Change in pricing overtime/BM versus online

[PierreBear]

Hi PS Friends,

Two part question that I've been curious about.

1) For those who have been long time pricescope users or have been following this industry over awhile, is there a general upward trend of metal and diamond pricing year over year? Or does it occasionally go up versus/down based on the economy? I am planning an anniversary project and am starting about 2 years in advance and have learned that some vendors indicate that pricing will most likely go up or a quote that is provided today is only valid for a certain amount of days. I sometimes have the feeling that I should start this project sooner or later based on the vendor's anticipation of prices rising but wouldn't want something to sit in a drawer and not be used. Was curious if any pricing increases were actually substantial with a 5 year to 10 year look back for those who have been following prices?

2) Pros/Cons of buying at a b&m place versus online? I think I know the obvious ones but am unsure about what's the best route to go. I've heard of one b&m place that will always allow you to trade in your diamonds (buy it back and give you 10% as long as you put it towards something else). This makes me feel more secure about getting a stone and having future options with it. However, the downside is all the PSers are great about helping you find stones that are online and comparing the stats etc etc. Or is the best of both words, finding a few stones at a b&m place and providing the stats online to the forum? Why does everyone go to James Allen or GOG etc for stones... do they really have the most inventory and best selections?

Thanks in advance for these newbie questions!

 

[ADN]

Hey mate
1. here is a diamond price chart that PS maintains
***note - I haven't actually had a look at this myself, so I can't confirm/deny where the info is from, or it's accuracy
https://www.pricescope.com/diamond-prices/diamond-prices-chart

For gold you can check out historical data for the metals at kitco.com
gold - http://www.kitco.com/scripts/hist_charts/yearly_graphs.plx

Regarding quotes - it depends on who you're dealing with - for example, I'm in Australia, so I have to buy everything in USD - therefore, with the changing exchange rate, any quote I provide for a diamond/jewellery is also subject to the exchange rate - I also need to factor in variables like shifting gold/platinum/diamond rates as well - - so giving a quote isn't as straight forward or consistent as we would all like it to be

I will say one thing...don't fall for the old 'prices are only going up' sales trick...no one can crystal ball what prices are going to be like 2yrs from now

2. I'm an online vendor, so as much as I'd love to...I can't comment

Hope this helps

 

[diamondseeker2006]

As the price chart that ADN shows, there was a huge spike in diamond prices in 2011, and they have kind of been coming down since then. They appear to have been the lowest in 4-5 years the end of 2015, but I think it is still a good time to buy. Those looking in early 2011 who waited were in pretty big trouble by the end of that year and it hasn't gone back to that price level since.

I have no crystal ball, either, but I can see that prices are lower than they have been, therefore, I personally consider it a good time to buy. I would not want to buy at the price peaks.

You will almost always get a better price at a vendor who sells online because they sell in greater quantity than a local B&M store. In addition, I have found that local stores want to sell you what they have on hand, and most of the time, they have nowhere near the selection of excellent cut stones that we can access online. Several Pricescope vendors offer 100% trade-in value on the diamond with no minimum amount higher price. We have seen people tied in to a trade up at a local jeweler and they paid too much on the first stone and then they have to overpay for the second.

I came here in 2006 looking for a diamond for our anniversary at the end of that year, and I have never bought another diamond locally since.

 

[gr8leo87]

IMO the retail price of diamond has come down with a lot of competition - however the trade price has remained pretty much the same in terms of US dollars. I expect the prices to increase should there be higher demand in the future. But at the moment the prices are staying where they are.

 

[PierreBear]

Thank you all for sharing the insight.

Diamondseeker - It's nice to know the significant of the 2006 in your name now. : ) Do you know which PS vendors have that 100% policy?

I guess I don't mind purchasing something when it's a good time to buy. However, my bigger fear is that in a year my preferred style of ring might be different and that would mean more jewelry and not a good thing for husband. haha! Also, perhaps I shouldn't be so concerned about potential raising prices as I guess the money that would be spent on the ring would be earning interest so anything change in prices would be offset? I'm trying to justify to my heart to be calm and wait closer to the anniversary date but it's hard to do with this wonderful forum.

 

[PierreBear]

Oh one more question... there were thoughts on diamond pricing changes. However, what about the pricing on settings? I guess as Singlestone gets more popular, their prices can change? Same for the other big names like Victor C, Erika W, and CVB?

Or... a setting is a setting and metal prices don't really alter too much. It's really just the labor/intricacy of the setting. Sorry don't mean to try to downplay how difficult it is to make a setting. It is quite an art for sure but for some reason I am more concerned about the change in the setting prices instead of the diamond though I know the main cost of the ring would usually be in the stone than the setting.