There’s no doubt about it — diamonds are expensive. But whether your budget is two months' of your man’s salary or one week’s — there are ways you can save cash without compromising the look and style of your perfect gemstone and engagement ring. Jodie McLeod speaks to Kathryn Wyatt of the Gemmological Association of Australia to find out how you can get the best value for money from your diamond ring purchase.
Do your research
Don’t set foot in a jewellery store without knowing the four ‘Cs’:
Work out what is most important to you
Finding a diamond you love is a very personal decision. Do some window shopping to work out what aspects of the stone you really value. Is it the size? the shape? or the colour? If you ask the experts, many will agree that the quality of the cut should be prioritised when buying a diamond.
“It doesn’t matter how white or how clean the stone is — if it’s not a good quality cut, it will appear dull and lifeless,” says Kathryn. Unfortunately, not all diamonds are cut to perfection. This is because manufacturers know they can make more money from a larger stone than a smaller stone with a more dazzling cut. Choose the smaller, more brilliant cut if you want genuine value; but if you want a larger stone, then a lower-quality cut might be for you.
Quality vs compromise
If a beautiful-looking ring that suits your personality is what you’re after, and you want to keep costs down, it’s good to know what aspects of a diamond you can compromise on that won’t greatly affect the appearance of the stone to the naked eye.
While cut it is something you don’t want to sacrifice, Kathryn says there is room to move on the clarity of your diamond.
“You can usually go as low as a SI2 diamond and a G to H colour grading without affecting the appearance of the stone,” she says; however, since diamond grading laboratories around the world are becoming more variable in their standards Kathryn says it is very important nowadays to see the stone first rather than buying one based on a grading certificate alone.
If size does matter
If big rocks are your thing, you may want to sacrifice clarity for size. This is fine, so long as you’re willing to live with a few inclusions.
“Not all inclusions are intrusive to the stone,” says Kathryn. “Some people like inclusions because they know that that’s their diamond — it’s like a fingerprint or beauty spot. If you want a bargain — you could probably afford a larger pique stone. It depends on the stone.”
The illusion of size
Jewellers have discovered many ways to make smaller stones appear larger, which is important if you’re after a bigger stone without the bigger price tag. Bezel settings — where the diamond is encircled by a metal rim — are said to make gemstones look bigger.
“Centre diamonds with lots of surrounding diamonds also gives the illusion of it being larger,” says Kathryn. “Sometimes jewellers might put four princess cuts together in an invisible setting to make it look like one big stone,” she adds. If you like your diamonds big, consider how you can make the most of your ring’s setting rather than paying for a larger stone.
Know your price points
Did you know there is often a big difference in price between a 0.95 carat diamond and a 1 carat diamond, and yet the difference in size is barely noticeable? Learning the “price points” (where diamond prices jump up disproportionately to the increase in carat or quality of colour) could save you hundreds of dollars.
Buying diamonds online — should you risk it?
Buying a diamond ring online might seem like a cheaper option but Kathryn warns — you only ever get what you pay for.
“My advice is: don’t do it,” she says. “There are too many risks associated with it to guarantee you will be satisfied with your purchase.”
Online jewellers may have lower margins due to a higher volume of stock; however, it can’t beat the service and value of establishing a face-to-face relationship with a jeweller, and being able to see your diamond before you buy it.
Even if the online jeweller offers a money-back-guarantee, the rigmarole of sending the ring back (which might require you to obtain another grading certificate — which of course costs money) is not worth it.
Precautions for buying diamonds online
If you do want to take the risk and buy a diamond ring online, Kathryn offers the following advice:
Save on the setting
While most people can’t tell the difference between a white gold setting and a more expensive platinum setting, platinum is more durable than its imitator. You and/or your partner need to decide what price to put on peace of mind. “If you’ve got four claws on a big diamond you’d probably want a platinum setting,” says Kathryn. “You’re only paying a fraction more to feel secure.”
Price fluctuations
Diamonds are sold in US dollars, so you won’t find much variation in price wherever you are in the world. But diamond prices — like anything — do fluctuate in line with the strength of the economy. In 2008 and 2009, when the global financial crisis hit, the price of diamonds went down a little but it is now on its way back up.
If you see a diamond ring selling for half its original retail price, be very wary. Known as ‘two-tier’ marketing, some dishonest stores may slash prices in half to entice buyers, when the ring was only worth the lowest price to begin with.
Developing a good relationship with your favourite jeweller is the best way to avoid these ‘tricks of the trade’. “They’ll look after you in the long run, and they’ll look after you price-wise,” says Kathryn.
Buck the trend
Thinking outside the box when shopping for your engagement ring can be a big money-saver. Why not go for a coloured gemstone, an antique ring, or an antique-style ring?
“Genuine antique rings are becoming rarer and rarer,” says Kathryn. “An antique-style ring could be half the price of a genuine antique ring.”
Coloured gemstones, which generally cost less than contemporary diamonds, also give a splash of individuality to your jewellery. “Go for a coloured gemstone with the hardness of 8 or above on Mohs mineral hardness scale,” recommends Kathryn. “Stick with aquamarine and sapphires, including rubies.”
While emeralds are stunning, they are brittle in comparison to other gemstones and shouldn’t be used in an engagement ring, unless you’re prepared to pay for another one down the track.
“Keep in mind that nothing is more durable than the diamond,” says Kathryn. “It’s the hardest substance know to man.”
What questions or tips do you have on buying the best value diamond ring? Comment on the Bargain Shopper blog or email bargainguru@universalmagazines.com.au.
Visit the Gemmological Association of Australia at www.gem.org.au.
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