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Loose diamond vs setting

H

Has

Rough_Rock
Joined
Jun 30, 2015
Messages
38
Hi,
I got a good pair of diamonds- one carat each J, SI2, triple excellent round cut.eyeclear. GIA. im getting it for AUD 8800 from JA. If i place it on 18k gold prongs its 9400. And additional 1400 tax and custom.
Just loose total is AUD 9600 after custom. What do you suggest? Is it better to buy loose and get a goldsmith to set it up?
thank you.
 
How much would it cost to get them set in Australia? If you want a simple setting, it shouldn’t be difficult for any bench to do. If the cost of setting in Australia is lower than say 1000 (what I expect), I would order the loose and get them set. If it’s between 1000-1200 it depends on whether the extra cost is worth the convenience of getting them set by JA itself. If it’s more than 1200 (really, really shouldn’t be!!), then definitely get them set by JA.
 
Thank you for the reply. Im new to the diamond world so i dont know what the cost would be for setting. I save about AUD 1000 by just bringing the loose diamond. Your right if the setting is similar price then it would be worth having it set.
 
Has said:
Thank you for the reply. Im new to the diamond world so i dont know what the cost would be for setting. I save about AUD 1000 by just bringing the loose diamond. Your right if the setting is similar price then it would be worth having it set.
Click to expand...

I don’t know anything about Australian prices - I think @Bron357 is from Australia so she may be able to weigh in on Australian prices! And if you live in the same city as her she might be able to give you the name of a good jeweler as well.
 
Do you have a local jeweler? I'm from Australia too and most jewellery chains do not make jewellery. I think it can end up costing a bit. Maybe call around and check. There's a lot of asian jewellers that would be able to do it but might not be as good i.e. setting it too high or prongs too big. Whereabouts in Australia are you?
 
Hi, yes, Sydney Australia.
Not sure about your “$ numbers”. I take it that you’re saying the earrings in 18ct gold is another $600 on top of the diamond cost.
Customs will be 10% if JA exports under the US / AUS free trade agreement (otherwise it is 15%). Plus customs processing shipping and insurance - maybe extra $150.
If you just import the diamond you are only saving yourself $60 $600 x 10% = $60) as the main customs cost is in the diamonds value, the customs processing etc will be almost the same extra.
Can you get a pair of 18ct gold earrings and setting for $600 here in Australia? Most unlikely.
I would get them set by JA. You won’t save any money having earrings made here and some jewellers are “funny” about setting “outside gemstones”. The truth is for jewellers is that they need to make a bit of money throughout the process including a bit on the gemstones. They like to source them themselves I’ve found! Some refuse to work with “outside” gemstones and most will take all care but accept no responsibility during the setting process. Not that setting diamonds is risky but they refuse to accept any liability.
 
OP, I’d check the math on your initial estimates in light of Bron’s comment. I took it to mean that if you buy just the stones they are 8800 + 800 taxes = 9600 total. But if you buy the setting they are 8800 + 600 setting + 1400 taxes = 10800 total. Looking at it again, I’m not sure why getting the gold setting would increase the taxes so much more (not in proportion), unless Australia has different taxes on importing gold vs importing diamond.

I think that if you want to get the settings done in Australia your first step is to locate a bench whose finish you like and who will accept loose stones. I didn’t know that was difficult in Australia. After that you will need to get a quote. Then you’ll need to see how much the JA setting will actually cost you (so recheck the numbers on tax calculation) so that you can do a proper apples to apples comparison.
 
Hi all, I was very unaware about the setting policies in Australia and some not wanting to work with outside stones.
Thank you for enlightening me.

My calculations were excluding the setting charge from Australia. Yes if they charge about Heavy on setting I might not save and it will just be another hassle.

my calculation was based on the tax and custom calculator on JA.
the loose Diamonds cost me AUD 8800. With custom 10% it will be $9600.
If I make it in 18k prongs - (there is a 25%) discount - it will be $526. So all together it is $9406.
but with Tax and custom for jewellery its $ 10861.
The saving is about $ 1200.
is that correct or am I doing this calculation entirely wrong?
 
maryjane04 said:
Do you have a local jeweler? I'm from Australia too and most jewellery chains do not make jewellery. I think it can end up costing a bit. Maybe call around and check. There's a lot of asian jewellers that would be able to do it but might not be as good i.e. setting it too high or prongs too big. Whereabouts in Australia are you?
Click to expand...

Hi , Im from Perth and options are extremely little over here.
 
Has said:
Hi , Im from Perth and options are extremely little over here.
Click to expand...

Hi @Has , I’m also from Perth :wavey:
Unfortunately I can’t help you with reputable jewellers, it’s been ages since I had any jewelry made but @gregchang35 might know somebody that might be able to help you.
Good luck with your purchase.
 
Has said:
Hi all, I was very unaware about the setting policies in Australia and some not wanting to work with outside stones.
Thank you for enlightening me.

My calculations were excluding the setting charge from Australia. Yes if they charge about Heavy on setting I might not save and it will just be another hassle.

my calculation was based on the tax and custom calculator on JA.
the loose Diamonds cost me AUD 8800. With custom 10% it will be $9600.
If I make it in 18k prongs - (there is a 25%) discount - it will be $526. So all together it is $9406.
but with Tax and custom for jewellery its $ 10861.
The saving is about $ 1200.
is that correct or am I doing this calculation entirely wrong?
Click to expand...

Bron mentioned upthread that the tax is 10%. But to get 10800 (savings of 1000+) you have to calculate tax at 15% on the earrings (both diamonds and setting) vs 10% on loose stones. So you’ll need to check and confirm whether if by getting the setting you need to pay 15% tax (on the entire thing, not just the value of the setting ie 530) or if you’ll have to pay 10%. The way I see it, taxes would work in one of the following ways:

Stones @ 10 —> 8800 + 10% tax = 9680
Earrings @ 15 —> (8800 + 526) + 15% tax = 10725
Earrings @ 10 —> (8800 + 526) + 10% tax = 10260
Stones @ 10, setting at 15 —> 8800 + 10% tax + 526 + 15% tax = 10285

So the cost of setting for you (incl of taxes) can be anywhere from 1045 (where it seems worthwhile pursuing an Australian jeweler if you can find a good one where you are) to 580 / 605 (where it’s probably just easier to get JA to do it for you). So I would definitely get a proper quote on the tax you’d have to pay since that will determine your options. I’m sure there’s a customs website or hotline where you can call and get them to confirm what your cost will be.
 
Hi @Has

there is a guy in Joondalup- diamond club that sets outside stones. He set my diamond fromLeibish. diamond club made my cuff and when I got my diamond, they set it.

I also enquired previously about setting other stones I have, for insurance purposes. and they do set outside stones. Ie Contents insurance does not cover unset gem stones. Insurance covers gem stones that are set in jewelry pieces.

as to the cost of the earring setting- I am unsure. But you can call him to find out. They do a lot of cast work, so if you know the exact design you are looking for- they can do it. Note that most Australian jewelers do not have claw prong settings or martini styles that you see in US... they are most likely the basket settings with claw prongs which looks like tiny buttons... so, you need to be specific about what you are looking for.
 
In relation to taxes on jewelry...

Any jewelry as I understand would get charged the 10% GST. There are also customs duty and import taxes. All calculations are done in AUD. So the currency on the invoice will be converted to AUD, and the calculations done. When you add it all up, it will be approx 15% more than what you physically paid on the invoice.

Working with USA- there is ausfta- the free trade agreement between USA and aus. Most, if not all, reputable vendors discussed on here will know what the AUSFTA is will complete the necessry forms to shipped with the goods. This limits the taxes to the 10%GST.
 
@Has I have posted 3 replies for 3 different topics in this thread.

when you say you save 25%...
Does it mean 25% on the setting?

I am unsure if the 25%saving is on both the diamond and the setting. If it is- then get the stone and setting from JA, you will save a ton!!!
 
Sparkles88 said:
Hi @Has , I’m also from Perth :wavey:
Unfortunately I can’t help you with reputable jewellers, it’s been ages since I had any jewelry made but @gregchang35 might know somebody that might be able to help you.
Good luck with your purchase.
Click to expand...

Thank you.
 
AllAboardTheBlingTrain said:
Bron mentioned upthread that the tax is 10%. But to get 10800 (savings of 1000+) you have to calculate tax at 15% on the earrings (both diamonds and setting) vs 10% on loose stones. So you’ll need to check and confirm whether if by getting the setting you need to pay 15% tax (on the entire thing, not just the value of the setting ie 530) or if you’ll have to pay 10%. The way I see it, taxes would work in one of the following ways:

Stones @ 10 —> 8800 + 10% tax = 9680
Earrings @ 15 —> (8800 + 526) + 15% tax = 10725
Earrings @ 10 —> (8800 + 526) + 10% tax = 10260
Stones @ 10, setting at 15 —> 8800 + 10% tax + 526 + 15% tax = 10285

So the cost of setting for you (incl of taxes) can be anywhere from 1045 (where it seems worthwhile pursuing an Australian jeweler if you can find a good one where you are) to 580 / 605 (where it’s probably just easier to get JA to do it for you). So I would definitely get a proper quote on the tax you’d have to pay since that will determine your options. I’m sure there’s a customs website or hotline where you can call and get them to confirm what your cost will be.
Click to expand...

Thank you, il call customs tomorrow and find out if they can calculate the exact tax and custom fee.
 
gregchang35 said:
Hi @Has

there is a guy in Joondalup- diamond club that sets outside stones. He set my diamond fromLeibish. diamond club made my cuff and when I got my diamond, they set it.

I also enquired previously about setting other stones I have, for insurance purposes. and they do set outside stones. Ie Contents insurance does not cover unset gem stones. Insurance covers gem stones that are set in jewelry pieces.

as to the cost of the earring setting- I am unsure. But you can call him to find out. They do a lot of cast work, so if you know the exact design you are looking for- they can do it. Note that most Australian jewelers do not have claw prong settings or martini styles that you see in US... they are most likely the basket settings with claw prongs which looks like tiny buttons... so, you need to be specific about what you are looking for.
Click to expand...

Good to know about a place that accepts outside stones. Il certainly explore. I want the settings to be neat and make the diamonds appear bigger.
Thank you.
 
gregchang35 said:
In relation to taxes on jewelry...

Any jewelry as I understand would get charged the 10% GST. There are also customs duty and import taxes. All calculations are done in AUD. So the currency on the invoice will be converted to AUD, and the calculations done. When you add it all up, it will be approx 15% more than what you physically paid on the invoice.

Working with USA- there is ausfta- the free trade agreement between USA and aus. Most, if not all, reputable vendors discussed on here will know what the AUSFTA is will complete the necessry forms to shipped with the goods. This limits the taxes to the 10%GST.
Click to expand...

Ok, so do I have to ask JA to see of they will do the forms so I may only be charged the 10% if i decide to set them up?
 
gregchang35 said:
@Has I have posted 3 replies for 3 different topics in this thread.

when you say you save 25%...
Does it mean 25% on the setting?

I am unsure if the 25%saving is on both the diamond and the setting. If it is- then get the stone and setting from JA, you will save a ton!!!
Click to expand...

It is only the settings. I decided on the 4 prong as its cheaper. AUD 323. And 25% off that. Asked them to semd the invoice, but would make a few calls tomorrow before I pay.
 
Has said:
Ok, so do I have to ask JA to see of they will do the forms so I may only be charged the 10% if i decide to set them up?
Click to expand...

tell them you are from Aus... and ask them to complete the ausfta- they should know what that is.
 
gregchang35 said:
tell them you are from Aus... and ask them to complete the ausfta- they should know what that is.
Click to expand...

Thank you so much. This is certainly helpful for someone trying to save a few bucks.
 
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