Welcome to Saro-Gem-Usa.com! We aim to become one of the leading websites for consumer education when it comes to buying jewelry and help you ease the stress of the shopping process.
To get you started, you should check out the article below which reveals how you can save some money when buying expensive jewelry items…
Tips to Saving on Taxes When Buying Diamonds
Whenever you head out to buy diamonds, you simply cannot avoid taking into account the fact that you have a certain restrictive budget you have to stick to. While this makes a little harder buying the perfect or desired stone, using your money more officially is an option you must consider.
Various techniques are at your disposal, so if you are smart, you might be able to save as much as to make a difference big enough for buying a better stone. Though some of the following tips require a little work of your own, and are not inherently foolproof, if you are determined enough you might just get a better, more effective deal after all.
If possible for you, always try paying in cash
Some vendors might try to convince you to use their branded credit card – the disadvantages here probably need no further discussion: paying with cash is always advantageous. Even more, there are certain jewelry vendors that offer customers cash discounts on the diamond’s price.
Since different sales taxes, or the VAT are a certain percentage of a product’s base price, a lowered price tag will mean lowered taxes too, which, considering the relatively high value of a diamond’s price could mean considerable savings. Depending on the initial price of the stone you choose, the difference in the final price could vary from hundreds to well into the thousands of dollars, even if you receive a very small discount percentage only.
Consider buying online
We are comfortable buying clothes and electronics over the internet. There is no reason why we would not trust online diamond stores, since the system behind them is very similar to the electronics stores, and they also offer money-back guarantee. Online stores can offer lower prices, since they have fewer expenses – they do not have to hire staff in every little store, they do not have to pay horrible rent fees in expensive luxury malls, and so on.
Also, provided that the vendor you are buying from does not have a physical store in the state you are buying from, there is no sales tax towards the state in almost the whole US. Following the train of thought from the previous paragraph, achieving a considerably lower price by buying online results in lots of money saved by you.
Choose a different market to buy from
This method will most likely take more of your efforts and time since it is a little more complicated compared to the ones presented before. This option is primarily more viable for those who live outside the USA, but it might work for US citizens too.
The concept of this method revolves around the fact that different countries have different taxes on diamonds. For example, diamonds are subject to higher percentage VATs in the UK and EU, while other developed countries only put smaller rate sales taxes on them, such as the United States. The idea is the following: compare another country’s prices to your own market prices.
If they are more favorable, do a little research on cross border shipping prices and also your own country’s customs taxes, unless you want your stone to enter the country illegally. Provided that the price of these additional expenses added to the diamond’s original cost is still lower than the diamond’s price in your own country, you should consider buying from the foreign market.
Researching all this information and arranging the paperwork will either take up a lot of your time and energy, or you will have to pay a professional to do it for you, which also enters the equation. Taking a look at foreign markets might be a good idea, but if you are smart enough, you will probably be able to cut down the price using the two methods described above.
I hope this article helped! Make sure to visit us often for more updates!