How can you make $100,000 and afford a $2million house? Money doesn't buy what it use to. The cost of living is crazy where I live. It is all relative. I wouldn't go crazy about the ring either, the most important thing is that you love it. You should, however, take it to a local jeweler that you trust and have an apprasial done. This way you'll be able to tell if you got what you paid for(I would hope you got alot more than what you paid for, that's the bonus of buying from Costco) plus you'll néed the appraisal if you want to add the ring to your homeowners insurance policy.
Costco Diamonds/Getting a Diamond appraised/graded
- Thread starter gymangel812
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There's $50,000+ rings everywhere. Even in Boca Raton, which is part of a megatropolis.
I think the big deal was it was at Costco. Maybe it was many years ago?
I think the big deal was it was at Costco. Maybe it was many years ago?
My inlaws live in Boca, expensive jewelry is in in every jewelry store window. I think that everyone around the country is familiar with there local Costco that made it such a interesting story. Also being a discount warehouse store carrying such high dollar jewelry does seem odd.
I think you summed it up perfectly.^^
Yes, there is expensive jewelry all over Boca Raton, but the point here was that "this high ticket item was in Costco". Costco focuses on selling products at lower prices and usually in very high volume. These goods are usually bulk-packaged and marketed primarily to large families and businesses. Remember back when Costco stopped selling Coke because the maker refused to lower wholesale prices? To have a $50,000 diamond is outside of that model and this created the buzz and news story.
As others have mentioned, sending the loose stone to GIA would be best. Another thing you can do is take the ring to an independent appraiser (NOT a jeweler), and have them take the diamond out of the setting and give you their professional opinion.
Well I did say average house prices were $2million and that incomes are 100k+ per year. People do save for down payments of houses, you know. But you are right, money doesn't buy what it used to.
I think Costco rings are beautiful and was considering one for a while. I didn't like the fact that the ring sizes only came in size 7 in the design I wanted. I had to size it down at least 2 sizes, and the salesperson said the rings are all only sizeable up or down one size. So I decided to look elsewhere.
However, if you found a style you like and are okay with the sizing, then keep it. They have quality diamonds. I took a look at the rings online and some of them have the GIA lab reports for viewing as a PDF. I've checked HCA on the round brilliant cuts and they all came out to be excellent or very good on the scale. And the prices are comparable to bluenile. So you're getting a great deal and with the wonderful Costco return policy/warranty!
Creative mortgaging...hence the housing crisis (especially in Los Angeles).
At any rate, Costco diamonds can be a great deal, but I've never looked at one that didn't come with a GIA certificate. I'm not sure that unmounting the stone and having it graded is the best idea. IMHO, I'd exchange it for one that comes with a GIA certificate.
I am certainly not from a wealthy area, nor do I currently live in one. I am pretty firmly middle class. However I have seen diamonds locally far in excess of 50K in various locations, Costco included, and being involved in jewelry and checking it out so much...50K for one stone is not a draw to me.
What I've been trying to say is that not a lot everyone can afford, let alone have SEEN a diamond that is worth 50k. The fact that it was at a Costco made it accessible to everyone of all walks of life to see a luxury they could not otherwise afford. Most people probably wouldn't make it a special effort to go to a jeweler just to look at an expensive piece of jewelry, but if it's on their way to go shopping for groceries or goods at the local Coscto, then it'd be an extra incentive to go. A Costco is a less threatening environment for the average consumer than, let's say, going into a Tiffany or HW. Some small jewelry stores don't even display high priced items, instead, replacing the center with a CZ.
But I think the point of that is irrelevant to the thread. Costco carries great items. Make sure to get a GIA certified center stone and not an IGI. Costco appraises their jewelry pieces with IGI for insurance purposes. Since it doesn't seem like the OP got a GIA cert center stone, she should, as other members mentioned, send in the loose stone to get it appraised and laser inscribed.
But I think the point of that is irrelevant to the thread. Costco carries great items. Make sure to get a GIA certified center stone and not an IGI. Costco appraises their jewelry pieces with IGI for insurance purposes. Since it doesn't seem like the OP got a GIA cert center stone, she should, as other members mentioned, send in the loose stone to get it appraised and laser inscribed.
went to BJ's today, no longer have a membership to Costco and I must say I had to look at the jewelry because of this thread, but now I know that I would need to drive an hour north to Boca to see some really nice things 
and Boca is north of Miami and south of West Palm Beach for a point of reference and yes it is a really nice area
and I agree the OP more than likely got a good deal but should get it appraised
a side note my diamond is my from my great-grandmothers ring which came from the diamond district in NY & I have no idea how big/small it is, just like the history behind it, so with that OP enjoy your ring and congrats
and Boca is north of Miami and south of West Palm Beach for a point of reference and yes it is a really nice area
and I agree the OP more than likely got a good deal but should get it appraised
a side note my diamond is my from my great-grandmothers ring which came from the diamond district in NY & I have no idea how big/small it is, just like the history behind it, so with that OP enjoy your ring and congrats
Unfortunately I don't think enough people save for down payments, I think it's more creative financing, as other poster said. My husband is in a profession where everything about people's lives are ripped apart and examined. The majority of people who live beyond their means is unbelievable. A good example is the Housewives shows, look at how many of them have far less then how they portray their finances. Just cuz you want it doesn't mean you can have it. It cheapens the value of things. You should have to work hard for nice things, it makes you appreciate them. And don't get me started on youth and entitlement. Sorry, woke up on wrong side of bed!
where might i find an independent appraiser? i just want to make sure what i got was a good deal (as does my bf).
I know on Pricescope there's a tab I think on the far right side of the main page where you can search for one in your area. One that I shipped items to in the past is RIchard Sherwood with Sarasota Gem Lab. He's in Florida and it was worth shipping the items.
If you have a jeweler that you trust I really don't understand why you can't just have them look at it for peace of mind. I grew up working for a very reputable jeweler who did appraisals all the time. Yes, they were certified. The main thing is your happiness.