond/ring, please make sure you work with Garry Zimmerman. He is the owner of the store and has been a GIA certified gemologist for over 30 years I think. We worked with him from start to finish (even when I called to find out about the store) and he is phenomenal. We were in there for nearly 2 hours on a Saturday afternoon and he never did anything to rush us, force us to buy anything, or put any kind of pressure on us. He was VERY mindful of budget and willing to make sure I got the ring of my dreams at a price my Fiance could afford. Tell him you came to see him based on a recommendation and I think he’ll be even more happy to work with you.

If you need more details, feel free to PM me. He remembers me and my Fiance and knows I have referred 3 girls to his store for services since I got my ring 🙂

Post # 12
Member
2893 posts
Sugar bee

Like they already said – always ask for the best price they can offer, even if that means they or you go to their manager. Jewelers typically have a discounted price they’re willing to offer if it means sealing the deal. Again, DO HOMEWORK. Get to know the lingo and what consistutes a great buy. Going in with no information and just demanding a discount cause you want one won’t always go over well. Make sure you have research and quotes to back your requests.

Also, if you go in to just buy a stone, you may be able to get an additional discount if you offer to buy your setting from them as well. When we were haggling we told the jeweler this and he gave us an even lower price if we purchased both a stone and setting that day. We came armed with 6 months of hardcore diamond research and ended up getting exactly what we wanted. In the end, we didn’t buy a setting from them, but we bought an additional stone and a watch and he gave us a huge discount for buying “in bulk.” But it took 3 hours of hardcore haggling. Ended up with a 3 ct tanzanite and a 1.5 ct VS1 light fancy yellow cushion and managed to get them for thousands less than what they were selling for originally.

Good luck! 🙂

Post # 14
Member
111 posts
Blushing bee

I would see what Blue Nile charges for a similar ring and negotiate down from there with the jeweller. According to magazine articles, Blue Nile sells more diamonds than anyone and their profit margin is less than independent jewellers who have to pad their prices to make up for less volume.

Another thing is make sure you have a GIA report with your diamond. Never buy an expensive diamond without the GIA report.

Post # 15
Member
70 posts
Worker bee
  • Wedding: May 2013

@hopefloats:  Wow, what a great deal!  I am looking for a 1.5ct round, F color, VS2+ and they are all around $15,000 – which is WAYYYY too much.  The setting I love is $5,500. 

Any other suggestions on how to get a better deal like you did?? 

Where did you end up finding your diamond?  

Post # 16
Member
3625 posts
Sugar bee
  • Wedding: June 2012

@louisianablue:  This. We did this for my e-ring and both our wedding rings. Cash is king! 🙂

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