Acquiring a diamond, especially for an engagement ring is an emotional purchase, one that is hard to replicate with the click of a button. However, if, like many in our globalised world you want to explore every avenue before purchasing a stone, you should simply be aware that the cost of a diamond does not simply end with your online purchase. What these websites usually neglect to inform you about are the ‘hidden costs’. These costs are revealed when you are ready to pay and pay is exactly what you do.
These fees are generally based upon unforetold importing costs, including:
- Import Courier Expenses, i.e. Fedex, Toll or DHL
- Foreign currency exchange rates
- Insurance on goods
- Customs clearance charges
- 10% Goods and Services tax (G.S.T.). The G.S.T. is calculated on the final price of your purchase inclusive of all expenses from buying the diamond then shipping to you.
- When you purchase a diamond and agree to have it made into a piece of jewellery it will include a further 5% sales duty ie: Sale price = $15,000 AUD then sales duty will be an extra $750 AUD.
The issue of aftercare is also forgotten amidst the frenzy of searching online diamond sites. Hypotheticals such as ‘what if the diamond fell out’ or the piece needed to be rhodium plated are never accounted for. If problems do arise, your piece will have to be returned at your own expense with all of the aforementioned costs being incurred again. The shipping fees for returning a diamond can cost you anywhere between $1000 – $1500 AUD.
In the end, all you have, as the customer is trust and hope that you have acquired the perfect diamond for the person who is most important to you! Buying locally with a live diamond specialist ensures that you are able to make your decision holding the most important piece in your hand.