Before you set out to buy a diamond ring, earrings or a pendant for example, it is a good idea to find out as much information on how to buy diamonds as possible.
There are 5 factors in knowing how to buy diamonds
• How much is your budget
• What is the diamond for you
• What is the right price to pay for diamonds
• Where to buy diamonds at the right price, and
• How to get a good deal
How much is your Budget
This can depend on a number of factors. What is the purpose of buying a diamond? Is it a diamond engagement ring, a diamond wedding ring? Or perhaps just a gift for another. Maybe it is simple you want some diamond earrings or a pendant you would like to have.
DeBeers have promoted the idea that two months’ salary is a good benchmark for how much to spend on a diamond ring. This is all well and good but if you are on little or no income this is really out of the question. At the other end of the scale if you are extremely wealthy then two months ‘salary’ may seem a paltry figure to spend on a large rock!
For the average person however, this is probably as good a benchmark as any.
Another issue is how one intends to pay for it. If you’re using a credit card you need to factor in the additional costs. Interest and, sometimes, an extra charge should be included in the cost. If possible it is always ideal to pay cash up front. Apart from the fact that one is not running up a debt and additional costs, one can sometimes do a deal and get a discount by paying cash up front. Not only that, there is also some extra leeway to perhaps buy a more expensive diamond.
All these points can make a difference to the cost and how much of your budget goes to pay for those costs.
What is the Diamond for you?
Having established what you can spend, you can now look at what sort of diamond you can get for the price.
It is a good idea to have what you want in mind before you go looking for a diamond or diamonds.
What do you want in a diamond? Is it a ring, earring, pendant or even a necklace or bracelet? As a general rule the more diamond weight you buy the more expensive it or they will be. A single large diamond per carat weight is going to cost more than a number of smaller diamonds adding up to the same carat weight., This is because the larger a diamond is the more rare it is and you pay for that rarity. This is why 30 carat diamonds cost considerably more per carat than say a 1 or 2 carat diamond. Whereas a 2 or 3 carat diamond may cost a few thousand, a 30 carat diamond is going to cost in the millions.
You might, then, want to consider buying a ring with a number of smaller diamonds in it. That will enable you to have more diamonds for your buck, so to speak.
So as well as the price of diamonds varying depending on the weight of the diamond there is also the quality to consider.
Which brings us to what is the right price to pay for a diamond?
What is the right price to pay for diamonds?
Diamond prices are based on four important characteristics of diamonds.
These are Cut, Color, Clarity and Carat Weight.
The first is the cut. It is the cut that determines the brilliance of the diamond. If the diamond is cut correctly then it will have excellent brilliance. Poorly cut and the brilliance will be less. A poorly cut diamond will sell for less of course.
There are 8 main cuts of diamonds.
The second important characteristic is the diamond color.
Diamonds are graded into 13 colors or tints with pure white being the top, to a poor yellow being the bottom. It is important to know the color of the diamond you are going to buy as that will make a tremendous difference to the price of the diamond.
Clarity is the next grading method with diamonds, and indicates the amount of blemishes and inclusions (imperfections) in the diamond. Most imperfections are too small to affect the performance of a diamond but in the cheaper diamonds, you can find clouds of imperfections. These affect the ability of the diamond to transmit light and so produce less sparkle.
In addition if there are any cracks in the diamond this will make it prone to fracture and even break. This is why it is important to examine a diamond free of any clasp or prongs. present in gem-quality diamonds do not affect the diamonds’ performance or structural integrity.
Some diamond experts consider inclusions and blemishes can be advantageous as it means that diamond can be recognized. Despite this “flawless” diamond is that which commands the best price.
Most people are aware of what carat weight means. Although the other qualities are often overlooked, the carat weight is very understood. For those unfamiliar, the carat is a unit of mass used for measuring gems and pearls. One carat is divided into 100 parts. Each part is called a point. A diamond that weighs one (1.00) carat also weighs 100 points. A carat weighs .2 grams.
It is probably considered the most important characteristic way of valuing diamonds.
Where to buy diamonds at the right price
Also should be factored in is where and how you buy them. You can buy diamonds and diamond jewelry from many places. The shop in the Mall, professional jewelers, at auctions where you are present or online, even advertisements or jewelery clubs.
Very popular nowadays is the online jeweler where you can look at literally thousands of diamonds and diamond jewelery of every type and description. The advantage here is that it helps you to choose what you want or what is closest to what you are looking for.
If you have established how much you can afford and basically what you want, it is a simple matter, then, of scouring the net and shops in hour area to find those diamonds that match your needs.
Doing a comparison of the various diamond jewelery sites will help to find out the best price.
The disadvantage of buying diamonds of the net is that you do not get to actually see the diamonds until you have them in your home. They can look quite different to what is shown on the screen, partially because they may not be the same ones and partially because each screen and computer is going to sow the diamonds differently.
As a result you do need to ensure that the jewelers and dealers you are checking have a suitable policy for returning diamonds that are not as described or even quite different.
One should ensure that one gets a certificate with the diamond to show the characteristics of the diamond, cut, color, clarity and carat weight so you:
a. Know you are getting what you paid for and
b. Can insure the diamonds for their replacement value.
How to get a good deal buying diamonds
Once you have decided on a diamond or diamond jewelery that is within your budget is what you want and the price for that diamond or diamonds is right the next thing is to work on getting a discount or a better deal. These days diamond merchants, jewelers and dealers are keen to sell. There is a slower economy, more competition and diamonds are not always as expensive as some would have you believe. The premium or retail mark up is quite large so there is leeway for negotiation, particularly with the slower moving larger diamonds.
You can ask what the best price is for a stone or piece, You have an advantage if you are paying cash. You can ask, then, what price would you consider for a cash deal? You can offer a comparison with another site, jeweler etc. And ask if they can match, or to get your business offer a better deal.
There are many ways of negotiating a better deal but importantly never be afraid to ask. You might be surprised at what you can get.
The above information on buying diamonds can help to improve your chances of getting the diasmond you want provided it is used.