“There are two types of engagement rings, Diamond District engagement rings and everything else.”
When Ryan Reynolds popped the question to Blake Lively he offered Blake a custom ring designed by the Diamond District’s own Lorraine Schwartz. It seems everyday a celebrity engagement ring appears on the finger of one of Hollywood’s rich and famous, and more often than not, they are designed on 47th Street. Take Kim Kardashian’s $8m celebrity engagement ring for example, the beautiful cushion cut ring sports 15 carats in a pave diamond setting and also comes from NYC’s Diamond District.
You don’t need to be a celebrity to partake in the magic of Diamond Row. In fact most people go there for a deal, not to purchase an oversized Bronto-Diamond. Why are Diamond District diamonds more sought after than those sourced elsewhere? There are three fundamental reasons. The first we’ll call “Running with the Big Dogs”
There are a few assumptions one makes when thinking about the buyers who go to Jewelers Row. The first is that they are savvy enough to actually know where and what the Diamond District is. If you go onto Google right now and type “where to buy an engagement ring” nothing appears about the Diamond District on page one (or page 2, 3 or 4). This means the average person has no idea what The Diamond District is. While they are shopping at the mall jeweler, paying 40% more than those in the know, you’re smart enough to know where the deal can be had. This is a big step, meaning you’re running with the big dogs, woof!
The Diamond District is built around the premise that thousands of jewelers located in one square block of the city will reduce overhead. You can put 25 NYC jewelers in the same space as one Zales store, so each pays 1/25th the rent. Many of those jewelers, depending on how they are set up, actually generate more revenue, day to day, than a Zales store in a good location. They do this because they don’t sell ¼ carat and ½ carat diamond rings. They sell ¾, one, two and three+ carat rings. The people who buy those rings are often connected, meaning they expect and receive a deal for that size purchase. So you may actually pay more overall because you’re buying a larger diamond engagement ring, but you’ll get much more value for your money!
Our final point relates to point one, Running With the Big Dogs. Diamond District NYC buyers are better educated (if you’re not, simply sign up for our free Mini E-Course below, Diamonds 101). They know the FIVE C’s of diamonds, color, cut, clarity, carat and . . . certification! By the way Certification, particularly a GIA certificate, allows the buyer to NOT be an expert in the other areas because GIA does that for you. Because the buyers are more savvy, diamonds certified by less consistent labs such as EGL find their way into Mall stores all around the country. This does not mean you, the buyer, should not be careful, just make sure you’ve done your homework.
For those interested in speaking to a Diamond District NYC Jeweler, go to our home page and click the Spyglass on the upper left. Select engagement ring under category and Diamond District under location.