When making any big purchase it’s important to set a budget, and that’s just as true when shopping for diamonds. But it can be difficult to know where to start, and how to find something beautiful within the budget you’ve chosen. Here are 7 tips on choosing a budget and sticking to it.
Before you’re ready to buy, start browsing to get an idea of what’s available in various price ranges. By learning what’s out there– and at what price– it’ll be easier to decide how much you want to spend on a stone.
Know your financial situation
Yes, you want a spectacular stone– but don’t let yourself get carried away and buy something you can’t afford. Look at what other expenses you’ll have over the next few months, and decide how much you can realistically spend on a diamond. Such a big purchase shouldn’t be made on a whim; look at your overall budget, and decide how much you can afford to put aside for a stone.
Set a firm number
Think about how much you want to spend on a diamond. Remember that number. Then, think about how much you would spend for the perfect diamond; a number that you would not want to exceed, under any circumstances. Remember that number, too. When shopping, look for diamonds around the price of the first number, the amount you want to spend. That leaves you with some wiggle room if you find something amazing, while also setting a hard limit that you will not surpass.
Know the 4 C’s
It’s important to know and understand the 4 C’s. That way, you can make an educated decision on what qualities are most important. You can compare various stones in the same price range, and really understand what makes them different; the bigger one might have a lower color grade, for example. By understanding the differences between them, you will feel more confident with your final decision.
Trust your own eyes
You might think it’s important to have a colorless diamond; that is, one with a color grade of D, E or F. But if you look at a near-colorless stone (G, H or I), you’ll never be able to tell the difference unless you look very carefully, and compare it right next to a colorless stone. Even stones with lower color grades don’t have a noticeable yellow tinge when looking at them on their own. The only way anyone will know what color grade it is is if you tell them. And, the same goes for cut and clarity. Trust your own judgment; if you can’t tell the difference, nobody else will be able to, either.
There are various little tricks on how to get the most out of a diamond. One is to consider what metal the stone is set in. The color grade is more important when the stone is set in white gold or platinum. Click here to read our article on “Why You Should Avoid Placing Yellow Diamonds in White Mountings” Yellow gold will make the diamond appear more colorless, even if it does have a yellow tint. One way to save money is to go for a slightly lower color grade if the setting is yellow gold.
Mind the carat price jump
There’s a big price jump between a 0.99 carat stone and a 1 carat stone due to the price brackets, yet when looking at the two, there’s no discernible difference. The same is true at any major weight– 0.49 to 0.5, or 0.74 and 0.75, for example. By buying a stone just under the size you want, you’ll save a lot of money.
This article was contributed by Frank Fisher.