Part 2: How To Buy A Diamond Engagement Ring?
I am assuming that you have enough knowledge about the 5C’s and have a basic idea of your fiancee’s choices. The theoretical part of your education process is complete. You need to evolve by moving onto the practical aspect of the learning curve. You need to practice what you just learned.
Step 5: Trip To The Local Jewelry Stores
Once you gather all the required information, you need to make a trip to few reputed local jewelry stores in your area. Make sure that they have been in business for a reasonable amount of time. 10+ years in business usually is a reasonable parameter. My recommendation would be to visit at least 3 jewelry stores with 5 being ideal. You can divide that number by visiting 3 Mom and Pop Jewelry Stores and 2 High End Jewelry stores. This should give you a decent comparison point in price, quality, return policy, financing, sales staff education level and your comfort level of each jewelry store.
Most of the local brick and mortar stores have experienced or educated sales staff in charge of the bridal section. They would not allow someone new to directly get into the bridal section. Nevertheless, you should not hesitate in asking the salesperson his experience or education level.You always want to deal with someone who has experience or educated about diamonds. I met a salesman in a well known jewelry store who was a limo driver & a tile salesman before he was selling diamonds.
Step 6: Take Notes & Always Compare the Diamonds
It is important to choose a diamond first. The diamond is where you will spend the bulk part of the engagement ring. The sentimental value for most women is primarily the diamond. The diamond does not change in style over the years and it is the diamond which is considered an heirloom. Pay attention to the diamonds being shown to you. Take a good look at all the diamonds that the salesman brings out. You must look and evaluate all the C’s by yourself despite what the salesman says. Here are some tips
- You must view the diamond clarity with a jeweler’s loupe of at least 10x magnification. If the jeweler has a microscope (which everyone has nowadays) go ahead and tell him/her to setup the diamond in the microscope for you to look at. Do not hesitate to increase the magnification to view an inclusion up close. However, do not make a clarity decision based on the magnified inclusion. The sole purpose is for you to compare other diamonds.
- You must compare the diamonds for color side by side. If you are looking at 3 diamonds of 3 different color grade, you will see a difference in color ONLY when they are placed right next to each other. This will improve your knowledge and understanding. Also the diamond color MUST be viewed when the diamonds are face down. To explain further the table i.e. the flat top of the diamond should be down and the culet i.e. the bottom point of the diamond should be facing up.
- Compare the diamond certificates with each other. Diamond certificates have all the information that you could possibly need about the diamond. It begins with the size, shape, clarity, color, dimensions, girdle thickness, fluorescence & cut grade among other details. Nowadays almost all the diamond certificates including GIA come with a Cut Grade for round diamonds. The Cut Grade is important since it differentiates a high sparkling diamond from a low sparkling diamond.
- Ask the salesman you are working with to give you the best price. Don’t feel shy to ask the question or even to make a reasonable offer. Most jewelers accept an offer which is 5% – 10% less than their regular selling price. After all it is your money and you want to get the best deal. Take copies of all the diamond certificates of the diamonds that you are interested in. Once done, write down all the prices quoted by the salesman on the copies of the diamond certificate.
Step 7: Check Online Jewelry Retailers Selling Diamonds
In the last 3-5 years there has been a huge increase in the number of online jewelers that sell loose diamonds. It is a good reference point for you to check the price difference from online jewelry retailers and brick & mortar jewelry retailers. Most of the online jewelry retailers don’t own or even possess the diamonds that you see on their website. They basically use online technology to post their supplier’s diamond inventory on their website. I have listed some links here for you to get an idea of pricing in no particular order.
- Blue Nile (UK/EU Residents)
- Diamonds On Web
- Diamonds International
- Diamond Jewelry Masters (Also known as Jeweler’s Alliance Inc.)
- Gem Shine
- Jacob Ruth & Co.
- James Allen
- Since 1910
Browse through their selection of diamonds. My advice would be to look for diamonds that you saw in the brick & mortar jewelry stores. Narrow down to the cheapest ones you see on their website, print out the details including the certificate details along with their prices. This gives you an excellent bargaining point with the other jewelry stores. The competition between online jewelry stores and the brick & mortar stores is fierce. They do not like to loose business to online jewelry stores. It is an amazing bargaining point and advantage you have in your hands.
Step 8: Choose a Ring Mounting, Ring Setting or Ring Semi Mount
A ring mounting, setting and a semi mount are basically the ring in which the jeweler will set your diamond. Keep in mind the preferences and choices of your soon to be fiancee. Remember the picture stuck to the refrigerator! You don’t have to buy the exact same ring unless she is COMPLETELY in love with it. Most women will accept a slightly inexpensive version of the same ring. Also remember, if you are too confused then just go with the cheapest solitaire. You can always bring her in later and let her choose the ring setting that she loves.
Once decided on the ring, the jeweler will have to either set the diamond or custom make the ring in the dimensions of the diamond. This usually takes around 3-6 weeks. Give them her finger size. It is always a good idea to manufacture the ring in her finger size. The more a ring is sized, the less it’s strength gets. If you are not sure of her finger size, then leave the ring in it’s original showcase format. Once again, most jewelry stores allow 1 finger sizing for free. If they don’t then you can bargain with them to do so.
Finally: Some Words of Advice!
- Try to avoid the chain mall stores. They are most times over priced and over zealous to sell you what they have and not what you want. Don’t get taken by their huge discounts either. It’s just a farce!
- Find the local mom and pop jewelry store who have a decent reputation and been in business for a reasonable amount of time (10+ years).
- Call the Local Better Business Bureau for any complaints or check their website for complaints against the jeweler you decide to purchase from. If the complaints are numerous and similar in nature, it should raise a red flag.
- Those who have access to a jeweler’s row should make a trip down there just to get a feel of things. You have an advantage of going to several stores right next to each other. If you have access to the New York Diamond Exchange, then you will have a ball of a time just listening to all the Bullying salespeople.
- Be focused and make a decision on the diamond first and the ring next. Remember, the diamond hold the most sentimental value and the “Oomph” factor.
Imagine yourself walking into the jewelry store with all this valuable knowledge and information you learnt. I have seen the hungry sales eyes lit up whenever a bloke walks into the bridal section. It’s like watching a documentary of a pack of wolves preying on a deer on the discovery channel. With all this knowledge and tips you are now the lion of their jungle. They are the hunted and you are the hunter!
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