Aug 18 2008

Sharing a $37,000 diamond necklace

Who in the world really needs a $37,000 diamond necklace? And how much use would one person really get out of such a thing?

A group of 13 women banded together and bought a “time share” of a diamond necklace for about $1,000 each, and they get to wear it for four weeks out of the year and for special occasions.

I read about their story in a recent issue of Reader’s Digest, and I just loved the concept of what they’re doing.

One woman spotted the necklace in a jewelry store and just about fainted when she found out it was $37,000. She returned a short time later to see that it had been discounted by about $15,000. She then had the brilliant idea to round up friends who could “go in” with her on the necklace. They all went to the store together and bargained with the manager to get the price even lower.

He knew that they’d be making no profit with it (perhaps even taking a loss) but he loved their enthusiasm. Even more, he wanted his wife to be a part of their sharing group, because he wanted her to benefit from their obvious camaraderie and good nature.

I’m amazed at how they’ve worked out their arrangement. For that many women to share something, and apparently without conflict–how cool! They’re also sharing the cost of the insurance.

Before this necklace-sharing, no one woman could have afforded the purchase. With a little ingenuity and bargaining, now 13 women can use a beautiful necklace.



6 Responses to “Sharing a $37,000 diamond necklace”

  1. While I’d never do this for a necklace (I don’t wear jewelry), the idea of friends or neighbors going in together on something they each will only use occasionally is a great idea. Yard equipment or tools is the first thing that comes to mind- we have a big garden and are in need of a tiller, but would rather borrow or rent it than own one, because it’s not something we use that often. Tall ladders, chainsaws, aerators, and other power tools are things I could see sharing with other families.

    Joanna’s last blog post..Technology is Awesome

  2. Interesting little story…thanks for sharing. I too think it is a great idea to go in on purchasing big ticket items with friends, family, or neighbors for things you do not use regularly. I remember as a kid my parents went in with a few neighbors and bought a snow blower. It is one of those things that is great to have if it snows here….but expensive to buy alone for a just an in case situation!!

    Miss Mommy’s last blog post..Still Need School Supplies???

  3. Holy cow! I would have never thought of doing that, but what a brilliant idea. Wouldn’t it be nice to only fork out a small-ish amount but benefit from wearing a $37,000 diamond necklace for fancy events? I guess you just have to hope that you don’t all have a fancy schmancy party the same night….if you’re too close of friends, all your social events may intersect! You also would have to really trust those people.

  4. What a cool story! I love Readers Digest!

  5. That is a really cool idea! Such ingenuity!

    Alisha’s last blog post..Love at First Sight?

  6. Very clever! This sort of “leasing” or “timeshare for things” concept has been getting more and more popular, I remember a company called Bag Borrow or Steal that does this with handbags.

    jim of Blueprint for Financial Prosperity’s last blog post..Some Rights Reserved

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Hey! I'm Kacie, wife to Shane and mother to Jonathan (7), Vivienne (5) and Amelia (2) . I write about my family's finance: how we save money, improve our spending, and plan for the future.

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