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Price increases?

Discussion in 'Hangout' started by sassygoose, Aug 16, 2011.

  1. sassygoose
    Rough_Rock

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    by sassygoose » Aug 16, 2011
    I just noticed a large price increase on Leon's ring page - a sapphire and diamond 3 stone ring that I have been oogling for a while now. I just went up from $38,000 to $45,000. Not that I am going to buy it, but that is a huge jump. Have others seen increases like that recently? I cannot imagine the increase in the cost of metals is that much.
     
  2. Amys Bling
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    by Amys Bling » Aug 16, 2011
    Increases have been across the board in the past several months.
     
  3. centralsquare
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  4. julia_girl
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    by julia_girl » Aug 17, 2011
    Thats good for me I guess. Im still trying to sell my HOF diamond and band on ebay at a huge discount and expecting even less. Its amazing how many people still expect to pay next to nothing though, and I've even had people ask about paying in installments lol.
    ETA: Perhaps they upped it to increase bids? I originally offered mine for exactly what I wanted. I had several bids but they were a fair bit lower than what I will take. As soon as I upped my price the offers increased as well. Still not quite what I want but a lot closer. Maybe this was their idea too, apart from just the increase in gold/diamond prices.
     
  5. Amys Bling
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    by Amys Bling » Aug 17, 2011
    If you go to rocky tally there are a few current threads on this topic.
     
  6. jsb1976
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    by jsb1976 » Aug 18, 2011
    Prices have been shooting up a lot. A Martin Flyer ring we had been looking at jumped from 2400 to 3200 in a 3 month period. As stated above, several threads about this topic have been started in the Rockytalky section.
     
  7. AprilBaby
    Ideal_Rock

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    by AprilBaby » Aug 18, 2011
    I was in Jared today for a repair and NO ONE was there. The prices have skyrocketed and no one is buying. The sales people were all sitting around with nothing to do.
     
  8. iLander
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    by iLander » Aug 18, 2011
    I have TOTALLY seen this! I completely agree (I don't get over to RockyTalk, so haven't seen their threads).

    I'm more of a colored stones and pearls person (I hang out in those forums) and haven't seen increases there yet. My crude barometer is the Costco 1 carat; a year ago they were about $4200 (VS, I or better). Now they're well over $5,000.

    http://www.costco.com/Browse/Product.aspx?Prodid=11667213&whse=BC&Ne=5000011+4000000&eCat=BC|108|28447|55926&N=4041850%204294966649&Mo=3&pos=0&No=3&Nr=P_CatalogName:BC&Ns=P_Price|1||P_SignDesc1&lang=en-US&Sp=C&ec=BC-EC10573-Cat28447&topnav=

    I've watched a pair of earrings on the website creep up from $1699, to $1899, and suddenly it's a big jump to $2999. I should have bought them 2 years ago! ;(

    http://www.costco.com/Browse/Product.aspx?Prodid=11135722&whse=BC&Ne=4000000&eCat=BC|108|56641|3109&N=4017709&Mo=11&pos=1&No=6&Nr=P_CatalogName:BC&cat=3109&Ns=P_Price|1||P_SignDesc1&lang=en-US&Sp=C&ec=BC-EC36121-Cat56641&topnav=

    This is the same thing that is effecting the gold prices; people feel that diamonds are hard assets that they can hold on to in times of trouble. Also, I saw a Rapaport report on diamond prices back in January saying that the vendors were hoarding diamonds because they expect serious inflation in the next couple of years.

    So, no, it's not your imagination.

    P.S. Head over to colored stones, they can help you source a sapphire ring for a LOT less.
     
  9. stargurl78
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    by stargurl78 » Aug 18, 2011
    I have decided to set any loose stones that I have and not buy any more. I just cant afford the settings that have diamonds in them. Two settings that I purchased from eBay vendors last year have gone up in price by at least 50%. I just sent a spinel to Sally to be set in sterling silver with no diamonds and that alone was $225. To me, that is outrageous for silver but what can ya do when gold and diamonds are so friggen expensive :???:
     
  10. Indylady
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    by Indylady » Aug 18, 2011
    A chain jewelery store, I think a Kay Jeweler, recently closed at our local mall. There has been very little traffic in the jewelery stores that I have visited recently.
     
  11. iLander
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    by iLander » Aug 18, 2011
    I know what you mean! I got a quote from DanielM and it was close to $300 for silver.

    I will not be setting any of my stones for quite a long time :nono:
     
  12. centralsquare
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    by centralsquare » Aug 18, 2011
    Are people buying less? Is it the prices or the economy...or both? Whatever it is...I don't like it! :((
     
  13. gemgirl
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    by gemgirl » Aug 18, 2011
    I think we're officially at the point where it's gotten scary and ridiculous, and I can't see myself making anything new for some time to come. Booooo to that idea!
     
  14. Phoenix
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    by Phoenix » Aug 18, 2011
    I agree. Prices are so ridiculous now! I've been "stalking" a 3.06ct F VS2 on JA for the last few weeks and at the ridiculour price of $112k I thought no-one would touch it. Guess what? I've just checked it again and it's gone! :o Makes me glad I bought mine in 2006 for practically half of that price. Also, I traded in a pair of 0.70ct each (1.4ctw) G SI BGD stones which cost me $4.5k in 2010 and a similar pair is now costing about $7k-8k! ENOUGH ALREADY!!

    There's another thread on this issue on RT. I hear what they say abt the Chinese and the Indians but surely with practically every economy in the world undergoing slowdown/ facing a double-dip recession (whatever) and the nervous jittery all around, I can't see many more people continue to spend big bucks buying what's already hugely over-inflated!!
     
  15. Amys Bling
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    by Amys Bling » Aug 18, 2011

    I think people are buying less because of the economy & rise in prices.
     
  16. centralsquare
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    by centralsquare » Aug 18, 2011
    It does seem like a bad combination, esp when some other things are less expensive due to greater discounts due to the recession...so people will jsut buy other things. I was wondering if one is more of a driver than the other...but seems like they are both key drivign forces.
     
  17. Cachette
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    by Cachette » Aug 18, 2011
    Seriously. Just when I`m close to saving what I need for an upgrade the prices have gone thru the roof.

    I`ve wanted this upgrade for soooooo long and it looks like I`ll have to go WAY smaller then I wanted when I first started saving. It`s almost at the point that it would be a waste of funds to get the upgrade now because for what I can afford, it won`t be a lot bigger then what I have now.

    It`s a terrible thing to love diamonds this much and realize that I`ll never come close to getting what I want.

    And I`ll say it (even though I know some people will shake their heads at me, I`m sorry); I`m angry that this price increase is happening because, to me, diamonds aren`t just a passing fancy; they are a love affair like no other and lately, when I come here on PS, I`m just getting upset because something that was within my reach a year or so ago (but hadn`t saved enough at that time), is gone forever. I`ll never play "catch up" for the size I want it seems. Even if I save longer it won`t make a friggen difference because prices will just keep going up and up. I know it`s not life altering or anything but it still saddens me terribly. I see such beautiful, big diamonds and I want one and I use to not be really envious of others who had them but now I am. I`m sorry for being such a big baby about this and this is the last time I`ll be negative (it`s not my normal frame of mind - honestly :)) ) Who knows, maybe I`ll get a great deal on a diamond one day. That would be really great.

    Cachette :))
     
  18. bluemoon2
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    by bluemoon2 » Aug 18, 2011
    People are still buying ...
    My friend told me last week she wanted to upgrade her stone, so I told her how to search and gave her JA site where I got mine.
    Last night she sent me an email -- guess what? she picked a 3+cw round, F VS1 ideal cut for $120k!!!
    and another radiant: ~3.0 carats, F, VS1, ideal cut for $56,000.
    It's not final decision yet. She just wanted to check with me about the shape.
    But I can tell her mind is set to large stone even when the price is at sky high.

    I know nothing about radiant, and prefer the round diamond.

    Any idea why the price is so much differnet between two?
     
  19. Circe
    Ideal_Rock
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    by Circe » Aug 18, 2011
    I know just what you mean, Cachette - my anniversary isn't until November, and who knows what prices will be like by then! I'm staying optimistic, though, because at the end of the day, a generous budget is a generous budget, and there are always deals to be found if you hunt (even if, woe, I have to go to a ruby - :shock: :love: ). I'll also say, looking at the "Diamond Prices" tab under "Resources," you can see that the fluctuations aren't always a straight line - so who knows what the future holds?

    P.S. - What's your ideal? We can all keep an eye out for one another ....
     
  20. centralsquare
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    by centralsquare » Aug 18, 2011

    So sorry to hear this, Cachette. Hang in there, we're all in it together!
     
  21. Phoenix
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    by Phoenix » Aug 18, 2011
    Wow! That's a MASSIVE price difference. I don't know the reasons, but am guessing that amongst them are: i) RB's take more rough to cut; and ii) it's supply and demand - a lot more ppl prefer RB's to radiants. It is still a huge difference though - I hope some experts will chime in to explain this.

    I wonder if your friend/ her family lives in Asia? Here, generally there's little impact *evident* from the last recession and the economies have bounced back very strongly (remember also China was not affected by the most recent recession). However, these economies, inclg China, are now slowing down and one of the indicators is the stock market indices. Also, their GPD growth rates have dropped too. Generally, these economies lag the US and Europe economies; and moreover, I suspect that the luxury markets, inclg diamonds, lag the economies too - meaning that these luxury markets will see a declining demand (well) after the economies have gone down/ gone into a recession.

    But of course there remains a segment of society (albeit a very small segment) that's so well off that no matter what happens to the world economies, they'll still be able to make big purchases without feeling the pain. I guess I was talking about a larger segment of the population. But who knows?! Maybe I should stop pretending to be an economist!


    ETA: I've heard, incidentally, from the last time I attended a jewellery show (directly from the horses'..ermm...I mean diamond dealers' mouths) that diamonds are now treated like a commodity. So ppl are trading them like they're trading gold, silver etc. and that's one of the reasons, if not *the* main reason, for the recent steep hikes. Not saying that your friend is doing that, Bluemoon; just what's been happening.

    ETAA: I just had a thought: if diamonds are being purchased and treated as a "safe haven" like gold is, then this would be the opposite of what I'd said in my previous post. So as the stock markets continue to get battered, diamond prices would continue to climb, just like gold. OMG!! ;(
     
  22. Phoenix
    Ideal_Rock

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    by Phoenix » Aug 18, 2011
    I am sorry too, Cachette.
     
  23. bluemoon2
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    by bluemoon2 » Aug 19, 2011
    120k vs 56k -- what a huge difference! don't get it ...

    You are right on it, Phoenix. My friend lives in Shanghai now. She used to live in US for many years, but went back to home country a few years ago. I am sure she can afford it. I just sent her email to share my thoughts with her and hope she didn't buy it as investment. But if people use it as "safe haven', then I guess I am wrong. However although diamond price is up so much, for individual to re-sell a diamond, it's still very hard unless going to a vendor like JA. but the offer is nowhere near retail. (I don't mean it does not make fair offer.)

    LOL, her husband is visiting us and staying in my house. I warned him to get his wallet ready ...
     
  24. LisaRN
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    by LisaRN » Aug 19, 2011
    Prices are crazy high. I scrapped a lot of gold and was going to purchase two new settings. Now I have decided to hang back and purchase one and wait on the other. I also was at Jareds today to pick up a ring in which I had switched stones. Nobody in the store but salespeople.
     
  25. Natylad
    Ideal_Rock

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    by Natylad » Aug 19, 2011
    Oh, my dear Cachette....I am so extremely sorry that this is happening to you :blackeye: I TOTALLY understand where you're coming from and i don't think that people around here would ever shake their heads at you...
    I haven't mentioned this before, but since you opened the discussion, i'd rather take it off my chest coz i, too, feel like exploding these days....
    So i have a .90ct diamond on my ER, which is gorgeous and i totally LOVE it... I don't like the very big stones on me, because i have thin fingers and in general they don't look very nice on my hand, not to mention that in my country even my diamond looks huge to most people, coz we don't have a tradition in diamond ER and usually people buy other kinds of jewelry (very expensive nevertheless) both for engagements and weddings.
    Also, i am extremely color sensitive and i have issues with clarity (not to mention cut), so from the beggining i settled for this stone, which was a little less than a carat, very expensive, BUT in E color, VVS2 clarity and triple ex cut.
    So i am a diamond nut and i love, love, love diamonds...They just make me happy even when i think of them (i know, i sound crazy :wacko: ). And, i was secretly contemplating an upgrade, just to hit the 1 ct mark and then stop. It's more like a mind issue, coz my stone faces up big and it is set in a setting that makes it look even bigger, so everybody who sees it, even the most knowledgable (on diamonds) people, think that it's a carat.
    I hadn't discussed this with DH, because i had upgraded my ER twice BEFORE our wedding (i know, i know... :errrr:) and i thought that he'd get furious. So i was saving some money and i was feeling very happy and optimistic coz i was very close to the amount that i needed just to take my stone from a .90 to a 1.01 - 1.02 ct, which was my ideal size...
    And then...BOOM :errrr: :-o :sick: The insane increases in prices ruined all my plans for an upgrade...What.a.huge.disappointment.
    The worst part of my story is that my jeweler accepts upgradings of diamonds when you go up in size at least .10 ct and for only two years after the purchase or the last upgrading :blackeye: This means that my time will be up this coming February and after that there is no hope whatsoever...unless i buy a totally new stone, which i won't do, because it would cost a fortune and even if i had that money, i wouldn't give it at this point.
    So there you go....as you can see i'm at the same and maybe worse position than you :((
     
  26. scepture
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    by scepture » Aug 19, 2011
    I know this has been said here, but there is several really good posts in RT about possibilities behind the price increase. Another reason, aside from the increase in foreign demand, is the large decrease in the value of the USD. Despite the increases, there is some hope starting to emerge that diamond prices are starting to soften http://www.jckonline.com/2011/08/16/diamond-prices-starting-to-weaken. I think there will be a point (6-12 months) when consumers stop 'panic' buying. By this, I mean that people are currently seeing the diamond prices go up, and are trying to get one before they increase again. This would naturally increase the short term demand for diamonds. However, at some point, and this is only my opinion, there will be a point at which people have to lower their typical purchase (around 1 ct) or delay buying diamonds all together.

    I have been casually looking for rings for the last 6 months or so, and am absolutely kicking myself for not buying earlier. I am now, however, stuck in a situation where I am forced to choose between waiting 6-8 months for prices to possibly soften, or buy a diamond now at these astronomical prices. Although, absent a large scale worldwide slowdown, i'm not very optimistic that prices are going to soften very much. So, I am faced with the exact predicament I discussed above ('panic buying').... and let me preach to the choir here, it isn't fun!
     
  27. jewelerman
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    by jewelerman » Aug 19, 2011
    gold hit a crazy new record this morning at $1881.40 per/ounce! it has settled to a still impressive $1872.00!!! a lot of manufacturers and retailers are currently padding their new prices to absorb the shock of new metal and gem increases so they don't have to take constant price hikes as the market fluctuates which confuses/ infuriates customers and drives away business.
     
  28. Laila619
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    by Laila619 » Aug 19, 2011
    Two weeks ago, I was eyeing a simple gold band for $315. It's now $350.

    On another vendor's website, I was looking at a plain solitaire setting for $455. It's now $655! I'm mad at myself that I didn't buy these items back in July, but I'm not going to panic buy now. Instead, I'll just wait it out and hopefully prices will fall. Might be wishful thinking but I just can't bite the bullet and pay the increases...I'd be kicking myself.
     
  29. Cachette
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    by Cachette » Aug 19, 2011
    Thank you very much Circe! This is what I`m doing, hunting, comparing, brainstorming, you name it! I`ll post another thread in the near future asking for PSer`s help as I greatly value everybody,s knowledge and experience. I`m also not opposed to very warm (I-P) or yellow (YZ) diamonds and this is where most of my research is going into at the moment. Thank you so much for asking and I`ll keep you posted. And best of luck to you also for your anniversary gift! :wavey:

    Cachette :))
     
  30. Cachette
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    by Cachette » Aug 19, 2011
    Oh thank you natyLad!!! Your honesty means a lot to me. I`m a diamond nut like you and also think of them many, many times a day! They make me happy and they calm me and mesmerize me like nothing else. The vast majority of my computer bookmarks are of diamond vendors, diamond videos and diamond information sites. I look at my humble rings constantly and ogle other people's jewellery and my family and friends chuckle when I ask them to clean their jewellery! I`m THAT crazy about diamonds! :bigsmile:

    At first my goal was at least a 1.5 carat RB or cushion (my ER is only a .41 princess cut - very tiny) but now it looks like I`ll have to go to around 1 carat. I have bigger fingers (size 6.5=7) so 1 carat doesn`t look that big on me, especially a 1 carat cushion which always faces up smaller. Our 20th wedding anniversary is next May and I was really hoping to get the upgrade by then.

    NatyLad, I wish you lots of luck on your upgrade and really hope that we both (and others like us out there) reach our diamond goals one day. Maybe the diamond Gods will look down on us and lower the prices for a few days, long enough for us to get what we dream of. :D :appl:

    Thanks again for understanding.

    Cachette :))
     

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