Around Valentine's Day, CNN's Anderson Cooper did a piece on diamond vendors, and the gist was that the quality of diamonds at Costco was about the same as you get from Tiffany & Co. Cut wasn't discussed at length, as I recall. I think the main point was to illustrate that you are paying extra for the special touches at a store like T&Co... the box, the name, etc. (no kidding). Then, on Good Morning America, they've compared diamonds bought at Tiffany's and those bought at Costco. They had an expert gemologist appraise them. He found the 16,000 Tiffany one to appraise for 10,000 (but comes along with the "Tiffany name" and guarantee etc) and the 6,000 Costco 1ct to appraise for 8,000, and he remarked that it was a nice stone.
As unromantic as it sounds, I've decided to explore Costco's jewelry deals. They've responded to my email by saying that their prices are often way below those found at B&M's and internet stores, that they sell diamonds that fit "ideal" proportions and their mark-up is only 8%. Costco's executive members also get another 2% off all purchases, which seems to bring the price of their diamonds way down. Costco's unlimited return policy applies to diamonds as well, so it seems like you can purchase a diamond from them and then upgrade it at any time. Is anybody out there aware of any additional deals/coupon that can be used with Costco's diamonds? Also, do any of you have any comments about the diamond quality at Costco?
Edit: Is it possible to maximize Costco's deals or any other diamond deals by using any promotions, financing deals, etc...? Also, as far as upgrading down the road goes, is it better to be focusing on investment quality diamonds (whatever they are) to make sure that we maximize their value in the future, if/when we decide to upgrade?
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Met a cutter from Irael on eBay. Deal with a cutter!!! My wifes stone cost $1500 but appraised Rappaport right under 10. Rap is always way high so it would have been about 6k in a mall store and I suppose around 4k in a smaller deal based jeweler shop.
DamnoIT said:Met a cutter from Irael on eBay. Deal with a cutter!!! My wifes stone cost $1500 but appraised Rappaport right under 10. Rap is always way high so it would have been about 6k in a mall store and I suppose around 4k in a smaller deal based jeweler shop.That sounds very interesting. How can a regular person meet a reputable cutter? Which lab certified the stone? Would you mind posting all the info about it? If Costco is correct and their mark-up is only 8% over the purchase price, how would a $1.5K stone sell for $4K at a competitively priced store?
SnakeEyes09 said:DamnoIT said:Met a cutter from Irael on eBay. Deal with a cutter!!! My wifes stone cost $1500 but appraised Rappaport right under 10. Rap is always way high so it would have been about 6k in a mall store and I suppose around 4k in a smaller deal based jeweler shop.That sounds very interesting. How can a regular person meet a reputable cutter? Which lab certified the stone? Would you mind posting all the info about it? If Costco is correct and their mark-up is only 8% over the purchase price, how would a $1.5K stone sell for $4K at a competitively priced store?
I think part of your answer is that the cutter is going to cut out a lot of steps of middlemen, the cutter doesn't directly sell to Costco, I don't think, next it would go to a dealer.
Come on, if you can meet a cutter on eBay, why can't Costco meet 100 cutters in their store? yeah, send me your stone, I will cut it for you and give you 50% discount!
Susannah said:SnakeEyes09 said:DamnoIT said:Met a cutter from Irael on eBay. Deal with a cutter!!! My wifes stone cost $1500 but appraised Rappaport right under 10. Rap is always way high so it would have been about 6k in a mall store and I suppose around 4k in a smaller deal based jeweler shop.That sounds very interesting. How can a regular person meet a reputable cutter? Which lab certified the stone? Would you mind posting all the info about it? If Costco is correct and their mark-up is only 8% over the purchase price, how would a $1.5K stone sell for $4K at a competitively priced store?
I think part of your answer is that the cutter is going to cut out a lot of steps of middlemen, the cutter doesn't directly sell to Costco, I don't think, next it would go to a dealer.
chuhsi said:BlueNile or Amazon has very comparable prices and WAY more selection than costco.Costco has a diamond buying program where you can tell them what you're looking for and they find the stone for you. They told me that there wouldn't be any special finders fees and that the mark-up would stay the same at 8% (minus 2% with executive club). Does anybody know whether such a mark-up is reasonable and whether a larger discount can be obtained through another program (such unadvertised Costco rebate, etc...).
You can meet a reputable cutter off eBay, look at feedback. This guy was as standup as it gets. Basically I secured the stone with my credit card and he overnighted for my inspection and told me to have others check it which is how I got the 10k Rappaport - could have rejected it and owed nothing. It was EGL certed and the cut was some of the finest the jewelers have seen. He emailed me the cert and other info for my inspection before he even sent it, it was for an 1.02 oval (he accicently sold it so he gave me a 1.04 for the same price because that was the next closest he had - tell me thats not the right way to treat a customer ). Bash me all you want I really don't care,if you want to go through pricescope they are the 2nd best choice - I would have paid about $800 more thorugh them for similar options and that is still a good deal in comparison. Anyone who PM's me requesting info will get it.
FYI: When I refer to cutter I am speaking of that persons profession, they did have the stone too and I didn't send my own to have them do the work.
I found Costco to be extremely helpful and nice when buying diamonds. One thing though, when dealing with their diamond buying service (not the in store diamonds) be sure to know exactly what you want when you go to them. They will match as closely as they can to their inventory but they are limited to only ONE STONE period per person. I was having trouble deciding between two stones and was suprised to hear about this policy. They will send one stone at no charge to whatever store is closest so you can look at it in person with no obligation but once that stone has been requested, they won't send any more. Also note that the diamonds are pre mounted so the cost includes the mounting as well which makes the price even better.
I found their prices to be very close to a little higher than the online dealers. I just finished purchasing an engagement ring so ask if you have any questions about places to research etc.
Some good resources for finding online dealers and what to look for in stones are: Pricescope - Use to find online dealers and also has a lot of information in the message boards. This is a great resource to also price out your diamond to get a price range and see how your deal stacks up against other vendors deals. Think of it like pricegrabber for diamonds. Diamond Helpers - The FAQ on here about buying diamonds is very good
Do any of these discount diamond dealers guarantee a trade-in price? I've spoken with a recently married friend of mine and one of the reasons he went to a retail establishment is because they were willing to BUY-BACK his wife's ring at the price he paid should he decide to upgrade.
Does CostCo or any of these other sites offer such a guarantee? Granted, if I can save 50% off of "retail" (say $7.5K off of a $15K ring), that means I can spend an extra 50% + the time value of those savings ($7.5K + interest) should I upgrade in the future.
My GF doesn't seem like the type to hound me for an upgrade in 5 years but this is something worth investigating. After all, some of my friends who have been married for only 2 years have already begun to be pestered. Granted, they did marry worthless, gold-digging tit-bags... -g
Most of the online dealers offer the same 3 policies:
1) 7-30 days money back return - If you don't like the ring, send it back minus shipping costs and get full money back 2) 2 year 70-90% guarantee - If (god forbid) the ring is the wrong one or she doesn't want it, return it within 2 years for 70-90% of money back 3) Limited/Lifetime tradeup policy - Trade up for a stone that is either equal value or 20-50% more than the original stone from the same place you bought it from. This works great for them because in 5-10 years your diamond will likely be worth more than it was when you purchased it
If they don't ahve at least the first two policies, DO NOT buy from them. Most reputable online dealers will at least offer the first two. The third seems to vary, but most offer it.
Check out recommended vendors from Pricescope or Diamondtalk and pick one of the highly recommended people there.
I just recently purchased a 1ct Ideal cut with GIA cert from a vendor at a fraction of the price of any local B&M shops. I even had it independently appraised and it came out much higher than I expected. The nice thing about the vendor was that he's a former GIA certifier and has a great reputation on pricescope. He even told me to pass on the first three stones he brought in, and finally picked out another stone which happened to cost less.
DamnoIT, please don't take any of the following as a knock on your stone. If you are happy with it and have independently confirmed that the information on the certificate is correct, that's all that matters.
Please note, however, that fancy cuts (ovals, hearts, etc...) tend to be significantly cheaper than rounds. Round diamonds take the most work and offer the most sparkle because of the large number of facets and because their shapes reflect the most light.
Further, The lab that issued the certification can affect the price and the value of the diamond a great deal! For instance, EGL and IGI certified diamonds will typically be significantly cheaper than GIA or AGS certified stones. This is typically because EGL (especially the Israeli EGL labs) and IGI labs tend to be softer and less consistent on their grading, so that a D colored EGL stone can be easily graded an E or F by GIA.
Diamond wholesalers maximize the value of their inventory by sending each diamond to the lab that will allow the particular diamond to be sold for the highest price -- while they are occasionally wrong, for the most part the best cut diamonds go to AGS (typically the strictest on the cut) and then to GIA (also quite strict and consistent).
Having said that, I am not sure how you're comparing the price that you got to the price you could've gotten elsewhere. In order to compare apples and apples you need to have accurate information and you may or may not have gotten that with an EGL certification.
Some more notes (sorry for all the posts, I just finished doing all this so it is a topic still fresh in memory)
1) Don't buy a stone online without a certificate. GIA and AGS are the best, the rest have spotty reputations. 2) Get it independently appraised when you get it. Be sure to pick an independent appraiser (not one who also sells diamonds as they may be biased and try to sell you on one of their stones). This will let you know that the stone matches the certificate. 3) Forget the numbers and make sure you can view it yourself with some time to return it with no penalty. Sometimes the specs are all perfect but the stone will look bad.
A friend of mine mentioned a couple of days ago that he's considering purchasing a ring at Costco, so I got curious. From what I can see, their prices are decent but aren't great (at least compared to the online prices). For instance, this (http://www.costco.com/Browse/Product.aspx?Prodid=11119921&whse=BC&topnav=&browse=) RB, 1.06ct, VS2, G color, platinum ring is selling for $7,799.99 (simple tiffany setting). If you click on the attached appraisal, you can get the GIA cert #. With that info, I pulled up the GIA certificate online and got the following info: 61.3 depth, 56 table, 34 CA, 40.8 PA, no fluo, ex/ex symmetry/polish, GIA "excellent" cut, HCA score of 1. So, the diamond seems great. Now on to the price.
Pricescope lists quite a few stones in that range, but the only one I could find with a certificate online was a 1.127ct, G, VS2. The scan of the certificate isn't particularly clear, so I can't get the sarin data from it but it is a NEW AGS 000 with DQD. The price is $6,453. A simple Tiffany setting is being offered online and at B&M stores between $400 and $800. Even if we assume that it's $800 (which is VERY generous to Costco), the grand total here is $7,253 or almost $550 less than Costco's price (yes, you can get 2% off with Costco's executive membership, which narrows the difference to about $400). This doesn't even factor in the sales tax savings, which can be very substantial.
I ran the same comparison for a couple of other rings on their website and Costco was more expensive every time. As for the cut quality, the stones I've pulled up so far have all been rated GIA "excellent" or "very good" with HCA scores of 0.6 to 1.1. One stone that I pulled up, however, was GIA "excellent" but was also steep/deep with HCA score of 3.7 (not good at all!).
The bottom line here is that Costco seems to offer nice to decent stones at a fair price. From what I've seen on their website, they certainly do not offer any super-ideals but also don't have any real dogs either. As for the prices, Costco's diamonds will beat those offered at mall jewelers hands down. Good online vendors (which is NOT all of them), however, have better to much better prices and comparable to outstanding service. If you do not, for whatever reason, feel comfortable buying diamonds online (and there is absolutely nothing wrong with feeling that way), you will probably do well at Costco as opposed to many other B&M stores.
FYI - get the best bang for your buck when buying diamdons.
Clarity - go for SI2, you will need a loupe to see any inperfection
Color - G-H for a bright - I-J for a little less
Cut - settle for nothing less then good to fine rating, check the various items (Table, Depth ect..) against the acceptable range for your stones cut to ensure proper measurements.
Weight - a lot of times just a status marker - not always hugely imporatant, you can have a 3/4ct fire better and look beter and bigger then a 1ct if the Clarity, color, and cut are in better states.
Never consider a diamond as an investment - they really don't hold huge value. Debeers regulates this market and the US is it's primary taret. In other countries diamonds take a seat back to various other precious materials.
DamnoIT said:FYI - get the best bang for your buck when buying diamdons.
Clarity - go for SI2, you will need a loupe to see any inperfectionI also believe that SI1 and SI2 diamonds offer the best value for the money but you have to be careful with them, since NOT ALL SI diamonds (and even some VS2 ones) will be eye-clean. This means that it is often possible to see inclusions in SI clarity diamonds -- you always need a confirmation of the diamond's eye-clean status.
Cut - settle for nothing less then good to fine rating, check the various items (Table, Depth ect..) against the acceptable range for your stones cut to ensure proper measurements.There is no such thing as a "good to fine" rating on cut.
As has been mentioned, if you're not researching through Pricescope or Diamondtalk you won't get your best value's worth. I started my quest out with Costco too, and ended it with a vendor called WhiteFlash which I found through pricescope. Apart from them I dealt with some very helpful people at GoodoldGold.com & Abazias.com
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). Bash me all you want I really don't care,if you want to go through pricescope they are the 2nd best choice - I would have paid about $800 more thorugh them for similar options and that is still a good deal in comparison. Anyone who PM's me requesting info will get it.
