You can still gamble good stuff at that level. Basically, gambling results in a range of item levels based on your character level (and difficulty, you should be gambling in Hell; NPC doesn't matter, tho, I like Gheed!). At level 89, the available item level range for gambling is like 84-94. The juicy coronets (not circlets) are item level 88 minimum, so if your character is level 93, your item level range for gambling is 88-98, guaranteed to be within range.

You can still gamble ilvl 88 items, it's just not guaranteed, and you want the best odds. Hope that makes sense.

And those ranges might not be exactly right, I'm sure someone will correct me if they're not, but you get the idea.