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Getting the best value on an Engagement Ring - overseas or second hand?

brbf

I've just started my search and I'm determined to get the best bang for my buck. Budget Max 3k - I've been looking around and many I like are way over budget. I read other posts about how the sale value after you've bought it is way way lower - and that you can get good deals if you buy used. A friend mentioned O'Reillys auctions - has anyone done this? Apparently you can get some really great stuff in there for a fraction of what you'd pay for in a shop.

The other option is going to somewhere like Dubai - I have friends there and have been several times, and I'm told its miles cheaper. However I'd want to know what I'm getting before I go.

Anyone got any advice?

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IrishAlice

brbf wrote: »

Fair enough! So what Colour & Clarity do you think I should be aiming for as a minimum to get something of good quality?

I'd go for between D & H on the colour scale, the closer to D the better.

You can get some really good quality diamonds that are SI1 or SI2 which cuts the cost a bit. You just have to make sure the inclusions aren't dark because then they'll be seen by the naked eye.

Also if the spread of the diamond is good it will look bigger than it's actual carat weight.

Most jewelers are great at explaining all of this and I'd highly recommend Bespoke Diamonds on Kildare St.

Halo rings are a good option if you want the wow factor of a bigger ring and would cost a lot less than buying a solitaire in a bigger size.

Neyite

Has she tried on a few here?

That might give you an idea of what size & style suits her hand. There is no obligation to buy. I always had a definite idea of what my ring would be like but when I went to try it, it didn't suit me at all. But I did find out what did suit me so it was just a matter then of finding that style in our budget.

I think my ring is the loveliest in the world. That's what you want her to think about hers.

westernlass

brbf wrote: »

I've just started my search and I'm determined to get the best bang for my buck. Budget Max 3k - I've been looking around and many I like are way over budget. I read other posts about how the sale value after you've bought it is way way lower - and that you can get good deals if you buy used. A friend mentioned O'Reillys auctions - has anyone done this? Apparently you can get some really great stuff in there for a fraction of what you'd pay for in a shop.

The other option is going to somewhere like Dubai - I have friends there and have been several times, and I'm told its miles cheaper. However I'd want to know what I'm getting before I go.

Anyone got any advice?

We bought with o reillys. Highly recommend.

brbf

westernlass wrote: »

We bought with o reillys. Highly recommend.

Thanks, can you tell me what it's like and what your experience was? I've never really been to an auction like this before. How much did you spend and what do you think you saved?

I see they a have a viewing from 30th of August so I may check that out. Do they have the catalog online?

thehouses

Try Voltaire Diamonds Dublin. They will make a ring to your specifications.

westernlass

brbf wrote: »

Thanks, can you tell me what it's like and what your experience was? I've never really been to an auction like this before. How much did you spend and what do you think you saved?

I see they a have a viewing from 30th of August so I may check that out. Do they have the catalog online?

Yes if the catalog isn't up yet then it should be a week before with photos. They'll all have a guideline price of what they expect them to reach. I know some months are better than others for value. The jewellers often visit and buy items to melt down or resell.

We were told by the auctioneer that the generally price you'll get an item at auction is between 33% - 50% of the retail price. You can go in the week before or the morning of the auction and try on rings. I went with my fiancee as that's what suited us but if you're surprising her that won't work.

There does tend to be more vintage jewellery at O' reillys which I wanted. I think if you search around there's different auctions will specialise in different product areas. Auctions are exciting but very nervy. We picked out four ones I liked and then went with that. You may not get the one you want if it goes too high so you need to have a back up plan. There's also a fee (I think 15%) on top for the auctioneers fees.

The other thing is they valued the ring for me for the insurance. It is illegal for any valuer to mis value an item for insurance which is a great built in system that protects the buyer. I found O' Reilly's very honest and easy to deal with. They gave me a week to pay the money and I ended up paying by card as I struggled to get over there to collect it.

My ring is worth 6.5k and we paid 1740e (approx as I don't have exact receipt in front of me) for it. We went in October and I know it was a very quiet one as the November and December ones are mental. The more people the higher the cost as more bidders. I wouldn't be afraid to hold off if you don't see something the first time, they always have good stock and the auctions are monthly.

brbf

Thanks that's really useful. The site is not great but I googled and found some (I think) listings from previous months - I can see they give basic details and a guide price. How accurate are the guide prices or are they just all over the place depending on the day? I think for 3k I wont get much in a shop but might get something great at auction.

I will however check out Voltaire diamonds as someone suggested above, i believe they are cheaper as they don't have a retail premises.

Are there any other places I should look? Other auction houses? Pawn shops lol?

westernlass

The guides are very accurate. The amount of people on the day tends to decide if it's the lower or higher end of the guide. I was very surprised how they are so organised and have it down to a tee so well.

You'll get a ring worth about 7k easily for 3k if not more. There are other auctions in Dublin I've heard that are good but we didn't need to go any further so I don't have names.

John Bretetons jewellers also sells second hand items but no idea of mark up on it.

Voltaire Diamonds: Seamus

Many thanks for the mention thehouses, really appreciate it.

brbf, we would be delighted to meet with you and show your our collection. If you have a very specific style, we can have the ring handmade in our workshop in Dublin. Due to our low overheads, our prices are significantly more competitive than the high street.

Please visit our Youtube page where you can see some of the styles we have made recently:

https://www.youtube.com/user/VoltaireDiamonds/videos?sort=dd&shelf_id=1&view=0

or visit our website at http://www.voltairediamonds.ie/

You can PM me here or if you prefer call the office directly.

Many thanks
Séamus