Diamond Answer Man Episode 11 – Five simple angles you need to work for your best diamond deal.

by J. Christopher Guritz

5 simple angles you need to work for your best diamond price!

So you are finally ready to take the plunge for an engagement ring!  You’ve done a little internet research and think you know what you want in terms of Beauty,Purity and Size . Let me suggest that you head on over to my show covering BPS© and then follow the next shows,Cut, Color, Clarity and Carat Weight.

Now before you head on over to your local jeweler or call up your internet retailer, don’t forget to do a little research on who  you are buying from! I know this may seem like overkill but, you need to get referrals and their background information. You could just walk into a store and walk out with a ring and be done. However, if that was your plan you probably  wouldn’t be here right now! So do a little more research and read the blogs, forums,reviews and visit BBB. Then only do business with a person or company that has a liberal return policy of no less than 30 days on in-stock items, and never set foot in a store that has a posted “ALL SALES FINAL” policy.

Always get your agreements and terms in writing on the receipt when you are buying a diamond. You can also use Affidavit of Diamond Grade And Statement of Buyers Rightsmy FREE ” Affidavit of Diamond Grade And Statement of Buyers Rights” . Now I don’t want you to fret the buying, but I do want you to be prepared as a buyer to protect yourself and always look for a win/win situation with the seller. The jeweler or retailer is in the business of making money and providing you with a diamond or piece of jewelry that will help you memorialize your special moment. Please do business with someone you will want to work with again and again, Brick and Mortar , Online retailer, Private Appointment or Otherwise. Remember you have the power.

Remember you can always negotiate a cash price. Cash prices can be as much as a 3% reduction on top of your negotiated purchase, unless you’ve already disclosed you were paying by cash. You will also pay less tax because the purchase price has been reduced. If you are liquid enough always ask for this discount.
It is a win/win for both parties. The jeweler will not have to wait to be paid and they will not have to pay the percentage to the credit card company, yes, that is how credit card companies make their money. If you are not able to pay by cash try your credit card company for a promotional check. These are the checks they use to entice you to use their products and services. Many of these checks have a low or no interest rate for a promotional period. These can also be used to negotiate a cash purchase price. Be cautious though! Make sure the promotional interest carries over to new purchases and not just balance transfers. Always pay off your balances before they are due and never default, otherwise you will pay BIG interest penalties.

Make sure you check the internet for prices on generic diamonds, branded diamonds don’t usually have prices listed. Pave Rings
If you find a diamond online that you like, take that print out to your local jeweler and see if they can source that same diamond. Many diamond price search engines will list several retailers for the same diamond. This is because the online retailers don’t actually own the diamond and the inventory is virtual.  So your local jeweler may be able to get the same diamond for you, usually within 24 hours or so. Many online prices are cash based prices – keep this in mind when working with your local jeweler and also keep in mind that you will need to pay local sales taxes . However, even if you buy from an online source there are taxes in place for almost all states called “Use Tax” . So no matter what, you will need to pay some form of tax usually in the amount equal to the state sales tax where you reside.

Now you can also trade old gold, jewelry, diamonds and watches that you don’t use to get a cash credit back towards
your purchase. It can’t hurt to dig through that old jewelry box!

Never forget to negotiate! Always ask for the best prices. Let them know you have been shopping around and have been on the internet. A good store will welcome you with open arms and give you the best service they can. Be free with your knowledge and always be respectful and never argumentative. Remember this should always be a win/win
situation!

Also, ask yourself “am I willing to pay a little more for excellent service, convenient location, ease of availability, the stores reputation or repair service on sight?”

The 5 simple angles to think about:

  1. Cash
  2. Credit
  3. Internet
  4. Trade
  5. Negotiate

 

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