Saving on Diamonds: 5 Money Saving Tips
Rule #1: Buy a loose diamond separately from a ring setting and then have an online or brick-and-mortar jeweler make a ring—you will save up to 30% on the total ring by doing that. Why? Retailers charge much lower profit margin on each individual “piece” because it is easier for shoppers to compare prices on diamonds and then on rings separately.
Rule #2: Learn about 4Cs to be able to shop around. To be able to compare two loose diamonds, you need to first understand what makes them the same or different. If you do not want to overpay thousands of dollars for a diamond ring, first learn about diamonds’ key features, also known as 4Cs: carat weight, cut, color, and clarity. Throw in the 5th C while you are at that—certification, which also impacts the price you will pay. If you’d like to learn about all factors impacting the engagement ring prices, read about 12Cs.
Rule #3: Shop around. The exact same diamond at two different name-brand stores will fetch different prices—sometimes a 20–30% difference. The bigger the stone, the bigger the difference. Add to your shopping list Internet retailers who don’t pay for storefronts, sales staff, security guards, mall cleaning fees, etc., and you could see a 30–50% savings. If you still decided to buy from a brick-and-mortar store, when you are choosing from various retailers and selecting from various diamonds—just plug in the information about the 4Cs of a diamond you are about to buy into the DiamondPriceGuru.com’s price finder, compare prices side-by-side to make certain you are being offered a fair and reasonable price.
Rule #4: Buyer beware. Know the tricks deceptive retailers have used to fleece customers. Read more about the top 20 diamond scams here.
Rule #5: Certify it. Ask to see the diamond’s certification papers if you buy from a brick-and-mortar store or make sure you get a GIA or AGS certified diamond when buying from an online retailer. When you get the certificate—verify that the information is what you expected.