Just putting it out here for the others to consider.
I believe that if you have the ring shipped to a place where there’s no brick and mortar store and it’s some number of miles from the store you buy it at you can avoid sales tax. I also believe that you’re supposed to report it in that state, but most people don’t.
I was wondering more about the local business that is being considered and it’s location, not any of the online businesses (and shipping issues related to sales tax).
Blue Nile is another online wholesaler. I believe you should pick out the quality of your diamond first and then customize the setting. Blue Nile also sends out diamonds for approval before payment. I would check the prices across all the online vendors for similar quality.
The diamond forum on pricescope.com has a lot of useful information.
If the buyer is in a state which doesn’t charge sales tax, the OP would NOT have mentioned it as a cost savings… if it’s a savings with one vendor, it’s a savings for all.
And it’s the responsibility of the merchant to “collect” sales tax (they don’t charge, it’s the domicile which charges) and then pay it appropriately. I’d be worried about a big ticket purchase from a merchant who is bragging about avoiding paperwork… what happens two years after purchase when the woman has the ring resized by a different jeweler (weight gain or loss) and discovers that her D color 1 carat stone is F color, 85 points? Where’s the paper trail on having been overcharged by thousands of dollars?
Most lay people cannot visually tell if a ring is the weight, color or clarity that the jeweler claims. (Yes, you can see the difference between one carat or two carats, but what if it’s a small but financially meaningful difference? And clarity- you are relying on the jeweler.)
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Most stones certified by AGS and GIA have a certificate number laser inscribed on the girdle of the diamond - this is another benefit to buying a stone graded by one of these labs. When I drop off my ring for service I ask the jeweler to read me the number to confirm the stone I am dropping off is the one I know to be mine. Then when I pick it up, I have them read it again (or look at it myself under their microscope) to confirm the stone wasn’t swapped. Obviously reputable jewelers would never do that but it’s nice to know I have an easy way to verify the authenticity of my diamond.
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I would never buy a diamond without a GIA or AGS certificate and you should be able to have other jewelers certify the quality to ensure it matches what the certificate says.
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I agree. But I also wouldn’t buy a big ticket item without a paper trail.
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@conmama , Perhaps you can clarify some of this-
Is the wholesaler in your city unable/unwilling to provide the appropriate paperwork related to the sale? How did the business explain to your son how they can sell him the ring with no sales tax(assuming you’re not in one of the few states with no sales tax)?
Can they provide him with a GIA certificate if he decides to buy from them?
Is he comparing the stone with a comparable one from James Allen in terms of size, cut, clarity, etc. ? It seems a little odd that James Allen’s diamond price would be 75% less than a local wholesaler’s price but I am certainly no diamond expert!
I agree with others that it would not be wise to buy from anyone who cannot provide the appropriate paperwork, sales receipt, certificate.
I really don’t want to get into specifics of it all. He’s legit, he’ll get a Gia and it will be appraised. Actually, when son looked deeper the ones online are around the same price. I believe we’ve talked him into going with him. Thanks all for taking the time to answer.
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IMO if someone is selling to the public they are not really a wholesaler and calling themselves a wholesaler is just a marketing tactic to make you think you are getting a good deal.
Not trying to suggest that this jeweler can’t sell him a perfectly beautiful stone, I just think people need to be cognizant of this.
There is some great educational info on Pricescope.com about what diamond stats (eg crown angle, pavilion angle, table percentage, etc) work well together to create a beautiful diamond. Your son should be able to get those values for the stone he is considering from the GIA certificate and compare those to see if he really is getting a nice stone.
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Good idea but some guys may not really want to get into the weeds like this over an engagement ring(although of course some may). My son was nervous enough about finding the right ring, and looked at a couple local places like James Allen (I think they had a store in Georgetown) and talked to the friend of his girlfriend (old family jewelry business in NY/NJ area). He trusted him, told him his budget, and he worked with the friend (his wife was a bridesmaid) to pick the stone and create the setting based on girlfriend’s hints about what she wanted. His now wife was very pleased . It exceeded her expectations.
My sister had a friend whose son is in the jewelry business and the friend suggested her son could get him a good deal. I did not even pass that info onto him- he already sermed to have ideas of his own about how he wanted to do this.
Any investment value was probably one of the last things on his mind. He certainly wanted good value, but the main thing was to get a beautiful ring for the woman he loved. I was just happy that he found his partner and she did love the ring . It is beautiful and just what she wanted.
I’m sure @conmama 's son will find just the right engagement ring! Good luck to him with the upcoming proposal, engagement, and wedding! And congratulations to you , too, @conmama !
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I’m not thinking about investment value, I’m thinking about getting the best bang for your buck. But I understand that not everyone is interested in doing a ton of research. For those that are, particularly given the $s being spent, hopefully this is helpful information. Honestly I wish my husband and I had this type of info when we bought my engagement ring as I’m sure we would have made a different choice.