Diamonds - 10 Important Tips When Buying the Diamond

Diamonds are a beautiful and appropriate symbol of your love for and commitment to, your fiancee. They aren't truly rare, but they certainly are precious. The man’s choice of his fiancee’s diamond demonstrates the sincerity, good faith and commitment (not to mention good taste) of the groom-to-be. The diamond derives it's name from the Greek word adamas, meaning unconquerable.

Before you begin your search for the “perfect diamond”, speak to family and friends and let them know that you are in the market for a diamond. Ask for names of jewelers and be sure to let the jeweler know from whom they were referred, you may receive special service or the price of your stone may be discounted a little more.

You may want to consider shopping for just the stone itself. Look at unset stones, as it is difficult to completely examine a stone in a setting. Once you have chosen the stone, you can chose a setting at that time, or if you wish your engagement to be a surprise but want your fiancée to pick a setting, have the stone set in a simple solitaire setting and let her know that you would like her to chose a setting for her diamond. Some jewelers will provide the setting at a nominal fee and will allow you to trade it in for an upgrade once you bring it and your fiancée back for her to chose her set.

Below you will find simple guidelines to purchasing your diamond. Print them out and take them with you when looking as a handy guide to refer to. Remember knowledge arms you with the ability to make an informed decision, a wise choice, and will give you that extra bargaining power when getting the best deal from a jeweler.


What Do Diamonds Cost?

Around the world, diamond retail prices vary greatly, but a rough estimate of the cost of a diamond is as follows (prices are shown in U.S. Dollars):

1/2 carat:          $1,000 to $3,000

3/4 carat:          $2,500 to $,5,000

1 carat:             $3,500 to $10,000 and up


Due to the diamonds relative rarity, a result of the controls on the diamond industry, this sought after stone has remained expensive. It is difficult to find large discounts or bargain sale prices on a diamond.

In the United States, the average cost of a diamond engagement ring is about $1,800 (US$). It has been noted that a jeweler may typically mark up his merchandise by up to 300%. There should be plenty of room for negotiation. You may like to begin the process by cutting the list price in half.

A stone will increase in value 5-10% for each higher color grade and 15-20% for each boost in clarity. The “best” cut may be worth 30% more than a “fair” cut and an increase in the carat weight will increase the value with leaps and bounds.



10 Important Shopping Tips

When diamond hunting, keep these tips in mind:

1. Chose an experienced, trustworthy jeweler
Experienced jewelers will be able to offer advice in grading and selecting your diamond. Be sure that the jeweler you chose belongs to industry groups (i.e. In the US, Jewelers of America or the American Gem Society). Ask for a salesperson who is a certified gemologist (i.e. a graduate of the GIA’s gemology program or American Gem Society certification).

2. Look at loose diamonds, not mounted
When a diamond is set, it is more difficult to determine the four c’s. The prongs may be hiding flaws that would otherwise be noticeable. The color of the setting can affect the brilliance of the stone. And not actually purchasing the set at this time provides you the freedom to either purchase it at a different store, or shop for a setting with your fiancée.

3. Look at the diamond with a jewelers glass
Inclusions and other flaws are easily seen using a jewelers glass. Look at diamonds against a flat white surface to determine the true color and be sure to compare several stones next to each other as slight variations in color, or yellowish tinge will be detected in this way.

4. Look at the overall stone
Look at all aspects of the stone, from every angle, in different types of lighting (fluorescent, jewelers showcase lighting, natural sunlight) and in several different settings. As mentioned before, white gold or platinum prongs will best compliment the stone’s brilliance.

5. Use the four C's to choose your stone
Decide before you begin your search which of the four c’s is most important to you. In choosing one particular “c” over the other, you may need to sacrifice (for example, the “rock” may not be as clear or have a slight yellow tinge). Study your information on stones before you walk into a jeweler. Be informed and let the jeweler know what you want, do not be pressured into what they think you need.

6. Buy what you can afford
We have all heard the suggestion of paying two months salary for the engagement ring. Remember, it is just that…a suggestion. Do not rush into a decision. Visit several jewelers, look at as many stones as you need to. Decide on what you can spend before you walk into the jewelry story and be upfront about the price you can spend. Remind the jeweler of your price range if diamonds that exceed it are being presented.

7. Negotiate
No price is set in stone (excuse the pun). Mall stores and retailers may have their prices considerably marked up. As has already been mentioned above, a jeweler may typically mark up his merchandise by up to 300%. There should be plenty of room for negotiation. You may like to begin the process by cutting the list price in half. A store directly affiliated with a Gem Society may have a fixed set of prices though.

8. Don’t settle with the bare minimum
Ask for a little extra, it can be anything from the jeweler paying for the appraisal to lifetime free cleaning and care of the stone (with periodic checks for cracks in the stone or loose prongs).

9. Remember your bill of sale
Be sure to retain your bill of sale, it should also have listed on it the corresponding four c’s to your diamond.

10. Be careful paying by cash
A jeweler may offer you a better deal if you pay by cash. But be sure this doesn't mean you lose any guarantees on your purchase. He may be doing it under the table in which case you may have no recall if a problem was to arise.

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