Post # 1
Hello Bees! I’m hoping you can help me as my knowledge of the diamond industry is very limited. I was wondering what the actual savings amounts to if you purchase a stone from the diamond district? Is it 40% 50% 60%? What is the markup on a wholesale price? For example, if a stone is purchased in the diamond district for say, $7,000, what would the wholesale price have been for the jeweler? Additionally, what would that stone cost retail at a jewelery store?
Any info you can give would be helpful!! Thank you!!
Post # 3
I dont’ know the specifics, but from what I understand, you aren’t really getting a “discount” if you buy in the diamond district. When we went there, prices were the same or in many cases higher than jewelers here in DC. They have higher overhead in NYC. They have some gorgeous stuff, but they aren’t a “discount” place from what I’ve experienced
Post # 4
The jewelers in the diamond district are very willing to discount whatever they have in the case. For example, if you love a 1 carat ring for 12,000, in my experience, they will give you half off (bring it down to wholesale), if you buy it on the spot.
Post # 5
@Aliciaana: Whoa I have never seen a $12,000 1ct except maybe a HOF….so could you get a HOF for $6,000? That would be a good deal.
Post # 6
Their advertised prices aren’t what you pay – you need to be prepared to talk them down, and walk out of their store if they don’t budge. It helps if you go to someone with a personal reccomendation, and are willing to put down cash. You can save a TON.
Post # 7
Yes, you can get great prices if you negotiate well.
Post # 8
Thanks for all of the responses!
Post # 9
You can definitely get a good deal, BUT you have to be a very educated customer. It’s a high pressure environment, and they will try to swindle you if you are an uneducated buyer. There is definitely bargain room in their prices though, but as PP said, you often have to buy on the spot. If you have done your research and feel like you can make a good decision with a lot of sales pressure, definitely go for it.
Darling Husband and I looked in the diamond district, but ultimately Darling Husband decided he wanted a more friendly environment and bought from a small family owned store out of the city.
Post # 10
Thanks for all of the advice! 🙂
Post # 11
Also, look at certificates of the stones they are trying to sell you. Often times, they are not GIA or AGS, but EGL or even lesser reputable labs with inflated grades– leading to inflated prices. So, when you are negotiating down, depending on how well you do, you often are simply paying closer to what the diamond is really worth.
And, remember, anyone selling to the public is NEVER selling wholesale. Saying ‘wholesale’ is merely a sales tactic to trick you into believing you are getting a deal from the start, making you less likely to negotiate down. Anyone who sells to the public is RETAIL. True wholesalers never even come into contact with customers.
That being said, there are deals to be had as another poster stated, but one must be very very educated. Also, uncerted diamonds can be bought at great deals, but I would only do that with a jeweler I absolutely trusted and also verify with a good independent appraiser— which you would do anyway for insurance purposes. However, this is very rare as the risk of being lied to increases exponentionally with uncerted diamonds.
Post # 12
As I posted many times, we got a loose stone that was also listed on Blue Nile for significantly less than what Blue Nile had it (which is usually less than brick and mortar anyway). My advice is to check out the Pricescope forums for who they recommend and also mention you’re on Pricescope when you go in. They know the forums and that the members have discerning taste and will give you better service. Remember not all vendors are created equal and some will try to rip you off, so educate yourself…
Be knowledgeable about what you want and what’s important to you and negotiate!!
ETA: we brought the stone and GIA cert to a local jeweler and asked how much she would’ve sold it to us and she quoted us $2700 more than what we paid (specifically asked not for the “appraisal price” but selling price), FWIW.