While the wholesale price of diamonds has dropped significantly in the last few years, it doesn’t mean that it automatically translates into savings for consumers. The recent drop in diamond prices can be attributed to economic conditions in India and Asia, which were two of the biggest consumers of diamonds in the last decade.
The reason why top quality diamonds are still very expensive is because there is still high demand for these types of gems. However, there are savings to be made on lower quality diamonds that are still very attractive and can make a perfect engagement ring. Here are a few tips on how to find a great engagement ring on the cheap.
Compromise on the C’s
Diamond quality is usually assessed by what is commonly referred to as the four C’s, which are clarity, cut, carat and color. Out of all the factors, cut is usually the most important and the hardest to compromise on. Cut is actually what gives diamonds their brilliance, which is essential when picking a diamond.
However, when it comes to clarity, one can compromise and still have a good quality gem. For instance, a SI1 diamond, which is 7th in order of clarity, can still seem perfect to the naked eye.
Go for Lighter Sizes
Prices usually are higher when you buy full, half or quarter carat stones. But if you don’t have an issue buying a stone a little shy off a full carat, you can make significant savings. For instance, instead of buying a full carat diamond ring, you could settle for a 0.95 or 0.96 and still get the same result.
Pick an Original Shape
Round shaped diamonds are usually the most expensive on the market. By going for unusual shapes such as marquises, ovals and hearts, you can make significant savings while still making a statement. And we’re not talking about small savings here, you could save as much as 40% on a round shaped diamond if you go for a marquise instead. So that’s definitely something to be considered. Most retailers, like ascot diamonds for instance, will have a wide selection of diamond cuts to choose from, so make sure that you go with a retailer with a wide enough variety of cuts on hand.
Forget Brand Names
Many people make the mistake of falling for brand names when buying diamonds. Please know that the brand of a particular diamond has little to do with the quality of the gem itself. Brands like Tiffany and co. charge a premium for their brand, but you could easily get the same quality of diamonds elsewhere.
Try Negotiating
There are periods of the year when business is slower for diamond retailers. This gives savvy shoppers the chance to make great deals on engagement rings. Some will also offer savings for those buying the stone and setting together, so consider this option if you want to save a few extra bucks.
You don’t have to compromise on quality if you want to find a great and affordable engagement ring. With the tips in this article, you should be able to find a great engagement ring in no time.
Images Courtesy of Voltaire Diamonds
