Spence Diamond buy back policy

[cbcanada]

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What do jewelers pay for diamonds? Good ones, say 1ct...

A retail mall jewellers mark up is 200-500 % depending on the jeweller. Recently i did a copy of a ring sold at birks for a client and sold it for $1200. Birks was selling for $2200. Also a tiffanys doamond key i made and sold for $4000 and tiffany was selling $11,000 !!!! On a more lower scale i sell 1/2 ctw diamond stud earrings for $595 and the same quality is sold at spence for $950. I sell a one carat vs diamond for 4000-4500 and the mall sells it for about $9000. That gives you some info.

When you buy diamonds dint gey fixated on the 4 c's like they tell you. The most important thing is the cut. It is the cut that your eye sees as the sparkle if the stone. When we trade whole sale a n ideal cut diamond with a lowe grade will fetch as much as a diamond with a much higher grade but not as well cut.

Also, you can have 10 diamonds with the same grading but they will look like 10 different diamonds because of where the "grade makers" are located. In turn even tho all ten are same grade rhey actually cost way different. Thats why people who learn on the internet get fixated with color and clarity and get burnt

 

[cbcanada]

Do you do freelance work for non retailers? I'm looking to have 60 to 80 small canary diamonds put in two pendants of mine. Not asking about price, just If you would do the work for a consumer.

Sure i can do it for you. Sorry had to modify and delete my quote. I noticed you said " not asking for price "

 

[Red695]

A retail mall jewellers mark up is 200-500 % depending on the jeweller. Recently i did a copy of a ring sold at birks for a client and sold it for $1200. Birks was selling for $2200. Also a tiffanys doamond key i made and sold for $4000 and tiffany was selling $11,000 !!!! On a more lower scale i sell 1/2 ctw diamond stud earrings for $595 and the same quality is sold at spence for $950. I sell a one carat vs diamond for 4000-4500 and the mall sells it for about $9000. That gives you some info.

When you buy diamonds dint gey fixated on the 4 c's like they tell you. The most important thing is the cut. It is the cut that your eye sees as the sparkle if the stone. When we trade whole sale a n ideal cut diamond with a lowe grade will fetch as much as a diamond with a much higher grade but not as well cut.

Also, you can have 10 diamonds with the same grading but they will look like 10 different diamonds because of where the "grade makers" are located. In turn even tho all ten are same grade rhey actually cost way different. Thats why people who learn on the internet get fixated with color and clarity and get burnt

So you're saying that the jeweler marks up the stone 200-500% from their cost? I know the metal doesn't cost much, so if you bought a ring for 10k and it was a 1ct stone, where do they buy and how much would they pay for said stone?

 

[cbcanada]

So you're saying that the jeweler marks up the stone 200-500% from their cost? I know the metal doesn't cost much, so if you bought a ring for 10k and it was a 1ct stone, where do they buy and how much would they pay for said stone?

To copy the guy from the fedex commercial " that's exactly what i am saying " !

It depends on the stone and the retailer. If you want pm me with the details and i will give you more info

 

[Kuro]

**UPDATE**
When I originally bought the diamond back in 08, I picked it out with a manager/sales rep at Spence. We picked a specific diamond and it was priced at $xxxx.xx. Their 'updated' explanation was that the price of my diamond had gone up since I chose it. Apparently, their "system" was not updated to reflect the price difference of $350. So to honour my original price, they 'discounted' me $350. The manager there did admit that it was not really a discount per se as it was stated in my paperwork. So then I asked "So you're saying the price of the diamond went up between the day I chose it and the few weeks it took to be shipped to me?"

The reply was, "Yes or the system may not have been updated even when you chose it so we honoured your original quoted price"

I replied "Its not written anywhere in my paperwork, how am I supposed to know any of this?"
Her reply was basically, "Yeah sorry its not, only we have it. We now avoid this problem by updating the price at every midnight"

In my mind, I'm thinking ... whats to say my diamond wasn't 'double' in value but just wasn't updated in their system!? Then they'd write a huge discount on my receipt thinking they gave me a great deal and when I try to do the buyback, I'd get nothing back!

Anyway, she was polite enough and I didn't want to make a scene. I took the $350 hit.
I am finding full disclosure with jewelry retailers is hard to come by unless you continually ask for it every step of the way, which shouldn't be but it is the hard lesson learned here.

 

[OpenGambit]

**UPDATE**
When I originally bought the diamond back in 08, I picked it out with a manager/sales rep at Spence. We picked a specific diamond and it was priced at $xxxx.xx. Their 'updated' explanation was that the price of my diamond had gone up since I chose it. Apparently, their "system" was not updated to reflect the price difference of $350. So to honour my original price, they 'discounted' me $350. The manager there did admit that it was not really a discount per se as it was stated in my paperwork. So then I asked "So you're saying the price of the diamond went up between the day I chose it and the few weeks it took to be shipped to me?"

The reply was, "Yes or the system may not have been updated even when you chose it so we honoured your original quoted price"

I replied "Its not written anywhere in my paperwork, how am I supposed to know any of this?"
Her reply was basically, "Yeah sorry its not, only we have it. We now avoid this problem by updating the price at every midnight"

In my mind, I'm thinking ... whats to say my diamond wasn't 'double' in value but just wasn't updated in their system!? Then they'd write a huge discount on my receipt thinking they gave me a great deal and when I try to do the buyback, I'd get nothing back!

Anyway, she was polite enough and I didn't want to make a scene. I took the $350 hit.
I am finding full disclosure with jewelry retailers is hard to come by unless you continually ask for it every step of the way, which shouldn't be but it is the hard lesson learned here.

That stupid. Its illogical. I don't care what they charged you. they sold you a diamond for x dollars and when you return it it should be x dollars. its not like they sold it to you for x dollars and you asked for x+y dollars back because thats what the diamond is "worth".

Oh well, to keep your 350 bucks I will gladly tell anyone I know to never shop there. Because apparently if they sold you a 20,000 dollar diamond for 10,000 dollars, that means the buyback policy doesn't exist.

 

[TwistedKestrel]

In fact i might open a thread on here called "ask me anything you want about diamonds and jewellery" to help people from getting ripped and provide all sorts of information.

That would be an interesting thread, go for it.

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