Buying Loose Diamonds
Buying loose diamonds certainly isn’t what it used to be! There was a time where you needed to “know a guy” who seemed all too much like a junk car salesman and was doing everything in his power to convince you that you’re getting a good deal. All the while, you had no way of validating this information. Fortunately, along came the internet and the ability to browse thousands of diamond listings, examine photos or videos, cross compare prices and even compare the same diamond among multiple diamond jewelers. The one thing that always remains is trust, though. Buying a loose diamond online today is arguably the smartest decision you can make when shopping for an engagement ring or otherwise. It offers invaluable advantages relating to pricing/value and selection. We’ll show you the advantages and how to go about find the perfect loose diamond online.
Buying a Loose Diamond In the Store vs Online
A store only offers you so many options. Because diamonds are so expensive, it’s not possible to stock very many options. Additionally, there is no Best Buy or Walmart for diamonds. Therefore, you’re stuck with what’s available at that given time when you go in-store. Online gives you the ability to go “direct to manufacturer.” Not only are you going direct to a manufacturer, but you’re potentially accessing hundreds of dealers and manufacturers. About 95% of all online diamond dealers/jewelers have little or no inventory. It’s that astonishing! Everyone seems to boast an inventory of over 100,000 diamonds. That would mean they’re housing over $500 million worth of inventory. Definitely not the case. Many jewelers plug into the same or similar suppliers of diamonds – or have access to the manufacturing supplier. Therefore, they’re able to provide you with a listing of those 100,000+ options, giving you the ability to compare lots of options. The real winner here is the customer. With so many options, buying a loose diamond this way beats the store experience because now you’re in the driver’s seat.
With the ability to source so many types of diamonds, the diamond itself has become a bit of a commodity, with its price dictated by the quality assessed on its GIA diamond grading report or IGI diamond grading report. In-store, you’re again limited by the lack of inventory. The prices are stiff and “a deal” is never a deal.
The diamond market is very similar to real estate. The market corrects itself with comparable diamonds and creates standardized pricing. If a diamond is priced very low, there’s a quality-driven reason. This is where browsing loose diamond inventory online comes in handy. The excess inventory allows you to price compare all the available options and make an informed decision, plus choose diamonds of similar quality with slightly varying prices. We cannot stress enough that you should use the internet as your leverage here. Talk to several jewelers and see who will provide the best price, once you’ve selected your diamond. We can bet that in 9 out of 10 situations, the diamond is available to multiple jewelers. You’ve unlocked this opportunity by looking online.
How to Buy Loose Diamonds Online
Okay so now that you’re aware of the benefits of buying loose diamonds online, how do you actually do it? Well, you’re going to want to research and self-educate. First, do as the typical guides say: learn the 4 C’s (cut, color, clarity and carat), learn about what makes diamonds unique and how diamonds are priced and then begin comparing options that back into a budget.
Once you have begun narrowing these 100,000+ options to a handful, maybe 4 or 5, start exploring everyone’s online inventory. Don’t waste your own time, let the jeweler do the work for you. Send them a list of GIA diamond or IGI lab diamond report numbers and ask if they can get the diamond are you and at what price. Now you’ve turned a seller’s market into a buyer’s market.
After you’ve determined the best price for your diamond option and figured out which jeweler to buy from, pull the trigger! It will arrive within a few days, as advertised, and you’re all set. You can even have many jewelers set the diamond for you in a ring setting, if you ask. We do recommend to make sure you’re working with a reputable jeweler. The last thing you want to do is fall for a “too good to be true deal” and get scammed out of a substantial amount of money.
Follow these steps and you’ll be buying your loose diamond the same way most dealers themselves are buying and sourcing loose diamonds as well. The power of information and the online buying changed the engagement ring industry. It’s your opportunity to take advantage of it.
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