My last blog title was “Diamonds are Down in Price……EVEN FURTHER!” but diamond prices are at a record low now. It’s now making headline news on TV. When was the last time anyone has heard of DeBeers closing a mine….let alone 2?! This just happens to be a first. There is a huge glut of diamonds in the world wide market. If you ever wondered if we are in a global economy, this is your supreme example of it and wonder no more.
DeBeers is a boy big and can afford to take the hit. The unfortunate situation is that the employees of DeBeers, cutters, site holders, diamond dealers, finished wholesale goods, and your local Mom and Pop and estate dealers are hit the hardest. The ripple effect is gigantic and it affects everyone everywhere down to the local people in your community like the waitress that is waiting tables for tips.
How does this help you as a retail customer? It is the BEST, I repeat, the BEST time to buy a diamond. Some diamonds are reported to be up to 60% off of the Rapaport Diamond Report list price. Imagine getting 60% off of the Kelly Blue Book for that favorite recent loaded model of a boss Mustang. You’d think seriously about buying that wouldn’t you? It all adds up to an extremely profitable situation for the retail consumer. When was the last time the retail consumer got such a deal in the diamond industry? Never! BUY, BUY, BUY is all I can say. And hurry up cause it’s not going to last!
My first word of caution has always and will always be not to sacrifice color, clarity, make, proportions, fluorescence and thickness of girdle just for carat size. You have to have it all. Otherwise, it’s just a bad buy. A sizeable bad buy now will be forever a bad buy. Diamonds are not an investment. But in this market you might just be able to make a truly lucky score.
Go for the diamond shapes that are NOT in style. You really can get a sizeable piece of ice for your finger, neck, ears or where ever you want to put it. The shapes least favored are Marquise, Heart, Pear, Emerald and then comes all the funky recent fancy cuts like Tycoons and Hearts and Arrows. Stay with the traditional cuts and you will be safer.
If your local jeweler or estate dealer has a diamond in for you in memo (short for memorandum – on loan) then the price is usually set. Know that you can always ask for a discount and the jeweler may go back to the diamond dealer to get a bit of a discount. Everyone is asking for discounts now. It never hurts and all that they can say is no. They may not have any wiggle room on the price. A little bit of something to a jeweler is better than a whole lot of nothing. If it was a diamond that was able to be purchased straight out from a private then there may be some real room to negotiate. The jeweler may tell you straight out or they may not.
Put your shopping hat on, get out there, and go buy a diamond. It’s a fantastic time to buy for the retail consumer. And believe it or not your buy will eke it’s way into the economy and help everyone out. After all, you, the consumer, are the humble beginnings of the world wide global economy. So start the ripple effect, do a good deed, and get your self a bonus of a big honker diamond!
PS I am leaving for Hong Kong early in the a.m. I will be writing about the pearl market. Pearls are another great deal right now. Next blog, you will know how to buy pearls for deep discounts. Pearls are for any and EVERY girl.
