Restocking Fee

[galatie]

Hi all,

I wonder if someone could please give me advice on the below:

I purchased a diamond tennis bracelet from IDJ about 2 years ago. It is considered a custom made bracelet because I had it made 6.5 inches instead of the standard 7 inches. I was not happy with the initial product and asked the sales representative if I could change from .20 to .25 pointers instead and to put it in a different setting. The rep emailed me back and told me that there would be no restocking fee to do this and told me what the price was to change to .25 pointers. The price unfortunately was out of my budget, and I left it at that.

Two years later, I have saved enough to do the bracelet upgrade. I got in touch with IDJ, the rep who I was working with is no longer with the company, but new person gave me a quote and said that they would also have to charge me a 25% restocking fee? What exactly is a restocking fee? I was under the impression that under IDJ's policy, I could upgrade at any time without paying any additional fee?

If someone could clarify on the above, that would be great.

Thank you.

 

[LilAlex]

...but new person gave me a quote and said that they would also have to charge me a 25% restocking fee?

I know what a re-stocking fee is -- and even that is pretty sus -- but this is just a money grab. The correct answer would be, "We can no longer honor that price you were previously quoted owing to [market conditions, our higher profit margins, we do not need to accommodate you]." Seems weird to call it a re-stocking fee; they can not sell it as new so it is not going back into their stock.

I am inferring that you were trying to get the two-year-old upgrade price.

 

[galatie]

HI LilAlex,

Thank you for your quick reply.

No, the price they are quoting me now is more than the price 2 years ago, which is fine, due to market conditions, etc, I totally expected that.

However, on top of this new price they also said there is a 25% restocking fee that I have to pay. I paid $7,700 USD for my original bracelet, so would only be able to claim 75% of that amount back towards the new bracelet, if that makes sense? I am just disappointed as I was initially told and have in email that there would be a 0% restocking fee for this. The sales rep then quoted me their policy which saids they can only accept returns or exchanges within 30 days, but would this be classified as that if I am upgrading the bracelet to something bigger?

Not sure if my understanding is incorrect, but I purchased my engagement ring from WhiteFlash, and remembered that they have an upgrade policy whereas you have to spend only $1 more and can use the cost of the initial item towards an upgrade. I was under the impression that IDJ had a similar policy.

Also not sure what to do going forward!

 

[LilAlex]

I think you are getting hung up on the nomenclature -- it does not matter what they call this fee. They could call it a "customer loyalty fee" like the insurance companies use -- the more you stay with them, the more they take advantage of you.

I don't think you can impute from one vendor's behavior or policies to another. It's not like sales tax, imo.

 

[Mreader]

Does their website detail their upgrade policy?

 

[MissGotRocks]

HI LilAlex,

Thank you for your quick reply.

No, the price they are quoting me now is more than the price 2 years ago, which is fine, due to market conditions, etc, I totally expected that.

However, on top of this new price they also said there is a 25% restocking fee that I have to pay. I paid $7,700 USD for my original bracelet, so would only be able to claim 75% of that amount back towards the new bracelet, if that makes sense? I am just disappointed as I was initially told and have in email that there would be a 0% restocking fee for this. The sales rep then quoted me their policy which saids they can only accept returns or exchanges within 30 days, but would this be classified as that if I am upgrading the bracelet to something bigger?

Not sure if my understanding is incorrect, but I purchased my engagement ring from WhiteFlash, and remembered that they have an upgrade policy whereas you have to spend only $1 more and can use the cost of the initial item towards an upgrade. I was under the impression that IDJ had a similar policy.

Also not sure what to do going forward!

The bracelet was custom length so they obviously cannot resell it. They have to remove the diamonds and probably sell the setting for scrap. The .20 size diamonds are not the usual size they probably use in a setting, so they may have them for awhile before they can use them in something again.

I would consider having them lengthen the bracelet to at least 6.5" which will be easier for you to sell if you opt to do that. You had listed it before but never put a link to Loupe Troop or ebay or any other site that you were selling it through. I don't know how much you would be looking to sell the bracelet for, but you might do better just taking the 75% from IDJ.

I understand your disappointment with them not doing exactly as they had said two years ago, but much has changed in the diamond world since then. When offers are made, they are generally made for a particular time frame and no more.

I don't know that any vendor currently offers a trade in policy for diamond tennis bracelets. I am sorry this didn't work out for you the way you anticipated it would and hope that you are able to get the bracelet you really want. I would call IDJ and ask to speak to the owner to see if they would be willing to help work out something for you. Please come back and tell us how this all worked out for you!

 

[tyty333]

Have you talked to Yekutiel? Not sure if it will help but couldnt hurt. Do you have your original email that was sent with the upgrade
cost?

Edit...was this within 30 days of you receiving your bracelet? If so, that could have been the reason for no stocking fee.

 

[lulu_ma]

Also, as MissGotRocks mentioned, the diamond market has changed from two years ago. Even Whiteflash has altered their upgrade policy to 50% increased spend for new purchases (but I believe your prior purchase is grandfathered in).

 

[mayaINaU]

Hi all,

I wonder if someone could please give me advice on the below:

I purchased a diamond tennis bracelet from IDJ about 2 years ago. It is considered a custom made bracelet because I had it made 6.5 inches instead of the standard 7 inches. I was not happy with the initial product and asked the sales representative if I could change from .20 to .25 pointers instead and to put it in a different setting. The rep emailed me back and told me that there would be no restocking fee to do this and told me what the price was to change to .25 pointers. The price unfortunately was out of my budget, and I left it at that.

Two years later, I have saved enough to do the bracelet upgrade. I got in touch with IDJ, the rep who I was working with is no longer with the company, but new person gave me a quote and said that they would also have to charge me a 25% restocking fee? What exactly is a restocking fee? I was under the impression that under IDJ's policy, I could upgrade at any time without paying any additional fee?

If someone could clarify on the above, that would be great.

Thank you.

Sounds like they are basically charging you what they called the “upgrade fee” when I bought my bracelet from them. You can upgrade, but there is a 25% fee (or thereabouts).
Edited to add: this was last year.