Buying Diamond in Mumbai vs. US

[Diamonds007]

Hey Guys! I have been lounging around and reading up on diamonds for 5 months now. I understand that Mumbai is a major diamond trading city, i.e and import area of rough diamonds cut and exported out to China, Us, Europe etc...

So, I will be in Mumbai next week for work. I am tempted to look for a diamond while I am there in my free time in the hopes of finding a great diamond at a discount to buying it here after it has been sourced by an online US jeweler.

What are your thoughts?

 

[Pecel]

I am by no means an expert, but I think you can expect a lower price when you are a wholesaler and buy more diamonds than only one... But these are just my thoughts, I have no real knowledge how this market works.

 

[kenny]

If you are looking for a round don't buy without plugging numbers into the HCA.
https://www.pricescope.com/tools/hca

Reject stones that score over 2.0 and use an Idealscope on those that score under 2.0.
https://www.pricescope.com/tools/ideal-scope

Compare what you see in the Idealscope to this reference chart:
http://www.ideal-scope.com/1.using_reference_chart.asp

If it is not a round don't use the HCA, get an ASET scope:
http://www.ideal-scope.com/cart_zoom_item.asp?Id=23&ShowAdd=Y

Here's how to use it:
http://www.ideal-scope.com/1.using_reference_chart_ASET.asp

Only consider a diamond that was graded by GIA or AGS.
The grades of most other labs are not to be trusted and you are really taking a risk if it has NO independent lab report and you believe the grades the seller or their "independent appraisal" assigns.

All this said, I suspect you will get the best price from an online vendor in the US.
I'd guess the different markets in the two countries does more to influence prices than proximity to where it may have been polished. The price of shipping is negligible.

When you see a stone in Mumbai negotiate hard (more of a tradition in that culture than American culture) then take a break, find a WiFi connection and compare that price to what you'd pay for a similar stone from good online vendors like James Allen, Whiteflash Briangavindiamonds and Good Old Gold.

Oh, and please post about your experience with this so we can learn.

 

[Garry H (Cut Nut)]

Hey Guys! I have been lounging around and reading up on diamonds for 5 months now. I understand that Mumbai is a major diamond trading city, i.e and import area of rough diamonds cut and exported out to China, Us, Europe etc...

So, I will be in Mumbai next week for work. I am tempted to look for a diamond while I am there in my free time in the hopes of finding a great diamond at a discount to buying it here after it has been sourced by an online US jeweler.

What are your thoughts?

The diamond district is 'Opera House' downtown. Good luck, you will need it. It is a major market but not geared to people who want to buy less than a million dollars worth. And even then they will skin you alive if you don't know your stuff.

 

[Garry H (Cut Nut)]

You can also do a search here on Pricescope, then hit the change location button and select India.
There are some local listings - there will be more soon.
At least that way you can make contact with some reputable companies and compare prices - let your mouse do the walking and waiting in very long lift lines.

 

[kenny]

You can also do a search here on Pricescope, then hit the change location button and select India.
There are some local listings - there will be more soon.
At least that way you can make contact with some reputable companies and compare prices - let your mouse do the walking and waiting in very long lift lines.

Garry, what is a lift line?

 

[stone-cold11]

Queuing up for the elevator?

 

[kenny]

Ah yes, thanks.
That must be it.
Some countries call it an elevator, others call it a lift.

 

[diagem]

I actually think India is probably the most expensive market these days

 

[Diamonds007]

Hey thank you for the reply! I will explore the streets to see what I can come up with and take the suggestion of comparing it online back at the hotel. I will post my experience!

Thanks!