The Goose and the Golden Egg...

[suzanne2]

Hello Ladies and Gentlemen,

I need help understanding the pricing from a local B & M. Despite knowing that David Klass would probably be less expensive, I took my grandidierite in to be set in a stacking ring. I've used them before with varying results and I've known and enjoyed the salesladies and the owner for over 10 years. I asked for this:



and settled for this
:


Mind you, I'm quite pleased with the result but I know that they simply brought in a ring that is $635.00 retail and installed a bezel for which they are charging me $855.00. So my question is: How much would they pay approximately to bring it in wholesale - I'm guessing around $400.00? Or even $335.00? If that's the case, then they are charging me over $500.00 to set a bezel. Is this reasonable for a B & M? Or am I wrong about the wholesale amount they would pay? I don't want to be one of THOSE customers, but I don't want to get seriously ripped off either (I'm obviously going to get a little ripped off, but I knew that walking in the door) I'm willing to speak my mind to them and still pay, but I would be sad to lose them.

Help me out guys...Am I the silly Goose that's laying the Golden Egg , or are they charging a reasonable markup for a small-town B & M?

 

[meely]

I think that's a lot of money to be 'settling' for something. Regardless of whether you are laying golden eggs! I also think unlike your inspiration ring it's quite elaborate and bulky perhaps for a stacking ring.
As a comparison David Klass is making me an 18k yellow gold ring at the moment, I believe it is marginally more expensive $150 perhaps but it's a lot more fiddly, larger and has two small diamonds as well as shipping and insurance to the U.K. included in that price!

 

[MissyBeaucoup]

I think the price is reasonable for a small town B & M. It can help to have a local jeweler you have a good relationship with for repairs, resetting, and so forth. They probably have some bargain priced services too. In this day of internet everything, we need to support our local businesses.

Just as a comparison, you can find bike tires cheapest online with speedy delivery. But one day you will need help that very day and you’ll be grateful to have a local bike shop. Not saying you have to buy everything from them, but do support them because they support your community.

 

[Rfisher]

If you are walking out the door paying $855 from a B&M for a gold ring (14k?) with accent diamonds and they added the bezel and they set your center stone-
No I don't think you got ripped off. That's a right on average price for B&M stone here in the Midwest USA.
I think a storefront here would have to be hurting for business and struggling financially and had an owner making bad business decisions if they let me haggle down a ring with the circumstantial assumptions I've made above. If I've assumed incorrectly- I apologize.
You like the end result. You supported the local economy. That would count for something if it were me.
Pretty stone and ring.

Edited to add:
If a store regularly holds %off sales, of course I'd haggle on something that's sat in their case.
Something special order, and customized I wouldn't hold out much hope. Especially after completion of the order.

 

[Burmesedaze]

I think there's always leeway to talk/negotiate to your b&m, as they are also aware that the internet has snatched business away. It's a lovely setting though I think it's pretty obvious that the part for the stone is a later edition.

 

[Rfisher]

I think there's always leeway to talk/negotiate to your b&m, as they are also aware that the internet has snatched business away. It's a lovely setting though I think it's pretty obvious that the part for the stone is a later edition.

Love reading your jewel adventure thread Burmesedaze!
By the sheer amount of business you seem to give your local jewelry store(s) - that's another individual circumstance to consider when expecting negotiations.

 

[suzanne2]

I think that's a lot of money to be 'settling' for something. Regardless of whether you are laying golden eggs! I also think unlike your inspiration ring it's quite elaborate and bulky perhaps for a stacking ring.
As a comparison David Klass is making me an 18k yellow gold ring at the moment, I believe it is marginally more expensive $150 perhaps but it's a lot more fiddly, larger and has two small diamonds as well as shipping and insurance to the U.K. included in that price!

Hi @meely. I had a feeling that David would have been less expensive. It's just that I have been going to this jewelry store for so long I thought that I would give them one more chance. The last couple of items that I've had done there were not up to par. Earlier on I got beautiful stuff out of them for reasonable prices.
I don't think I am settling for a lesser item because I liked and agreed for the change. I just didn't realize it was going to be so expensive. Silly me. Thanks so much for your Insight.

 

[suzanne2]

I think the price is reasonable for a small town B & M. It can help to have a local jeweler you have a good relationship with for repairs, resetting, and so forth. They probably have some bargain priced services too. In this day of internet everything, we need to support our local businesses.

Just as a comparison, you can find bike tires cheapest online with speedy delivery. But one day you will need help that very day and you’ll be grateful to have a local bike shop. Not saying you have to buy everything from them, but do support them because they support your community.

@MissyBeaucoup thanks for your reply. Supporting my local businesses was one of the reasons that I went ahead and used them over David Klass. They have been a great help in the past and I hope they continue to do so. I just am worried that they might be overcharging me for this one item. I'm happy to hear that you think this is a reasonable price for a brick-and-mortar. That is a great help.

 

[suzanne2]

If you are walking out the door paying $855 from a B&M for a gold ring (14k?) with accent diamonds and they added the bezel and they set your center stone-
No I don't think you got ripped off. That's a right on average price for B&M stone here in the Midwest USA.
I think a storefront here would have to be hurting for business and struggling financially and had an owner making bad business decisions if they let me haggle down a ring with the circumstantial assumptions I've made above. If I've assumed incorrectly- I apologize.
You like the end result. You supported the local economy. That would count for something if it were me.
Pretty stone and ring.

Edited to add:
If a store regularly holds %off sales, of course I'd haggle on something that's sat in their case.
Something special order, and customized I wouldn't hold out much hope. Especially after completion of the order.

Hi @Rfisher, I'm sorry if I wasn't very clear in my post. I will, of course, pay the asking price for the ring. I wanted to ask the community if the price was reasonable in order to help with my future decisions. Your reply that you thought it was a good price has really helped. I value these people not only as a local business but as friends.

As for haggling, I try to keep that down to a dull roar... if I'm standing in the store and pick up a piece of jewelry and yell "my God that's expensive!!"...then sometimes they will give me a discount...lol

 

[suzanne2]

I think there's always leeway to talk/negotiate to your b&m, as they are also aware that the internet has snatched business away. It's a lovely setting though I think it's pretty obvious that the part for the stone is a later edition.

@Burmesedaze I agree that it's going to be fairly obvious that the bezel is an addition to the ring. Just how obvious is something I will see you this afternoon. As we know, some are better than others.
It's too late to negotiate on the price now. The ring is already made. I would have negotiated in the very beginning but unfortunately, this is the first time I've seen the price. I will put a smile on my face and pay for it. A few of the other responses have indicated that it is a reasonable price for a local B&M.

 

[Burmesedaze]

Back home when I get a quote to set it's either a fixed price or a range which is honoured.

In Yangon, the local benches quote by weight of gold+wastage, diamond price, setting fee (if not yellow gold) and plating fee. So it's never a price upfront. I had a few shocks with my first few locally set pieces with the rough work, thick gold and cost. But I've since grown to love them (mostly because of the CS) and accept the costs as part of being here. I enjoy certain pieces so much (dangling pink sapphire earrings), I've since forgotten about the setting price shock. Or even the actual amount (until I came across the receipt while packing for the move to the new apartment).

Please enjoy the ring and I hope it turns out better than expected!

 

[meely]

@suzanne2 I agree with the other comments that supporting your local b&m is no bad thing! I did not realise it was already made, I would have responded differently if I had. I don't think the price is outrageous and if you are happy with the ring then that is obviously the most important thing!

 

[LilAlex]

Not sure if this has been said, but I think it's a beautiful ring and way less generic-looking than your sample photo, imo. Although that's a pretty big disconnect between expectation and end-result, appearance-wise.

 

[chatoyancy]

I love your ring! I think B&M stores are just expensive, even when they use stock settings. I’m actually not surprised at the price. They even charge an arm and leg for setting and resizing. I can understand custom work being expensive, but not using stock settings. I gues their overhead is high.

 

[Acinom]

Your ring is beautiful and worth the price in my opinion. Hope you can relax about it and enjoy wearing the beautiful ring.

 

[LightBright]

I really like your new ring! I think it’s romantic and unique and has a delicacy and blinginess that is beautiful. The beading around the bezel (maybe those are prongs?) was a nice design choice. Considering that many jewelers charge $150 to set a stone into an existing setting, I think the price is fair and reflects skilled labor charges to modify an existing ring and set your stone so it fits perfectly. Also, if you check even the most reasonable prices for 14k and diamond accent settings, for example on James Allen, you’re price seems very reasonable. Enjoy your beautiful ring with no worries and if your local jeweler is doing so well for competitive prices, IMO that’s a great thing to support.

 

[Arcadian]

I don't think its outrageous at all on the price. Not only are you supporting the local economy, but you have a jeweler you can go to fo all sorts of things where it may not be feasible to send the stone/ring/whatever over in the mail. Its taken me a while to find someone down here (and we're going to see how they do) but prices overall are very reasonable for me, they and I get a small discount as they will use the old gold. I should know in a week or so how good the quality of the work is.

 

[lilmosun]

Like others, I think the price is reasonable for a locally owned b&m store as I assume the head on the ring had to be replaced to hold your stone. Keep in mind that they have the overhead of the store -and- probably don't do have the volume of a larger store/chain. In today's world of on-line shopping, I'm still willing to spend a little more at smaller or b&m shops that I love because I want them to stay in business.

IMO, developing a relationship with a local jeweler who has a good bench is invaluable. At my local jeweler, I get better pricing as a regular customer than someone who walks in off the street. Hope your jeweler works out for you Arcadian!

Pretty Grandiderite ring...enjoy it!