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Does anyone know where is a good place to get an engagement ring? I went to a few places in chinatown and the diamond district. Generally what is the markup for a ring?
The price of diamonds has gone up about 33% in two years or so, so expect markup.
How big do you want to go determines the markup, along with the 4 C's. If you are getting engaged around Xmas, expect a substanntial markup as well.
The best way to go about a wedding ring is to buy a loose diamond , depending on setting. Then get a custom made setting in Platinum, based on what you / your soon to be fiance likes.
Does anyone know where is a good place to get an engagement ring? I went to a few places in chinatown and the diamond district. Generally what is the markup for a ring?
It all depends on what you are looking for. If your girl likes say brand names then she will appreciate brandnames like De Beers but you will pay premium for it. If she likes just large rock and doesn't care about brand names or style, then obviously go for biggest rock type she likes with non-expensive band because stuff like platinum band to set the rock on eats into cost and you end up with smaller rock.
Most importantly though, do study up on diamonds in general (4c included) and certified rock (GSA preferred). Also don't buy into any non-sense of diamond as investment vehicle, that market is veryyyy small and most loose money so for typical consumer...whatever you pay for the rock/ring. You won't get back should you ever try to sell it.
Overall, best bang for your buck is to buy loose rock and have it set. Easy way to do that is if your girl ever said oh i like that ring or hey i like that style. Take a picture and they can find or make a band that kinda look like it (pending detail complexity, less complex, more closely it'll resemble).
There are ton of places to shop for loose diamonds but in my experience best deals are not in NYC whether that's chinatown or jewelry district. Check online and also nearby major cities like Philly (jewler's row). If you are spending say 10k on a ring, that 30-40 bucks for megabus and 4-5 hour trip to philly and back is worth checking out.
But this does suck for consumer because due to cost of diamonds rising, it doesn't give you much negotiating room because any reduction on price means middle man (like bluenile in article) have to eat the cost and they don't want to.
Edit: On personal note, my wife already knew she was going to get proposed and having a very unique taste on jewelry. I gave her a max budget and she picked out whatever pleased her heart. This isn't the case for most people but a food for thought.
Agreed. Do not pay ridiculous retail mark-up on diamonds. As much as I love them, I know that the market is completely hyped up by DeBeers. Not to go on a tangent, but the Russians have huge stockpiles and prices are artificially high.
If you don't want to deal with buying loose, I suggest buying vintage. We had my ring custom made here: Welcome to Tradeshop Fine Jewelers
The site looks sketchy, but the service and quality are amazing. We did it all through email and mail. Long story short, I had a design, they cast it in wax and sent me pics, I made my suggestions and then my bf got the ring and "surprised" me with it while we were on vacation.
Edited to add: Older diamonds are often cut better than newer diamonds. They will give you more sparkle for your dollar.
Last edited by UpsonDowns; 11-23-2011 at 09:48 AM..
Reason: more info
Ask around to your friends and family if they have any connections. My husband designed a beautiful ring for me by first picking out a stone, then designing the setting, through family friend in the Diamond District who has a counter there. He surprised me, but I know the cost, and he paid much less than he would have walking in as a stranger.
i've always heard to NEVER buy anything in the diamond district because the real deals happen in the upstairs parts of the buildings on the street where jewelers trade with one another and the general public doesnt have access.
The shops on the street level are tourist traps (similar to how the small electronics shops around times square are tourist traps).
Forgot to mention that there are non-traditional routes as well. No, I don't mean off back of the truck
What I mean are the synthetic diamonds. If she won't mind them, then you can get colored diamonds that are normally out of price range for average consumers.
For example, natural pink diamonds are frigging expensive like 0.30 carat with clarity of SI1 would be like 13-18k whereas synthetic pink diamond would be 3-5k for 1.00 carat pending clarity and cut.
But uhh in my experience many girls did not like concept of synthetic diamonds and aren't stupid enough to not know that they cost a ton so that if you present a colored diamond it'll set off alarm bells in their head.
For the love of all things holy, do NOT go to the diamond district without doing your research first. As was previously mentioned, it probably makes the most sense to shop around for the loose diamond first and worry about the setting afterward. As was also previously mentioned, you should understand the 4 Cs and only buy a diamond certified by the major labs like GIA (you should get the report along with the diamond, and preferably get a stone that has the report number inscribed within it).
Pricescope.com is a valuable resource that lets you search a variety of diamond vendors for loose stones with the specifications you're looking for and determine what the going price should be. They even let you search for vendors specifically located in the city so you can go look at the listed stones in person.
I bought a ring from a diamond district vendor I found on Pricescope a few years ago. I brought it to an out-of-town appraiser and was told I got a "damn good price." At the same time, other diamond district vendors I walked into were trying to sell me lower quality diamonds for much more money. So just be careful and don't get taken advantage of.
I was a little skeptical with going online to find my wife's ring BUT when I went to Bluenile, it all changed.
I went to the site and looked at some loose stones, chose a setting and had it delivered to her on Valentine's Day. Man, I saw that ring and said "damn!" I was sold. The ring is gorgeous. Not only do her girlfriends still admire her ring, but my boys do as well.
Just take a look. See if you like something. Whatever you do, take a second before you go somewhere like Jared's (no, no, no) and definitely not Tiffany's. Your buying more of the name than anything else.
Good luck.
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