Matthew Phillips recently got engaged to his girlfriend Natasha.
But instead of going to a traditional jeweler, he bought the ring online.
Seventy Seven Diamonds is an internet business that buys direct from the manufacturer and sells to the consumer.
By cutting out the middleman, they say they’re able to save customers up to 60% on the retail price.
“I absolutely love it, it’s everything that I could have wished for. It’s very simple, beautiful, the stone is set amazingly and most importantly, she loves it. I’d say I’ve saved myself between 40% and 50% of what I would have paid at retail so I’m really, really happy with the decision that I made.”
Each diamond comes with a certificate of authenticity, which the company’s founders’, Vadim Weinig and Tobias Kormind, say is key when it comes to customer confidence.
“There’s plenty of luxury being sold online, it’s not for everybody but I think there’s definitely a growing group of confident buyers who are prepared not to just purchase books and CDs online but are buying full luxury products.”
“One thing is for sure: If you keep your money in cash, inflation will catch up on it and it will devalue. A diamond will rise above inflation index.”
The value of rough diamonds has fallen in recent months due to the holiday period and uncertainty in the financial markets. But analysts think that’s temporary.
De Beers – one of the world’s largest dealers – expects demand from China and India to return as investors seek alternatives to struggling stocks and shares.
“Gold is really overpriced, so we started to think about diamonds, which is actually quite a good investment for [the] long term. If you can keep [it] for 10 or 20 years, then the price will rise like real estate has in Hong Kong.”
Matthew is certainly pleased with his investment although he hopes his fiancée won’t be selling it in the near future.
Bottom line: U.K.-based internet firm, Seventy Seven Diamonds, attracts investors and consumers by selling its diamonds for up to 60% less than the retailer in just a few clicks.