8 Money Saving hacks while shopping for Diamonds as you don’t always need to spend an exorbitant amount of money for a diamond. By following some easy tips, setting a budget and sticking to it, you can get your hands on a diamond that doesn’t cost the world.
Although, there are quite many factors to consider when buying a diamond. As some qualities are more crucial than others—and it’s important to know the difference.
1. Start with a clear budget in mind
The easiest way to spend too much on a diamond is not having a strict budget. This makes it far too easy to walk in and fall in love with a specific stone or ring, and ignore things that will keep the price down.
Have a number in mind when you’re looking around for a diamond that represents the maximum price you’re willing to pay. Do a little research before you start searching, to know what you can realistically expect within your price range, and you’ll be less likely to end up into spending more than you want.
2. Be attentive towards Interest rates
A good way to end up spending much more than your budget is to end up in financing options that seem too good to be true. While it might seem like a great deal at the time to get a diamond with no money down, or to put it on the credit card, it can result in the final cost blowing up far more than you expect.
Make sure you know all the fine print of any credit deals you sign up for, and don’t buy a diamond you can’t realistically afford.
Better safe than sorry. Make sure you have insurance for your diamond jewellery. That way, you’ll be covered if anything should happen. Something as valuable as a diamond ring should always be insured. Otherwise the dreadful moment that damage or loss occurs will hit so much harder.
Check with your existing insurance policy. You may be able to include the ring and get coverage for little added cost.
4. Shop with a credible diamond seller
Many diamond vendors and jewelry stores exist online and across locations near you. But they’re far from being equal. In fact, the price you can pay for similar jewellery differs significantly. And so does the quality and beauty you receive.
That’s why we emphasize being selective in the vendor you choose for your engagement ring or any other fine jewelry. If you’re already considering a particular vendor, be sure to read our reviews first.
5. Always Pick Certified Diamonds
The best way to ensure you aren’t overpaying for your diamond, is to check its certification.
A diamond certification is a document from an independent lab that describes a diamond and all of its characteristics, like Cut and Clarity. The most common labs are GIA, AGS, IGI, EGL, GSI and HRD.
Each lab entity grades slightly differently, and some labs are significantly more reliable than others. The reliability of a lab primarily comes down to their consistency. Some labs, like GIA and AGS, are highly regulated and consistent. They produce similar results time and time again.
If you’re unsure if a diamond is priced too high, be sure to have a diamond expert review it before purchasing.
6. Focus on Quality
From the 4 C’s of diamonds, the cut quality is generally the C that makes the biggest difference to how your diamond looks. The other C’s (Color, Clarity and Carat can be sacrificed somewhat without much effect on the diamond’s appearance.
When it comes to terms like Clarity, it can be hard to know what to look for. It’s quite common to overpay for diamonds with the highest grade on the Clarity scale, when one with a slightly lower grade won’t have much noticeable difference.
You should look for a diamond that’s eye clean. It matters less which specific grade you choose, and more how the diamond appears to the naked eye. When you look at the stone yourself, whether online or in-person, look for blemishes and inclusions. Choose a diamond that appears clean, meaning you aren’t able to notice any blemishes or inclusions.
In general, VS1 and VS2 diamonds will be eye clean. You’ll have a beautiful diamond that appears the same as a flawless or VVS graded diamond, but you’ll pay far less. With smaller diamonds, don’t be afraid to look at SI1 – SI2 diamonds as well.
In comparison, an ideal or excellent cut can make a diamond appear larger than its carat weight indicates, and accentuate the beautiful points of the diamond.
7. Evaluate the Diamond Setting
As with Clarity, you can overpay on Color without gaining any noticeable beauty. In general, diamonds in the G to I color range appear just as white as those in the D to F range. For instance, this I-colored diamond appears white, and so does this G-colored diamond. The cost difference is 18%. While a jeweler might try to convince you that a D-colored diamond is the best way to go, you’re basically spending your money on something that won’t be noticed.
To ensure your diamond looks white, place it next to your setting color.
If choosing a platinum or white gold setting, you’ll likely want to stick with a G to I colored diamond. If you choose a yellow gold setting, however, like this Round Cut engagement ring, you can probably select an I, J or even a K colored diamond, as it will still look white next to the setting. Again, the goal is to not overpay for a feature that will go unnoticed.
8. Consider fractions over full carat
It’s easy to get hooked on the idea of a 1 carat diamond, 2 carat diamond or a 3 Carat diamond. And while Carat weight can impact how large a diamond appears, it’s not the best indicator of beauty or even value. For example, this Very Good cut 2 Carat diamond stone will look dull compared to a stunning, Excellent cut 1.2 Carat diamond .
So rather than sticking to a specific carat weight, be flexible in what you’re looking for. Achieving a certain Carat weight can make your diamond more expensive, but not necessarily more beautiful or eye-catching.
Also, round numbered weights tend to come with a higher price tag. People like to brag about carat figures and the result is a big difference in price for very little visible difference.
This is especially true for diamonds over or under certain numbers. For example, a diamond weighing 1.50 carats will be significantly more expensive than a 1.47 carat diamond. Yet to the eye, it will appear almost exactly the same. Similarly for a 1.02 carat diamond versus a 0.92 carat.
You can easily save 15-20% on diamonds by purchasing an unrounded number, or buying a slightly lower weight. You can put these savings into buying a diamond with a higher quality cut, which will be much more noticeable than carat weight.