Diamond Digest – November 16 2016
JEWELLER FORCED TO SELL $34,000 DIAMOND RING FOR $1100
Sydney-based retailer Royal Diamonds was forced to sell a 2-carat diamond engagement ring for 1100 after listing it online at an incorrect price. Savvy Nicholas Buttle purchased the ring for his fiancé, but when Royal Diamonds wouldn’t deliver the goods (claiming that the price was incorrect), he took them to court and won.
Unfortunately this error has been extremely costly for the company, causing them to close the business according to one of the company directors. This win sets a dangerous precedence in the online retail industry and suppliers are encouraged to double check all pricing on items sold online before they are available to the public for sale.
Thanks to the Daily Telegraph for breaking this story first.
CELEBRITY INSPIRATION: BLAKE LIVELY AND SOFIA VERGARA INSPIRING A NEW TREND IN ENGAGEMENT RINGS
Celebrity engagement rings are always a hot topic, often inspiring a rush in similar styles requested by bride-to-be’s and their fiances. Currently, Blake Lively’s oval cut diamond is the most requested style according to a top Australian Jeweller, followed by Mary-Kate Olsen’s vintage Cartier ring and Sofia Vergara’s square shaped diamond.
With celebrity rings getting more and more extravagant, expectations are rising for couples to have bigger and better rings, spending 5-10,000 more on a ring than they did as little as two years ago. “You do get couples who’ll go up to two or three carats … that could go up to $50,000 to $100,000” said Nic Cerrone of Cerrone Jewellers in Melbourne.
Thanks to the Gold Coast Bulletin for breaking this story first.
BARNEYS NEW YORK TO SELL NEW ‘CULTIVATED’ DIAMOND JEWELRY COLLECTION
Barney’s New York, typically a high end retailer featured in the likes of Sex and the City and just about every other fashion movie made about New York ever, has started on a slippery scary slope for the diamond industry. They will now be selling what they are calling “cultivated” diamonds, carbon stones that are causing the diamond moguls to have a heart attack.
With cultivated and diamond alternatives becoming more and more accepted, the traditional mining industry grows more and more nervous by the day as they find their control of this precious commodity slipping away. What this means for the future of engagement rings isn’t yet clear, but one thing is – cultivated diamonds are no longer just a fad.