I believe the greatest mistake I could make in this article is to assume you haven’t done sufficient research into the type of loose diamond you want for your engagement ring or jewelry. Right?
Well then, I would only imagine that you have come across a nearly limitless range of diamonds each with a hefty tag but are still considering getting a diamond.
It is common knowledge that diamonds are costly, their price is a subset of both their exquisite beauty and durability. Under the current dire economic situation, I believe there arises a need for buyers to save money on their diamond purchases. A need to create a good impression with your partner without having to break the bank to keep them happy.
Save money on a Diamond:
With the level of commitment that goes into making that purchase, ensuring you obtain full value and avoid getting ripped off becomes a key necessity and consideration.
How? You ask.
Well, it is by paying attention to these tips on how to save money on a diamond.
The tips to consider:
- Create a budget
- Keep the end design in mind
- Understand valuation of diamonds
- Stick with fractions
- Circumvent the laws of demand and supply
- Purchase from a reputable vendor
- Acquire Insurance
- Create a budget
It is possible and common for a buyer to get pulled into a purchase by first impression beauty of diamonds. As such, you could end up purchasing a diamond at a price you previously didn’t intend to, the consequence of which being a general lack of satisfaction with your diamond.
How do you beat this?
By evaluating your financial muscle and creating a budget for your desired diamond. A budget provides the necessary confines to your purchasing decisions. It also spurs the necessary creativity on the ways to obtain optimum value for your stipulated price.
- Keep the end design in mind
The end design references the overall look you are going for once the diamond has been mounted. It infers considering all the variables in your diamond’s setting. For instance, considering the number of diamonds would allow you to plan and even lobby for a discount on many. The price for many small diamonds could also be lower than having to purchase one large centerpiece diamond.
Similarly, you could make budgetary savings by evaluating the type of material for the ring. Platinum rings are generally more expensive than their gold counterparts. By opting for gold, you could make upto 44 percent savings on cost. You could make even more savings going for a titanium band.
Important to note that the setting design influences the overall appearance of the diamond, such that a small diamond could appear larger.
- Understand valuation of diamonds
Remember the 4Cs of valuation of diamonds; Cut, Carat, Clarity and Color. They play a huge role in the overall cost of a diamond. By understanding how a diamond is evaluated based on each of the 4 Cs, you can adjust the properties for your diamond to obtain the best value.
For instance, Cut, referencing the symmetry in the organization of a diamond’s facets, has the greatest influence in the general appearance of a diamond. Well cut diamonds provide a good bright eye catching sparkle without accommodating unnecessary carat weight. They can also make a diamond appear larger, where a well cut 0.9 carat diamond looks larger than a 1.02 carat diamond.
Regarding clarity, note that the overall appearance of a diamond is influenced by its setting. As such, the blemishes on a diamond may not be apparent to the naked eye, a feat that makes spending on flawless or near flawless diamonds unnecessary. To purchase, observe the diamond in its setting. You could end up purchasing a diamond in the VS1 or VS2 range.
Additionally, different shapes have different influences on observable blemishes. The round cut has all facets visible to light and hence blemishes are more apparent. You could compromise on the number of blemishes on your diamond, making considerable budgetary savings by taking an emerald or brilliant cut diamond.
With color, follow the same advice as with clarity. You could make significant savings purchasing a diamond lower in the D-Z range than going for a colorless diamond. Make sure to observe the diamond in its setting.
- Stick with fractions
Here’s a secret. Rounded numbers appeal to many people. As such, diamonds with rounded carat numbers are more expensive. A 1-carat diamond is more expensive than a 0.9 carat diamond, despite the fact that the difference in size is invisible to the naked eye. Taking this advice assures you significant savings.
- Circumvent the laws of demand and supply
Here the primary focus is on a diamond’s shape. Since round cut diamonds are the most common, they generally are more expensive relative to other shapes. This in mind, you could save by opting for marquise or even princess cut diamonds.
- Purchase from a reputable vendor
As a rule of the thumb, purchasing from a reputable vendor such as Gemone Diamonds assures you the best quality diamonds for your budget. Even then, make sure to inspect the diamond’s certificate for its properties. With the right guidance, provided by the seller’s diamond experts, you should be able to make savings on your diamond.
A reputable vendor should provide you with great financing options with optimal interest to ensure your utmost satisfaction.
- Acquire Insurance
Finally, to protect against unfavorable externalities, acquire insurance for your diamond. While it could increase cost through premiums, it guarantees security of your asset.
Taking these factors into consideration, you should be able to make savings on your diamond and fully enjoy and be satisfied with its purchase.