Money Saving Tips For Buying Loose Diamonds

Like any other thing you set out to purchase, saving money on loose diamonds is always a good thing. Let’s face it, today’s economy doesn’t warrant frivolous spending, and the old adage, “Pinch a Penny” has never been more applicable. So finding ways to save money on loose diamonds is definitely something to look into. Here are 4 great money saving tips for buying loose diamonds.

Shop Online

with-side-finishedThe internet is definitely the place to turn to if you want to find competitive prices on anything. All that competitive pricing drives prices down; and lower prices translate out to big savings. It’s no different with loose diamonds. Shopping for diamonds online is a great place to start when you’re trying to save money on loose diamonds.

Understand the 4 C’s

The 4 C’s of the diamond industry are clarity, cut, color and carat. The fifth C is not always listed and it stands for certification. The 4 C’s are what gemologists use when they inspect and grade diamonds.

A diamond’s clarity, color, cut and carat weight all come into play when a value is placed on a diamond. Learn as much as you can about the 4 C’s so you know what to look for, as well as what to look out for. And, don’t forget the fifth C; when a diamond is certified you can be sure you’re getting what you’re paying for.

Don’t Fall For That!

There are many tricks of the trade shady diamond dealers will use in order to make you believe you’re getting something you’re not really getting. Remember, bigger isn’t necessarily better.

Those 60 – 70% discount clearance prices are sometimes offered on diamonds that have been excessively marked up so it seems like you’re getting a great deal. More importantly than anything else you should understand that diamond certification and diamond appraisal are not the same thing.

As previously stated, when a diamonds are certified this means they have been inspected and grade by an independent gemologist that has no vested interest in the sale of the loose diamonds. In other words, it doesn’t matter to the gemologist how much the diamonds will eventually sell for because they won’t profit from the sale. An appraisal, however, is almost always never an independent, and honest, evaluation of a diamond’s worth.

Most appraisals are performed by the diamond retailer or wholesaler who is selling the loose diamonds; or by someone they know. This means the value they place on the diamonds will ultimately reflect the amount of money the diamonds are sold for; and they stand to directly profit from the sale.  Always ask to see a diamond’s certification. If it doesn’t have one, do yourself a big favor and pass on the offer.

These 4  money saving tips for buying loose diamonds are invaluable, and as long as you stick to them, you should do pretty well at saving money on your loose diamonds.

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July 2024
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