quote:

Originally posted by Rastaman:
My wife is convinced diamonds grow on trees in South Africa. Anyone know of a place I can shop near airport? Need to bring something home.

quote:

Originally posted by Gatogordo:
I used to buy and sell diamonds as a hobby/adjunct to coin dealing. Diamonds are a terrible "investment". I advise against buying them unless you or yours wants to wear them. That said, Blue Nile and, for all I know Costco, with KNOWLEDGEABLE shopping can get you some decent prices. THERE ARE NO "STEALS" in diamonds unless someone is in dire need to raise cash fast or they are indeed "STEALS", that is, stolen. Diamonds are very fungible to the trade and why should someone in the trade sell you a diamond for less than they can sell it to a fellow diamond dealer. "SALES" are typically discounted from full gut retail which is usually 2 to 3 times or more than cost.

BTW to be clear, I have no connection any longer to the trade and am NOT trying to generate business. LEARN the 4 Cs and understand that a little downgrade in color, or clarity will reduce the price/value significantly. The best buy, that is look for money spent, for a wearing stone is usually somewhere around VS2 to SII and J or a little better color. Whiter is better but in the real world only about 50% of the people can see any yellow tinge in a J stone, add a yellow gold ring and it disappears. If you want the most "look" for a given wt, consider an oval or pear. .99 ct stones are significantly cheaper than 1.00 ct stones. Same as they get larger but not as big a discount. And I could go on, but I haven't thought about diamonds in years. If you have any specific questions, that don't require looking at a stone, I will tell you what I know. If you don't know stones, and are spending any real money, get a GIA stone or, not as good, but better than nothing EGL. NO OTHERS ARE WORTH THE PAPER THEY ARE WRITTEN ON. Don't be taken in.

If you know your stones, know values, (use the Rap sheet but you'll have to know current real discounts for shapes, etc) you can find the best prices on 47th St in NYC or Hill St in LA, but, especially in LA, if you don't know what you're doing, pay someone a commission that does.

quote:

You want the best deal on a cut stone - go to New York's Diamond District with a Hasidic friend.

quote:

Originally posted by Rastaman:
My wife is convinced diamonds grow on trees in South Africa. Anyone know of a place I can shop near airport? Need to bring something home.

quote:

Originally posted by Opus1:
Costco may "only" have a 13% markup but that's after they have already doubled in price.


You want the best deal on a cut stone - go to New York's Diamond District with a Hasidic friend.

quote:

Expatriation Tax

The expatriation tax provisions under Internal Revenue Code (IRC) sections 877 and 877A apply to U.S. citizens who have renounced their citizenship and long-term residents (as defined in IRC 877(e)) who have ended their U.S. resident status for federal tax purposes.

Expatriation on or after June 17, 2008

If you expatriated on or after June 17, 2008, the new IRC 877A expatriation rules apply to you if any of the following statements apply.
Your average annual net income tax for the 5 years ending before the date of expatriation or termination of residency is more than a specified amount that is adjusted for inflation ($151,000 for 2012, $155,000 for 2013, $157,000 for 2014, and $160,000 for 2015).
Your net worth is $2 million or more on the date of your expatriation or termination of residency.
You fail to certify on Form 8854 that you have complied with all U.S. federal tax obligations for the 5 years preceding the date of your expatriation or termination of residency.
If any of these rules apply, you are a “covered expatriate.”
A citizen will be treated as relinquishing his or her U.S. citizenship on the earliest of four possible dates:
the date the individual renounces his or her U.S. nationality before a diplomatic or consular officer of the United States, provided the renunciation is subsequently approved by the issuance to the individual of a certificate of loss of nationality by the U.S. Department of State;
the date the individual furnishes to the U.S. Department of State a signed statement of voluntary relinquishment of U.S. nationality confirming the performance of an act of expatriation specified in paragraph (1), (2), (3), or (4) of section 349(a) of the Immigration and Nationality Act (8 U.S.C. 1481(a)(1)-(4)), provided the voluntary relinquishment is subsequently approved by the issuance to the individual of a certificate of loss of nationality by the U.S. Department of State;
the date the U.S. Department of State issues to the individual a certificate of loss of nationality; or
the date a U.S. court cancels a naturalized citizen’s certificate of naturalization.
For long-term residents, as defined in IRC 7701(b)(6), a long-term resident ceases to be a lawful permanent resident if:
the individual’s status of having been lawfully accorded the privilege of residing permanently in the United States as an immigrant in accordance with immigration laws has been revoked or has been administratively or judicially determined to have been abandoned, or
the individual:
commences to be treated as a resident of a foreign country under the provisions of a tax treaty between the United States and the foreign country,
does not waive the benefits of the treaty applicable to residents of the foreign country, and
notifies the IRS of such treatment on Forms 8833 and 8854.
IRC 877A imposes a mark-to-market regime, which generally means that all property of a covered expatriate is deemed sold for its fair market value on the day before the expatriation date. Any gain arising from the deemed sale is taken into account for the tax year of the deemed sale notwithstanding any other provisions of the Code. Any loss from the deemed sale is taken into account for the tax year of the deemed sale to the extent otherwise provided in the Code, except that the wash sale rules of IRC 1091 do not apply.
The amount that would otherwise be includible in gross income by reason of the deemed sale rule is reduced (but not to below zero) by $600,000, which amount is to be adjusted for inflation for calendar years after 2008 (the “exclusion amount”). For calendar year 2014, the exclusion amount is $680,000. For other years, refer to the Instructions for Form 8854.
The amount of any gain or loss subsequently realized (i.e., pursuant to the disposition of the property) will be adjusted for gain and loss taken into account under the IRC 877A mark-to-market regime, without regard to the exclusion amount. A taxpayer may elect to defer payment of tax attributable to property deemed sold.
For more detailed information regarding the IRC 877A mark-to-market regime, refer to Notice 2009-85.
Form 8854, Initial and Annual Expatriation Information Statement, and its Instructions have been revised to permit individuals to meet the new notification and information reporting requirements. The revised Form 8854 and its instructions also address how individuals should certify (in accordance with the new law) that they have met their federal tax obligations for the five preceding taxable years and what constitutes notification to the Department of State or the Department of Homeland Security.

quote:

Originally posted by Gatogordo:
I used to buy and sell diamonds as a hobby/adjunct to coin dealing. Diamonds are a terrible "investment". I advise against buying them unless you or yours wants to wear them. That said, Blue Nile and, for all I know Costco, with KNOWLEDGEABLE shopping can get you some decent prices. THERE ARE NO "STEALS" in diamonds unless someone is in dire need to raise cash fast or they are indeed "STEALS", that is, stolen. Diamonds are very fungible to the trade and why should someone in the trade sell you a diamond for less than they can sell it to a fellow diamond dealer. "SALES" are typically discounted from full gut retail which is usually 2 to 3 times or more than cost.

BTW to be clear, I have no connection any longer to the trade and am NOT trying to generate business. LEARN the 4 Cs and understand that a little downgrade in color, or clarity will reduce the price/value significantly. The best buy, that is look for money spent, for a wearing stone is usually somewhere around VS2 to SII and J or a little better color. Whiter is better but in the real world only about 50% of the people can see any yellow tinge in a J stone, add a yellow gold ring and it disappears. If you want the most "look" for a given wt, consider an oval or pear. .99 ct stones are significantly cheaper than 1.00 ct stones. Same as they get larger but not as big a discount. And I could go on, but I haven't thought about diamonds in years. If you have any specific questions, that don't require looking at a stone, I will tell you what I know. If you don't know stones, and are spending any real money, get a GIA stone or, not as good, but better than nothing EGL. NO OTHERS ARE WORTH THE PAPER THEY ARE WRITTEN ON. Don't be taken in.

If you know your stones, know values, (use the Rap sheet but you'll have to know current real discounts for shapes, etc) you can find the best prices on 47th St in NYC or Hill St in LA, but, especially in LA, if you don't know what you're doing, pay someone a commission that does.