Buying diamond jewellery in London

by James Sanders, London

It should be easy, but once you look into this murky trade, your perceptions might change.

Most high-end ‘luxury’ jewellers advertise heavily. No doubt you’ll have seen their adverts on billboards and glossy magazines. The image they wish to portray is one of decadence, taste, exclusivity and beauty. Their billboards often show aloof models draped in diamonds and this technique clearly sells product – lots of product.

Diamonds are more popular than ever, especially amongst the newly minted middle classes in China and India. The US remains the most important market, but China is a close second.

Don’t forget, diamonds are not rare and most are totally overpriced.

Some still believe that buying a ring or jewellery from a well known brand ensures it will be both well designed and extremely high quality. This is mostly true. However, anyone that has attempted to sell diamond jewellery will find out to their annoyance, it’s never about the brand that sold it – all that ever matters is the diamond. When ‘the trade’ gives you a price for your diamonds, the price often offends but this isn’t because jewellers and diamond dealers are nasty shysters (some might be, but it’s still a business based on trust in part). No, it’s because you overpaid for the item when you purchased it.

There is no other sector in existence where prices for the same item can vary so much.

Go into a high-end boutique, perhaps one that spends millions on its ‘luxury’ image. Try on a ring and ask them for a price.

They will never sell you the actual ring you are trying on as that is for display purposes only. For security purposes, the ring you are trying on might not even contain a real diamond.

The boutique will give you a quote after checking the price of suitable diamonds on the wholesale market and apply a mark up to it in addition to the costs of building your piece. Nothing wrong with that.

Imagine you could organise access to the wholesale market and find a talented, well established workshop that combined the latest technology and traditional craftsmanship? You could, in theory, build the same ring as a boutique….for a lot less.

Here’s how.