'£6,000 profit buying cheap engagment rings - surely not' blog discussion

edited 11 February 2010 at 4:18PM in Martin's Blogs & Appearances & MoneySavingExpert in the News
32 replies 14.5K views
This is the discussion to link on the back of Martin's blog. Please read the blog first, as this discussion follows it.
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  • KavanneKavanne Forumite
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    I'd say those diamonds are not going to be the best quality. You can't view the quality of the cut, table, etc on those amazon listings so you don't really know what you're going to get :(

    I wouldn't risk it. Best to go to Hatton Garden or Birmingham Jewellery quarter, or websites that are better known (Blue Nile, Samara James) so you can get all the information about the diamond you're purchasing before you buy :)

    Also:
    It is listed as a 1 ½ carat, H color, SI1 clarity, certified, round cut, diamond ring on a platinum base, priced at £1,460 reduced from £14,000.
    it's actually only a 0.56ct centre stone and the rest of the weight is made up by smaller stones around it.... definitely not worth £14k, I don't know where that number has even come from!!!
    Kavanne
    Nuns! Nuns! Reverse!

    'I do my job, do you do yours?'

  • I also saw this yesterday, i'm very dubious about the actual quality of the diamonds... although in fairness it does give a break down of the diamond with regard to all the C's - cut, clarity, colour etc... I would still be very wary about buying expensive rings online.... If they were really worth £14k surely thats what they would be selling for!!!! I thought the value of gold and diamonds were fairly constant (high!!!)
  • SillychuckieSillychuckie Forumite
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    a) As Kavanne points out Martin, the diamond weight is actually 0.56 carats. The 1.5 represents the 'total ring' carat.

    b) Even if 1.5 was the main diamond, your search tool coming back with £8100 is pricy.
    If you look at the bluenile.co.uk one, I see diamonds for ~£5k which match the specifications you wrote.
    e.g. http://www.bluenile.co.uk/round-diamond-1-carat-very-good-cut-h-colour-si1-clarity_LD01535860
    Round cut/1.5 carat/H/SL1/Ceritified
    Bank wire price of £5006

    Your blog compares apples and pears.
  • MSE_MartinMSE_Martin MoneySaving Expert
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    a) As Kavanne points out Martin, the diamond weight is actually 0.56 carats. The 1.5 represents the 'total ring' carat.

    b) Even if 1.5 was the main diamond, your search tool coming back with £8100 is pricy.
    If you look at the bluenile.co.uk one, I see diamonds for ~£5k which match the specifications you wrote.
    e.g. http://www.bluenile.co.uk/round-diamond-1-carat-very-good-cut-h-colour-si1-clarity_LD01535860
    Round cut/1.5 carat/H/SL1/Ceritified
    Bank wire price of £5006

    Your blog compares apples and pears.


    Aha! Now that makes sense.
    Martin Lewis, Money Saving Expert.
    Please note, answers don't constitute financial advice, it is based on generalised journalistic research. Always ensure any decision is made with regards to your own individual circumstance.
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  • edited 12 February 2010 at 3:29AM
    oakhouse13oakhouse13 Forumite
    767 Posts
    edited 12 February 2010 at 3:29AM
    The OFT launched an investigation into online pricing for this very reason. Sellers can easily manipulate pricing to show up in lists of 90% off products.

    Price comparison sites highlight what is described as 'bargain of the day', or whatever, with products selected by a computer program. Once a computer program is running things, you can fool it and it can fool you. Jewellery companies especially exploit this, for example by listing appraisal values as retail price and then discounting by 90% to give a 'sale' price. The punter thinks they are getting a bargain - probably tells everyone about it too so many punters and many bargains.

    Here's an example, 'best online deals':

    http://www.telegraph.co.uk/finance/personalfinance/consumertips/best-online-deals/5407863/Best-deals-of-the-day-luxury-for-less.html

    In this list of 'luxury brands' see qpjewellers - its products are not what I think counts as a premium brand but this list is generated automatically by a comparison site that supplies the data to the newspaper based on whatever is showing the biggest discount that day.

    £555.00 including delivery, appraisal value £3420.00

    To show up in the Telegraph therefore, if I was a trader, I would list prices high for the required period then drop them 90% and show up in your tool, price comparison sites, the Telegraph etc.

    It gets better because a search for qpjewellers takes you to a discussion about SEO and building links. The value for qpjewellers, it seems, is links from the Telegraph, not the actual editorial feature.

    It's all sales. My answer, stop shopping.

    http://www.ukbusinessforums.co.uk/forums/search.php?searchid=4198255
  • Having thought about this a bit more, since your links are affiliate links, are you ok earning off people buying engagement rings because they think it is 90% off?
  • Phoney prices or illegal source.
  • minerva_windsongminerva_windsong Forumite
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    Personally I'm not sure Amazon is a place to be buying engagement rings. I'm sure there's nothing wrong with them but there's something very impersonal about it.
    "A mind needs books as a sword needs a whetstone, if it is to keep its edge." - Tyrion Lannister
    Married my best friend 1st November 2014
    Loose = the opposite of tight (eg "These trousers feel a little loose")
    Lose = the opposite of find/gain (eg "I'm going to lose weight this year")
  • SparhawkeSparhawke Forumite
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    But you aren't saving any money at all by buying stuff regardless of the price, you are spending money ;)

    I never trust "valuations" as they are invariably only worth what someone is willing to pay at that moment...
    "Don't blink. Blink and you're dead. They are fast. Faster than you can believe. Don't turn your back. Don't look away. And don't blink. Good Luck" - The Doctor.
  • ErrataErrata Forumite
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    Usual rules apply: if it looks too good to be true, it is.
    .................:)....I'm smiling because I have no idea what's going on ...:)
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