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Britain post Brexit is in a dilemma. The key issue is short to medium term uncertainty at least until Article 50 is triggered. As with most UK businesses and industry sectors, jewellers across the UK are adapting to changing times when massive exchange rate fluctuations and higher precious metal prices are making things difficult for the trade. As our industry is commodity linked and dollar based, prices have risen by around 20% overnight with more increases expected as UK retailers brace themselves for tougher times ahead.
The key difference is prices between companies which hold large stocks like Marlow’s and others who work on minimum stock acting as brokers rather than jewellers. Companies holding stocks are in better health than companies without stock who solely rely on importing diamonds at current exchange rates and pass on all costs to the consumer. At Marlow’s we have a deal for everyone as our large scale purchases streamline exchange rates over a longer period of time similar to large retail businesses like M&S which cannot change its prices overnight even though replacement costs could be higher. You will almost always find Marlow’s cheaper in store than most online companies like 77diamonds, Bluenile or James Allen which have purely dollar based costs.
The good news is that demand across the world for GIA certified diamonds is strong as more and more proposals take place. Demand specially from China and India and traditional markets like the USA is strong for diamonds of all qualities. The best way forward for consumers in these uncertain times is to stick to the proven track record of top quality diamonds strenuously certified by the GIA only. This is the certificate of Authenticity which all would be grooms should be looking for. Some traditional jewellers may be of the opinion that the GIA is a piece of paper and one does not wear a piece of paper, one wears the diamond. This is the old fashioned way of thinking. Marlow’s being a progressive luxury diamond retailer are determined to continue being transparent unlike some traditional retailers, and a diamond that comes with a GIA certificate guarantees consumers the peace of mind that one should have when spending serious amounts of money for fine jewellery which will be cherished for a number of years. So wherever you choose to buy your diamond rings, make sure you ask the retailer for a GIA certificate to accompany the central diamond. For more insight into certification, check our Certificates Explained section.