the cheapest place to buy a diamond

[rachelle]

Is the answer the same place 20 years later? I would like to know if anyone has an answer to this one. My grandmother purchased her engagement ring in '78 from a very respectable jeweler is appraised for $5,500. She took it back last year to the same jeweler (the same ring no changes) and it appraised for $2,500. They wrote her a letter explaining that diamond prices were at a high in the late 70's and that her ring was now at today's market price. Is this right? The stone in question is a .59 vvs2 G round brilliant excellent cut.

 

[Upgradable]

For cheap diamonds I hear that ebay is great.

 

[Todd07]

https://www.pricescope.com/prices.asp




It implies a D IF in '79 was twice todays price

 

[rachelle]

My question is why?

 

[Todd07]

Speculation

People bought diamonds as an investment. All the advice here says buy diamonds for beauty but not as an investment.

 

[cflutist]

If memory serves me, those were also the years of high inflation. Gold was at $800/oz, mortgage interest rates at 14% (I know, because it was 11.5% at the start of escrow in 2/80 and was 14% by the time we closed escrow in 5/80). I simple wedding band in 2/80 was $400, and the one I bought websailor in 8/97 was $67.

I was also getting 15% raises back then, now I am lucky to get 3% !!!!

 

[Patty]

The gold and diamond market went crazy in late 1979/early 1980. A 3/4 carat solitaire where I got my ring was $1200 in Januray 1979. By the spring of 1980, the same solitaire at my jeweler was $2000.

I don't think that the prices were that high in 1978, though. Sure, they were higher than 3 or 4 years earlier, but not THAT much.

Edited to correct the $900 to $1200...Sorry cflutist!

 

[cflutist]

----------------
On 9/21/2004 1:54:05 PM Patty wrote:

The gold and diamond market went crazy in late 1979/early 1980. A 3/4 carat solitaire where I got my ring was $900 in Januray 1979. By the spring/summer of 1980, the same solitaire at my jeweler was $2000.
----------------

No wonder I ended up with a .73 I1 from a mall jeweler. That was all he could afford in Dec 1979.

 

[Patty]

I just realized that I put the wrong amount for the 1979 3/4c solitaire. It was $1200 and went up to $2000. The 5/8c was $900 in 1979 and went up to $1500 in 1980.

And yes, cflutist, I remember watching those crazy mortgage rates in 1980. They were going up daily. We ended up with an adjustable rate FHA loan at 10.25 in June 1980 and thought that we'd gotten a bargain!

 

[DanieBurger]

----------------
On 9/19/2004 1:09:56 PM Upgradable wrote:

For cheap diamonds I hear that ebay is great.----------------

I got my 1.17 D VS2 H&A Ideal loose diamond on eBay for $6400. It's the best diamond! I never thought in a million years I'd buy a diamond on eBay, but I did and it's awesome