Yep. If you can source the gold and diamonds, pieces can be made a lot cheaper, but you have to know the actual jewelers. Some of them won't deal directly with the public though.
When i bought my fiances engagement ring, the jeweler told me he had to order it from china. I was worried at first but i asked around and they told me mad jewelry gets made over there b/c it's cheaper and they have factories to make them. So I got the ring, took it to get appraised and it was exactly what the dud told me it would be. The only thing that was purchased here, was the diamond. I got some israeli dude to give me a good deal on a 1ct. diamond.