The Top Drawer

First and foremost, all of us at Firenze Jewels would like to wish everyone a happy new year and we hope that you and your family had a warm and pleasant holiday season. We’ve been hard at work preparing to release many bold initiatives for 2009, one of which includes a total rehaul of our website both inside and out. The new site is set to launch within the next few weeks. Our goal for this project has been to provide you with a more intuitive shopping experience while aiming to set a new web standard for the mid to high end diamond jewelry market online.

Speaking of luxury purchases, most New Yorkers have probably heard by now about NY Governor David Patterson’s controversial tax hike proposal. Part of his plan calls for an additional 5 percent tax on jewelry priced over $20,000. A recent article in the New York Post mentioned that a woman named Lisa shopping in the NY Diamond District was admiring a $48,000 necklace at Firenze Jewels and was concerned about how the proposed tax increase would affect her purchase.

We’d like to take this opportunity to remind our fellow patrons that Firenze Jewels continues to be one of the top places to find the greatest deals on diamond jewelry in New York City and in the world. In fact, many people may not realize that nearly 70 percent of the pieces in our showroom are priced below $5,000 even if most retail elsewhere for double that amount. Please stay tuned for the many changes to come shortly and know that we always warmly welcome your feedback.

Designer Engagement Rings

From antique/vintage to classic designs, designer engagement rings have a distinct and individual appeal that has captured the hearts of many soon to be married couples in love. Whether it’s the exquisite craftsmanship that goes into a particular piece or the gorgeous design conjured up by some of the world’s leading designers, Firenze Jewels wants to review a few the most attention grabbing diamond designer engagement rings.

With a tough and unprecedented election season nearing an end soon, New York City’s longtime jeweler Firenze Jewels has taken a look back and weighed in on four very different but influential women in politics this year. This article examines what sort of image these women project to the public by looking at the jewelry that each of them has worn and how it compliments their overall style. “You can tell a lot about someone’s personality by looking at the style of jewelry they choose to wear,” says Gabrielle Guzman, Director of the e-Commerce division at Firenze Jewels. While you may or may not agree with their (or their husband’s) philosophical views, one thing is for certain; we’ll be seeing a lot of one or more of these women in the future.

As millions of people become more comfortable with shopping online each passing year, the stigmas of what shouldn’t be bought on the internet continue to diminish. Whether it’s the latest sleek LCD TV or designer clothes, more people are turning to the internet for high end items. Diamond jewelry is no exception. Here’s 5 reasons why your next jewelry purchase should be made online:

1) Your time is precious. Shopping for jewelry online offers you the possibility to look at hundreds of pieces without going from store to store searching for that perfect diamond engagement ring. No need to worry about traffic, long lines, bad weather and especially the inevitable rush during the upcoming holiday season.

2) Many of the more developed jewelry websites present their products in a professional manner allowing you to make a better and well informed buying decision between 2 pieces or another competitor.

3) If you want a wider selection to choose from, browsing a jeweler’s online gallery lets you see all of their unique designer pieces, even ones that may be out of stock. Don’t let that perfect diamond necklace slip away because someone else got to it first. Ask the jeweler if the specific piece you are looking for can be special ordered.

4) In the comparison shopping age that we live in, many times you will be able to find reviews, ratings and/or testimonials by other real clients about a company online. This information is invaluable before proceeding with your purchase. It’s something that would be harder to gather when window shopping at other brick and mortar jewelers.

5) Last but certainly not least, due to the highly competitive nature of the internet, you’ll very likely find stunning diamond jewelry pieces being sold online below retail price; and who doesn’t love a bargain?

1. Make sure you’ve found the right person
It sounds obvious to most people, but marriage is not something that you want enter on impulse or with some doubts. Hopefully, you have thought long and hard about your mutual feelings, goals and dreams. You might be crazy for each other, but if she wants children and you don’t, then your marriage may already begin on a shaky foundation. If the two of you have very different values or want different things out of life, then you will probably spend a lot of time arguing. Do some soul-searching before entering this lifelong commitment.

2. Know that timing matters
There is no standard guideline that will tell you when is the best time to “pop the question”, but if you are already thinking about proposing a few weeks after meeting her, then you should slow down. If she is going through a particularly difficult time in life or is stressed with personal matters, it would be best to postpone your proposal until her life becomes a little less overwhelmed. The best time to propose marriage is after you’ve been committed to one another over an extended period of time. Ideally, you should have already talked about marriage and a possible future together and the both of you have a good understanding of what the other is looking for in a long-term partner. However, make sure not to wait too long. A diamond is forever, but she will not wait around that long. If you’re finding it hard to make that commitment, fire up the courage within you and go for it!

3. Keep your plans closely guarded
It only takes one person to “spill the beans”, so if you plan on keeping the proposal a surprise, only tell a select few that you trust with utmost certainty(if you must). It is custom in some cultures to ask for the parents’ blessings before proposing. If you decide on doing this in advance, be sure not to wait too long to propose after. The longer you wait, the higher the likelihood is that she may accidentally find out.

4. Give her the ring of her dreams
Some people are very particular about the type of ring they like in terms of style and functionality. Know the type of person that she is and decide in advance whether you want to pick the ring out together or keep it a surprise. If you decide to do the latter, there are many ways of finding out what style diamond and ring she likes without asking her directly. If she has made any comments about specific jewelry while passing by a jewelry store or browsing online, be aware of the style and diamond cut of the item. Pay attention to any jewelry related magazines she has been looking at or has laying around. You can also find clues by looking at the current jewelry she wears or you can even casually ask some of her friends and family that know her best. In either case, you should know how to buy a diamond.

5. Choose a jeweler with a great reputation
Make sure the jeweler you are dealing with has been in business for many years. A ring is a big investment and you want to be comfortable and confident with your purchase. The last thing you need on this joyous occasion is to stress or worry over the ring.

6. Insure the diamond
This is one of the first things you should do after purchasing the engagement ring. If the ring you’ve bought is expensive, you may want to make sure you protect your investment. Most home insurance policies cover up to a certain amount. Find out from an insurance company what it will cost.

7. Stay within your financial capacity
You have a wide range of options when it comes to purchasing an engagement ring and an infinite number of options when it comes to setting the stage for your proposal. You want to impress the woman you love and show her that you care, but at the same time you don’t want to overextend yourself financially, so it is important to reach a delicate balance. How much should you spend you ask? The general accepted guideline for purchasing a diamond engagement ring is two months’ salary. This number may or may not work for you but it’s a good place to begin. Plan in advance to determine what you can afford and then make the right decision.

8. How to set the stage
You need to consider the type of woman that she is when thinking about how and where to propose. Is she a hopeless romantic? Is she bold, unusual or extravagant? Your proposal should reflect this and it should play a part in deciding on whether something intimate and one on one or something more public will win her heart. The place that you decide on should have special meaning to the both of you. It could be the place that you both first met, or somewhere that you’ve both always wanted to be – from your favorite restaurant to the white sanded beaches of Barbados.

9. Expect the unexpected
If you’re planning to pop the question during a tropical weekend get away but severe storms makes the trip/moment impossible or if you decided to do it at your favorite restaurant but can’t get a reservation that day, you’ll have to reschedule – or come up with a backup plan. Nothing in life ever happens exactly as we plan it and this is definitely no exception. Think of this as a rehearsal for your wedding which will probably have a surprise or two as well. There’s always the chance that she might say “no”, but don’t get upset. Talk to her and find out what she’s feeling and thinking. Maybe she needs more time or maybe she is not the right girl for you. It’s better to talk things out early on than to end up marrying the wrong person.

10. Announce your engagement and celebrate!
Once she does say “yes”, telling everyone else the good news would naturally be the next thing to do. If you have not already told her parents, make sure you speak with them first. If either of you have any children from a previous marriage; now would also be the time to talk with them if they don’t already know. Also, if either of you have a previous spouse, it would be best to notify them, both as courtesy and to resolve any unsettled legal matters. It is custom to arrange a meeting between her parents and yours soon after getting engaged. Remember to relax, have fun and make it a day to remember for the both of you!

Antique Styles
For people who are not fortunate enough to have heirloom engagement rings in their family, pieces that are handmade using styles from generations past also provide historic  reverence.  A vintage ring is sometimes made with filigree designs, highlighting a period’s characteristics (Edwardian, for example), and have attention to detail that one would find more often when these styles were contemporary.

Bezel Settings
A lipped metallic ring keeps a diamond safely in place on bezel rings and make sense for women that are on the go.  An added bonus is that the setting makes  the stone look larger, while also holding it firmly in place.

Engagement & Wedding ring combination
Often these rings have many small diamonds which sparkle brightly around a platinum or gold band.  With the emphasis on more stones, they are higher on glitter and lower on cost than the traditional separate engagement ring with a large stone.

Personalized Engravings
This can be as simple as the date of a wedding or as detailed as a phrase from a song or poem.  If you intend to have a ring engraved by hand, do so weeks in advance.

Colored Diamonds
We’ve mentioned before on The Top Shelf that color is very in with all types of jewelry this year.  Expect to pay a significant premium on colored diamonds due to their scarcity.  These are favorites with celebrities.

As investments in Real Estate and stocks continue on a downward spiral, many are realizing that a girl’s best friend may also be her best investment.  Very high quality diamonds and other gemstones have a lot of investment appeal if one takes into account global trends in the coming years.  The fact is that wealth is being distributed more widely in our global world, but at the same time mines are being depleted of fine quality stones.

Antoinette Matlins is the author of “Jewelry & Gems: The Buying Guide.”  She says “The cost of the finest emeralds has increased approximately 75% over the past 2 years, rubies about 70%, and sapphires over 60%.”  She notes that wealthy individuals in the Middle East and China are increasingly interested in purchasing top quality gemstones, and their habits go a long way in explaining why prices are moving up.

Investing in gemstones requires a tremendous amount of expertise.  Stories of tourists trying to buy gems from individuals near mines in places like the Golden Triangle in Thailand are infamous.  Scores of people have been swindled while outside their home countries because they think their hobby or amateur knowledge is good enough to identify quality when buying from individuals at seemingly immense discounts.

If you want advice on what gemstones are most likely to increase in value, ask one of the experts at Firenze.  Test our salespeople’s knowledge and you’ll see they are some of the most educated in New York when it comes to high-end gemstones.  Our reputation comes from our genuine commitment to each and every person that approaches us for advise.

Rosy Blue, an industry leader in the world diamond market, said that growth in sales to the Gulf Arab region increased by $120,000,000 last year. This is a 57% increase over 1996. For this year, the firm is looking grow $250 mm.

Most people know the (UAE) is a rising star economically, particularly Dubai city. In an age where China and India take the spotlight for the massive size of their growing economies, smaller countries and regions can get overlooked. The UAE economic story is remarkable from every angle. The Emirates’ luxury goods sector is expected to grow to $100 billion by 2010. It is the market for diamond jewelry that is clearly most responsible for the rising sector.  “Diamond jewelry sets are particularly important to the region,” DTC Gulf Markets marketing director Jonathan Chippindale says. “In addition to being unique to the Arab world, sets represent a 55 percent value share of all diamond jewelry sales there and, at an average price of $6,000 per diamond jewelry set, they signify an important growth area for the Gulf market.”

Much of the increase in disposable income is due to the dizzying heights crude oil prices are maintaining. Diamonds have a premium over gold in the Dubai emirate state, as consumers believe they make better investments.