Buying a diamond is an important purchase that requires time and thought. The diamond market is volatile by nature and with retail stores using different markups, it’s important to know what to look for when buying diamonds. With this in mind, we have put together some tips to help you get the best deal possible.
What are my options for buying diamonds?
While jewelry retail stores are still a popular choice, with the diversification of the diamond industry, you now have some new and improved options available.
- Your local jewelry retail store is an obvious and convenient choice. One of the main benefits is of curse that you can see the diamond in person and try it on. However, their prices are not always as competitive. Retail stores charge high mark ups on their diamonds, sometimes up to 200%. This is due to a number reasons, including expensive brick and mortar locations, slow moving inventory and marketing costs.
- Online platforms such as EBay are also an option. While the online process can make transactions speedy, you may not feel entirely comfortable purchasing such a high-end item through sites that are not diamond specialists.
- Reputable online diamond sellers, such as Gemma by WP Diamonds, offer high quality pieces without the sticker shock.
Is buying diamonds online safe?
As long as you do your research and find a trusted online diamond seller, buying diamonds online is entirely safe. The online market for selling diamonds has grown exponentially and now offers many different options and price points, moving away from high retail markups that make purchasing a luxury stone so expensive.
Your ideal diamond seller should have a great online reputation and fantastic customer service. You will want to make sure that the diamond seller has GIA trained gemologists on staff to ensure that the diamond you purchase has been authenticated and priced fairly.
How much does a diamond cost?
How much you choose to spend is up to you, but how much a diamond is worth is a different matter. Diamond prices range from the low hundreds to tens of millions. It relies entirely on the quality and rarity of the stone. A reputable diamond seller will look at the current market and establish a price based on the stone’s characteristics. At its most basic level, this involves evaluating the 4 C’s of the diamond: carat weight, cut, color and clarity grade.
What research should I do before buying a diamond?
Simply put, the more research that you do before buying a diamond, the better. Becoming familiar with the diamond buying process and the diamond market will help you make an educated diamond purchase. We recommend that you take time to learn how a diamond is valued, the importance of diamond certificates and compare various stones before committing to one. When looking for in a trusted diamond seller, look for an excellent online reputation, a great selection of authenticated new and used pieces as well as a one-year warranty.