Diamond Pricing Tutorial
Step Five toward finding the right diamond is to learn what to pay for the diamond you have decided to buy.
Here is the fastest and most accurate approach to finding the price of the diamond you want:
Research live prices at a large online diamond database.
First, prepare two browser windows on your desktop, like you did in Step 3.
For Windows users (it should work on most browsers this way):
- Make this window (the one you are reading right now) very narrow, so it only takes up the left half of your computer screen
- Click now to open a new window to go to Union Diamond Search
- Move that browser window to the right half of your screen.
- Now you can read this tutorial on your left, and enter data in the search form on your right.
- Of course, if you have a small screen, you can just print this page to follow along, and open Union Diamond Search in a large window.
Second, fill in the diamond search form:
- Select your choice for the “Shape” you want
- Enter a small range for the “Size” (ex: 1.00 To 1.01
(Note: If the search does not find any diamonds, come back and widen the size range a bit.)
- Enter your range for “Color” (ex: G to H)
- Enter your range for “Clarity” (ex: VS1 to VS2)
- Select the Certification (ex: GIA)
- I suggest leaving “Polish” and “Symmetry” at “Any” for now
- Leave the price range as it is ($0 To $500000)
- Click “Search”
Third, narrow your search until you only have one page of results!
- Look at the bottom of the search results page, next to the Compare Results button.
- How many page numbers are listed there? If it says 5 pages, then we need to narrow the results down some more.
- To narrow the results, we get more precise with the quality or size.
- Click the tab at top of the page that says Modify Search
- Enter data at the bottom of the form to make it more precise.
- I like to choose “Excellent” for “Polish” and “Symmetry”
- You can also choose values you have learned for Depth and Table
- When you have narrowed it down to just a few diamonds, then start looking at details for each one
- Click on Details to see all the info on a certificate for that diamond
- Continue researching this database until you have a solid idea of prices for the diamond you want.
One Last, Huge Factor
So far, we have only been researching online prices, because that is the only way to teach you online. But… The last big lesson I want to teach, is that pricing absolutely depends on the type of store you want to support. If you prefer seeing a diamond before you buy, with local service after the sale, a great showroom to look at a large selection of fine diamonds under a gemological microscope, and helpful sales people to show you settings on your hand, then you will want to buy locally, and those stores have more overhead. BUT don’t despair, there are a few local stores that have really competitive prices along with all the advantages of buying locally (read a long list)
Prices at Local Stores
Keep in mind that this database is operated by one of the most competitive online jewelers we tested. But when you buy locally, the extra expenses demand slightly higher prices, and you need to decide if it is worth it. And if you do your homework, it will only be a very slight difference. But be careful. Expect to pay 50% more at local mall stores, but I don’t recommend that at all.
I personally support local stores as much as possible, as long as the prices are not too much different. The stores that passed our tests are a LOT more competitive than that, usually within a few dollars of the online stores. So if you want to buy locally, please go here to request our reports on the exceptional local diamond specialists that passed our tests in each area of the country. You will be surprised how close they come to online prices in most cases.
Now you have a ballpark for what to pay.
Now you just have to put it all together, including negotiating the best possible price, and getting it set into a beautiful ring mounting to enjoy it and keep it safe all at once. There are some pointers about all of this, which is our next and final step.