Diamonds are beautiful, but there’s a lot more to these gems than just looks. Have you just started your hunt for diamonds? We’re guessing that you want the best value for money.
To research diamond prices correctly, you need to know the four C’s: color, carat, cut, and clarity. You can then compare online prices with retail stores to find the best value. You can also use pricing apps like Diamond Hedge, RapNet, and Diamond Price Calculator.
This article covers everything you need to get the most beautiful diamonds for the best prices. We’ll tell you to get the best value for your diamonds. So, let’s begin!
How are prices calculated?
According to the International Gem Society, diamonds have a standard market price across the world. The largest diamond rough company, De Beers, has a big influence on diamond prices every season.
Easy right? Yes and no.
You will likely find that a 2-carat diamond is 4-5X more expensive than a 1 carat one.
It may seem crazy, but the reason is simple. Larger diamonds are rarer, and so they are more expensive.
Then how can you know if the price is right or not?
There are multiple criteria that professionals use to price diamonds:
- Carat: The weight of the diamond
- Color: The lack of the yellowish undertones (tint)
- Cut: The proportions of the stone.
- Clarity: The number of visible flaws in the diamond
- Shape: Round, oval, rectangular, and more
Professionals consider each of these criteria when pricing the value of a diamond.
While they sound similar, cut and shape are different terms.
Cut is based on proportions and the number and position of the stone’s facets.
Shape, on the other hand, is all about the overall dimensions. More popular diamond shapes, like round and princess, are generally more expensive.
Round diamonds are more expensive as a rule. Jewelers need to spend more time and lose more of the original diamond to achieve this shape.
So, if you’re looking for a bargain, you should choose a different shape.
How to compare costs and value
Value depends on what you are looking for.
Round diamonds with flawless clarity, perfect proportions, and zero tint are expensive.
You can save a lot of money by choosing an odd-shaped gem with asymmetrical facets.
A word of advice: some brands charge more per diamond because they have reputations of luxury (we’re looking at you Tiffany & Co).
You can find the same cut, carat, color, clarity, and shape in an online store for half the price if you look for it.
You must also always make sure that the diamonds are certified by the same laboratory for each of their criteria.
Why? To make sure that they have been tested by the same standards of quality.
Always ask for certification! Every year, unsuspecting diamond buyers end up with imitations after paying thousands of dollars for a legitimate gem.
How can I make sure I’m paying a fair price for an engagement ring?
New buyers usually just think about carat weight. But it’s important to know that cut usually determines the true value of a diamond. It is the reason that makes a 1-carat diamond change in price from $15,000 to $20,000.
If you still want to be 100% sure that it is the right diamond at the right price, you can always use some of the apps that are designed for this purpose.
These apps include:
- Diamond Hedge: A portal that compares prices for diamonds from all leading diamond companies.
- RapNet, The Diamond Market: An app that allows you to follow prices and compare them with a couple of clicks. It is accessible around the world 24/7.
- Diamond Price Calculator: A simpler app that compares in real time the prices of different jewelry stores online or off-line.
By using these apps to research prices, you can make sure that you are paying a fair price.
It’s easier than you would think to find the best diamond for the lowest price.
It’s important to always consider the 4 C’s: carat, color, clarity, and cut. These are the criteria that professionals use to decide the value of diamonds. Usually, cut and carat decide the price of the diamond.
The shape is usually a matter of personal preference. You can also use apps to compare prices of diamonds and make sure that you are getting the best deal.
No matter what kind of diamond you choose, make sure that you ask for certification of its authenticity.