Setting dilemma! Please help. US dollar killing me!

[Niel]

Yeah I'm not sure I'm understanding your math. Everything seems to be cheaper with rdg except the actual setting. If all in cost is cheaper, I don't see why it matters if that one part is more money

 

[arkieb1]

Victor's Anne Marie is $5300 usd which is about $7200aud plus customs of probably close to $3k aud is $10k.

The Emilya is cheaper and so makes a little more sense.... And if I import the loose diamond its value is less than if it were set so my 10% tax payable here is less.....

I have no clue where you are getting these numbers from. A setting that costs $7200 AUD will cost you $720 AUD in GST plus handling fees and charges. So I'd guess roughly just over $1000 AUD total. But they frequently charge you 15% even with the correct paperwork just to try it on, that happened to me a few months ago with a ring I got from Grace that had the correct paperwork.

Out of the two rings the one by Mike and David will work out cheaper with the exchange rate. I'd take a rough guess at $8250ish to $8300 for the Victor after the GST and exchange rate and $6000AUD for the Mike and David one. The pave is different, both are beautiful in different ways.

And also for the record I don't know who the genius was that keeps telling anyone that a loose diamond cost less to import than a whole ring. This is BS. I've done both many times from the US. They both cost 10%. If you import a ring as a whole you pay the handling fees and customs charges once, if you import a loose stone you pay 10% GST + the handling charges and customs fees, and if you import a setting only you pay 10% GST + the handling charges and customs fees, so if you are planning on doing it that way you actually pay the handling charges and the customs fees twice making it more expensive, not less expensive.

In the US it costs less to import a stone only than a whole ring, this I think is where the confusion is happening, people in the US are giving you incorrect advice, here it makes NO difference at all, loose stone or whole ring you pay the GST which is 10% plus handling fees and charges.

You are correct if you get a setting made here then the GST will be already included in the price they quote you.

 

[laurenk]

Victor's Anne Marie is $5300 usd which is about $7200aud plus customs of probably close to $3k aud is $10k.

The Emilya is cheaper and so makes a little more sense.... And if I import the loose diamond its value is less than if it were set so my 10% tax payable here is less.....

I have no clue where you are getting these numbers from. A setting that costs $7200 AUD will cost you $720 AUD in GST plus handling fees and charges. So I'd guess roughly just over $1000 AUD total. But they frequently charge you 15% even with the correct paperwork just to try it on, that happened to me a few months ago with a ring I got from Grace that had the correct paperwork.

Out of the two rings the one by Mike and David will work out cheaper with the exchange rate. I'd take a rough guess at $8250ish to $8300 for the Victor after the GST and exchange rate and $6000AUD for the Mike and David one. The pave is different, both are beautiful in different ways.

And also for the record I don't know who the genius was that keeps telling anyone that a loose diamond cost less to import than a whole ring. This is BS. I've done both many times from the US. They both cost 10%. If you import a ring as a whole you pay the handling fees and customs charges once, if you import a loose stone you pay 10% GST + the handling charges and customs fees, and if you import a setting only you pay 10% GST + the handling charges and customs fees, so if you are planning on doing it that way you actually pay the handling charges and the customs fees twice making it more expensive, not less expensive.

In the US it costs less to import a stone only than a whole ring, this I think is where the confusion is happening, people in the US are giving you incorrect advice, here it makes NO difference at all, loose stone or whole ring you pay the GST which is 10% plus handling fees and charges.

You are correct if you get a setting made here then the GST will be already included in the price they quote you.

Hi arkieb1,
I have had such a long two weeks with my husband away that I'm quite sure my brain is fried. Re the Gst issue, I have to pay Gst on the actual diamond not just the setting Victor does, so once I add the loose diamond onto his setting then I'll pay 10% of this total value. If I import the diamond on its own, it's a little less as I havnt had to add the setting on top.... Add in the USA/aud $$$ and that's why I think I came up with these rough figures. I'll sit down tomorrow and nut it all out, I do apologise for causing anyone stress due to my stupidity

 

[Niel]

Victor's Anne Marie is $5300 usd which is about $7200aud plus customs of probably close to $3k aud is $10k.

The Emilya is cheaper and so makes a little more sense.... And if I import the loose diamond its value is less than if it were set so my 10% tax payable here is less.....

I have no clue where you are getting these numbers from. A setting that costs $7200 AUD will cost you $720 AUD in GST plus handling fees and charges. So I'd guess roughly just over $1000 AUD total. But they frequently charge you 15% even with the correct paperwork just to try it on, that happened to me a few months ago with a ring I got from Grace that had the correct paperwork.

Out of the two rings the one by Mike and David will work out cheaper with the exchange rate. I'd take a rough guess at $8250ish to $8300 for the Victor after the GST and exchange rate and $6000AUD for the Mike and David one. The pave is different, both are beautiful in different ways.

And also for the record I don't know who the genius was that keeps telling anyone that a loose diamond cost less to import than a whole ring. This is BS. I've done both many times from the US. They both cost 10%. If you import a ring as a whole you pay the handling fees and customs charges once, if you import a loose stone you pay 10% GST + the handling charges and customs fees, and if you import a setting only you pay 10% GST + the handling charges and customs fees, so if you are planning on doing it that way you actually pay the handling charges and the customs fees twice making it more expensive, not less expensive.

In the US it costs less to import a stone only than a whole ring, this I think is where the confusion is happening, people in the US are giving you incorrect advice, here it makes NO difference at all, loose stone or whole ring you pay the GST which is 10% plus handling fees and charges.

You are correct if you get a setting made here then the GST will be already included in the price they quote you.

Hi arkieb1,
I have had such a long two weeks with my husband away that I'm quite sure my brain is fried. Re the Gst issue, I have to pay Gst on the actual diamond not just the setting Victor does, so once I add the loose diamond onto his setting then I'll pay 10% of this total value. If I import the diamond on its own, it's a little less as I havnt had to add the setting on top.... Add in the USA/aud $$$ and that's why I think I came up with these rough figures. I'll sit down tomorrow and nut it all out, I do apologise for causing anyone stress due to my stupidity

I don't think anyone is stressing out, just trying to understand both your math and your logic.

So you'll have to pay rdg the money for the diamond, forgive my ignorance but isn't that better? You'd be paying aud, wouldn't hat mean you wouldn't have to worry about what you'd loose in the exchange rate ?

 

[laurenk]

Victor's Anne Marie is $5300 usd which is about $7200aud plus customs of probably close to $3k aud is $10k.

The Emilya is cheaper and so makes a little more sense.... And if I import the loose diamond its value is less than if it were set so my 10% tax payable here is less.....

I have no clue where you are getting these numbers from. A setting that costs $7200 AUD will cost you $720 AUD in GST plus handling fees and charges. So I'd guess roughly just over $1000 AUD total. But they frequently charge you 15% even with the correct paperwork just to try it on, that happened to me a few months ago with a ring I got from Grace that had the correct paperwork.

Out of the two rings the one by Mike and David will work out cheaper with the exchange rate. I'd take a rough guess at $8250ish to $8300 for the Victor after the GST and exchange rate and $6000AUD for the Mike and David one. The pave is different, both are beautiful in different ways.

And also for the record I don't know who the genius was that keeps telling anyone that a loose diamond cost less to import than a whole ring. This is BS. I've done both many times from the US. They both cost 10%. If you import a ring as a whole you pay the handling fees and customs charges once, if you import a loose stone you pay 10% GST + the handling charges and customs fees, and if you import a setting only you pay 10% GST + the handling charges and customs fees, so if you are planning on doing it that way you actually pay the handling charges and the customs fees twice making it more expensive, not less expensive.

In the US it costs less to import a stone only than a whole ring, this I think is where the confusion is happening, people in the US are giving you incorrect advice, here it makes NO difference at all, loose stone or whole ring you pay the GST which is 10% plus handling fees and charges.

You are correct if you get a setting made here then the GST will be already included in the price they quote you.

Hi arkieb1,
I have had such a long two weeks with my husband away that I'm quite sure my brain is fried. Re the Gst issue, I have to pay Gst on the actual diamond not just the setting Victor does, so once I add the loose diamond onto his setting then I'll pay 10% of this total value. If I import the diamond on its own, it's a little less as I havnt had to add the setting on top.... Add in the USA/aud $$$ and that's why I think I came up with these rough figures. I'll sit down tomorrow and nut it all out, I do apologise for causing anyone stress due to my stupidity

I don't think anyone is stressing out, just trying to understand both your math and your logic.

So you'll have to pay rdg the money for the diamond, forgive my ignorance but isn't that better? You'd be paying aud, wouldn't hat mean you wouldn't have to worry about what you'd loose in the exchange rate ?

Ok phew. The diamond is still with JBG in LA. So if I import it as a loose stone I'll pay 10% on its value of $18500; given today's exchange rate for example, that equates to around $25k aud so simply bringing it here would be $2500 aud, then I take to RDG and they set for $6k aud so that's $8500aud in importing loose stone with tax here then setting.

If I go VC emilya - I'm assuming I add his $4200usd setting to the $18500usd diamond which is $22700usd this then converts to aud to work out the customs when it arrives. So $30800aud total which means $3080 tax.

So much of a muchness?

 

[Karl_K]

Another AU option to check out is Garry's outfit.
Holloway Diamonds
http://www.hollowaydiamonds.com.au/
If I recall right his bench team has won a lot of awards and contests.

 

[arkieb1]

Ok phew. The diamond is still with JBG in LA. So if I import it as a loose stone I'll pay 10% on its value of $18500; given today's exchange rate for example, that equates to around $25k aud so simply bringing it here would be $2500 aud, then I take to RDG and they set for $6k aud so that's $8500aud in importing loose stone with tax here then setting.

If I go VC emilya - I'm assuming I add his $4200usd setting to the $18500usd diamond which is $22700usd this then converts to aud to work out the customs when it arrives. So $30800aud total which means $3080 tax.

I can do the maths for you and be within a few hundred dollars for everything. Here are your options.

Importing the stone only at $18500USD which the current bank exchange rate is over $26000 AUD you are looking at around $2800AUD to $3000AUD total in GST, handling fees and customs charges. Total cost on importing the stone (cost of stone + GST and customs fees and charges)roughly $29000AUD stone only full costs.

For the stone $18500USD and a VC setting that cost $4200 USD + you are looking at $22700USD total, with the current exchange rate taken from a bank today it is roughly $33000AUD total, you will pay around $3500 to $3600 in GST, handling fees and customs charges. Total for both the diamond, the ring and the import costs $37500 to $37600 AUD.

For the David Michael ring you will pay $26000 + $3000 + $6000 AUD - total for a ring $35000AUD roughly.

If you go to the Queen ST Mall and find one of the jewellers in there or Hardy Bros, you would be looking at around $3000AUD or less for a setting plus the cost of the stone and import fees, so altogether it will be in the range of around (cost of diamond, GST and handling fees on diamond only + cheaper setting) $32000AUD.

Garry is down in Melbourne.

 

[smitcompton]

Hi,

Thanks Karl,

I couldn't, for the life of me understand why Garry has not been recommended on here for Aussies. He is such a smart and helpful person. I would trust him completely. Maybe he has to beef up his on line website?

Annette

 

[Wyer]

Not sure where this ended up at, but coming from Sydney myself and about to make a very expensive purchase I've been tracking the exchange rate for months - actually wanted to purchase a collar option on the AUD/USD cross before it dropped below 0.78c (but contract size was too small).

The recent election results make the AUD/USD quite interesting, so might be worth waiting depending on whether you are willing to take the risk.

In any event, my very naive view would be to get it all made in the US - I think based on what I've read and seen, you would be getting better quality for the equivalent price.