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GBP exchange rate is down, time to purchase online in UK?

stizzi

Rough_Rock
Joined
Jun 15, 2016
Messages
14
For american diamond buyers, is this not an amazing time to purchase diamonds in the UK? The exchange rate has dropped significantly compared to the US dollar, so shouldn't we be looking at diamonds for sale on UK retail sites?
 

AprilBaby

Super_Ideal_Rock
Premium
Joined
Jul 17, 2008
Messages
10,604
Re: GBP exchange rate is down, time to purchase online in UK

I would still think inventory of prime diamonds and price is still better in the states.
 

susief

Shiny_Rock
Joined
Dec 2, 2011
Messages
225
Re: GBP exchange rate is down, time to purchase online in UK

No, because the UK is full of atrociously ugly and/or wildly overpriced diamonds, and there are no good online suppliers. You can find needle-in-a-haystack good quality if you hunt around antique sellers, small independent jewellers and the like, but you would have to buy in person, and that would mean paying 20% VAT.

If anyone disagrees with the above - links please :wink2:
 

flyingpig

Ideal_Rock
Premium
Joined
Nov 7, 2015
Messages
2,171
Re: GBP exchange rate is down, time to purchase online in UK

My understanding is that diamonds are mostly priced and traded in USD. So if you are dealing with a local independent dealer, the chances are the exchange rate is already baked into the pricing. At least, this is very true in Canada.
If you are considering a brand cut diamond (Tiffany/Cartier), it may be a good opportunity before they react to weak GBP.
 

jenniann

Shiny_Rock
Joined
Oct 16, 2008
Messages
149
Re: GBP exchange rate is down, time to purchase online in UK

As above.

There are a couple of decent dealers, such as the CBI dealer in London, but all their prices are in USD and anyone bringing in a diamond would also be pricing it based on the current USD rate. You might be able to get a stock item that had already been purchased prior to the FX rate tanking, but anything else will have the current exchange rate built in. You also need to find somewhere that will deduct the 20% UK VAT when they export, not every retailer does this (and they don't have to - they just can't call it VAT so it is the 'export price' which just happens to be 20% higher than the domestic price).

Could be a good time if you want anything from somewhere like Tiffany though (assuming they will export and deduct the VAT - I've never asked).
 

jaaron

Brilliant_Rock
Joined
Jan 1, 2016
Messages
562
Re: GBP exchange rate is down, time to purchase online in UK

Probably not worth it. I just did a quick comparison on a Tiffany Metro band- $2200 in the US, £1825 in the UK. *If* you could get a great conversion rate on whatever method you paid with, that would be $2362 today. *If* you could get them to take off the (roughly) $460 in VAT that is included, you'd be slightly under, but I doubt they'd do it, and you'd still have to deal with shipping and, depending on the vendor, insurance.

If it was a really big purchase from a vendor who would take off the VAT, you could maybe score a little bit of a bargain.
 

Rhea

Ideal_Rock
Premium
Joined
Oct 20, 2007
Messages
6,249
Re: GBP exchange rate is down, time to purchase online in UK

Loose stones and new things always seem to be less in the States. Other than BN I can't name a single large UK website and BN isn't even UK based. We just don't do diamonds like the States do. You can often tell an American on holiday on London transport, but we're getting there. I've seen bigger diamonds in the stores recently. For estate pieces and auctions I can see trying the UK at the moment!
 
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