What should I be paying for platinum engagement ring setting

[khouri86]

Hello, I have received 3 different quotes of a platinum 6 prong tiffany setting from jewelers in my area (Jewelers Row in Philly). $500, 13-1400, and 1600. I am surprised at the range, especially the $500. It is from a place called Harzin Jewelers. It has great reviews on-line but isn't that cheap for platinum? I was wondering what your advice is and what you think I should be paying? I already have the diamond.

 

[tyty333]

Re: What should I be paying for platinum engagement ring set

$500 is very inexpensive for platinum. Do they have one there you can look at (or even a gold version) so you can see the quality?

Edit ...I would think it would be more around $800 for a non-branded plat setting. Prices of gold/plat have been coming down for
a while.

http://www.jamesallen.com/engagement-rings/solitaire/platinum-six-prong-knife-edged-solitaire-engagement-ring-handmade-item-2426

 

[denverappraiser]

Re: What should I be paying for platinum engagement ring set

Most of the cost of jewelry is in labor. Bottom line metal cost on platinum is about $50/gram and solitaire type mounting is rarely over 5-9 grams. Even at the low end, a $500 budget only leaves a few hundred for the real work and the store's markup. That’s not much, and it makes for a decision problem. It *IS* possible to find people who will work cheaply, and occasionally even very cheaply, but it’s unusual for the best craftsmen to be interested in that. As a general rule, I see the setter is a bad place to save money on an expensive piece of jewelry. Their work is among the most visible and they represent one of the riskier steps in this deal. You didn't mention what the details on your stone but it's not unusual to need to spend a few hundred just on the final assembly. Put another way, you won't see the difference between a VVS2 and an SI1 without magnification, but a crummy setting job you'll see from across the room.

Get what you like. Buy from someone you trust do do a nice job. And don't lose too much sleep over the price. You're already passed the hard part in terms of money.

 

[khouri86]

Re: What should I be paying for platinum engagement ring set

Thanks. I'm just concerned. He is charging me 125 to set the stone.