Be careful in buying anything in Bangkok because you can be short changed with items of lesser quality. I am not sure if the words 'cheap' and Diamonds belong in a single sentence. Then again 'Cheapness' is relative I mean a person with $2M to spend on diamonds may consider a mere stone of 7000 cheap.
If I was in your shoes I would most defintly buy from a reputed dealer. There are also online dealers who provide good bargains .
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