For most consumers, getting a great deal on their diamond purchase is very important. There are many ways to help save money on a diamond. One way can be buying while you are traveling, if you know where diamonds are cheaper in other countries.
Countries in the Diamond Business May Offer Better Prices
By the time a diamond reaches the United States, it has already been a world traveler. Few diamonds are cut in the same country where these are mined. Most are shipped directly to a country that employs many diamond cutting companies. If you happen to be traveling to one of these countries, you can often get a better deal on your diamond. Once the diamond is cut, it is often then sent to a diamond trading area. The countries that perform the most diamond cutting and trading include:
- India – Mumbai and Surat are the cities with the most diamond cutters. More diamonds are cut in India than in any other country.
- Thailand – nearly all diamond cutting in Thailand happens in Bangkok
- Belgium – Antwerp is the diamond trading capital of the world. Most diamonds stop here before moving to jewelers across the world.
Why Are Diamonds Cheaper in Other Countries?
Each time a diamond makes another move, marginal costs are added. Therefore, buying a diamond as close to the source as possible saves money. Many diamonds are mined in Africa, but are only sold in bulk to diamond cutters. So, even if you wanted to buy a rough diamond, you can’t realistically buy this close to the source. But, if you’re traveling to one of the countries listed above, you can purchase a cut and polished diamond without buying in bulk.
Another reason you’ll find diamonds are cheaper in other countries is the retail markup. Countries like India and China have a lower percentage of retail markups than we see in the US. This lower margin helps you to save even more money.
It’s Not Worth the Travel Expense
Buying your diamond abroad can save you money if you happen to be traveling to one of the above cities anyway. However, the savings is not usually significant enough to warrant making a special trip just to pick out a diamond.
If you plan to visit a city known for its diamond trade, it’s a good idea to scope out where you will shop before you arrive. Like any other trade, there are reputable vendors as well as ones that are not so reputable. Researching the best places for consumers to buy diamonds in these countries will help save you time, ensure a good deal, and ensure you are purchasing an authentic diamond.
Taking advantage of a place where diamonds are cheaper can help you afford to purchase a larger diamond, have a greater variety of stones from which to choose, or just save you a little cash over the long run. Just be certain you choose wisely before you head to another country for a diamond purchase.