Buying diamonds in Dubai

[Yorky]

I am going to Dubai next week on holiday and was told that its much cheaper to buy diamonds over there than in the UK. Is this right and does anybody have any advice for me as regards how to haggle and where to go! My main worry is that I will get completely ripped off. Is there a general rule as to how much you should drop the salesmans price by (for instance they say a price and I say 1/3 less?)? I am a complete novice and any advice will be very welcome.

Thankyou

 

[adamasgem]

Date: 3/28/2006 12:20:09 PM
Author:Yorky
I am going to Dubai next week on holiday and was told that its much cheaper to buy diamonds over there than in the UK. Is this right and does anybody have any advice for me as regards how to haggle and where to go! My main worry is that I will get completely ripped off. Is there a general rule as to how much you should drop the salesmans price by (for instance they say a price and I say 1/3 less?)? I am a complete novice and any advice will be very welcome.

Thankyou

Having been there on business, I seriously say that you have a much greater chance of getting ripped off there, then buying from one of the Pricescope vendors. Haggling is a way of life, and kickbacks to stay in business are a way of life.

The government has a testing laboratory there which mainly "certifies" gold content, but is expanding into diamonds, and I believe there are AGS and GIA papered stones (becuse of takein windows), since more stones are being graded over there.
The Gold Souk is very interesting.. Sort of the wild west in gold.

But remember, if you get taken, you have little if no recourse, like you might have by purchasing in the states.

If you are from the UK, then the UK VAT is another issue for you on importation.

 

[linvillegorge]

I wouldn''t have the guts to do it and I wouldn''t recommend it for anyone else who isn''t a gemologist.

 

[Yorky]

Thanks for your advice. I''ve got a few prices from UK jewellers and from Pricesope vendors (massive difference!!), so will only buy in Dubai if its cheaper than the Pricescope vendors. Also, I am only going to buy if there is a GIA certificate.

Thanks

 

[SKH]

Hi Yorky,

I live in the UK as well and since childhood have been a frequent visitor to Dubai. Whilst the pricescope vendors are a few hundred pounds cheaper than UK vendors, I doubt you will find Dubai that much cheaper.

From what I understand of the distribution network of good quality diamonds, they are primarily exported to the US, then Europe followed by the rest of the world. To be honest though, you should not find that US on-line vendors are a lot cheaper than many UK vendors - you may not be going to the right places. Try Hatton Garden in London if you havent already done so. I have bought many stones in the past, all of which have been from the UK. For the majority, I found that I was paying about £300 odd more here than I would with a pricesope vendor. In one instance a got such a great deal that with all my research with on-line vendors, I was not able to match it.

With regards to Dubai, I am frequent visitor who ALWAYS goes to the Gold souk. Most shops there carry HRD certificated diamonds still in their packets and many carry GIA stones as well. Besides the fact that they will hike up their prices based on your appearance, I would not want to buy from there since the vendors know NOTHING about diamonds themselves and will try and sell you junk. They will also tell you that any diamond bought "out of its packet" cannot be authentic, which we all know is rubbish. I have been very frustrated trying to look for stones there and have always come back empty-handed based on the fact that I do not trust any of the vendors there at all.

However, I do have a few friends who have purchased Engagement rings from Dubai and have been happy - but I dont think they got better deals there than they could have back home. To top it off, if they need a complimentary ring service, it has to go all the way back to Dubai!! Also, I have heard of a Diamond souk there as well, which I guess supplies all the vendors at the Gold souk, so If you are thinking of going down this route you should probably check it out (I dont know any details).

Good luck.

 

[Yorky]

Hi SKH, thankyou thats really helpful. I''ll have a look at Hatton Garden.

Thanks

 

[robbe]

hi yorki, dubai is an excellent place to buy diamonds. they import them mostly from india or belgium.
trading & retail in dubai is runned by indians for the most part. their prices are very very competitive and the law is extremely strict with unfair trading practices and so on...
if you need to buy a diamond, hatton garden is not as ideal as dubai.
if the charm and pleasure of the shopping experience has no meaning at all to you, just buy it over the net.
good luck, robbe

 

[Yorky]

Thankyou for your reply, I''ve gathered lots of info and so think I''m going to give it a try in Dubai. I''ll get a price and then check on prices given by pricescope for similar diamonds before I buy. Seeing as though I''m going on holiday and we have family that live there its actually less hassle to go and buy one from Dubai than to go down to London!!