Saw an OEC in B&M, then found exact stone online! Advice?

[30French]

Hey folks, first post.

I'm shopping for my girlfriend's engagement ring. She wants an OEC, but we've had some trouble finding antique settings she likes, so we are probably going to buy a diamond loose and build the setting.

Went to a friend of her family's in a B&M jewelry store, she showed us three very nice OECs. Afterward at lunch I pulled up the OWD page on my phone and found the exact diamond on there, for about 3800 less, of course. Does this mean she got the stone from OWD, or did she get it from a third party whose inventory is listed on Adam's site?

I think the local store could offer us value in terms of building a setting, maintenance, cleaning, etc, so I see no problem with buying the stone from her, but at what premium from the OWD price? 5%, more?

Just wondering how I should proceed in negotiating the price of the diamond. Any ideas much appreciated!

Thanks!
30

 

[isekii]

Re: Saw an OEC in B&M, then found exact stone online! Advice

I believe a lot of different retailers get stones from OWD. Might as well deal directly with the source ? I met with Adam while I was searching for a stone. Very nice guy, and no pressure whatsoever.

 

[chrono]

Re: Saw an OEC in B&M, then found exact stone online! Advice

How do you know it is one and the same stone? There is always plenty of diamonds with the same ct weight, clarity and colour. Did you verify that they have the same cut stats (mm measurement, depth, crown, etc). If they have a lab report, do they share the same report number?

In terms of maintenance, very little is needed. Tightening of prongs is rare, very quick and easy. Cleaning should be done everyday at home with the occasional hop into any jewellery store as they will be more than happy to do it for you free as you browse their inventory, resizing is also very rare and settings can be made at any jeweller that you have confidence in. Short answer - you don't have to buy the stone and setting from the same jeweller.

 

[30French]

Re: Saw an OEC in B&M, then found exact stone online! Advice

Yes, exactly the same. I had her email me all the cert data and it matches up exactly, and the creases are even in the same place on the scanned certs!

 

[chrono]

Re: Saw an OEC in B&M, then found exact stone online! Advice

$3800 is a huge price difference, enough for a platinum halo setting and spare change! Don't forget to account for the addition of the tax required, which is a few hundred dollars.

 

[isekii]

Re: Saw an OEC in B&M, then found exact stone online! Advice

$3800 is a huge price difference, enough for a platinum halo setting and spare change! Don't forget to account for the addition of the tax required, which is a few hundred dollars.

Can't believe friend of her family with a marking up upwards of $3800 O_O Chrono is right. My setting was way less than that (Platinum Halo setting)

 

[mdmc]

Re: Saw an OEC in B&M, then found exact stone online! Advice

For that amount of money I would buy it on line.

 

[denverappraiser]

Re: Saw an OEC in B&M, then found exact stone online! Advice

It's likely that OWD and your local store share the same sources but it doesn't really matter. If you would prefer to buy locally, show them the OWD ad and explain them your problem. $3800 is quite a bit of money. They may or may not be willing to price match but I wouldn't be surprised. At the least, it seems fair to give them a stab at it since they're the ones who paid to bring it in, took the time to show it to you, etc. If they can't or won't make a deal you can live with, walk.

This general situation actually happens quite a bit and it's not just with OWD or with old cut diamonds. People will find GIA graded stones with the exact same report number being offered at several different places for substantially different prices. Try a search in the database for a popular sort of stone and it's common to see the same stone listed 3 or 4 times.

 

[madelise]

Re: Saw an OEC in B&M, then found exact stone online! Advice

I also want to add that OWD's listed price is usually higher than what he will offer the stone for. So it may be an even larger margin you're looking at.


#1 Rule of Pricescope: Never go to family or friends for jewelry purchases. They will rip you off.

I reckon their setting may be overpriced for the job, too, then? You haven't listed the price you're spending on the setting, but have you looked into CharmyPoo's guide to making a halo setting? https://www.pricescope.com/communit...ing-a-harry-winston-halo.183473/#post-3338217

 

[InnaR]

Re: Saw an OEC in B&M, then found exact stone online! Advice

In my experience dealing with Adam, he often is willing to give you some additional discount. Given that, it would make the difference between Adam's and "friend of the family" price even bigger.

Rule #1 - never buy diamonds from "friends of the family". There is one secret business rule that they all share - they can take advantage of you and you will feel too uncomfortable to confront them.

 

[distracts]

Re: Saw an OEC in B&M, then found exact stone online! Advice

Can't believe friend of her family with a marking up upwards of $3800 O_O Chrono is right. My setting was way less than that (Platinum Halo setting)

Well, that's exactly why we always warn about "friends of the family" sort of situations!

#1 Rule of Pricescope: Never go to family or friends for jewelry purchases. They will rip you off.

I reckon their setting may be overpriced for the job, too, then? You haven't listed the price you're spending on the setting, but have you looked into CharmyPoo's guide to making a halo setting? https://www.pricescope.com/communit...ing-a-harry-winston-halo.183473/#post-3338217

Yeah imo this would make me think their settings are overpriced too.

Rule #1 - never buy diamonds from "friends of the family". There is one secret business rule that they all share - they can take advantage of you and you will feel too uncomfortable to confront them.

And this. I would not buy from that person.

 

[justginger]

Re: Saw an OEC in B&M, then found exact stone online! Advice

This situation doesn't surprise me in the least. Friendship seems to end as soon as you cross the threshold of a business.

Like Neil said, there's no harm in letting the local business know the price differentiation. Even if they can/t match it, it lets them know that you are on the up and up with how well you were being treated as a 'friend.'

Having purchased from OWD with spectacular service, I wouldn't hesitate to buy it from them if the B&M can't price match. $4000 is a HUGE amount of money to be out of pocket for the same product!

 

[MAC-W]

Re: Saw an OEC in B&M, then found exact stone online! Advice

Hey folks, first post.

I'm shopping for my girlfriend's engagement ring. She wants an OEC, but we've had some trouble finding antique settings she likes, so we are probably going to buy a diamond loose and build the setting.

Went to a friend of her family's in a B&M jewelry store, she showed us three very nice OECs. Afterward at lunch I pulled up the OWD page on my phone and found the exact diamond on there, for about 3800 less, of course. Does this mean she got the stone from OWD, or did she get it from a third party whose inventory is listed on Adam's site?

I think the local store could offer us value in terms of building a setting, maintenance, cleaning, etc, so I see no problem with buying the stone from her, but at what premium from the OWD price? 5%, more?

Just wondering how I should proceed in negotiating the price of the diamond. Any ideas much appreciated!

Thanks!
30

Easy way to find the answer - email OWD and ask.

I've not dealt with OWD but from everything I've read on PS they are very open and I think they will tell you if they actually had it in stock or if it was virtual inventory.

Once you know that answer it gives you huge bargaining power with the "friend".

And given you've seen the stone in person and liked it I think it's worth bargaining.



ETA: 5-10% seems a reasonable markup to me if it came from OWD inventory. If it came from virtual inventory I would be pushing hard for the same price cos you can bet that OWD have put on a markup as well. And if it came from OWD inventory I would be pushing more towards the 5% if you are going to get the setting there also - the "friend" should be willing to deal. But I would research setting quotes so she doesn't try to rip you off on that as well.

 

[diamondseeker2006]

Re: Saw an OEC in B&M, then found exact stone online! Advice

I would be inclined not to buy from someone who attempted to take advantage of me like that. I would kindly inform them you saw the same stone available from a NY jeweler and it was $3800 less so while you would have been willing to pay a little more to buy locally, you will not be taken advantage of. (Not I couldn't say that in person, but I might email it!).

If they had been asking $1000 more, it would be one thing. But $3800????

We need a banner at the top of the forum that says "Never buy diamonds from friends of the family or friends of friends. That is about THE most certain way to overpay for a diamond."

 

[denverappraiser]

Re: Saw an OEC in B&M, then found exact stone online! Advice

Why does it matter who the original supplier is? OWD is a retail division of a large company that does supply other jewelers and I would fully expect the retailer to be irritated by this whole issue, especially if OWD is both supplying the store and competing against them. It may even be sufficient to cause them to change their supply chains in future transactions but this is a matter between the two dealers. It doesn’t have anything to do with the end consumer or even with this particular deal. If the stone is owned by some 3rd party and being offered at retail by two different companies it’s actually a much cleaner deal. OWD does their work cheaper. The local guys offer a different collection of benefits for why you should shop with them. OK. I wouldn’t try and guess if they’re worth their price or not or whether or not they will be willing to negotiate with a ‘friend’ but the comparison is easy enough to do. You KNOW what the goods are. Presumably they are willing to make a case for why you should buy from them rather than their competitors and being upfront about what you’re doing and why is the way to avoid losing friends over this sort of deal. Four grand is a GOOD reason to jump ship. It’s up to them to convince you otherwise but they can’t even try if they don’t know the issue.

 

[babs23r]

Re: Saw an OEC in B&M, then found exact stone online! Advice

Yes, "friends" and money are not a good combination. I have learned this lesson the hard way.

 

[30French]

Re: Saw an OEC in B&M, then found exact stone online! Advice

Thanks everyone for the advice! I obviously have no plans to overpay by 3800 for an identical product, and actually I doubt I will be willing to pay more than 5% over OWDs price. I appreciate the advice and plan to email Adam and see what he says.