A diamond is one of the best investments you will ever make in a lifetime. But, the options can be overwhelming. The value of a diamond can be far greater than you expect.
Digital marketing has upped the game for diamond purchasing. Most diamond dealers have already shifted to online marketing and selling of diamonds. This can be challenging for consumers who want to buy diamonds because they may not be assured of the quality of the diamond.
Some consumers are apprehensive to buy diamonds online (as they should, due to being vulnerable to scams and shady dealers), but marketing has made it possible to convince them that purchasing a diamond online is cheaper.
These online diamond sellers and dealers have proven that you can still get the best quality diamonds when you buy a diamond online.
Why Are Diamonds Cheaper Online?
You can still get the best deal when you purchase diamonds online. The main objective when buying a diamond is that you get the best quality at a competitive price.
It is generally 30-40% cheaper to purchase a diamond online because of how they are sold and distributed.
The price of a diamond is dependent on several factors including:
- The price per carat
- Price adjustment factors (fluorescence, polish and symmetry grades, cut, inclusions, eye-clean element, culet, girdle thickness, color tint or hue, and grading reports)
- Non-diamond related price adjustment factors (warranties, country, markups)
The non-diamond-related price adjustment factors have the greatest impact on the difference in the price between diamonds bought online and in-store. Beyond4Cs reported that for local jewelers and chain stores, premiums tend to range from 10%-100% above internet prices.
The reason for the additional premiums is mainly these additional overhead costs:
- Marketing costs
When you purchase a diamond online, there are no additional overhead costs that impact the price of the diamond. Hence, you should get a relatively cheaper price for the diamond you want to purchase.
When you notice that the price of a diamond you plan on purchasing from a physical store is more than 10-15% of a similar diamond piece that you saw online, that is already considered an excessive premium.
The Cheapest Way To Buy a Diamond Ring
When you settle for a diamond ring, you will need to know how you can get the best deal without sacrificing quality and beauty.
An engagement ring can be one of the most precious investments you will ever make but it doesn’t mean that you will need to spend a lot of money on it.
Similar to other investments you make, you will always need to consider how you can get the most of your budget.
You can consider choosing from these cheap ways to buy a diamond ring from Money Under 30:
- Do not buy from a chain jeweler who spends a lot of money on advertising.
- Buy from an independent jeweler where you can negotiate prices.
- Buy your diamond ring online from a reputable diamond internet jeweler.
If you really want the cheapest way to buy a diamond ring, consider purchasing a wholesale loose diamond and then choose a setting that can be designed by an expert jeweler. You can get the best deal with a loose diamond from a wholesaler.
Is it Cheaper to Buy an Engagement Ring Online?
Purchasing an engagement ring online is relatively cheaper than when buying from a physical store. The main reason for this is that the price will not include overhead costs like rental, salary, inventory, and marketing costs.
Moreover, most of the stores that sell diamonds are retail stores which means that the prices they place on their diamonds are affected by the costs they need to pay to transfer the product to their customers.
One more factor that you would need to consider when purchasing a diamond is the impact of tax on the price of a diamond that you want to purchase in a store. When you purchase online, you may not need to pay tax when the diamond is shipped to you.
Buying Jewelry Online Vs. In-Store
The value of a diamond is determined by various underlying marketing factors and its physical attributes of a diamond.
Knowing the difference between purchasing online against in-store can help you make a more informed decision.
The benefits of purchasing diamonds online include:
- You will not be pressured by salespeople to purchase a diamond. You can take your time to browse through the gallery of diamonds to get your top 3 options.
- It will generally cost 30%-40% less than the price of a diamond.
- You will not need to pay for labor costs for customization
- Online diamond stores have a wider selection of diamonds that you can choose from
The setbacks of purchasing diamonds online are:
- You will not be able to try the jewelry before purchasing.
- You will need to pay for shipping for repairs or adjustments if needed.
For jewelry that you buy in-store, you can inspect the jewelry personally and try it on. You can also inspect the certification of the diamond. However, you will need to deal with store traffic and a limited selection since most retail stores sell only preset jewelry.
Online Engagement Rings
When you have the option of purchasing a diamond online, you can consider the more affordable prices that online diamonds are offered and the wider selection of diamond engagement rings that you can choose from.
However, you will need to educate yourself on the factors that you will need to know to be able to make a well-informed purchase.
You will need to research the online engagement ring seller as well.