Mexikaner wrote:Hello everyone!
I would like to know your opinion...
Because of my work, I am frequently travelling to Malaysia, and I've noticed how some things are amazingly cheaper there compared to Singapore.
Do you know if buying a diamond ring in Malaysia, and bring it to Singapore is a good idea? any regulations against it?
Has anyone ever tried this or something similar?
Thank you for your tips!
(I came from Germany 3 months ago after finishing my MSc, with only EUR1,000 to my name, following the love of my life, who is Malaysian/SPR...not really floating in money right now)
You are on quite an adventure, good for you!
My advice to you would be to buy from a reputable source, the reason being that there are so many variables in diamonds (as say there are in used cars) that it is simple to get tricked by the unscrupulous into buying a dog.
An important consideration is that diamonds are traded against an informal global price index (set by the Rapaport Report, aka the Rap Sheet). This means that generally speaking Diamond A at
trade price is worth the same worldwide. The retail price will be determined by many factors, for example a diamond in Cartier will carry a hefty margin over the identical stone in Lucky Plaza, simply because 'it is Cartier' and comes in a pretty box (plus Cartier have hellish overheads to cover!). One of the other larger variables impacting the end price is the prevailing GST rate where the stone is bought, for example +20% in the UK, but +0% in Dubai.
If you or your family know and
trust any jewelers in Malaysia then you could be onto a good thing. If you don't then I would consider buying online through a large dealer whose reputation is too valuable to stake on not playing a completely straight game (yes, it's not just me, the diamond business really is full of paranoia!).
Something like this highlighted...
From here...
http://www.bluenile.co.uk/diamond-searc ... LD02550350
Good luck!
p.s. If you do buy one in Malaysia then make sure you are able to reclaim GST on it at the border, as you will perhaps have to pay SG GST on it's import.