How to Save Money When Buying A Diamond

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By oneloved
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Save Money When Buying A Diamond

Planning on buying a diamond? Here's how to get the best deal!

Difficulty: Moderately Easy

Instructions

Things You'll Need:

An AGS jeweler

Step 1

DON'T buy a diamond "on sale". What??? That's right! Jewelers who "discount" their merchandise actually have an inflated retail price to start off with. They know they will be offering say, 20% off, so they mark up the original price so that the "sale" price is the actual value. Diamonds are not seasonal items and they never go out of fashion, so "clearance" is just a sales gimmick.
Step 2

Find the nearest American Gem Society member jeweler in your area. AGS jewelers are held to the strictest quality and integrity standards in the jewelry industry, and their membership can be revoked if they compromise those standards. AGS jewelers are not permitted to misleadingly inflate their retail prices, so you will never see a "sale" sign in an AGS store. The everyday price is the actual, fair market value.
Step 3

Go somewhat underweight. The most popular diamond sizes go by fractions: 1/4 carat, 1/3 carat, 1/2 carat, 1 carat. To qualify as a true 1 carat, a diamond must weigh at least 1.0 carats. If you choose a diamond which weighs .95 or .98, that can actually make a difference of several hundred dollars (compared to a 1.0 diamond of the exact same quality), because the diamond cannot be legally sold as a "1 carat".

The same goes for smaller sizes. A .23 will usually cost less than a .25, simply because it cannot be called a full "1/4 carat". Visually, it looks the same, of course. No one but you will ever know. Why pay more money just for a fraction of a carat in weight? Bragging rights are overrated.
Step 4

Choose the lowest color rating you can get away with. Diamonds are rated from "D" for colorless, on down. D, E, and F are the priciest. H, I and J are less expensive, but usually still look colorless to the naked eye. The shades are so gradual and minute that most people can't see the color until at least J. A white mounting (such as platinum) will require a higher color rating because the contrast between the white metal and the color in the diamond might make a slight yellow or gray tint more visible. With a yellow gold mounting, you may get away with a J or even K before anyone can see the color.
Step 5

Choose your inclusions carefully. Inclusions are tiny crystal formations which naturally form inside diamonds. The scale runs from FL (Flawless, which are extremely rare) on down. VVS1, VVS2 (Very Very Slightly Included), VS1, and VS2 (Very Slightly Included) are the highest rating, and therefore more expensive.

An SI1 or SI2 (Slightly Included) rating means that the inclusion is larger or more visible than the higher ratings, but should still only be noticeable with 10 power magnification. With the naked eye, you shouldn't be able to see anything, unless you're very experienced or know exactly what to look for.

Depending on how strict the grading is or the location of the inclusion, even an I1 rating (Included) may not have a flaw which is immediately visible. For this reason, it's important to judge each stone on it's own merits. No matter what the rating, if it's "eye clean" (meaning you can't see any inclusions without magnification), it can be a great value. If you can't tell the difference with the naked eye, why pay for a higher rating? Again, all you're getting for the money is bragging rights.
Step 6

Choose your shape and cut carefully. There's a reason why round is the most popular shape for diamonds: not only is it usually the most brilliant, it also hides inclusions and sometimes even color better. If you choose a well-cut diamond, the scintillation can help hide other imperfections.
Step 7

Ask if the manager will give you a discount for paying cash. Depending on the profit margin, most will be willing to take a percentage off because they won't have to deal with fees from a credit card company.
Step 8

Avoid financing. It almost always costs more. Even if they're offering interest free financing, usually all you have to do is be late on one payment, and you'll be slammed with retroactive fees and interest.