NYC diamond district help please!

[Samara83]

I was wondering if sellers in the diamond district are likely willing to forgo sales tax if you pay in cash? Also, I have a very small ring size (3.5), and I am very picky about what kind of band/setting I want. Do you think it would take a while for a jeweler to set the diamond for me on such a small band? If so - do you think it would take longer than a day or two? I don''t live there so I''m not sure how long to plan the trip for...

 

[stone-cold11]

If you pay in cash, then a sale tax is required or it will be illegal and can be considered money laundering.

Settings, depends on the setting not the size of the ring, as in if there is setting available for the stone size you are looking for, customization of some of the designer setting means that it will be made from scratch by the designer for a particular stone.

 

[TotalNewbie]

Some vendors will let you pash cash for items less than $10,000 usd, and will forego the sales tax if you have the jewelry item shipped out of state. The assumption is that you will handle any sales tax liabilities in the state it is being shipped to, of course.

 

[denverappraiser]

Paying in cash can occasionally result in savings for three basic reasons. Firstly, credit card companies charge the merchant a fee, usually on the order of 2%, for their services. They get a discount if you don't use a card and they may be willing to share this with you. Secondly, cash rarely bounces (like checks sometimes do) and it’s impossible for the buyer to reverse the charges if there’s a problem (like you can with credit cards). Thirdly, it makes it easier for the merchant to cheat on his/her taxes by keeping sloppy or even fictitious records. In the case of the last two, I’m not sure it benefits you to be involved. In particular, the support of the credit card company and the merchant’s records regarding the transaction are often critical in the case of a needed return, exchange, repair or refund and a merchant who you know or suspect is cheating the taxman would raise the question in my mind about whether he/she's treating me any better. It’s always nice when things work out with no glitches but it helps to have your ducks in a row if it doesn’t go as you expected.

Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Appraisals in Denver

 

[Rockdiamond]

I''d be very careful here on 47th street.
If you buy and take delivery of a ring here, the seller is bound to charge sales tax. This law applies regardless of the payment method. Finding sellers on 47th street willing to break this law may not be all that difficult, but I would ask myself if sellers exhibiting such behavior are worthy of your trust.
There are a percentage of good, honest retail sellers on 47th street- however they are mixed in with a lot of overly aggressive sellers.
Buyer beware is a very smart tact here.

If the ring is shipped out of New York State, the seller is not bound to collect sales tax- although most states require the buyer to declare the purchase, and pay the applicable tax.
Since there''s no method of enforcement on this, many buyers likely don''t comply, but the onus is on the buyer, not the seller.




In terms of setting a stone in a smaller sized ring: Generally it will take longer than a day or two if you have a specific type of setting in mind that may be a bit more intricate than a typical solitaire.
Although there may be places that offer to set while you wait, the best places generally won''t make such an offer.
Personally, I feel it''s a difficult enough job as it is- I''d never allow people to watch our setters work.

 

[CravingDiamonds]

Samara, sales tax would be required but you can always have the item shipped to you out of state. I believe jewelers in the NYC Diamond District are really only liable for NY sales tax. If you are headed to the Diamond District, you should checkout diamonddistrict.org to familiarize yourself with most of the jewelers and call them up to ask any questions in advance before you go in. I personally would strongly recommend Firenze Jewels as they are well established with a long history of positive reputation. I believe the owner himself is chairman of the 47th street BID. As a general rule of thumb, the second half of 47th street(those jewelers closer to 5th ave) consist of the more reputable businesses. The ones closer to 6th ave are those you generally want to avoid..
Happy shopping in New York!