According to The Wedding Report, 2.5 million couples are expected to get married this year. This number is around 15% higher because of the backlogs of so many weddings due to COVID-19. It’s being claimed that this is the busiest wedding season in 40 years. That means a frantic time for brides, grooms, wedding planners, and more.
However, it’s more frantic for couples who might have left the diamond or ring shopping for the last moment. According to the experts, the diamond industry will get supported by continued pent-up wedding demand. The price of diamonds will continue to be strong throughout the year 2022. Anyone who has purchased a diamond recently will corroborate the fact for you.
If you’re yet to purchase your wedding ring, chances are you might end up spending more than you are required to. And no, you don’t have to compromise on the quality of the diamond to save money. You can have a good diamond and yet save money on the price. You can first pick out your preference for diamonds online on reputed websites like Leibish. You can check out all sorts of cuts, colors, and designs before deciding on a ring.
Once you have decided what kind of diamond and setting you want, it’s time to make the purchase. Here are some of the best money-saving tips when buying a diamond.
Don’t Go By Caratage
It’s natural to assume that the higher the caratage of the diamond, the bigger it will be. However, the truth cannot be farther from this. Technically, when it comes to diamonds, carat refers to the gemstone’s weight and not the size. To illustrate, can’t a person who weighs 120 pounds be taller than a 140-pound person?
A good and authentic diamond comes with a GIA certificate, which will have all details of the cut, caratage, and the true weight of the diamond. Compare these values to figure out the best one to come within the budget. In the case of colored diamonds, cuts are made to bring out the color as opposed to getting the most brilliance in white ones. Therefore, carat weight might be more misleading.
Avoid Carat Weight
It’s common knowledge that diamonds are priced based on per carat. A 1-carat diamond will be more expensive than a 0.9-carat diamond. According to standard diamond prices, you can buy a 1-carat G SI1 diamond for a price tag that is 25% higher than an equivalent 0.9-carat diamond. You’ll get a 40% difference in weight for paying the premium.
This weight difference is more in rare or higher quality gemstones. A 1-carat D flawless diamond is priced 70% higher than a 0.9-carat equivalent, and when adding the weight, it comes to a 90% difference. For rarer colored diamonds, the price jump is more drastic.
Take Color into Consideration
The color of the diamond is an important criterion. You can save some money by considering the setting of the ring. If you’re planning to mount the diamond on a gold bang, the yellow will reflect on the diamond. Therefore, in this case, picking a D flawless color makes no sense, and you can get away with a lower color option. For platinum or white gold, get a G color or above. However, you can go for an I color for yellow gold as well.
When evaluating a colored diamond, pay special attention to its color more than to whites. Remember, there are hundreds of diamond colors, and most of these colors have similar counterparts that are a lot cheaper. If you have your heart set on a particular color, find out if it has a similar secondary color, and choose that one to save money.
Opt for Low Clarity
Most individuals cringe when they hear about inclusions and flaws in the diamond or any other gemstone. However, most of the time, these inclusions and flaws are not even visible to the naked eye, and it doesn’t make sense to reject a gemstone based on what you can’t see.
It is especially true for colored diamonds. If you are considering a darker color diamond, the inclusions will be barely visible. Therefore, you can save a lot on the gemstone if you pick the one with some sort of inclusion.
Look For Alternate Cuts
It’s common knowledge that the most expensive cut on a diamond happens to be the round cut, followed by the princess cut. However, know that both these shapes have good alternatives that will decrease the price by up to 50%. Some of the good options include oval cut, cushion cut, squarish cushion cut, or squarish radiant cut. Don’t get influenced by the popularity of more fancy shapes and look for alternatives to save on the price.
These are the best methods to save money when buying a gemstone like a diamond. The bottom line is that you don’t have to buy cheap diamonds. Instead, you should buy smart. Turn inclusions and flaws from disadvantage to advantage.