Re:Has Technology Killed the Jewelry Industry?
by ismail on Monday January 26, 2015 @02:32AM
(#8945909)
"then it's just another store of value"
I agree with this if the Jewellery in question is pure gold 21k and the like. Diamonds however, i do not believe to be a store of value.
Ever try selling a diamond back after a few years? I doubt you would get back the price you paid for it.
Gold however, can be easily sold back. Dealers will pay you at the going rate of Gold per gram, or maybe at a slight discount.
"I think a diamond can be damaged, but it cannot be "used". In fact, documenting the history of a diamond (a neat business idea) can only possibly enhance the stone's value."
Interesting idea, think it may have some value for people who want unique stories to tell.
The few diamonds I've ever purchased, I've done through eBay. GIA certified, laser inscribed, and then verified under a loupe upon receipt. It was not a pleasant experience, but it was worth the considerable hassle. I took them to my jeweler to set them and he was blown away by the price I paid. He immediately asked for the sellers info, claiming that he pays more. Maybe an act, I don't know.
Jewelry stores going out of business is very different from the jewelry market going out of business. I think a surprisingly large amount of the market is being redirected to private purchases. Costume jewelry is also a fast growing market and is driving the growth of a lot of startup marketplaces.
I think a diamond can be damaged, but it cannot be "used". In fact, documenting the history of a diamond (a neat business idea) can only possibly enhance the stone's value.