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Mr. Cheap's Washington, published by Adams Media Corp., 2002The Diamond Exchange Wondering why there is no address? In 1996, The Diamond Exchange
was robbed at gunpoint of almost all its inventory — the crooks
left only a few pieces of jewelry in the window, just so no one
would suspect anything amiss. Before the robbery, DE priced its
jewelry with little markup and now the prices are even cheaper —
at bare minimum. Owner Ira Kramer has no employees to pay, no mall
or shopping center rent (just private office rent), no advertising
expense, and no long hours; in fact, all business is done by appointment
only when it is convenient for the customer.
This small store has been pleasing loyal customers for over twenty years — which is one reason for its low prices. At this point, there's no real estate overhead built in. Another reason is the fact that the store does not offer in-house credit, which keeps the costs down. As a result, Diamond Exchange can price its jewelry with relatively little markup. Their prices have been very steady over those years, too; unlike some dealers, DE doesn't raise its regular prices in order to mark them down for special sales. Best of all, notes Mr. C, a good proportion of these diamonds are secondhand, inspected and purchased carefully from serious collectors at market rates. These shrewd policies add up to well, a lot less than gems add up to elsewhere. Though diamonds are the specialty of the house, there are other baubles here as well: Seiko watches, for example, are sold at 30% retail, across the board. The quiet, relaxed store is open Mondays through Saturdays from 10 AM to 6 PM, Thursdays and Fridays until 9.
The Diamond Exchange of Maryland
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