What are you going to do re: high prices for diamonds?

[Skippy123]

My husband told me to get something to commemorate the birth of our twin boys; I have been so busy with these little guys that I never noticed diamond prices until recently when people were saying they were so expensive. I couldn't believe how much diamonds have gone up!!! I might need to have my ring reappraised now. Oh well, that will happen later.

Anyway, I was wondering will people start buying Uncertified diamonds? I was thinking that might be an alternative if you have a vendor you trust? I haven't checked prices to compare. Just a thought; I know I would trust many of the PS vendors that did that if that was an option!!!

 

[violet3]

What is the percentage increase in diamond prices? I keep hearing that they are going up up up, but not quite sure how much...

 

[Amys Bling]

Tough call. I may just make *small* upgradeable purchases for now- for example .5 - .66 ctw studs or if I ever go for that step cut I'm dreaming about I may buy a small one and put it as a pendant for years until prices maybe at least level out and then trade in. Who knows though- if they keep going up I may just get colored stones set in silver.

 

[Circe]

This thread lays it out, rather depressingly: https://www.pricescope.com/community/threads/how-much-more-for-an-e-go-ahead-guess.164603/. Ballpark is something like up 80% in the last five years, possibly as much as 50% of it over the last year, year and a half or so. I'm actually going to an appraiser right now to get my stuff re-evaluated, prices have changed enough to make it worth paying the appraiser and raising my premiums - if I lost an earring tomorrow, it would cost me a lot more that $300 an hour and 20 bucks annually to cover the difference!

As for what I plan to do? I'm honestly torn. With our five year anniversary and our first child coming in the fall, I really want to get a beautiful piece to mark the occasion. And I'm researching my little heart out to see what the options are for ideal cuts vs. old cuts vs. funky colored diamonds ... but at the back of my head, I'm also thinking this might be a good year for that Cartier tank I've always wanted, with the Big Diamond waiting for, say, the 10th anniversary.

I think it genuinely depends on whether you believe the price increases are here to stay, or a reflection of our uncertain economy. I've read a lot of articles claiming that with Asia's economic growth, and the weakness of the US dollar, prices will only continue to rise. But I've read an equal number pointing out the diamond "boom" of the 70s, when a 1 carat D IF could easily run you 70K (factor in inflaction and ). Personally, I'm predicting that diamonds will level out a bit after this most recent economic seesaw in conjunction with other commodities, but ... I guess we'll see. If I'm wrong, it's off to hunt for the perfect alexandrite!

 

[rosetta]

Yeah, I'm totally out of the diamond market right now.

I've recently got enough to keep me going for the next ten years.

Will happily ogle anyone else's though!

 

[Laila619]

Circe, congratulations to you!

Yeah, I'm totally out of the diamond market right now.

I've recently got enough to keep me going for the next ten years.

Will happily ogle anyone else's though!

Me too.

I probably won't even be buying any jewelry for a while, since gold is so crazy as well.

 

[Lottie]

Thankfully my current project will recycle two existing rings so I don't need to pay for the gold or diamonds. I do have a little secret account that I tuck a little money away in and I am hoping one day to grow this into something twinkly so will just keep doing that and not thinking about the rises in gold and diamonds.

Does anyone know if the price of antique jewellery has also been affected and if so is it as much?

 

[AprilBaby]

I'm done buying. Time for me to start giving them away to my family.

 

[Dreamer_D]

Well, as you know I was recently very very tempted to sell my diamond and the reason was indeed the increase in prices. If they keep going up the temptation could get stronger. We'll see.

I am very happy though that I already own the diamond I need for my dream three stone ring: .35ct - 1.67ct - .35ct. I will likely set it next year and I am thinking of going for platinum, which I would not have considered before, since it is about the same price as gold now!! And I love platinum, which I now know because my secodn baby ring is plat.

As for other purchases, well we are *bascially* on lockdown because we need to hit some financial goals before we have two kiddos in daycare in 8 months.

But the secondary market is where I will likely shop. I got my baby ring there and it was such a good deal: $1200 for a ring that would have retailed for $3000 - $4500 depending on the vendor.

There are good deals to be had. JBeG has a consignment piece that tempted me.It is a .90ct E VS1 diamond GIA Ex with good HCA score in a three stone Tacori mount for only $8k. Retial would be more like $15k.

 

[kenny]

What is the percentage increase in diamond prices? I keep hearing that they are going up up up, but not quite sure how much...

81.4%

I this thread I present proof that the list price of my ACA increased 81.4% in just under 5 years.
Others posted proof of outrageous increases.
Most of the increase is very recent.


[URL='https://www.pricescope.com/community/threads/how-much-more-for-an-e-go-ahead-guess.164603/']https://www.pricescope.com/community/threads/how-much-more-for-an-e-go-ahead-guess.164603/[/URL]

 

[diamondseeker2006]

Skippy, I am not so sure uncertified stones will be the answer. Well cut stones are almost always going to have lab grading because it establishes the quality and usually allows for a higher price. Plus, it is important to have for insurance to be sure the replacement is the same. The exception would be with second hand, older rings, because when I got married long ago, I don't think most diamonds were graded. You just trusted your jeweler which is very scary in retrospect.

I bought some new studs early in the year when prices were beginning to rise, and that turned out to be a good thing. I wouldn't pay current prices unless it was for something with just diamond melee such as a small eternity ring or something like that.

What kind of item are you thinking of getting?

 

[lyra]

Right now, every market for diamonds is inflated. I buy on the secondhand market, and those prices are getting ridiculous. So if I can't find a deal in there (usually uncerted btw as I have no issue with that), I'm just going to be on a buying hiatus indefinitely. I can see waiting in 5 year increments. Like maybe not for my 30th anniversary in 2 years, but maybe for my 35th, that sort of thing.

 

[kenny]

I would never buy an ungraded diamond because I'm not a trained GG diamond grader.
Too much money is at stake and tiny differences that I may not detect can alter the value substantially.

Now, with prices so high, is the time to be SURE you are getting all of the diamond specs that the seller is claiming.
A GIA or AGS report is the best way to do that.

I'm always suspicious of ungraded stones.
Sellers are smart and there is a reason they didn't want a diamond graded by an independent lab, or threw away the lab report.

(Of course this does not apply to diamonds under $500 or so, where it just doesn't make sense to add the cost of a grading report.)

 

[texaskj]

Circe, I think a Cartier tank watch is a great idea given diamond prices right now. You'll wear it forever.

 

[Amys Bling]

This whole thing is pretty disheartening!!

 

[iLander]

This thread lays it out, rather depressingly: https://www.pricescope.com/community/threads/how-much-more-for-an-e-go-ahead-guess.164603/. Ballpark is something like up 80% in the last five years, possibly as much as 50% of it over the last year, year and a half or so. I'm actually going to an appraiser right now to get my stuff re-evaluated, prices have changed enough to make it worth paying the appraiser and raising my premiums - if I lost an earring tomorrow, it would cost me a lot more that $300 an hour and 20 bucks annually to cover the difference!

As for what I plan to do? I'm honestly torn. With our five year anniversary and our first child coming in the fall, I really want to get a beautiful piece to mark the occasion. And I'm researching my little heart out to see what the options are for ideal cuts vs. old cuts vs. funky colored diamonds ... but at the back of my head, I'm also thinking this might be a good year for that Cartier tank I've always wanted, with the Big Diamond waiting for, say, the 10th anniversary.

I think it genuinely depends on whether you believe the price increases are here to stay, or a reflection of our uncertain economy. I've read a lot of articles claiming that with Asia's economic growth, and the weakness of the US dollar, prices will only continue to rise. But I've read an equal number pointing out the diamond "boom" of the 70s, when a 1 carat D IF could easily run you 70K (factor in inflaction and ). Personally, I'm predicting that diamonds will level out a bit after this most recent economic seesaw in conjunction with other commodities, but ... I guess we'll see. If I'm wrong, it's off to hunt for the perfect alexandrite!

Yes, I have noticed that exact percentage of increase.

Alexandrite is very high, excellent examples are more than diamonds, carat per carat. Can I interest you in a ruby or sapphire? Actually, I think I'll go check CS and see what they're saying about ruby/sapphire prices over there. . .

 

[Circe]

This thread lays it out, rather depressingly: https://www.pricescope.com/community/threads/how-much-more-for-an-e-go-ahead-guess.164603/. Ballpark is something like up 80% in the last five years, possibly as much as 50% of it over the last year, year and a half or so. I'm actually going to an appraiser right now to get my stuff re-evaluated, prices have changed enough to make it worth paying the appraiser and raising my premiums - if I lost an earring tomorrow, it would cost me a lot more that $300 an hour and 20 bucks annually to cover the difference!

As for what I plan to do? I'm honestly torn. With our five year anniversary and our first child coming in the fall, I really want to get a beautiful piece to mark the occasion. And I'm researching my little heart out to see what the options are for ideal cuts vs. old cuts vs. funky colored diamonds ... but at the back of my head, I'm also thinking this might be a good year for that Cartier tank I've always wanted, with the Big Diamond waiting for, say, the 10th anniversary.

I think it genuinely depends on whether you believe the price increases are here to stay, or a reflection of our uncertain economy. I've read a lot of articles claiming that with Asia's economic growth, and the weakness of the US dollar, prices will only continue to rise. But I've read an equal number pointing out the diamond "boom" of the 70s, when a 1 carat D IF could easily run you 70K (factor in inflaction and ). Personally, I'm predicting that diamonds will level out a bit after this most recent economic seesaw in conjunction with other commodities, but ... I guess we'll see. If I'm wrong, it's off to hunt for the perfect alexandrite!

Yes, I have noticed that exact percentage of increase.

Alexandrite is very high, excellent examples are more than diamonds, carat per carat. Can I interest you in a ruby or sapphire? Actually, I think I'll go check CS and see what they're saying about ruby/sapphire prices over there. . .

Heheheh - I actually started a thread on just that topic earlier this morning ....

 

[Imdanny]

Well, I'm out of the market. I was saving up for a gift I really wanted to get for SO but I'm not about to pay these prices. If so many people in China are so bleeep rich and want diamonds so bleeep much, let the people in China buy them. This whole attitude of "well, China and India... blah, blah, so you don't matter in the little ole US of A economy anymore... blah, blah", thing really, really pisses me off.

 

[iLander]

Well, I'm out of the market. I was saving up for a gift I really wanted to get for SO but I'm not about to pay these prices. If so many people in China are so bleeep rich and want diamonds so bleeep much, let the people in China buy them. This whole attitude of "well, China and India... blah, blah, so you don't matter in the little ole US of A economy anymore... blah, blah", thing really, really pisses me off.

I don't blame you, considering we set that whole country up in business! To the detriment of ourselves, ultimately.

I remember during the building boom, that there was a world-wide shortage of concrete because of China. Yup. Concrete.

I didn't believe it myself, but turns out it was true, go figure.

 

[marcy]

Skippy, since this is for something special I would go with certified diamonds. Something for everyday I would not have a problem going for something from a trusted vendor even without a grading report.

 

[asscherisme]

I'm out too. I can't believe how much prices have gone up. But I would not be buying now even if they were stable. Right now my money is going towards my children's braces. So perhaps their orthodonist could buy diamonds instead!

 

[centralsquare]

I'll probably look at second-hand items now. I've got my main pieces and everything else will be nice additions that I'll try to get used.

 

[Dreamer_D]

Skippy for something this special I would pony up to get what you want to mark the birth of your sons. You can still find deals within the market. For example, GOG has a GORGEOUS .70ct H Si2 AVC where the inclusion is on the edge and totally prongable for only $2200. That is good value IMO. Other examples are out there too. Low color stones. Yes they cost more than 12 months ago, but it is still reasonable for a special piece.

 

[LGK]

Thankfully my current project will recycle two existing rings so I don't need to pay for the gold or diamonds. I do have a little secret account that I tuck a little money away in and I am hoping one day to grow this into something twinkly so will just keep doing that and not thinking about the rises in gold and diamonds.

Does anyone know if the price of antique jewellery has also been affected and if so is it as much?

I'll speak to this in terms of real world antiques. The diamonds haven't really been as aggressively repriced. The dealers I know are freaking out about the *gold* rise, but not paying any attention to the diamond prices going up really. Most of the pieces I see IRL, are smaller diamonds- half carat and under- and those are still priced about the same as always (pretty cheap). However, lots of those real world sellers are carefully weighing each and every piece of gold and trying to squeeze every last penny out of it.

I just sold a .50 carat OEC to a girl today for $400, at work today. It was a smashingly gorgeous stone and, frankly, a killer deal- beautifully cut, very white (I'd say I color or better at the bare minimum, VS or better clarity). The dealer had priced it based on weighing the setting and pricing it for *that*. That dealer also owns a pawn shop and has been getting an absolute deluge of people selling to her. I have a theory she uses a dartboard to price stuff - some things are vastly, vastly overpriced, some are vastly, vastly underpriced- you just have to weed through the chaff. Mostly she prices according to gold weight, and occasionally pays some attention to the diamonds but usually not. And, that's pretty typical of high-volume sellers like she is. I'd say I see maybe one piece of hers every month or two that's insanely awesome like that. I'm sure some of the other stuff she has is technically priced very well compared to new but if it's ugly I'm kind of snobby about it! I've definitely bought some crazy good deals from her over the years, and passed some on to my friends as well.

We do see tons of people shopping silver to melt it now, spending many thousands at a time on irreplaceable antique flatware and whatnot. I actually nearly contemplated murder over this the other day- one of the "melters" had picked out this beautiful Art Nouveau sterling mirror (with poppies on it, just what I collect) and the dealer had drastically underpriced it at $35- $235 would be more like it. Anyway, she'd put it at the desk on hold, and told me she'd be back for it later, and that it was a great deal and she was planning to melt it. OHMIGOD. I was furious! This amazing, gorgeous Art Nouveau mirror was going to be destroyed, and I was seriously considering offering her $100 for it on the spot to save it (after all, I really loved it besides the general anger of seeing beauty destroyed for greed). Anyway, she came back, hemmed and hawed and was like- well, it isn't stamped .925 so I don't want it. I was like "Oh, no problem!" Obviously she was an idiot- it had a dent that had hidden the maker's mark which, indeed, included a sterling mark. (.925 is a modern mark, mostly- sterling in all caps is what the actual mark was that she missed.) You better believe I bought it in about 10 seconds flat!

Anyway, the point of this long winded monologue is that yes, you can find great deals in the secondhand market still, but mostly IRL I think. And you have to know how to spot them. That, of course, is the rub! My mother wanted a larger antique diamond recently and I shopped the hell out of it for her (online, because as I said I almost never see antique diamonds come through the antique mall I work at that are over a half carat), and we ended up paying about double for hers what my very similar stone was in 2007. So, on the net, I think you're seeing the same price increases as in new stones- mostly. I think if you can sit and stare at ebay for months, you could still make out like a bandit- you just have to wait for the right thing to come along and be ready to pounce on it.

 

[monarch64]

We won't be purchasing anything major for some time. SO has a modest but nice stash of smaller stones and melee put away as well as colored stones to tide me over if I get the itch to set anything. I have gold put away. Sitting tight for probably the next 15 years, trying to prioritize and ride out this ridiculous economy.

 

[monarch64]

My husband told me to get something to commemorate the birth of our twin boys; I have been so busy with these little guys that I never noticed diamond prices until recently when people were saying they were so expensive. I couldn't believe how much diamonds have gone up!!! I might need to have my ring reappraised now. Oh well, that will happen later.

Anyway, I was wondering will people start buying Uncertified diamonds? I was thinking that might be an alternative if you have a vendor you trust? I haven't checked prices to compare. Just a thought; I know I would trust many of the PS vendors that did that if that was an option!!!

Skippy, does your commemoration have to be jewelry? If not, have you considered having their portraits painted? Or commissioning an author to write a story involving each of them? (My parents' neighbor in Ft. Lauderdale wrote and had professionally bound a work of fiction for both my brother and I when we were born and we still have the books today). I know you are a jewelry enthusiast as we all are, but maybe there are other options right now when the price increases are so dramatic?

 

[LtlFirecracker]

Pretty much all my jewelry purchases are on hold right now.

I don't really have any diamond jewelry I want right now, but with the cost being as high as it is, I don't think we could afford it. Due to the gold prices being so high, I have also stopped setting my loose colored stones. I really want to set my colored stones, but with the combination of the high prices, and the fact I have a lot of other spending priorities, it is just not going to happen right now.

 

[y2kitty]

I'm done. I can't afford to set anything. I took up sewing.

 

[gemgirl]

I'm afraid I'm going to have to step back and enjoy what I already own for a while, then see what happens with the economy (and diamonds and precious metals). Prices have really gotten too crazy for me. Actually I did go a different route for my last project, setting an old estate loose diamond and having a coordinating band made. My original plan was to go with one of our vendors. I had a design in mind etc., got a preliminary quote (before tweeking) etc. but the price was already unreasonable and that was in the beginning of this year. So I went with I.D. Jewelry. Their prices are extremely reasonable, they're easy to talk with and to deal with, and best of all I found that I could negotitate a bit. I brought my project in on budget and I'm very happy with the quality. Their work (goldsmithing, setting) is VERY good. So I guess I found a way to make it work for the project I wanted to do six months ago. I'm not sure about going forward. I'm not in a rush to do anything right now. I feel the time is right (for me) to hold onto my money and maybe even sell some things on eBay to make a few bucks.

Frankly, I really do think that diamond district vendors are going to do better business now with the way things are, and our pricey custom/trusted vendors will probably suffer a little.

 

[Jennifer W]

I'm done buying. Time for me to start giving them away to my family.

Adopt me?