Post # 17
I negotiated the price on my new wedding set. I used the same jeweler from my original ering and they were very eager to keep my business. We went the wholesaler route, we visited the LA and NY diamond districts. We also talked to a lot of friends and family to see if anyone had contacts. We found our jeweler through a friend of a friend.
When it came to actual negotiating, I told them what I was looking for – size range, color, clarity, cut. I also let them know that we were prepared to wire the money immediately. They had a about 20 diamonds to offer but all were over what I was willing to spend and I let them know that. I told them my budget, well about $800 less than my budget (anticipating going back and forth) and asked them to get back to me because I could tell they were hemming and hawing. I left and was called the next day offering me a diamond that fit my specifications perfectly for my budget, and they offered to set it and give me a free wedding band.
Post # 18
So here’s the thing. Generally, people who think they are getting a great deal on diamonds are in reality being played by their jewelers.
I’m not selling you are paying more than you should – in reality, you probably paid exactly what you ought to have – but the fact is that we just can’t afford to give huge discounts on diamonds for one simple fact. Diamonds are a commodity and their prices are HIGHLY regulated by the industry, which is why prices are comparable from store to store. Simply put, we cannot mark certified diamonds up much. You can’t make a nickel on a GIA stone anymore because if your price is too high, the customer will go elsewhere.
Often some jewelers will artifically inflate the price of their stones so they can “take off” money – thus, you think you are getting a deal. The very real situation is that we cannot knock off a lot of money on certified stones because our markup is so small, if we give you a hefty discount you are paying us less than we paid for the stone! We make our money on settings and labor because the margin on stones is so small.
So I agree with one of the above comments. If you want an actual discount, be prepared to pay in cash immediately. That is actually the only means of haggling I personally do, as I don’t like to artifically inflate my prices. But if somebody pays me in cash and I can avoid a credit card fee, I’m more able to be a little lenient.