The newest trend among diamond buyers is to buy diamond jewelry when they are traveling abroad. The main reason for this is that they can save a considerable amount of money. These stones are usually cheap in places where they are mined, processed, or both. Also, many buyers try to avoid buying conflict-free diamonds due to ethical reasons. Here, we will introduce you to places to buy diamond rings at cheap prices.
Cheapest Places To Buy Diamond Rings In The World
Listed below are the top three places to buy cheap diamond rings or loose diamonds:
- The United Arab Emirates (UAE)
- The Netherlands
Diamond rings and loose diamonds are cheap in the aforementioned places because of the high supply and demand ratio. Also, diamond jewelry shops follow straightforward pricing standards and have high standards in these places. Due to these reasons, you can get the best deals on diamonds.
The Reason Diamonds Are Cheaper
Loose diamonds and diamond jewelry are cheaper when they are purchased from countries closer to diamond sources. As these stones are transported farther away, their retail prices increase. Also, they are priced cheaper in countries where they are processed or mined because of the abundance of resources.
When trying to find the reason for the cheap prices of diamonds in some countries, you must consider the exchange rate of your currency. For instance, the US dollar gives you more purchasing power abroad than at home. So, you can buy a bigger or better diamond ring from Dubai in US dollars than in the local currency, i.e., dirham. In other words, The US dollar has higher purchasing power parity (PPP) than the UAE dirham.
Places To Buy Diamond Rings
United Arab Emirates (Dubai):
Dubai is a great place for traveling and shopping. One of the reasons that you can purchase diamond rings and loose diamonds cheap is that they are tax-free.
Antwerp is one of the top places for buying diamonds, and because of this, it is known as the diamond capital of Europe. Jewelry stores are lining the city’s streets, and due to this, some people label this city as a diamond heaven.
The Netherlands (Amsterdam):
Amsterdam is not only one of the top tourist destinations in Europe, but one of the cheapest places to buy diamond rings in the world.
We hope that this article will help you with purchasing cheap diamond rings or loose diamonds when you are traveling abroad.