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The Cost of a Diamond


A few weeks ago one of the smaller diamonds in my engagement ring fell out. I was driving home from work and fiddling with my ring when I realized it felt exceedingly sharp. Turns out somewhere between my office and my car the prong broke and the diamond fell out. Of course, I have absolutely no idea where I lost it. I searched the car, the parking space where I parked, my cubicle, the bathroom, the trashcan, everywhere, but it was no where to be found.

My husband originally bought the ring from a jeweler out in Iowa. I suggested that we take the ring to a local jeweler, but my husband insisted that we ship it back to the original jeweler. So I wrapped the ring in bubble wrap and hiked over to UPS. UPS wanted to charge me $150 to ship the ring. FedEx asked for $135. Both charged an arm and a leg for insurance. So I ended up walking down to the local branch of the post office. Shipping through USPS was relatively cheap. It cost a little over $25 to ship the ring, insure it, and receive delivery confirmation. Of course, it took exactly ten days for the post office to deliver the ring all the way out to Iowa, and of course I worried just about every day that my little ring might not make it there. But in the end it arrived safe and sound.

A few days later the jeweler shipped the ring back to me along with a receipt for $693. That included the cost of repairing the prong, replacing the diamond, and shipping the ring back to me. That also included a discount on the diamond itself, which cost $864.00 before the discount. Unfortunately, I took one look at the ring and realized the diamonds had not been reset properly. So I went back to the post office and shipped the ring again. Only to worry again about whether or not it’ll make it out to Iowa and back.

The shipping alone will cost me $75. $25 for the first trip from MD to IA, $25 for the trip from IA to MD, and $25 to ship the ring back out to IA again. Hopefully this time the ring will be returned looking the way it did when my hubby first gave it to me nearly four years ago. There are very few possessions in life that I hold dear. That ring is definitely the most precious.

Adventures In Money Making

Monday 14th of May 2007

damn, that sucks.

I'd create a scene at the store if I'd had bought a ring that had a prong break!

One Frugal Girl

Monday 7th of May 2007

I didn't research any local jewelry stores. I live in Maryland, close to the Washington, D.C. border, and I thought local stores might charge a whole lot more than a store in Iowa. Also, the store in Iowa didn't charge us tax, since we're out of state. Originally I thought the savings on tax would make up for the cost of shipping. But now that we're having to send the ring back and forth again it doesn't look like the cost will even out at all.

Next time you bet I'll be searching for a local jeweler. Not only will it save us money, it'll save a whole lot of worry too.

~Dawn

Friday 4th of May 2007

wow, that is getting pricey, especially when you factor in time and travel as well. Did you check prices for having it done locally at all?

For myself, being there in person and pricing things with them over the counter would have eased my worry.