Diamonds are one of the most expensive purchases that people make, and it is important to know how to negotiate diamond prices. There are many factors involved in the pricing of a diamond.
This blog post will explain the factors that affect diamond prices and how they are used in negotiations. It is a good idea to have an understanding of what goes into determining the price you pay for your diamonds before you start negotiating on them.
What Factors Affect Diamond Prices?
Before we get into talking about how to negotiate diamond prices, we first need to understand what affects their prices so that we can make a smart decision when purchasing a diamond.
Cut
It all starts with ‘cut’. The cut has a huge effect on the price of a diamond. If you have chosen poorly, the stone will not sparkle as well as it could and may appear to be less valuable than if the cut had been done better.
Color
The second factor is color. The more evenly distributed and lighter in shade the color hue is within your diamond, the higher its value will be. However, diamonds with very light coloration can be harder to find and may cost you more money.
Clarity
The third factor is clarity. Diamonds are graded on a scale of flawless (the best) to I-III for poor quality. The value of your diamond will depend largely on where it falls within these categories because the higher the quality, the more a diamond will sparkle.
Carat Weight
The fourth factor is the carat weight. The size of your diamond affects its price as well because it needs to be cut with that in mind–the larger the stone, for example, the higher quality and value it must have to remain competitively priced against other similar stones.
Grade
The fifth factor is the grade of gold that your ring will be made from. Gold is measured on a scale of 24K to 18KT, with pure being very high quality and value and more expensive. We have many pictures available online so you can see what different grades look like before making any purchase decision.
How To Get The Best Diamond Prices
Although negotiating can get you a great deal, you should also follow these steps in order to get the best price possible:
Research Prices Before You Buy
Know what’s a fair price range to pay. You can use sites like Google Shopping, Amazon, and eBay to compare prices of similar diamonds in different settings (round cut vs. princess cut) on different websites. This will give you an idea of what the average price for diamonds is.
If You Have A Preference, Tell Them
if it is your first time buying diamond jewelry and want to buy an engagement ring or wedding band, let the jeweler know that upfront. They will consider this when coming up with prices.
Keep in mind there may be a difference in price between local jewelers and online stores.
Shop Around
make sure you are comparing the same quality diamond with the same qualities (color, clarity, cut, and carat weight). Also, take your time when buying – don’t rush the process.
Ask For A Discount
Many jewelers offer discounts in order to attract new customers.
Bring Your Materials
Ask for quotes using different payment options, like credit card interest rates, bank account interest rates, and other financing methods.
It’s Okay To Walk Away
Don’t be afraid to politely show you are not interested in their offer.
Shop The “Dark” Side Of Town
Many pawn shops and jewelry stores will sell at a lower price point than what is listed on websites. This may allow you to negotiate with better prices.
Lastly, you can consider asking a family member or friend to come with you so they can provide an outside opinion.
How To Negotiate Diamond Prices Like A Pro?
Now that we have discussed what affects diamond prices and a few tips for getting the best prices, here is how you can learn to negotiate those diamond prices like a pro:
Questions To Ask When Negotiating Diamond Prices
Now that you know the factors that affect diamond prices, it’s time to learn how they are used in negotiations. Below is a list of some common questions people ask when negotiating with a jeweler about diamond prices:
- What size stone would I like?
- What color and clarity grade do you have available for this carat weight?
- Do you have rings in a gold grade I prefer?
- Do you also have the diamond(s) set that matches my size, color, and clarity grade request?
These are just some of the questions to ask when negotiating with your jeweler. There is no one-size-fits-all formula because every person has different needs and wants from their diamond. It is up to you and your jeweler to work together so that the ring will be perfect for you in every way.
What To Do When Negotiating Diamond Prices
In this section, we will discuss each of the things you need to know to negotiate the price of a diamond:
- From research, it’s easy to understand that most diamond retailers accept haggling from their buyers. They might not invite it, but rest assured that you can lower the price tag of a piece you like through negotiating.
- Ensure that you are firm and shrewd when negotiating the prices but most importantly, be informed on the matter so you don’t drift from realistic prices. When you do in-depth research on the 4Cs of evaluating a diamond, you’ll be in a better position when haggling for their prices.
- Knowing what you want is another haggling essential when learning how to negotiate diamond prices. Note that a salesperson may try to sell you something else if you are unsure about your desires or preferences. If something doesn’t interest you, don’t allow the salesperson to go any further explaining it to you.
- When shopping for diamonds, always take your initiative with the salesperson. That is, show them you are informed on the matter – just don’t come off as too strong. Ask questions on quality about the diamond that interests you, and if the seller isn’t forthcoming with the info, then you can request to speak with their manager.
- But what if the management claims they don’t negotiate diamond prices? Then take your leave, rest assured you’ll find a store that does accept price haggling. And remember, take your time when buying.
- Avoid a salesperson who’s being too pushy by claiming they are offering the best prices at your time of buying. Legit stores offering discounts on sales usually take longer than a day to pull down their offers. To win a better price, try explaining to the salesperson that you’ve seen the same piece they’re selling elsewhere but at a lower price than what they are quoting to you.
- At this point, you’ve done some good research and can quote a realistic price that can be accepted. Additionally, it wouldn’t hurt to inquire for freebies or extras – these may be a certification or a ring box, among other free additions that the store offers with purchase.
Final Thoughts
Negotiating diamond prices is not as difficult or intimidating as you might expect. If you want your next jewelry purchase to be an investment that will last, start with these tips on negotiating the price of diamonds.
Diamonds are one of those things where there is no right or wrong answer but they’re also expensive purchases so making sure all aspects have been considered before choosing can save money down the line.
Lastly, ensure you pay close attention to lab certificates. This is because unfortunately, some labs may forge reports of a diamond’s quality for compensation from the seller’s profit. The solution: always ask to see if the diamond you are about to purchase is certified by the GIA.
The Gemological Institute of America is the top-ranked grader of diamonds globally thanks to their reliability and transparency.
Now that you know how to negotiate prices, you might be interested in our guide: “Are Diamond Rings Cheaper In America“.