Buying a diamond can be scary as they are expensive and are in many cases bought for important life events such as getting engaged.
And while there is a lot of information out there about diamonds, including buying guides, they often miss out on some important information, which is why I created this guide to help you out.
1. Set Yourself a Budget
Setting yourself a budget is a hugely important part of the buying process as Diamonds can range from less than $1000 a carat to millions of dollars a carat.
Having a budget in place before you begin looking for a Diamond also makes the process much smoother, especially if you are buying the stone in person as it helps whoever you are buying from present stones that are in your price range.
Just going in and saying “I don’t really have a budget” doesn’t help anyone!
There are also other things you need to consider when setting your budget as it is very rare that someone just buys a Diamond, usually it is being bought to go in a piece of jewellery, so your budget needs to cover:
- The Diamond
- The Mount (the piece of jewellery in which the stone is going to be set)
- Cost of setting the Diamond and finishing the mount
And a common mistake many people buying engagement rings make is to not spend too much money on the mount, instead spending most of the budget on the stone.
But this can be false economy as a poor quality mount (usually a mass-produced casting), might not last all that well when being worn every day and it may require regular repairs or worse, the stone falling out.
Instead, for engagement rings, it is often best to go for a high-quality, handmade mount as this will generally last a lot better than an equivalent cast piece.
2. Educate Yourself About Diamonds
Once you have set yourself a budget, it is best to spend some time learning a bit about Diamonds, now you don’t need to become an expert but you want to learn about the basics, so that you understand the terminology that is used when talking about Diamonds, such as:
- What the 4 C’s are and what they mean
- The different styles of Diamond cut
- What fluorescence means when talking about Diamonds
- Diamond treatments and how they affect the stone
And learning a little bit about Diamonds makes the buying process considerably easier as you will have a better understanding of what you are reading (if you are buying online) or being told (if you are buying in-store).
It may also give you an idea of questions that you may wish to ask to not only make sure you are getting the right stone but also check the knowledge of the person who is selling the stone to you.
If you want to learn about Diamonds, there are lots of good resources online such as my Introduction to Diamonds guide, which covers all of the aspects mentioned above and more.
3. Lab-grown vs Mined Diamonds
This also falls under educating yourself about Diamonds but over the past few years, the discussion around whether to buy a lab-grown or mined Diamond has become a more common one.
There are pros and cons to both types of Diamond but one word of warning I would give is to not completely believe the marketing material around lab-grown Diamonds as there are lots of environmental and ethical claims that some manufacturers and retailers make which are unsubstantiated or unverified.
One thing that can be useful to learn is the different terminology that is used around these two types of Diamonds:
- Lab-grown Diamonds
- Laboratory grown Diamonds
- Synthetic Diamonds
- Man-made Diamonds
- Mined Diamonds
- Earth mined Diamonds
- Natural Diamonds
By educating yourself about Diamonds and the different types of Diamond you can buy, it will help you make an informed decision about the stone.
4. Diamond Reports
I have to talk about Diamond reports as they are a very important part of the buying process and you may have noticed that I said reports, not certificates.
There is an important reason for this as these two types of document are different:
- A Report – gives information about a subject, in this case, a Diamond but it is the opinion of the person grading the stone as to the colour, clarity etc
- A Certificate – a document that states that the information on it is true
Without getting too technical, Diamond grades for things such as colour and clarity don’t have defined boundaries and it is the opinion of the person who is assessing the stone as to which grade the stone is given.
And this is why all reputable gem labs, such as the GIA only provide reports and if you see that a Diamond has a certificate of authenticity, run away as fast as you can!
5. See The Diamond for Yourself
This follows on from Diamond reports rather well as there are many online retailers who have tried to make Diamonds a commodity in a similar way to Gold or Silver but this simply isn’t possible because every Diamond is different and will have its own characteristics.
And this is why I can’t stress enough that you need to see the Diamond for yourself and not just buy off the report as there are stones which look great on paper but are dull and lifeless in real life and stones that don’t look great on the report but are full of life and sparkle when seen in person.
This is where visiting a true Diamond specialist can be a worthwhile experience as they will let you view the stones for yourself and will often provide you with some helpful tips and advice around choosing a Diamond.
It is also the case with many Diamond specialists that they are very selective when choosing the stones they stock and show to prospective clients as they only want to have stones that have the ‘wow’ factor.
Buy From a Reputable Source
There are many places to buy Diamonds both online and in-store but they aren’t all the same and my advice is to find a true Diamond specialist but how do you find these?
Do They Have Industry Qualifications?
Individuals can study and pass industry qualifications for Diamonds, with popular ones being the GIA, which the individual will have GG after their name and the Gem-A, which the individual will have DGA after their name (like me).
Both the GIA and the Gem-A have an online checker so that you can verify that an individual is a graduate/member of the organisation, but some members choose not to be included in these online registers.
Check For Online Reviews
We live in a digital age and most reputable jewellers and suppliers will have some form of online presence in terms of a website, social media profiles but more importantly reviews from previous customers.
These may be in a variety of places such as Google, Facebook or Trustpilot depending on how they have set up the online aspect of their business and reading reviews can not only give you an idea of whether they are a good place to buy from but also how good the after-sales service is.
Conclusion
Buying a Diamond can be scary but if you approach it in a similar way you would (or should!) any other major purchase by:
- Having a clear budget
- Learning a bit about what you are buying
- Finding the right place to buy from
Then you shouldn’t go far wrong and will hopefully end up with the perfect Diamond, whether for yourself or that special person in your life.
I'm Paul Haywood FGA DGA, a fully qualified Gemmologist and Diamond Grader from the Gemmological Association of Great Britain and a lover of all things jewellery.