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Price for a Hearts on Fire Diamond

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I have possession of the diamond. My husband signed a finance agreement for 20500 for the 1.023c diamond including ring worth 1100 and finance agreement for about 1 year starting august with 9.3k paid in the first 4 months.In Jan the mistake was acknowledged verbally by 1 sales staff and the VP of the company and last week by another sales staff . They have it on file that there was a labelling mistake.
 
HOLY SHIATTT.
I'm sorry but there is no way that was just a mislabeling. The vendor should have known it was way off the chart.

Where is Lawgem when you need him?
Hope you find some justice.
 
Well, I hate to break it to you Kate, but if your husband signed a contract promising to pay that amount you probably don't have a great case. It was a bargained for agreement and generally a verbal modification isn't sufficient to change a written agreement.

It really depends on what the contract says, but if you agree to pay what they are asking and you promise to do it in writing you are probably going to have to pay it. I doubt very much that it matters what the price should have been.
 

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On 7/23/2003 12:15:17 AM calisurf wrote:
Where is Lawgem when you need him?
Hope you find some justice. ----------------
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Responding to specific legal queries on an internet forum is problematic for malpractice and licensing reasons.

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However, I agree with rbjd that a written contract will usually control and oral modifications are generally not enforceable absent other evidence of fraud or deception.

 
This is what I would do:

1. Forget about lawyers and the rest for the time being. If their return policy does not cover you and you have signed a loan contract you are bound. People get loans for all sorts of things and run out of money or find out they overpaid all the time.

2. Find a way to pay off what I owe. They did take advantage of you, but since you are now in debt to them, you have no power.

3. See if I can get the vendor to refund the difference I had agreed upon verbally and to make a new contract with the new price.

4. In parallel, call Hearts of Fire and to see if they have recommended pricing ranges and markup. Get this in writing, ask them what the policy is when this is violated and tell them about the labeling mistake that they admitted to and that the dealer has it on file. The only thing that can ensure some basis to complain and to get some money back is if HoF has a policy of controling markup.

5. If things become difficult in steps 3 or 4, especially if the dealer refuses and there is some solid information about HoF pricing policies, one can then look at all the facts and perhaps consult a lawyer on if there's any ground on how to at least report bad business practices from any party. You can't do much since you signed a contract, but if you are not in debt you have power to put up a fight and at least be credible when complaining.

Good luck ...
 
I would also see if you can negotiate smaller monthly payments. Mortgage brokers do it because it's not cost-effective to foreclose. It stands to reason that with the time and money involved in suing you they would probably be okay with a compromise.
 
Do they have a trade-in policy. I don't know what to advise you to do EEK!!
 
If nothing gets resolved, I would picket outside their store with a sign about how they ripped you off and information papers on how to buy a diamond on the internet. I can be a real whipfire...........make sure you nicely let them know you will be advertising their business practices....take out an ad in the paper and post signs!!
 
If I were you, I would contact Hearts on fire. They are based out of Boston, Mass. The company as far as I know is a ethical company and very concerned about their image. Glenn Rothman is the big dog there. I would call them and tell them your situation.

good luck

Rebeccasbro
 
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On 7/25/2003 2:34:26 PM rebeccasbro wrote:

If I were you, I would contact Hearts on fire. They are based out of Boston, Mass. The company as far as I know is a ethical company and very concerned about their image. Glenn Rothman is the big dog there. I would call them and tell them your situation.

good luck

Rebeccasbro
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That would be my suggestion as well. If you have legitimately fallen on a difficult time, Hearts on Fire would appear Heartless to hold you to that contract. The bad press would not be worth it to them. HOF corporate could put pressure on your local jeweler. The only problem is if the local doesn't care if it carries HOF or not.

Good luck. So sorry about your situation.
 
Thankyou everyone for the support and good advice.

WE recived a letter to day from their lawyers giving us "one last chance" and 5 days to contact jeweller and make arrangements before commencing lawsuit. No amount was mentioned.
Ill contact HOF and contact jeweller again about them buying back the diamond. If no cooperation Ill post the name of the store here...!
cheers.

ps. What would a conservative retail price be though for a 1.023 c diamond HOF.G, SI1
Thanks.
 
I saw this thread on the HoF Dream and my curiosity got the better of me so I went to have a look at one. I have to say it is a very beautiful stone, although I'm not sure how much of an effect the store lighting had on my impression. I would definitely like the opportunity to see out in normal lighting conditions.

In any event, the specs for the diamond I saw were as follows (as specified in the stone's AGS cert):

6.63 x 5.68 x 4.10
ctw - 1.05
color - F
clarity - VS2
Table - 58%
Depth - 66.6%
Girdle - 2.0-4.5%
crown - 15.3% (35.2 degrees)
pavillion - 44.8% (41.1 degrees)
culet - pointed
symmetry - ideal
polish - ideal
fluor - inert

I was quoted a price of $11,500 although I was told it was actually worth $13,500.

Correct me if I 'm wrong but the dimensions of this stone appear to be pretty good for a fancy. I was especially surprised to see grades of ideal for both polish and symmetry. I thought you would only see that in a round brilliant, but I guess I was wrong.

The price I was quoted seem sto be a little on the expensive side. Once you add the cost of a band, I could probably just go to Tiffany's and buy a Lucida, although I probably would not end up with the same specs.

I was told that if I dropped down in size to something in the 0.90-0.91 range, I would probably be looking at $8,900 for a stone with similar characteristics.

One thing to keep in mind, however, is that I went to what other members of this forum would refer to as a "maul" store. Mind you, if HoF really does keep tight control of prices that are charged, perhaps it does not matter that is was at a "maul".

I would be interested to know, however, how easy it would be to find a flanders, lucere, or even Queen of Hearts with this Dream's proportions. In addition, would there be a substantial price difference?

Any input is much appreciated!


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Thumbs up for HOF ! RE. Update on july 22nd post re- labelling mistake on my HOF diamond . In summary my husband was charged 18k for a 1.023k diamond (with ring 20k)then store later acknowledged a labelling mistake verbally however would not send an adjusted statement and after a few months suddenly threatened suit for full balance of 12k based on faulty diamond price unlesss we paid 6000 in full within 5 days which we couldnt do on such short notice.
I sent HOF a very detailed email who called the store and resolved the problem within a day. HOF called me to confirm they were doing everything they could to fix the situation. Within a day the store called me confirmng the correct price of the dimaond at 12k, ammended the price in writing within a few days and offered my husband 6 months to pay it off or store credit.
So everything was resolved thanks to HOF help. They would have been witness for me in court if necessary as the store confirmed to them there was a labelling mistake and HOF would confirm to any lawyer of mind that the recomended retail value of the dimaond was 12k. HOF convinced the store to take responsiblity for their mistake which they have done now and Im grateful for.
The people at hearts on fire were very professional, very nice to me and acted very quickly . I was very impressed and relieved. Thankyou HOF ...and everyone here .x
 
Kate,

I am delighted that HOF came through. That's a valuable testimonial to them. I also learned in this thread (thanks, Mara) that there is such a thing as a "Dream Cut". I don't think it existed when I saw HOF stones. I'd like to know more and also see it compared to the Flanders cut to which ccuheartnurse referred.

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All we needed was the ProportionScope! HOF apparently says that its diamonds, when viewed through it, show their perfection! I wonder how it compares to the Firescope, Brilliancescope, Idealscope, and other members of the family. (Yeah...curiosity got the better of me. I went looking for a Dream Cut on the HOF website ;-).)

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That's great news Kate. I'm glad HOF was responsive. I thought they would. HOF has alot to loose. Shame on the jewelry store. Resolution only came when HOF became involved. I think you should post the name of the jewelry store. I, for one, would avoid.
 
Good news, Kate. That's one of the advantages of big companies; they're well aware of the ramifications of bad publicity and, as a result, will usually try to work with customers to resolve their problems.
 
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On 8/25/2003 10:55:46 PM Richard Sherwood wrote:

Excellent...


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At 12 large per carat?

Most every vendor on this board will sell that stone for half that price and be happy doin' it.
 
I must not have seen the second page.
 
RA---yes that is what I was secretly thinking but figured after all dear Kate has been through...I shouldn't bring that up...hee hee...the HOF diamonds are very beautiful...marked up yes....but que sera sera!
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Congrats on getting it all worked out Kate...12k is better than 20k-- very true.
 

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On 8/26/2003 4
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8:26 PM Rank Amateur wrote

At 12 large per carat?

Most every vendor on this board will sell that stone for half that price and be happy doin' it.
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No, R/A, none of them will sell that stone for half the price because it's branded HOF, and that means mark-up.

Vendors on this board will sell another stone of equal weight and quality, yes. And I would choose that route if it were me.

Richard's comment "excellent" was simply limited to the fact that Kate was able to get the price reduced from the $20K originally charged down the the $12K that an HOF stone commands. That's it....that's the extent of the reference on that comment.
 
Thanks Dr. Obvious!
 
Typically, the most obvious thing is also the most frequently overlooked. You're welcome.

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Richard,

Have you had an opprtunity to examine any HoF Dream diamonds? If so, what can you say about their cut quality and light return performance? Disregarding the factor of price, how would you say they compare to other stones such as the Lucere, Regent, or even Lucida?

Thanks!
 

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On 8/27/2003 6:32
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8 PM Richard Sherwood wrote:
I love it when Al sticks up for me. Especially since I now know she's a femininity.
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Hmmmm.......I got you covered, Rich.
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(I'm a sucker for guys named Richard.....seeing as that my s/o's name.)

Plus, I'd hate to see anyone raining on Kate's parade. She's understandably psyched about getting 8K knocked off her bill, and I don't see the point in raining on her parade.
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Maybe this will help you a little...I have a dream cut diamong from a broken engagement the 3 C's are as follows:

Cut Grade
Polish- AGS Ideal
Symmetry - AGS Ideal
Proportions - AGS Ideal

Color Grade - AGS 3.0 (J)near colorless
Clarity Grade - AGS 4 (VS2)
Carat Weight - 0.877 cts.

If you already know about Hearts on Fire, then I have to say no more about the quality of this diamond. I was bought the first one out here in California, so I understand their rarity.

I am looking for a buyer, as I have no use for it any longer. The purchase value was $6,500; however, I am willing to negotiate.

Please let me know if you are interested. Thanks for your time.

April
 
Hi April, I would start a new post on selling your stone. We get alot of questions about HOF here and people tend to be interested in them--so a new post may get the most eyeballs. The Dream is a beautiful stone--we saw it in San Luis Obispo and fell in love, but not for that markup
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Good luck selling.
 
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