Where To Buy Jewelry In New York City?
Q: My wife and I are going to New York City and while there intend to buy
several pieces of Gold & Diamond Jewelry.
A few years ago while in Los Angeles we discovered an area of downtown
that is like a farmers market or permanent indoor swap meet where
hundreds of independent jewelry dealers had permanent booths in which
they bought, sold, repaired and designed jewelry.
While there, we saw the vendors buy from bulk jewelry wholesalers and
sell to jewelry store owners. The best part was that the vendors were
open to the public and their prices were at Wholesale or below (1/7th
of retail prices back home). I don't recall what we paid for the
diamonds we had set, but it was comparatively at equal discount to the
gold prices.
The selection was awesome and we saw one-of-a-kind designs including
14k gold jewelry that they called "laser cut" which flashed as if it
had diamonds set in it.
Gold jewelry was sold by the gram weight and traded at current market
value for the gold it contained (today gold closed at $328/oz, so 14k
would be $6.15/gram), it appeared that the profit for the vendor was
in the additional $1.00-$2.50/gram "labor fee" for fabrication they
added.
Due to the competition between vendors, they were somewhat willing to
negotiate the price. However, $2.50/gram for machine fabricated
jewelry like gold chains & bracelets seems excessive.
What is the best area to go to buy Gold & Diamond Jewelry in New York
City and what should a person expect to pay ?
A:- buying jewelry in the diamond district in nyc is quite an experience. its a
good idea to know what you are doing. while the vendors will negotiate and
it all seems like a big fancy flea market, be aware that they are there
because they make money on you. lots of it. vendors have been known to
set up under several different names and what looks like competition to the
buyer, is just a set up. you go from booth to booth, and they undercut the
last guy, who was really their partner in the first place. and while the
prices are much lower that normal retail, you have no idea what you are
getting. the entire block on street level is made up of storefronts and the
'swap meet' type setup. then there's much more 'business' going on in the
'offices' upstairs.
occasionally there are news reports about vendors 'switching' when they turn
around, or go to the bench. if you are making a big purchase, make sure
that what they show you and what you take with you is not out of your sight
for a minute. remember, these vendors are very skilled with wide-eyed
out-of-towners, who do not have the 'healthy' skepticism which is usually
developed after getting ripped off a few times. many will give further
discounts if you pay cash. just remember, if you do, you don't have the
same rights as when you pay by credit card. bottom line...these guys know
what they need to get for a piece. they're just playing the game so you
think you're getting a bargain.
I like to observe things. I watched some of these dealers for awhile. saw
one take a couple of pouches out of his pocket and dump out a pile of
diamonds on a counter. at that time, I had a supreme reverence for
diamonds...and somehow my bubble burst as I watched him treat them as if
they were glass chips...then I started to wonder.....
this is not to say that the whole place is corrupt. even the highest prices
are better than shopping in the mall. and the selection *is* awesome.
I don't know what the going discount market rate is. there's even a chance
that the bargaining is even better because