Enagement Ring Shopping NYC

Coldplayer

Hi all

Just looking for some info really. Time has come to propose to my girlfriend.

We are heading on holidays to NYC in December and am currently looking at the pros and cons of buying over there.

if anyone has done this, your advice would be greatly appreciated! in all aspects!

My main issue is time, if I do decide to buy over there what's the situation with regards to getting the ring sized etc.? is being there for 7 days enough time to cover all bases? like shopping for the ring, getting it valued and haggling etc.?

I see Hanikens and the like recommended a lot? From experience what's the ballpark discount you can expect to get with a good amount of haggling?

Like if the ring is $8k would it be beyond the realms to get it for say $6.5?

Arbiter of Good Taste

I got my ring in Hanikens and was delighted. To be honest, you're not going to get a huge discount from haggling. It's NY, not Dubai.

Viewed and chose Monday morning and picked it up, resized, Tuesday at 5pm. I made an appointment with them before I flew out.

I wouldn't bother with valuing in NY. The likes of Hanikens are reputable and a NY valuation is no good for Irish insurance purposes. Though do keep it very safe as you won't have it insured until you get home.

Typer Monkey

We bought my ring in hannikens too. Was very happy with the price and service. He asked what style I was interested in and our budget and gave me loads to choose from. The one I picked fit me perfectly so I was able to walk out the door with it. I briefly considered another one which was too big and he said it could be sized by the next day.

We paid in cash and got a good discount. They have a website so you can browse the styles of ring and have an idea before you go in. Tbh the diamond district and the 'market' that hannikens is in is a bit overwhelming so I was glad to have a destination or 'point of contact' iykwim. They seem to get lots of Irish customers and make a fuss of you and a big point of offering a discount. I was very happy with the experience anyway

Coldplayer

Great, yeah like a lot of the threads on this subject give a very positive review of Hanikens. I was just being cheeky to see if I could bargain them down a little!

Is it still good value in comparison to buying at home? I know you factor in the travel costs etc. but seems as we are going to be there on holiday I'm considering those sunk costs and not really taking them into consideration.

Also Typer, you mentioned you paid in cash, is this a golden rule, I'm not sure how keen I am to be carrying that kind of cash through airports and around NYC!

Typer Monkey

I'll PM you Coldplayer

Arbiter of Good Taste

Coldplayer wrote: »

Great, yeah like a lot of the threads on this subject give a very positive review of Hanikens. I was just being cheeky to see if I could bargain them down a little!

Is it still good value in comparison to buying at home? I know you factor in the travel costs etc. but seems as we are going to be there on holiday I'm considering those sunk costs and not really taking them into consideration.

Also Typer, you mentioned you paid in cash, is this a golden rule, I'm not sure how keen I am to be carrying that kind of cash through airports and around NYC!

If you are going anyway, then it is excellent value. I got mine valued when I got home at twice what I paid for it.

Coldplayer

That seems to be another common theme when it comes to buying in the states?

I'm a little confused though about how this comes about? obviously I'd be delighted if I bought a ring there, came back and saw the value double.

but is the value of diamonds not consistent around the world? especially when they are valued based on the same metrics? i.e. the 4 cs?

Arbiter of Good Taste

Not necessarily. It means that if I was to buy the same or a similar ring in Ireland, it would cost me double.

mackinacky12

Can someone recommend whether to pay by card or by cash? With the 8.875% tax on card transactions it seems there's a significant amount to be saved by paying by cash.

Have to weigh that against carrying dollars over though, given that there's a limit on withdrawing cash over there I believe? Between $250 and $500?

Not sure what to do

annoyedgal

Bought my ring in Dublin and was valued twice over! I wouldn't read too much into it, they seem to inflate the price for insurance or something like that. You'll definitely get a good discount in NY though if you haggle hard and pay cash. Good luck!

hfallada

Huge amounts of Diamonds are sold in NYC as its a Diamond exchange like how oil is sold. So its highly competitive for buying Diamonds. You avoid sales tax is the ring is shipped out of state to a zero sales tax state like New Hampshire or Delaware.

Gumbo

mackinacky12 wrote: »

Can someone recommend whether to pay by card or by cash? With the 8.875% tax on card transactions it seems there's a significant amount to be saved by paying by cash.

Have to weigh that against carrying dollars over though, given that there's a limit on withdrawing cash over there I believe? Between $250 and $500?

Not sure what to do

I am picking up her engagement ring in NYC in December. I proposed with a dress ring. We have been in and around all the Dublin places with our budget so have a good understanding at what our budget buys here (Voltaire, Diamont, then the usual high street places).

I am in constant contact with Peter J. Germano in NYC as my mate bought from him too. I have been sending images of what she likes, diamond shape, ballpark budget etc and also the details of the diamons we view here. He has mentioned that he will be matching the 4C's on the ones we seen here or beating them for roughly 60% of the price give or take obviously.

There's a few places in NYC that constantly pop up on Irish forums, Germano being one, and Henikens the other.

Anyway, in regards to buying, I have been told that if I buy by card, then the shop has to add on 1-2% as that's the visa charge them. If I buy cash, he said I will save this this amount, adding to the comments above that there's not a lot of haggling room there. I'm still deciding whether to load the visa or chance my arm with cash.

Coldplayer

I think I'm going to go with the cash route and take my chances.

Ultimately I'm dumping the responsibility on her. I'll just hover in the background!

Looking at the cost benefits of NYC, the exchange rate is crap at the moment. Don't imagine it improving anytime soon!

CaraMay

Coldplayer wrote: »

Looking at the cost benefits of NYC, the exchange rate is crap at the moment. Don't imagine it improving anytime soon!

A cousin of mine is a gemologist and fhnds a lot of issues with the valuations given by NYC jewellers. He said that you should gèt an independent valuation over there before you come home to ensure they have sold you what was claimed eg colour, clarity etc. There is no point coming home to then find out all is not what it seems.