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Finding bargains in the jewelry box
Commentary: Where the best values are this year in jewelry gifts
NEW YORK (MarketWatch) -- Bunnies love carats. No, we're not talking about
the fluorescent veggies but about the standard measures of weight and purity of
gold and diamonds.
MARSHALL LOEB found at marketwatch.com
Dec 1, 2006
Consumer demand for those prized possessions peaks at Christmas. Jewelers
typically ring up about one-quarter of their annual business in December alone.
So far this year demand has been generally strong, and retail prices are up 3%
to 4%, reports Ken Gassman, president of the Jewelry Industry Research
Institute.
Still, parts of the fine jewelry and watch market are spotty enough that you can
find some bargains for your lady love ... or the man in your life.
Take, for example, expensive Swiss and other European watches, particularly
those made of platinum. Demand had been so robust that some platinum watches in
the last two years had been selling for twice the price of gold watches, says
Solly Refael, owner of Daniele Trissi Jewelry in Scarsdale, New York. But that
became just too much for the market to bear. So now, yellow gold watches have
become increasingly popular, and it has been possible for consumers to negotiate
better retail prices for platinum watches. It is just at this moment of change
that you might be able to find selective bargains.
Another market in flux is that of pearls.
The Japanese have dominated it for decades. But recently the resourceful Chinese
have moved in with heavy competition.
You can buy an 18-inch strand of Akoya brand Japanese pearls, grown in sea
water, for $3,000 to $4,000. But a similar 18-inch Chinese strand of pearls,
grown in fresh water, may sell for only $600. Moreover, the Chinese are also
producing some pearls in rare colors that attract customers -- yellow, pink,
lavender.
In the diamond market, a large stone (like a good man) is hard to find,
primarily because few have been dug up lately. As a result, prices of
traditional white diamonds of three carats or more have rocketed 40% to 50% in
the past year, says Jay Mednikow, president of Mednikow Jewelers in Memphis and
Atlanta.
He credits much of the rise to the global political upheaval: "There's
political unrest in the world, caused by terrorism. So there is a flight to hard
assets -- to which you can attach value -- by people all over the world,
especially in Europe and the Middle East.
Also, there is more wealth being created in China than ever
before."
But you can find bargains in yellow diamonds. Because of the whims of fashion,
they became very popular over the last decade, and their prices zoomed. Now the
market is loaded with yellow diamonds, and their prices are beginning to return
to earth.
The Big Three of colored stones -- rubies, emeralds
and sapphires -- are sometimes referred to in the
trade as the Wild, Wild West. Unlike with diamonds, there is no grading scale.
The value is all in the eye of the beholder. And that valuation is not worth
much unless the beholder is a professional.
Prices of colored stones are strong now. But most of them are treated with
heat and/or oil to enhance their vibrant colors. So if you buy colored stones,
or diamonds, be sure that the stone come with a certificate of authenticity from
a reputable gem lab such as those at the Gemological Association of America or
the American Gem Trade Association.
But don't neglect to seek a price-cutting bargain. With the proper negotiation,
they are available in many shops. Says Trissi's Solly Refael with only slight
exaggeration: "You can negotiate everything."
Well, not at Tiffany's or Cartier's, but just about everywhere else, it's worth
a try.
Reporter Ismat Sarah Mangla contributed to this article.
Marshall Loeb, former editor of Fortune, Money, and The Columbia Journalism
Review, writes "Your Dollars" for MarketWatch.
read also
Want to give some jewelry?
Try jewelry
by miaj she makes some nice little things with
semi precious stones.
 Crowds
going gaga over Burmese rubies at trade fair
New Delhi, Nov 21 (IANS) Ravishing red Burmese rubies,
dazzling diamonds and many other precious and semi-precious gemstones are making
the crowds go crazy at the India International Trade Fair (IITF) at Pragati
Maidan complex here.
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