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How do you handle diamond engagement ring returns?


#1

My cousin bought a 2 carat + engagement ring from a traditonal
retailer here in south Florida; unfortunately 6 months later the
wedding was called off.

He went back to the store to see if there was anything they
could/would do to help him out; before he went he privately told me
that he’d be happy if they’d take it back less 10%, but would even
settle for 80% back. I told him not to get his hopes too high–after
all, six months is a LONG time, and I’m sure they consider it a
"closed" sale.

Apparentely the store manager was somewhat cryptic, gave my cousin a
receipt for the ring, and told my cousin that they would “call
around” and see what they could get him for the ring.

I’m in the silver business, so I’ve got two questions for you fine
jewelers:

  1. How do you handle situations such as this? Is there a
    traditionally acceptable time period in which engagement rings can
    be returned if the person says “no” or the engagement falls through?

  2. Any suggestions for how my cousin can sell his rock and get the
    most $ back?

Doug


#2
How do you handle situations such as this? Is there a
traditionally acceptable time period in which engagement rings can
be returned if the person says "no" or the engagement falls
through? 

Some stores have a 30 day money back guarantee. I’ve never heard of
more than that. After six months,the most I would give for the ring
if I were taking it back is the wholesale cost. That would be 50% to
60% of the selling price minus the cost of resetting the diamond.
Your friend is not asking for “his” money back. He is asking the
store owner to give him “the owner’s” money. Why should the store
owner take a loss for your friends problem? I’ll bet you that the
store owner fails to find a buyer (translation: he didn’t bother
looking) or the offer is less than 50% of the selling price.