Buying a diamond locally vs. importing a diamond?

[bkk7]

Okay, before anyone judges me and rants, comparing a diamond ring to one you can find in a Cracker Jack box, I've already decided I want to buy a diamond engagement ring.

 

If it makes it easier for anyone to swallow, I'm buying a lab grown diamond. I've been to a couple jewellers here in Bangkok already and I liked some diamonds, but I didn't find exactly what I was looking for. And of course, the selection is much, much better online.

 

To add to that, I'm American with money in a US bank account, so I wouldn't need to lose money on the currency exchange if I bought online.

 

However, I would, I assume, need to pay import taxes. How can I figure out what they currently are on a diamond that I buy for 4,000 USD? I've looked online but haven't found what seem to be accurate answers.

 

Also, is this already factored into the price of the local jewellers? Or do they have some way of avoiding the import taxes that regular people don't? I ask because the place I would buy from is internationally reputable, but I'm not sure if jewellers get better prices. 

[CharlieH]

There are links to online calculators in the customs thread pinned at the top of this forum.

[Dagfinnur Traustason]

Of course jewellers get a better price. If not they would make no profit when selling it to you.

[OneMoreFarang]

As far as I know diamonds have a clear price scale for up to 5 Carat - at least for diamond dealers.

Google: Diamond four Cs

and you will find all the important criteria.

But obviously you have to be an expert or trust an expert.

[timendres]

I purchased my diamond from a well respected jeweler here in BKK. More importantly, the diamond was "certified" by the Gemological Institute of America, which includes a certification number that is laser engraved on the edge of the stone, allowing you to verify the registration and the stone's quality. Laser engraving combined with verification from the GIA adds a measure of security to your purchase, as well as increases resale value. I highly recommend that you only purchase a certified diamond, if you are purchasing here in Thailand.

 

 

[fredob43]

Whatever you buy you would be loosing monies buying it from a shop. Many years ago I worked in Hatton Garden. UK place for diamonds and rings ETC. We would make and sell to the trade all sort of UK jewellery US Jewelry. Regardless of spelling. All the shops we worked for had at least a 400% mark up + Tax. West end ones even more. 

 

If you are sure you want to buy one and loose monies. May I suggest you buy it here as the VAT Sales tax is less than in the west. You could also make some sort of deal as most jewelers in Thailand at present are desperate for customers.

 

Tip get a Thai to buy it let them make the deal, (Don't even show your face) as soon as they see a non Thai up will go the price. That's a 100% guarantee. Just make sure you know what your buying in the first place. I can smell a good stone from miles away. Most cant.      

[bkk7]

12 minutes ago, timendres said:

I purchased my diamond from a well respected jeweler here in BKK. More importantly, the diamond was "certified" by the Gemological Institute of America, which includes a certification number that is laser engraved on the edge of the stone, allowing you to verify the registration and the stone's quality. Laser engraving combined with verification from the GIA adds a measure of security to your purchase, as well as increases resale value. I highly recommend that you only purchase a certified diamond, if you are purchasing here in Thailand.

 

 

 

hi! yes, thanks for your comment on this. i am aware of GIA certification. i know it's the best, but as mine will be a lab grown diamond and not and earth grown diamond, it would be IGI certification. the 2 major certifications are GIA and AGS, but IGI is the best one that does certification for lab grown, so that is what i will be buying.

 

IGI certification is available in Thailand, and that is the one i would also be buying online. but the question comes down to: do the jewellers get better pricing, including better import/VAT? and would that make it worth buying from them rather than buying online on my own? the only variable is that i would need to change dollars to baht right now, and that's not very favorable ????

[bkk7]

2 minutes ago, fredob43 said:

Whatever you buy you would be loosing monies buying it from a shop. Many years ago I worked in Hatton Garden. UK place for diamonds and rings ETC. We would make and sell to the trade all sort of UK jewellery US Jewelry. Regardless of spelling. All the shops we worked for had at least a 400% mark up + Tax. West end ones even more. 

 

If you are sure you want to buy one and loose monies. May I suggest you buy it here as the VAT Sales tax is less than in the west. You could also make some sort of deal as most jewelers in Thailand at present are desperate for customers.

 

Tip get a Thai to buy it let them make the deal, (Don't even show your face) as soon as they see a non Thai up will go the price. That's a 100% guarantee. Just make sure you know what your buying in the first place. I can smell a good stone from miles away. Most cant.      

how do you know if they are marked up or not?

[bkk7]

2 hours ago, CharlieH said:

There are links to online calculators in the customs thread pinned at the top of this forum.

i tried using those buy they want the insurance cost and shipping cost, and i don't know what that would be. all i know is that the diamond will be about 4,000 USD. so i haven't been able to calculate yet.

[timendres]

3 minutes ago, bkk7 said:

hi! yes, thanks for your comment on this. i am aware of GIA certification. i know it's the best, but as mine will be a lab grown diamond and not and earth grown diamond, it would be IGI certification. the 2 major certifications are GIA and AGS, but IGI is the best one that does certification for lab grown, so that is what i will be buying.

 

IGI certification is available in Thailand, and that is the one i would also be buying online. but the question comes down to: do the jewellers get better pricing, including better import/VAT? and would that make it worth buying from them rather than buying online on my own? the only variable is that i would need to change dollars to baht right now, and that's not very favorable ????

 

To be honest, I am not sure I am fully qualified to answer your specific concern. My first instinct is to be concerned about import duties, and the complications that customs may inject. Working with a reputable local dealer would most likely be worth any minor increase in price. The primary problem being - how to locate a reputable dealer.

[bkk7]

Just now, timendres said:

 

To be honest, I am not sure I am fully qualified to answer your specific concern. My first instinct is to be concerned about import duties, and the complications that customs may inject. Working with a reputable local dealer would most likely be worth any minor increase in price.

thanks for your comment again. i am working with a reputable dealer. there aren't many who do lab grown diamonds right now (yet). but this one does have IGI certified diamonds. and actually, they only have lab grown diamonds in this particular shop. but their stock is quite limited right now.

[fredob43]

1 minute ago, bkk7 said:

how do you know if they are marked up or not?

1. Shops don't work for nothing they have large overheads. 2. If you had been in the trade as long as I was, you get to know what the mark up was/is. 

[CharlieH]

55 minutes ago, bkk7 said:

i tried using those buy they want the insurance cost and shipping cost, and i don't know what that would be. all i know is that the diamond will be about 4,000 USD. so i haven't been able to calculate yet.

Well, you can insert any amount and it will arrive at an added percentage value,its that percentage value you need, as an example Cost = 4000, insurance 200, frieght 50 =  4250  work out what % has then been added, then it doesnt matter what figures are substituted you have the value.

 

Personally I wouldnt do it, I would deal with someone local if possible.

[bkk7]

1 hour ago, CharlieH said:

Well, you can insert any amount and it will arrive at an added percentage value,its that percentage value you need, as an example Cost = 4000, insurance 200, frieght 50 =  4250  work out what % has then been added, then it doesnt matter what figures are substituted you have the value.

 

Personally I wouldnt do it, I would deal with someone local if possible.

thank you for your advice. it is much appreciated! ????

[YT3k72Em]

A certificate for a rock? That's a good marketing gimmick.

[Thomas J]

If you are buying a lab grown diamond you are essentially buying a "fake" diamond.  They will look fine but obviously they are not genuine diamonds.  If you are looking for a diamond try Pricescope.  They sell genuine diamonds  Look for those only with a GIA certificate.  The other certificates are not accurate on grading.  I am not sure about taxes to bring into Thailand.  I know that some of these dealers will ship to Thailand.  I would be suspect about buying a diamond here in Thailand.  For all I would know, I would be getting a cubic zirconia.  

https://www.pricescope.com

[moe666]

19 hours ago, timendres said:

I purchased my diamond from a well respected jeweler here in BKK. More importantly, the diamond was "certified" by the Gemological Institute of America, which includes a certification number that is laser engraved on the edge of the stone, allowing you to verify the registration and the stone's quality. Laser engraving combined with verification from the GIA adds a measure of security to your purchase, as well as increases resale value. I highly recommend that you only purchase a certified diamond, if you are purchasing here in Thailand.

 

 

You should only buy from a certified jeweller any where.

[Golden Triangle]

I know you are buying a lab grown diamond but thought I would add that apart from being the fruit bowl of Thailand Chantaburi is also the gem stone center of Thailand, hundreds of gem sellers and jewellery makers.

[moe666]

3 hours ago, Thomas J said:

If you are buying a lab grown diamond you are essentially buying a "fake" diamond.  They will look fine but obviously they are not genuine diamonds.  If you are looking for a diamond try Pricescope.  They sell genuine diamonds  Look for those only with a GIA certificate.  The other certificates are not accurate on grading.  I am not sure about taxes to bring into Thailand.  I know that some of these dealers will ship to Thailand.  I would be suspect about buying a diamond here in Thailand.  For all I would know, I would be getting a cubic zirconia.  

https://www.pricescope.com

A lab grown diamond is a real diamond, were the issue comes in is if the diamond or any other gem stone is falsley described as a natural gem stone as opposed to being a lab grown stone. That is why you get a GIA certified Gem Stone. If you live in Bangkok there are Gem dealers in the Silom area. Check and compare the quality and price. Just because the stone comes from the USA is no guaratee of quality.

[zaZa9]

Sorry if this answer  appears flippant...

But if its for a Thai Lady  , the answer is , "Gold , gold and more gold".

Its a cultural thing.

Everyone a Thai Lady  knows thinks exactly  the same , and she doesnt have to explain anything...especially   sounding like what she got isnt a real diamond as well...

Plus the going rate for gold  is displayed at the Jewelry shops door.

Have you discussed your potential purchase with the love of your life ?

I suspect not ...

If you want to start a life with any woman , at least start off by showing her you  know her likes and that   you are willing to  give her what she wants...

Sorry.

[mvdf]

If you buy locally, check, double check and triple check. My friend was sold a moissanite by a friend of a friend and that supposed friend is now long gone with his 85k THB. The diamond tester did beep and the indicator light did show green for diamond. He only discovered it was a moissanite after taking the stone to a jeweler for mounting on a ring.

 

 

[Letseng]

On 12/21/2020 at 1:29 PM, OneMoreFarang said:

As far as I know diamonds have a clear price scale for up to 5 Carat - at least for diamond dealers.

Google: Diamond four Cs

and you will find all the important criteria.

But obviously you have to be an expert or trust an expert.

He is buying a lab grown one. Not a naturally grown one. 

[Letseng]

1 hour ago, mvdf said:

If you buy locally, check, double check and triple check. My friend was sold a moissanite by a friend of a friend and that supposed friend is now long gone with his 85k THB. The diamond tester did beep and the indicator light did show green for diamond. He only discovered it was a moissanite after taking the stone to a jeweler for mounting on a ring.

 

 

Op is looking for a lab grown diamond.

 

6 hours ago, moe666 said:

You should only buy from a certified jeweller any where.

Lab grown one, certified jeweler usually doesn' sell those. In Singapore there are shops selling those.

[Lacessit]

3 hours ago, zaZa9 said:

Sorry if this answer  appears flippant...

But if its for a Thai Lady  , the answer is , "Gold , gold and more gold".

Its a cultural thing.

Everyone a Thai Lady  knows thinks exactly  the same , and she doesnt have to explain anything...especially   sounding like what she got isnt a real diamond as well...

Plus the going rate for gold  is displayed at the Jewelry shops door.

Have you discussed your potential purchase with the love of your life ?

I suspect not ...

If you want to start a life with any woman , at least start off by showing her you  know her likes and that   you are willing to  give her what she wants...

Sorry.

Agree, diamonds are not really part of Thai culture. Gold will always impress any Thai woman. The OP can get something quite impressive for $4000 USD, but he should take the Thai lady in question to the gold shop so she can choose. It's part of the ritual.

[DrDave]

4 minutes ago, Lacessit said:

Agree, diamonds are not really part of Thai culture. Gold will always impress any Thai woman. The OP can get something quite impressive for $4000 USD, but he should take the Thai lady in question to the gold shop so she can choose. It's part of the ritual.

It depends on the woman. My wife is extremely proud of her diamonds, and prefers them to gold. All of her Thai friends are the same - love to show off their diamonds, but hardly ever wear any gold jewelry.

It depends upon the mindset of the woman. Would she prefer something easily convertible to cash, or something that's a treasured sentiment she intends to keep forever.

[OneMoreFarang]

8 hours ago, Letseng said:

Op is looking for a lab grown diamond.

I have to admit I never thought about buying any diamond - but many years ago I had a jewelry friend back home and that is where I learned some of the basics.

 

I wonder how many women would appreciate a lab grown diamond. It sounds to me like a "cheap" alternative to a real one. Which woman wants a cheap alternative to something?

It's almost like giving your darling a cheap copy of a designer bag.

But maybe that's only my uneducated thinking.

[Thomas J]

23 hours ago, moe666 said:

A lab grown diamond is a real diamond, were the issue comes in is if the diamond or any other gem stone is falsley described as a natural gem stone as opposed to being a lab grown stone. That is why you get a GIA certified Gem Stone. If you live in Bangkok there are Gem dealers in the Silom area. Check and compare the quality and price. Just because the stone comes from the USA is no guaratee of quality.

Yes an a industrial diamond is a real diamond.  There is a difference between a natural stone and one that is a lab grown.  In terms of chemical composition and looks the lab grown diamond will be virtually identical and even an expert will have difficulty in determining the difference.  The differences are spelled out in this article and as it states, though the price on the lab grown is less the marketplace on the resale value of a lab grown stone is substantially less.   I also did not say you could not be "duped" by a USA site.  I said I would not trust buying a stone in Thailand.  However if you use Pricescope, pick a reputable dealer who has been in business for several years and most importantly get a valid GIA certificate.  You can be reasonably assured you got what you paid for.  In recent years diamonds with GIA certification are lasered and the number can be verified by going to the GIA site where the diamond has been inspected and graded.  Can you be duped.  Sure but going to a store in Bangkok and hoping the store is honest and that the grading is accurate is going to be far more likely to produce a fraud than what I described. 

https://www.diamonds.pro/education/lab-grown-diamonds-vs-natural/