Are Diamond Engagement Rings Really Cheaper In Antwerp or New York?

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Everyday someone must ask me as a diamond broker this question and my answer is always the same.The diamond market is like any other market there is a market price and that market price is the same in New York Antwerp or London.We have access to over a million diamonds worldwide and can see live prices from Mumbai to London.If someone is offering you something that seems too good to be true then it is too good to be true.Is someone offers me a ridiculously cheap stone there is a reason which we as experienced dealers will identify in seconds.

Diamond certificates are key and if someone offers you an uncertified diamond with a high value there is a reason.If a dealer believes he has a god diamond he will spend the money getting it certified.We only recognise the following certificates IGI Anterp HRD Antwerp and the GIA. These are reputable diamond certificates recognised by everyone in the trade.These certficates are reliable and consistant and are all registered on a database so they can easily be checked.They provide reassurance to both the buyer and the seller and everyone knows what they are getting.

The reality is that we as dealers form lifetime relationships with a few key suppliers with whom there is mutual trust and respect.It is a business where you get good marks for good behaviour and offered the best product provided you are a prompt payer!I will often pay for a stone within seconds if I feel the price and quality are right.

A supplier may compromise on the colour and clarity  of the side stones on your ring and these will quickly appear become dull and lifeless. Another area where people cut corners is the palladium content in the white gold ring  which will lead to the gold quickly losing its colour and becoming yellow.

People often want a one carat stone but don’t stop to think how many different types of stones there are even when you have decided on colour and clarity.Cheaper stones will often have strong fluorescence and may be poorly spread.Ever seen a one carat that doesn’t look like right? The reason for this is that some on the more poorly spread one carats have the appearance of an 0.80 point stone and are therefore cheaper in the market place.The foreign dealer often wont care what he sells you as he reckons he will never see you again and furthermore reckons that it will be sometime before you become aware that you didn’t really get the bargain you had thought you got and find that corners were cut.

 

One diamond in a million is a carat of more and 85 per cent of diamonds mined are not used in the Jewellery trade. Approximately 20 tons of earth have to be moved to find just one diamond. Mining diamonds is not for the faint hearted.

Reality is that some of the big shops which people see as a label charge high prices which is why we suggest you come to us and save some  money for the honeymoon!!

The one variable I haven’t mentioned is the dollar.Diamonds are a dollar based trade so if the euro falls against the dollar things get dearer.There is a constant battle between mines and the suppliers of polished diamonds and currently a war is waging!If the mines start asking too high a price the polished suppliers stop buying and similarly if the polished buyers squeeze the mines too much they stop mining.As a result of all of this the market finds its balance and in general it is a steady market with wild fluctuations rarely happening.

Email us with any queries.

 

Peter Fitzpatrick