Diamond Stud earrings can be worn for years. They're beautiful and versatile. They also are a great present. However, if you've ever searched for them in New Zealand, you might have noticed that they come at an expensive price. But, Why are diamond stud earrings so expensive in NZ?
Diamonds Are Rare
Limited Natural Supply
Diamonds are created deep within Earth over millions of years. They are only mined in a few places in the world. New Zealand does not own its diamond mines, and therefore it imports all of them. This makes diamonds come at a higher price.
High Demand
Diamonds represent elegance and love. They are sought after, especially for weddings or anniversary celebrations, and keep the prices up. If demand surpasses the supply price, the prices go high.
Import Costs in New Zealand
Shipping and Duties
Not only are diamonds sold in jewellery stores. They have to be shipped in from other countries. In New Zealand, the importation of diamonds carries high shipping costs as well as customs duty.
Exchange Rates
Typically, the price of diamonds is normally given in U.S. dollars. The value of the New Zealand dollar against the U.S. dollar can greatly affect the price. If the Kiwi dollar is weak, diamond prices are high.
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The Cost of Quality
The Four Cs
Each diamond is graded upon four major elements:
- Carat (size)
- Cut (shape and shine)
- Clarity (purity)
- Colour (whiteness)
Higher grades in each of these areas will make the pieces costlier. New Zealand's jewellers often sell high-quality diamonds, so the costs will come from the diamond.
Certification
Certified diamonds are from authentic jewellers. This ensures that the diamond is genuine and of the highest quality. However, these certificates provided by grading laboratories with international standards can add to the costs.
Labor and Craftsmanship
Specialised Jewelers
Diamond stud earrings are a product of skilled craftsmanship. An expert is required to place small, costly stones in platinum or gold. The issue is that labor prices in New Zealand are pretty expensive compared to most countries. That is what you are paying for.
Custom Designs
Most people want something exclusive jewellery. Custom-made earrings take more time and experience and also tend to be costly.
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Retail Markups
Operating Costs
Across New Zealand, jewellery stores have high operating costs. Rent, utilities, wages, and insurance drive up the cost. Such costs are normally passed on to the customer.
Brand Value
The reputation of a big-name jewellery brand comes at a cost. Smaller jewellers may need to add a markup to remain competitive in an infinitesimally small market.
Taxes and Regulations
GST (Goods and Services Tax)
The country imposes 15 per cent GST on all goods, including jewellery. The tax is added to the final price of diamond earrings with studs.
Ethical Sourcing Cost
Many jewellers focus on conflict-free diamonds. The process of ensuring an ethical source usually results in more costs, and that is what can be seen in the price.
Small Competition
Smaller Market
New Zealand has a relatively smaller population as compared to other countries. Fewer people mean fewer jewellery stores. Since the market lacks competition, prices will still be high.
Lack of Wholesale
Wholesale jewellers offer cheaper prices, but they are not as common in New Zealand markets. Most buyers visit retailers, which tend to be more expensive.
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Investment Value
Resale and Longevity
Diamonds are indestructible and will maintain their value over time. Many would even consider buying diamond earrings as investment pieces and could fully justify a higher price tag.
Timeless Beauty
Unlike fashionable pieces of jewellery, diamond studs do not go fashionable. Their popularity has sustained their price with the trend of the market.
Tips to Save on Diamond Earrings
Buy Online
Consider purchasing from retailers around the world who ship to New Zealand. Keep in mind duties and shipping fees.
Compare Jewelers
Don't purchase the first pair you lay eyes on. Compare stores and ask about their sources third-party certifications, practices, and standards.
Consider Alternative Stones
Lab-created diamonds and other stones like moissanite provide the same glamour at a lower price.
Final Thoughts
Why are diamond stud earrings so expensive in NZ? Diamond earrings are costly in New Zealand for many reasons. From the rareness of diamonds to the cost of import and labor costs each factor adds. Although the cost may appear expensive, these earrings can be a long-term investment in beauty and quality.
If you are thinking of buying the perfect pair of earrings, then make sure to be patient. Have several options, compare prices, and consider finding an honest jeweller. That way, you can find enjoyment when the glimmering adorns your ears knowing that every penny went to a good cause.