Chinese diamonds?

[JenStone]

My boyfriend is slowly starting the diamond search for an enagement ring. He is planning on going to Hong Kong at the end of this year and his father suggested to him that he look in China since he knows some people in the diamond business there.

Does anyone have any experience with Chinese diamonds or know anything about the diamonds there? I was under the impression that the Chinese diamond market is growing and the selection of good quality stone is getting better. However, I''ve also read that most of their diamonds are round brilliants in the .5-ct range and we''re looking for a modified cushion around 1.5-ct. So I''m thinking that it''ll be pretty difficult to find what we want.

Any input would be appreciated. Thanks!

 

[grapegravity]

From what I heard from my friends whose mom was in HK at Aug. this year, the average quality of diamond is better and the price of diamond in HK is cheaper than in N. America... As for China, I will be hesistant to look for diamond there unless it comes with GIA cert... Anything can be fake over there...

Just my 2 cents

 

[etienneperret]

Although more diamonds are cut in China every year, few people there are in the position to buy a large diamond. Yes, in most of the world a diamond over a carat is a large diamond. There is no place on the earth with a higher consumption of diamonds than the United States.
Diamonds are extreamly transportable. A suitcase of diamonds, millions of dollars worth can fly from New York to Hong Kong in 12 hours. If the dealers could get more in the USA than in China the stones will be sent duty free to the US tomorrow. Internet price lists can be seen from anywhere and dealers are always checking each others prices.
Find someone you trust and can go back to when you want to trade up for a bigger one.

 

[Phoenix]

I agree, buy in the US on the internet from someone with a trade-up policy There are SO many choices over there.

I recently got my 10th wedding anniversary present, a beautiful 3.02 F VS2 GIA triple Excellent, from HK, but that''s because many internet vendors do not deal with Asia and moreover it is too risky to have something that size sent directly to me from the US to Asia and there are no independent appraisers here who could examine the stone prior to buying (at least none whom internet vendors would send to).

Whilst it is true that many diamonds cut in China are of a much smaller size, the irony is that many multi-USD-millionaires who are from mainland China go to HK to buy the large stones with GIA certs (AGS is not so popular here, many people haven''t even heard of it). So stones like 3 caraters, 4 caraters with GIA triple Ex''s, E or F, VS1, VS2 or even VVS quality go like hot cakes! They rarely stay around for more than a couple of months. A dealer today told me that he''d just sold, 2 days ago, a 10 carat D IF RB diamond to a mainland Chinese for USD1m!! Ouch!!

For a stone of the size you;re looking for which is a very nice size for an e-ring (mine was just over 1 carat), you''re better off buying from the internet.

 

[JohnQuixote]

Date: 10/6/2006 5:53:28 PM
Author:JenStone
My boyfriend is slowly starting the diamond search for an enagement ring. He is planning on going to Hong Kong at the end of this year and his father suggested to him that he look in China since he knows some people in the diamond business there.

Does anyone have any experience with Chinese diamonds or know anything about the diamonds there? I was under the impression that the Chinese diamond market is growing and the selection of good quality stone is getting better. However, I''ve also read that most of their diamonds are round brilliants in the .5-ct range and we''re looking for a modified cushion around 1.5-ct. So I''m thinking that it''ll be pretty difficult to find what we want.

Any input would be appreciated. Thanks!

It sounds like he has time to get educated. If your boyfriend goes over there knowing precisely what he wants and is familiar with equivalent US prices (also tax, duty, etc) he can intelligently comparison shop. Has he considered becoming a member of PS? He can begin learning now and a neat aspect will be his ability to log in to this community from China and interact while he''s abroad.

There was a buzz about the future of China and the global diamond market at the GIA Symposium. Lawrence Ma, President of the Diamond Federation of Hong Kong, spoke in one of the presentations. It is becoming a widespread belief that China may eventually drive the diamond market. There are multiple cities of over 10 million people and a concentrated population center of over 30 million. The diamond tradition for engagement rings is escalating rapidly in China. Last May 1-7 (golden week) there were over 30,000 weddings in Shanghai alone. With regard to trade, VAT has been reduced from 17% - 4% for finished goods, opening supply lines for China’s vast population. Even more significant is the fact that there is no VAT on rough brought into China: There are currently 5000 processing units, 200,000 diamond cutters and some 2 million people involved in the Chinese diamond/jewelry manufacturing industry. Increasing demand from the Chinese population for diamonds is already changing the diamond marketplace, with much more significant growth anticipated.

More on the symposium in this thread: https://www.pricescope.com/community/threads/scenes-from-gia-symposium-2006.50294/

 

[maxspinel]

My friend''s mom got a 1.5 ct faked diamond in the famous tourist district (I think it is Tsimshatsui) in Hong Kong. So be careful if you are shopping there or in China.

When I was visiting Hong Kong, I did a comparison on diamond prices. IMHO, I think it is more expensive there. In the US, you can order via internet or get nearly wholesale in some jewelry districts. The quality of diamond in Hong Kong is really no better than in the US; it varies depending on the price that you are willing to pay. Also if someone buys a diamond oversea, then they have to declare custom upon entering the US.

 

[:)]

Date: 10/8/2006 3:41:03 AM
Author: maxspinel
My friend''s mom got a 1.5 ct faked diamond in the famous tourist district (I think it is Tsimshatsui) in Hong Kong. So be careful if you are shopping there or in China.

When I was visiting Hong Kong, I did a comparison on diamond prices. IMHO, I think it is more expensive there. In the US, you can order via internet or get nearly wholesale in some jewelry districts. The quality of diamond in Hong Kong is really no better than in the US; it varies depending on the price that you are willing to pay. Also if someone buys a diamond oversea, then they have to declare custom upon entering the US.

Yikes - sorry for the thread jack, but was so able to get her $ back, or did she lose it?

Also John - very interesting info about China, I did not know that!

 

[maxspinel]

Date: 10/8/2006 8:45:17 PM
Author:

Date: 10/8/2006 3:41:03 AM
Author: maxspinel
My friend''s mom got a 1.5 ct faked diamond in the famous tourist district (I think it is Tsimshatsui) in Hong Kong. So be careful if you are shopping there or in China.

When I was visiting Hong Kong, I did a comparison on diamond prices. IMHO, I think it is more expensive there. In the US, you can order via internet or get nearly wholesale in some jewelry districts. The quality of diamond in Hong Kong is really no better than in the US; it varies depending on the price that you are willing to pay. Also if someone buys a diamond oversea, then they have to declare custom upon entering the US.

Yikes - sorry for the thread jack, but was so able to get her $ back, or did she lose it?

Also John - very interesting info about China, I did not know that!

No, she did not get the money back. She didn''t even know she got a CZ until months later after she was back in the U.S. The jewelry shop was located in a well known tourist area in Hong Kong and my friend''s mom never suspected that they would be selling fake diamonds.