Advice on purchase

[RingChicky]

Hi, 
A jewelry store in town is having a retirement/"under new ownership soon" sale. Its a reputable store, its been in business for over 50 years. I found a .75 G SI1 good Princess cut diamond, In a 14 K white gold antique scroll setting (hollow). The jeweler's "clearance" price is $1,400, but he is willing to negotitate. All sales are final, but I asked if the new owners would give me a warranty anyway (plus, he said he'd still be working with the new owners in the "background"). They said yes, one year for the setting- as long as I bring it in every 3 months. He claims that the lowest he will take is $1,200- sales taxes included and give me a free written appraisal. 
On negotiations, basically he said that if his vendor could buy it back or he could scrap it for more than he could sell it, he'd rather do that. I've been shopping around, and it seems that similar stones that have a certification range from $1,700 to $2,700 on this site, James Allen and Blue Nile.  I also figure he has overhead, so diamonds at a store are a bit more. I was thinking of offering him $800 and work up (I don't think $1,200 is the lowest he can go). I don't want to insult the guy, but I also don't want to pay more than I have to- given that sales are final and he claims to be selling his stock at "rock bottom prices", and the stone is not certified. 
What do you think? Is this a good starting point? What would a vendor buy-back be for this ring? 

 

[tyty333]

Why are you interested in a vendor buy back? Is this for upgrade purposes or for other reasons (you buy it then decide its not
really what you/she want). A vendor buy back would be whatever the vendor agrees to when you purchase the stone/setting.
If they say its all dependent on a bunch of different things, then your chances are pretty slim that you will get much of anything
(or that they take it back at all).

A couple of reasons a vendor would not want to be willing to give you much is a) it's not certified b) it's a princess cut (which are
harder to sell then rounds) c) it's only a "good" cut stone according to their definition.

So with all that being said, if you are planning on upgrading with this vendor and spending a lot more money then they may
be willing to offer you more as a trade-in value.

If you are wanting to upgrade in the future (trade in this stone) then this is really not the way the way to go (IMO).

 

[RingChicky]

Hi, I should clarify that I am not interested in a vendor buy back, the jeweler who is retiring said to me, " If I can sell it back to the vendor or scrap it for more than I can sell it for, I'd rather sell it back to the vendor or scrap it." That is why I am asking, do I can decide what to offer him. I'm assuming that when he says "vendor", it's his supplier.

 

[JulieN]

Is this for an engagement ring? Cut is the most important thing, not the price.

 

[RingChicky]

No, it's more a right hand ring or another option to wear as a wedding ring once in a while. I just think it's pretty and could be a great deal (not buying for investment, not buying to upgrade later, maybe it could be something I pass on to my daughter...)

 

[Dancing Fire]

Hi, 
A jewelry store in town is having a retirement/"under new ownership soon" sale. Its a reputable store, its been in business for over 50 years. I found a .75 G SI1 good Princess cut diamond, In a 14 K white gold antique scroll setting (hollow). The jeweler's "clearance" price is $1,400, but he is willing to negotitate. All sales are final, but I asked if the new owners would give me a warranty anyway (plus, he said he'd still be working with the new owners in the "background"). They said yes, one year for the setting- as long as I bring it in every 3 months. He claims that the lowest he will take is $1,200- sales taxes included and give me a free written appraisal. 
On negotiations, basically he said that if his vendor could buy it back or he could scrap it for more than he could sell it, he'd rather do that. I've been shopping around, and it seems that similar stones that have a certification range from $1,700 to $2,700 on this site, James Allen and Blue Nile.  I also figure he has overhead, so diamonds at a store are a bit more. I was thinking of offering him $800 and work up (I don't think $1,200 is the lowest he can go). I don't want to insult the guy, but I also don't want to pay more than I have to- given that sales are final and he claims to be selling his stock at "rock bottom prices", and the stone is not certified.
What do you think? Is this a good starting point? What would a vendor buy-back be for this ring? 

that doesn't sound good to me.