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 of the business decline of 9/11.but I remember hearing that the economy is bounding back and people who put off engagements and weddings are glutting the market. so it may be the opposite. you might want to post your question in a ny newsgroup. also, you might want to contact the jewelry industry council in ny.also, a non-profit company http://www.bigapplegreeter.org/ which would help you tremendously. they are nyc experts. you sound like you know diamonds, gold and jewelry. bring your loop. keep your wallet in your front pocket and don't flash money. the diamond district is in midtown....along with Broadway, shopping and loads of other stuff. it is an amazing place.

Where To Buy Jewelry In New York City?

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