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DON’T LOSE YOUR GOOD DIAMOND DEAL

IS INTEREST EATING UP YOUR GOOD DIAMOND PURCHASE DEAL?

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Don't Lose Your Good Diamond Deal

All too often I see customers shop and compare Diamonds until they’re blue in the face.

They’ll drive across town to save a buck. They get the BEST deal, on the best quality stone they can afford… And then after all that wheeling and dealing, they do something really, really stupid…

They Charge It!

So 9 times out of 10, all that money saved, is thrown out the window with Interest Rates, Fees, Penalties and Payments. And in some cases, they actually end up paying for MORE than the ring is actually worth.

Why, why, why do this?

All because they financed it!

Charging your Diamond Purchase is a good way to drive you into debt further, and to have to pay on that ring for years and years and years… Often people are already filing for divorce before the ring is even paid off! :(

It really is a joke!

So instead of getting that great, can’t-beat-it, price of, let’s say $2,346.00, when it’s all said and done, that ring ends up costing them a whopping $4,000!

Still a deal?

I think NOT!

Interest Can Kill Your Great Diamond Deal Purchase!

I always, ALWAYS, tell people (practically beg them), that if they’re going to get such a great deal on a Diamond Ring, then PLEASE PAY CASH!

CASH CASH!

(Plus, paying with cash can often help you get even a better deal with some Jewelry Stores – often the independent ones. You can negotiate with cash! “I have $2,000 cash in my pocket right now, let’s make a deal…”)

And if for some reason you CAN’T pay for all of it up front, then there are some things you CAN do to soften the blow…

1) Layaway

Lay-a-ways are great! Just about every single Jeweler has them, and they are usually always free (no interest or fees). You pay on the item once a month until you need it. It’s sweet and easy and saves you a ton of headaches and interest.

This works really great if you don’t plan on proposing until your Italy Trip next year!

2) 90 Days Same As Cash

Most National (and even some Independent) Jewelers have in store charge accounts that offer 90 days same as cash programs (just ask).

Do realize that this means that you must (MUST) pay the ring entirely off within 3 payments (90 days), or else the account will bear high interest rates (usually the highest allowed interest by law).

So if you go this route, make sure you can and DO pay it off within the required time frame!

I actually use our 90 days same as cash plan in my sales presentation. It helps me UP-sale my customers! If they come in with a budget of $2,000 (as an example), but the ring they’re eye-balling is $3,000, I’ll tell them to pay the 2 Grand today, just like they were prepared to do, and then put that last $1,000 on our 90 days plan and pay it off interest free! :) Works like a charm!

3) 12 Months Interest Free Plans

Often, at the holidays and special occasions (Bridal Season, Mother’s Day, Christmas…), you’ll see stores run great financing plans like 12 months interest free (or sometimes you’ll see longer terms like 15 months, or 18 months…). These are great, but do take the time to read all the fine print…

Interest Free Finance Plans Have Very Strict Requirements!

These plans generally require 20% down, and then the balance is divided up into equal payments (rounded up) for the length of the term. You are required to pay those payments (the full payment needed) ON TIME (don’t be late) in order to keep the account truly “Interest Free“.

If even once, one time (or whatever the actual requirements state, some may have some leniency), you slip up and are late, then you’ll automatically VOID that great interest free plan, and it will roll over into a high interest bearing account, WHICH will then apply interest to your account all the way back to the initial purchase date. So if you paid 11 months on time, and on the very last payment screw up, then the entire 12 months will be charged 25% interest (or whatever your rate is depending on the terms and state you live in). That’s 11 months of great payments down the drain!

This happens to many, many people. They go into the sale with great expectations of paying off that ring in 12 months, but then life happens. An accident occurs, your car needs repair, you need a root canal done, an unexpected baby occurs, a relative dies, the check gets lost in the mail… something, anything could, and can happen that will cause your prompt and accurate payments to falter just once…

And then you see your balance go up. Interest is applied…

All because of one payment!

One payment that you’ll surely regret!

Credit Cards are No Different!

Some people pay with their Credit Cards, Mastercard, Visa, Amex… They may get “Cash Back“, “Rewards“, “Perks“, “Lower Interest Rates“… but still, they do end up paying for it in the long run.

It all increases the initial price of the ring. Even if the interest is just 2%… You’re paying more for the ring, and that great deal isn’t so good anymore!

Is it worth it?

All in all…

I still say PAY CASH!

Or, put it in lay-a-way (that’s just like paying cash).

Your LAST option should always be to charge it. And then if you do, see if they have an interest free finance plan.

If not, then all your time and effort spent hunting and searching for the bottom line price is all nil and void. It’s just wasted!

And that’s sad!

Finding a deal is one thing…

Keeping that deal, is another!




Recommended Jewelry Supplies:

Ultrasonic Jewelry Cleaner Jewelry Steam Cleaner Complete Jewelry Cleaner Kit Diamond Dazzle Stick
Gold Silver Jewelry Polishing Cloths Jewelry Making Supplies Kit Gold Acid Test Kit Watch Tool Repair Kit
Ring Adjusters EMT Emergency Ring Cutter 10x Jewelers Loupe Jewelers Microscope

Recommended Jewelry Supplies:

Ultrasonic Jewelry Cleaner Jewelry Steam Cleaner
Complete Jewelry Cleaner Kit Diamond Dazzle Stick
Gold Silver Jewelry Polishing Cloths Jewelry Making Supplies Kit
Gold Acid Test Kit Watch Tool Repair Kit
Ring Adjusters EMT Emergency Ring Cutter
10x Jewelers Loupe Jewelers Microscope

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