GBP exchange rate is down, time to purchase online in UK?
- Thread starter stizzi
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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
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
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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.
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
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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).
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).
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.
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.
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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!
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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