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Buying an engagement ring in Malaysia

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Mexikaner
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Buying an engagement ring in Malaysia

Postby Mexikaner » Fri, 03 Aug 2012 9:20 am

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)

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the lynx
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Re: Buying an engagement ring in Malaysia

Postby the lynx » Fri, 03 Aug 2012 10:00 am

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)


First of all, congratulations. Your fiancée-to-be must be very fortunate to have you leaving everything behind to follow her here.

For your main concerns, jewellery can be noticeably cheap in Malaysia for few reasons. Especially for diamond rings. If you get the grade worthy of certification (from GIA, EGL etc), the prices between Singapore and Malaysia are actually almost similar (after conversion rate).

If you are not concerned about the certification, then fire away in Malaysia jeweller shops. But stick to the main jeweller houses as you are more likely to be conned with fake diamonds than here in Singapore (my cousin got ripped off when he shopped at one of those supposedly 'family-run' jewellers in Malaysia).

And do not worry about ICA because you are only carrying one diamond ring and you intended it for personal use.

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Mexikaner
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Joined: Fri, 03 Aug 2012
Location: Singapore

Postby Mexikaner » Fri, 03 Aug 2012 10:21 am

thank you!! it helps a lot...

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JR8
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Re: Buying an engagement ring in Malaysia

Postby JR8 » Fri, 03 Aug 2012 8:19 pm

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...

Image

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.


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