If you are out shopping for an engagement or wedding ring diamond, then you would certainly appreciate any tip that would help you buy fine diamonds at a fairly good price. Furthermore, if you decide to spend most of your hard-earned cash on the stone, you would want to make sure that you get the best value for your money.
As a family business, we at Ovadia Jewellery in London’s Hatton Garden, try to offer the best advice possible for purchasing precious diamonds, whether it’s as a gift or for a special event like a wedding. With years of experience we understand the importance of finding the right diamond jewellery piece for the right price. We have therefore put together some tactics you can use to get the best value for your money and even save some pennies when shopping for a diamond ring, pendant, earring or bracelet.
- Understand the 4 C’s to get to the price you want
The value a particular diamond is solely determined by are the qualities of that specific stone. It’s based on four grading scales which are Clarity, Color, Cut and Carat. It is possible to use each grading scale to help you arrive at the ideal diamond size and price for you. The following practical examples illustrate how you can go about doing this and you can also visit our website to learn more:
- Weight versus Value
The weight of a diamond is measured in a unit known as “carat”. 1 carat is equivalent to about 0.2 grams. The heavier a diamond is the higher the price which is quite logical. However, the price increase with respect to weight is not proportional nor is it linear. For example, a 1 carat diamond has only 10% more weight than a diamond that is 0.9 carat. However, it would be no surprise to find that the 1 carat diamond has a price that is 25% higher than the diamond that is 0.9 carat in weight. Hence the actual value difference between the two stones is 35%.
Now, assuming you fancy a 1.5 carat diamond estimated at a value of £ 7,000. For this price a diamond value estimator guesses that the other aspects of clarity, colour and cut are constant. One way you can make some savings is instead of the one brilliant cut diamond on your ring, you might opt to have two smaller stones of 0.75 carat each. From the same scale the estimated value of a 0.75 carat stone is around £ 3,000. This means the two smaller diamonds would have a combined cost of £ 6,000. Your overall saving would come to £ 1,000 and you will actually be the proud owner of two diamonds rather than just one.
- Clarity versus Value
A 1.5 carat diamond that is absolutely colourless and transparent is given the grade FL which indicates that the stone is flawless, meaning it has the best diamond clarity. Such a flawless diamond would have an estimated price of £ 15,000.
A colourless diamond of the same weight but with very minor flaws included is estimated to cost you £ 8,000. This is almost half the price of the initial flawless diamond. It is worth noting that a diamond expert needs a high-quality microscope set at X10 zoom to see the flaws in a diamond that is VS1, i.e. very slightly flawed. If you were to make such a purchase, you would end up saving up to £ 7,000 by only compromising slightly on the clarity of the diamond.
- Colour versus Value
As with the previous example, a colourless, flawless 1.5 carat diamond has an estimated diamond value of £ 15, 000. This stone would have the colour scale grade of D whereby D–F refers to designated diamonds that have no notable yellow tinge. Another diamond of the same carat weight and clarity but with a very slight yellow tinge would be assigned the colour grade scale values of I-J, with a J ranked stone having an estimated value of £ 4,000. By compromising on the colour of the diamond that you intend to purchase , you can end up making spectacular savings of up to £ 11,000!.
From the above example it is clear that the colour aspect of a diamond is the biggest money saver. Colour is followed by clarity in terms of potential savings. The criterion with the least savings is that of weight.
The reason the cut of a diamond doesn’t make a price difference is that usually the best diamond cut is sold and subject preference. The most common cuts have fairly similar prices. However, it is worth noting that the more elaborate the cut of a diamond, the higher the cost of the particular stone.
- Buy Bespoke or Custom-Made Diamond Jewellery
The last tip on getting the best value for your money is our best kept secret:
Most people assume that individually made jewellery pieces must be more expensive. Certainly, they can be, depending on the materials and stones you choose. However, this flexibility also leads to the ability to lower the price as you can opt for cheaper metals, settings and stones. Of course, our Ovadia specialist designer’s bespoke services are paid extra, but taking all aspects into account, the overall price can be lower compared to buying a pre-made jewellery piece.
Plus: you’ll have your very own unique and bespoke diamond ring or pendant that nobody else in the world has. And just so you know: all our diamonds are GIA certified and sourced from conflict-free zones, ensuring there are no ethical concerns. It doesn’t get any more special than that for a price you have set.
Hopefully our insight into the magic world of diamonds and how we can help you match your budget with our beautiful selection of stones will encourage you to come to our Hatton Garden Jewellery Boutique in London to get a free consultation. For any questions around diamond jewellery email us at firstname.lastname@example.org or give us a ring on +44 20 7405 1063.