If you are in the market for loose diamonds, a diamond ring, diamond pendant or any other piece of jewelry containing diamonds, then selecting the right diamond will ensure that you are paying a reasonable price for your purchase. Before you buy a diamond, there are some things you need to keep in mind when doing your search:The 4Cs – Carat, color, clarity and cut are what is known as the “4Cs” of diamonds. Decide which ones are most important to you and make your purchase decision based on that determination. A fifth “C” is cost, which will ultimately determine what you are willing to pay for any given diamond.
Certificate, Please – Low cost diamonds are available for purchase, but they aren’t worth considering if they don’t have an accompanying certificate from the Gemological Institute of America (G.I.A.) or the American Gem Society (A.G.S.). A certificate acts a “grading report” for each diamond (as in the case of the G.I.A.) where 3-6 gemologists will review each diamond independently and assign a final grade to it. Diamonds sold without certification are considered suspect and should be avoided.
Shop Around – Whether purchasing your diamonds online or at your local Kay Jewelers or other mall retailer, compare diamonds, prices, service, and more from retailer to retailer. Of course, you cannot touch or wear an online jeweler’s diamond ring in advance of your purchase, but you should familiarize yourself with the market by visiting your Macy’s, Fortunoff or other fine jeweler first. Compare your mall retailer with a reputable online retailer’s diamonds and once you see the price differential, guess where you’ll be buying your jewelry from now on? Online!
Let’s Rap! – No I don’t mean urban music, rather familiarize yourself with the Rapaport Diamond Report, which lists wholesale diamond prices for New York. Why New York? Because, that city is the nerve center for diamond pricing world-wide. “The Rap” is the leading source of diamond pricing and market information developed for the diamond industry. It is accepted as the international standard used to establish prices in all the major cutting centers and dealer markets. The average consumer may not be all that interested in what Rapaport has to say, but if you are investing in diamonds you should definitely subscribe.
Returns, Shipping, Guaranty, Etc. – If you buy a diamond engagement ring what is the retailer’s return policy? 30 days is reasonable in this industry. If buying an engagement ring online, who pays shipping and is it insured? What other guaranty or warranty is offered? Of course, when buying online being able to pick up a phone and chat with a representative is reassuring as well as operating from a secured internet site that protects your personal financial information is essential.
The more you learn about diamonds before your purchase one, the better for your wallet. Then again, if you choose a diamond engagement ring without considering her personal tastes then everything I said is moot. In that case, start over again and find out what type of diamond she really wants and budget yourself accordingly.
