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How Long Before You have to Pay for a Diamond on Memo?
January 2, 2008
I hope all of you had a wonderful Christmas season and a very Happy New Year! Today, I am officially back to work—I definitely could have used another day. I ended up closing the store the last three days—these long hours were killing me with no day off since Thanksgiving. I wish I could have had just one more.
Okay—to the matter at hand. Being that this is a new store, I didn’t have as many loose diamonds on hand as I wished. Mom-dad gave me a bunch in a variety of shapes but ultimately I had to call some of my local dealers—and had them leave some on memo.
A customer of mine fell in love with one of the diamonds on memo and a mounting that had to be specially ordered—it is supposed to be here this week (it took a total of 3.5 weeks). Here’s where the story gets interesting—after spending a total of 4 days for this sale—the customer decided on our diamond (the loose on memo from a local vendor)—though only placed a small deposit and in addition, wanted to come in and compare the EGL certificate to a GIA to make sure she made the right decision between a princess with a cavity versus crystals.
I called my local diamond dealer and asked him for the report—he said I could only have it on memo for 3 days. Well, she didn’t show up during those three days and he told me I couldn’t keep it any longer (that I could keep a photocopy but not the original unless I paid for the stone). I thought this to be so childish. What do you do? The sale is made once the merchandise leaves the store—unfortunately the mounting was going to take 3.5 weeks and I only had a 25% deposit. Being that we are a new store I didn’t push for 50% of it. I wanted to do whatever it would take to make the sale—and I made it because I was patient not pushy and could answer all of her questions.
Not only did the local dealer want the report back but also the diamond unless I paid him for it right away. At this point I was under his mercy—I ended up giving him a partial deposit so that I could keep the stone and told him I would pay him in Jan when the mounting was here and she picks up the ring. He wouldn’t have it and said he will in no way give me 30days. I thought this was absolutely ridiculous and wanted to ask you all if your diamond dealers have ever acted the same? None of my other local dealers, NY dealers, or LA dealers have acted like this.
Especially if you sell branded mountings—most companies take three to four weeks? Do you have to pay for the loose without having all the money from the customer? Are you able to keep the original report—or does your diamond dealer wait until the stone is paid for? Isn’t 30 days somewhat standard? Even if it wasn’t a special order mounting—my customers can return merchandise for up to 30days—then I’d definitely be stuck with it?
Posted by Shanu Singh Guliani on January 2, 2008 | Comments (3)
