Valentine’s Day is around the corner, and flashbacks of me last year spending hours deep into the night perusing the infinite selection of online diamond shops are coming screaming back to me.
Buying diamonds is difficult enough. Buying diamonds online requires slightly more preparation, yet will prove to be very beneficial. In any case, not many people know what to look for or even how to buy diamonds.
I’m going to save you the trouble I went through last year, and share the advice I received as a rookie from a seasoned diamond expert with over 30 years’ experience.
Here we go:
Avoid markups - source the wholesale diamond market
Look for diamonds at wholesale prices. This means that you source diamonds before they enter retail stores and double - or triple - in prices due to retail margins. Someone has to pay for the fancy shop fronts and glossy advertising, but not you.
There is a list of diamond wholesale prices used by dealers in the industry published by Diamond Registry. Multiply the Per Carat value by the exact carat weight and you’ve got an idea of what it will cost.
Buy loose diamonds and ring setting separately
The second essential tip is to look for loose diamonds. You can pick out the ring design yourself and jewelers will then mount the diamond at a fraction of the price compared to a finished diamond ring in the shops.
Go for quality rather than carat weight
Go for high quality color, clarity and cut grade (triple x and no fluorescence), then let the budget decide the carat weight. This makes the diamond look much more dazzling and sparkling, and a sensible investment.
Insist on GIA diamond certificate
There are many different diamond grading certificates out there, but the GIA is the absolute number one and most accurate. There’s a reason why everyone in the business relies on it.
This should have you set to find a fantastic diamond ring for your Valentine this year. If you don’t feel quite ready for the full blown commitment of an engagement ring (which we all totally understand), then look into promise rings. It impresses the lady, shows commitment, but doesn’t bring you down on one knee just yet.