First, let us get the facts straight. Mumbai is one of major diamond trading centers in the world.
75% of diamond rough in the world come to India to get polished & cut. Also, in a year 95% of all cut & polished diamonds are sourced from India and sold around the globe.
The world’s largest manufacturers, cutters and wholesalers are located here and you can literally get any diamond you want.
Also, India has a long tradition in the diamond trade, being one of the first rough sources in the world and has been in the business since the Roman times.
Finally it is a fact that if you are in the diamond trade, you will definitely consider Mumbai as the best place to buy diamonds, period!
So, is Mumbai the best place to buy diamonds for an average consumer?
Unfortunately the simple answer is no.
The reasons are stated below:
The diamond trade is an exclusive club in which wholesalers, traders and manufacturers only want to deal with other traders or large retailers. They don’t want to bother with average clients as their average transaction size is US$1 million or more. Also, a lot of them don’t have the patience to ‘educate’ the average consumer as it is not worth their time.
You better know your diamonds
Dealing with manufacturers or wholesalers directly in Mumbai is NOT EASY.
If you don’t know your stuff regarding
- Diamond’s 4Cs – Carat weight, Color, Clarity and Cut Grade
- Trade terms like NO BGM (No Brown, Green, Milky)
- Different certificates (GIA, IGI, etc.)
- Or discount terms
They can tell in a few minutes, that you are not in the trade and will ‘skin you alive’ really quickly. So whatever good deal you think you are getting can become a very bad deal really quickly!
Online e-stores or traditional retailers
Though there are now a lot of new online retailers or traditional retailers in Mumbai or India which helps end consumers, they are actually not as competitive as the United States counterparts. I believe the reason for this is transaction amounts in India are still not as big as the US and therefore these retailers do require larger margins to keep their business running.
These retailers do provide great return or exchange policies, however again these costs have been added with your diamond purchase so you won’t be getting ‘an exceptional deal.’
Trust your ‘family’ jewelry
Another big way in how the consumers buy diamonds in Mumbai is by going through ‘word of mouth’ and trust their parent’s or friend’s jeweler referral.
In general this is usually very good advice as the diamond business does operate in ‘web of trust’ and getting connected with someone who is from the inside gives you better chance in getting the diamond at the correct price.
However, the major issue with this method is most people don’t educate themselves about their purchase and just trust their jeweler’s advice. This can be quite dangerous as their family jeweler themselves may not have ‘full knowledge’ about diamonds and will trust someone else, so there is no way to verify if you getting a good deal or not.
Also, having ‘blind’ trust without checking, the consumer might not get what they want or is misinformed about their diamond purchase.
If you are planning to use this method I do recommend asking pointed questions about your diamond purchase. You can verify your diamond purchase by just browsing through US (or India) online retailers and see if you are getting the best deal possible from your contact.
Buy Diamonds in Mumbai – Answer?
So, why am I telling you all this when the title of my article is Where and how to buy diamonds in Mumbai India?
It is important for you to understand the facts. And not assume that any dealer in Mumbai or India will provide you the best amazing deal out there.
Also, if you are seriously in the market wanting to buy a diamond remember to please do YOUR RESEARCH and understand completely what you are buying.
Once you have an idea of what you looking for, you should go to your ‘reliable’ jeweler or diamond dealer and ask pointed questions and verify the diamond you are getting is exactly what is stated.
So, where can you buy a diamond in Mumbai?
Luckily it is very easy to find the diamond manufacturers & wholesalers in Mumbai and they are mostly located in Bharat Diamond Bourse which is at Bandra Kurla Complex.
How Should You Go About Buying Diamonds in General?
I recommend to read through our first article in where and how to buy diamond in Bangkok to understand how should you go about buying diamonds in general. I have summarized it in bullet points below:
Learn about the 4Cs
- Carat Weight – Check the diamond size by placing it in your hand to see if it is big enough or not
- Cut shape – See what cut shape you like. Examples are classical round brilliant, princess, pear, oval, trillion, etc.,
- Cut Grade – Recommend Cut, Polish & Symmetry (especially for round brilliants) to be ‘Very Good’ or higher
- Clarity Grade – See what type of inclusions are there in the diamond and try to avoid visible inclusions under the table. Type of inclusions you want to try to avoid is black, gray, or white crystals or feathers located in the center of the stone.
Diamonds with fluorescence are usually sold in discount as the misconception in the trade is that all these diamonds look more milky or cloudy. If you planning to get fluorescence diamond do ask the dealer if the diamond is milky or cloudy and check for yourself if the diamond looks transparent or ‘not clear.’ If not transparent then the diamond is ‘milky or cloudy’
I highly recommend getting a diamond with a third party certificate, so you can verify above 4Cs quality. GIA certified stones always sell at a premium price compared to any other diamond certificates
I hope the above guide is helpful. If you have any more questions please feel free to provide your comments below. Or send me a message at email@example.com.
[Update 11 May 2016] – If interested in reading more about how to buy diamonds online. I would recommend looking at this blog post – How to buy a diamond online in Bangkok or anywhere else?
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If you are in the market looking for the best diamond and custom hand made engagement ring. Contact Us. Let us know what your budget is and what you are looking for.
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YouTube Channel PLAY LIST
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3 thoughts on “Where and how to buy a diamond in Mumbai, India?”
Your guideline is awesome.
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thanks for this awesome guideline