This post may contain affiliate links. Please read my disclosure for more information.
You know what they say, “Diamonds are a girl’s best friend.” But diamonds are expensive! So even though you may want them, buying them may be out of reach.
You might want to know how to save on an engagement ring, or how to get a stunning piece of diamond jewelry without breaking the bank.
According to The Diamond Pro, a one-carat round brilliant cut diamond costs between $2,000 and $14,000 depending on its clarity. Some cost even more based on the diamond color, size, clarity, and so on.
However, according to the Zimnisky Global Rough Diamond Index, diamond prices are, at the moment, falling a little. That’s because the industry has been witnessing a decline in sales recently.
Even with the decline, you may feel they are out of budget. But, there might still be a way for you to experience the joy of owning diamond jewelry. Or, buy that engagement ring you need!
In this article, we’ll share a few tips on saving money when buying a diamond.
Consider Alternative Metals
When it comes to diamond jewelry, the metal setting is as important as the stone itself. Traditional choices like platinum and gold can significantly contribute to the overall cost of your purchase.
Opting for alternative metals, like white gold or palladium, can help you achieve a similar aesthetic at a lower price point.
White gold, for example, is an alloy of gold and other white metals, usually nickel or palladium.
It mimics the appearance of platinum but tends to be more affordable. A palladium band is another excellent choice, offering a similar look to platinum without the hefty price tag.
By exploring these alternative metals, you can get diamonds without overspending. You can also look at buy now pay later options for jewelry!
Closely Look at the Cut and Color
While carat weight is often the most emphasized factor when evaluating diamonds, prioritizing cuts can lead to significant savings without sacrificing brilliance.
Instead of focusing solely on carat weight, consider diamonds with slightly lower carat weights but excellent cuts. These diamonds often appear larger and more dazzling than their heavier counterparts but cost less money.
Also, pay close attention to the diamond color and its color grade. Leibish reports that diamonds come in 12 different colors and with more than 90 secondary hues.
Plus you also have over 9 intensity levels and over 230 color combinations to choose from. Even in a colorless diamond, you can find at least a few variations in terms of the intensity levels.
The best idea will be to consult a diamond color chart. This diamond color scale or chart will help you get a good understanding of the variations you can choose from.
You can then pick the primary color that you prefer for your diamond and check out its variations. This, in turn, can help you choose inexpensive ones while making sure you’re not compromising too much in terms of looks.
Be Flexible with Diamond Shape
While round is the most popular shape and often comes with a premium price, exploring alternative shapes can lead to significant cost savings when buying diamonds.
Fancy shapes, like princess, oval, or pear, can offer a distinctive and elegant look at a lower price point than their round counterparts.
Additionally, certain shapes may create the illusion of a larger diamond, even with a lower-carat weight.
For example, elongated shapes like oval or marquise can make the diamond appear larger when viewed from the top.
By being open to different diamond shapes, you can find a beautiful and unique piece that aligns with your budget.
Explore Second-hand or Vintage Options
For those with a keen eye for unique styles and a desire to save money, exploring second-hand diamond jewelry can be an excellent avenue.
Pre-owned pieces often come with a lower price tag than their brand-new counterparts. This provides an opportunity to acquire high-quality diamonds at a fraction of the cost.
You may find that this is the best way to save on an engagement ring but still get something special.
Shopping for second-hand jewelry also allows you to discover unique designs that may not be readily available in contemporary collections. Antique pieces often carry a sense of history and craftsmanship that adds to their charm.
Besides, as reported by ELLE, buying second-hand jewelry is also a wise investment. That’s because a vintage piece of jewelry increases in value over time, especially if it’s in high demand but has a low supply.
When it comes to saving money on diamonds, buying antiques is an ideal choice.
Compare Prices from Different Retailers
Finally, it’s important to shop around and compare prices from different retailers before making a final decision.
The diamond market is competitive, and prices can vary significantly from one jeweler to another. Visiting multiple stores, both online and offline, allows you to get a sense of the market and find the best deals available.
When comparing prices, pay attention not only to the diamond’s specifications but also to the overall quality of the setting and craftsmanship.
Looking for the cheapest places to buy diamonds is good except you need to also make sure it is a professional, reputable place. The last thing you want is to get scammed on a piece of fake jewelry.
Don’t hesitate to negotiate with the jeweler, especially if you have done your research and found a similar piece at a lower price elsewhere.
Many jewelers are willing to work with customers to make a sale, offering potential discounts or additional perks to secure your business. One of the best ways to buy diamonds is by negotiating with the seller.
Final Thoughts on Saving Money on Diamonds
In conclusion, saving money while buying diamond jewelry doesn’t mean compromising on quality or beauty.
By following these tips, you can make a smart and informed purchase that aligns with your budget. The key is to find a balance that satisfies your preferences and financial goals.