There is an abundance of information out there when it comes to purchasing a new diamond. The digital age presents a host of resources where you can shop for stones online and begin to gage prices. While most people start with familiarizing themselves with the 4 C’s (carat, cut, clarity, and color), it is important to be aware of other factors that can significantly impact a diamond’s retail value. To get the best ring for your budget, make sure you know these four things when shopping for diamonds.
- Only buy certified diamonds
Unless you are a diamond expert, the majority of diamonds probably look the same to you at first glance. However, once you begin shopping, you’ll notice that no two stones are exactly the same. This can make it impossible to streamline pricing and evaluation. Buying a diamond without a certificate is like buying a used car without CarFax. While there are a few reputable certifying labs, we highly recommend only purchasing GIA (Gemological Institute of America) diamonds. Their values and comprehensive grading scales make them the only diamonds we carry at The Diamond Reserve.
2. Know the 4 Cs
We may sound like a broken record, but it is important to familiarize yourself with the 4 Cs (color, cut, clarity, and carat) before buying a diamond. Despite the rise in popularity of colored diamonds, the colorless diamond is still considered the epitome of precious stones. According to GIA specifications, the less color a diamond has the higher in quality it is perceived to have, as color is often seen as an imperfection to many gemologists. A diamond’s cut gives the stone its brilliance and scintillation. Diamonds can be cut in round, princess, emerald styles and beyond. Clarity refers to the internal and external characteristics called blemishes and inclusions. Carat refers to the diamond’s weight. A lot of imperfections are invisible to the naked eye, but GIA certified gemologist can easily determine the stone’s worth by following these guidelines. Feel free to explore our previous blog posts where we outline these attributions in detail!
3. Market Demand and Rarity
According to Business of Fashion, the diamond market accounts for about $80 billion dollars. In 2013, the Dominion Diamond Corporation did a market overview that predicted that long term diamond demand will experience an 4-5% increase from 2013 to 2024 which will be “driven by strong fundamental economics such as overall wealth and middle-class growth in developing countries.” They also cited that the long-term projection is for demand growth to surpass supply growth. “It is expected the difference between the demand and the supply growth rates to be positive from 2014 through 2018 and to widen starting in 2019,” the overview states. Since he 13th century, diamonds have been a revered investment, and it surged in 1947 when DeBeers coined their classic tagline, “a diamond is forever.” This demand has continued to grow and shows no signs of slowing down. Consumers should go into their diamond purchases knowing that their rarity is not fleeting and should select their precious stones carefully as it will be an investment that exceeds a lifetime.
4. Work with a respectable jeweler
Buying a diamond is a serious investment and needs to be treated like it. Make sure you are working with a reputable jeweler with good reviews and years of experience. The Diamond Reserve will work with you one-on-one during a private consultation to ensure your questions are answered and to guide you through every step of the process. We are able to keep our stones at wholesale prices and can accommodate almost all budgets. Give us a call today to schedule your appointment and find the diamond that speaks to you.