How to Purchase Diamond Jewelry

No other gem expresses commitment and love like the diamond. The most important aspect of buying diamond jewelry is the diamond. Just like the time and energy you put into finding that special someone, selecting the perfect stone also requires time and energy. Luckily, the Gemological Institute of America (G.I.A.) has established guidelines to help the investor and the lover alike understand how to buy diamonds and diamond jewelry.

Difficulty: Moderately Challenging

Instructions

Evaluate the Diamond

1. Establish the carat weight of the diamond. A carat is exactly 200 milligrams. Some jewelers will give a point system to diamonds that are under a carat. When this happens the jeweler will use 100 points as the standard for 1 carat: 1 carat = 200 milligrams = 100 points.

2. Determine the clarity. Clarity is the measure of flaws and the extent of the flaws. The G.I.A. uses an established grading system ranging from FL to I3. FL is a completely flawless diamond and is extremely rare. A grade of I1, I2 or I3 means that you can see the flaws with the naked eye. Avoid buying an I1 to I3 diamond unless you just want a cheap stone.

3. Evaluate the color. The color of a diamond is determined by the amount of yellow tint in the diamond. According to the G.I.A, a grade of D is colorless while a grade of Z is yellow. Most engagements rings and other pieces of diamond jewelry fall into a grade of G or H.

4. Decide on a cut. The cut is determined by the style, shape, proportions and workmanship of the diamond. Usually cut is decided based on the shape of the diamond. Investors may want to choose diamonds that are round cut as these tend to be more valuable.

Buying the Diamond Jewelry

5. Find a jeweler. Have friends recommend jewelers they have used, and also look in the Yellow Pages. Some websites offer location information for jewelers with customer reviews of their buying experience.

6. Select the jewelry. Decide if you want to buy a necklace, a bracelet, earrings, a ring or another piece of jewelry. Also determine the type of metal you want to purchase. Typical metal selections include white gold, yellow gold and platinum.

7. Analyze price. Compare the price of the diamond to other jewelers prior to purchase. Some jewelers mark price based on what is in their store inventory rather than the jewelry's worth.

8. Consider purchasing a warranty. Many jewelers offer free inspections and cleaning for life with the purchase of an extend warranty plan. Evaluate if you will need this service prior to buying the diamond jewelry.

9. Complete the purchase. Now that you have selected the piece of diamond jewelry you want to buy, pay for it. Some jewelers will offer a purchase payment plan for people on a tight budget.

Tips & Warnings

• Save money by purchasing diamond jewelry from a wholesale jeweler rather than a retail jeweler.
• Make sure any diamond jewelry you buy online comes with a G.I.A. certificate confirming the diamond's value.