Diamonds may be a girls best friend, but not necessarily big buddies with the wallet! When it comes to the relationships between wallets and diamonds, it is definitely a somewhat one-sided one favouring the diamond. In fact, they are the most precious (and therefore costliest) stones on earth.
However, there are ways to find more competitive prices on these precious jewels that look just as beautiful, but inflict less pain on the pocket.
Here are some ideas to keep your diamond shopping on the savvier side:
Size Does Count
Diamond prices are largely dictated by the size of the stone: as the metal becomes heavier and the size of the diamond increases, the price goes up accordingly. Often a more cost effective method of choosing a ring without sacrificing the bling is to select smaller size diamonds to group together on the band rather than having one big stone.
A diamond ring with just one big stone is known as a solitaire if the diamond weighs more than 0.50 carats.
Diamonds are available in different colours, with whiter diamonds (the purest) costing more than stones with a yellowish tint. Those that have a yellow (or another colour) hue are often just as desirable, so it is certainly worth investigating the option of choosing a cheaper diamond with a slight tint.
Hello eBay! If you are comfortable placing bids online, you can often pick up some great diamond deals (new and used) on online auction sites such as eBay. Because diamonds are so expensive, make sure that you are buying from a registered and reliable seller to avoid any unnecessary heartache.
Nowadays there are a number of free online classifieds where people can buy and sell anything from dog food to diamonds. These items can be new or used, and buying second-hand jewelry is certainly a cost-effective option.
If you choose to buy a diamond from a private seller, make sure that it’s being sold at the correct value. Diamonds can be evaluated at no charge by professional pawnbrokers or diamond buyers, so it may be worth requesting that the seller gets a professional opinion.
Look out for imposters
Because diamonds are so expensive, replicas are available on the market. If you are looking for the real thing, be sure to avoid cheaper options such as American Diamonds (a type of fake diamond), as well as cubic zircon and other look-alikes. A professional will quickly be able to tell you whether or not your bling is the real thing.
On sites such as www.diamondrings.co.za you can buy diamond jewelry using “live pricing”. Live pricing reflects the changes in stock market trading of currencies and precious metals. These changes are reflected in the prices of precious metals such as platinum and gold, as well as precious stones such as diamonds. Using live pricing can help you buy your diamond at the right time when the stock market is in your favour and prices are cheaper.
On the DiamondRings.co.za website, the prices reflect the current fluctuations of the stock market and change daily. This allows you to keep checking on the site and the item you are interested in and hope for the price to fall.
Prices are never guaranteed, so choosing to buy this way does involves an element of chance and luck – prices may fall one day, only to climb back up the next.
Cut out the Middleman
Online prices can be cheaper than diamonds in retail stores for a number of reasons:
- Traditional retail jewelers have to pay the shop rent and make enough profit to cover their monthly rental expenses
- Brick and mortar retailers also have to incur more costs such as labour costs, the shop’s décor and furnishings, as well as the maintenance of the shop
- Traditional retailers often have to buy their diamonds from middlemen or dealers, whereas online retailers can source stones directly and sell them online
Online merchants, on the other hand, do not have the same expenses and are able to pass these saving on to customers by lowering the prices of their diamonds.
With these ideas in mind, happy shopping and happy saving and you are sure to make that special someone very happy too!