There is a popular opinion that purchasing an engagement ring in the US will save you a lot of money. The USA has the largest diamond market, but it offers more agreeable prices? Or should one consider exporting from Australia? Let’s get these questions answered once and for all.
Debunking the Myths
The most expensive part of any engagement band is brilliant. Be it a smaller or higher-carat diamond; you’d want to get the best value of it. And where to shop for a betrothal accessory if not on the number one market abounding in sparkly gems. Undoubtedly, America is the leader in the number of orders placed for wedding and engagement rings. But does the high demand push the prices down? Surprisingly, the answer is no. The thing is, over the years, diamonds have become a commodity of the jewellery industry, e.g. prices for precious stones are pretty much the same around the globe, so you won’t be able to find mind-blowing discounts. However, you can spare some costs by buying from a mining country. That is where Australia steps in. Australian merchants can put attractive tags because the shipping fees are narrowed to a minimum. Plus, they are the first to get their hands on rarities like black or red diamonds.
What About the Tax and Customs Duties? Don’t They Turn the Tables Around in Favour of America?
Not necessarily. One of the biggest concerns for buyers is the import duty and GST tax. Due to the agreement between two countries (namely the USA and Australia), you don’t have to pay a duty for a piece of jewellery valued below 800 $. In addition, most loose diamonds are custom-free. The import duty for engagement rings valued at over 1000 $ usually accounts for 5% of the purchase. You can check the Harmonized Tariff Schedules or ask the jeweller’s shop directly for the exact rates.
One of the advantages that make Australia an appealing shopping spot is the GST rebate for exporting diamonds. Meaning the store will сover the fees partially, and you’ll get to spend less on transportation.
A Few Numbers
According to recent surveys, the average cost of an engagement ring in Australia is between 5 000$ and 5500$; in America, 5 500$ – 7000$. Of course, these numbers are highly subjective since one has to consider many details like 4C’s( Carat, Cut, Colour, Clarity), type of metal and its weight, type of setting. We took the liberty to compare the prices of two reputable shops: GS Diamonds Canberra, Australia and Jared, New Jersey, USA. The solitaire ring with a round 0.5 round diamond in white gold costs 1300$ on Jared’s website and 800 $ on GS’. The solitaire cushion in yellow gold is priced at 1200$ and 750$ respectively. The difference is about 30 per cent!
Are There Any Other Benefits?
We are glad you asked. When selecting an engagement ring, one should take into account the quality of the product. The diamonds from Australia come with a certificate from GIA, the world’s top organisation that ensures each stone meets rigorous standards. Most online jewellery shops also have the 3D feature installed on their website. You can view any diamond from 360°. If you get deceived, and the quality doesn’t match the picture or the description, don’t worry; you’ll be protected by local laws and can rightfully demand a refund.
Customer-friendly Payment System
You can pay for your gift in a convenient way. If you don’t have the whole sum, you can use a credit card.