Buying A Loose Diamond? Follow These Tips

Posted on: 30 November 2017

Buying a loose diamond and having it set into a ring or necklace is a good way to save on jewelry, and it also enables you to customize your piece. But shopping for loose diamonds is a bit harder than shopping for finished jewelry. Here are four tips to ensure you end up with a diamond you love and at a reasonable price.

Set a budget beforehand

Since loose diamonds are more affordable, it's easy to get talked into spending more than you originally intended. To avoid this, set your budget upfront. Research what diamonds in the size and color you want typically cost, and set aside an amount of money that's appropriate. Put this in a separate account or take it out in cash so that when you do go to buy a diamond, it's hard for you to spend more than this amount.

Shop at several merchants

Different loose diamond sellers are going to have different price points. This is because their overhead and necessary profit margins are going to differ. Shop around at a few retailers to ensure you get the best price. You can usually get the best price from an online seller since they don't have a physical store that they must pay to maintain.

Be flexible in your carat size

Some cuts look larger than others. So, make sure you at least look at a few diamonds of different carat sizes before choosing one. You might find that with the particular cut you desire, you don't need as many carats as you would need with a bigger cut. If a smaller carat size looks suitable, you can save a lot of money. 

Order well in advance

Unless you are directly buying a loose diamond from a physical retailer, it will take a while to the store to custom cut your diamond and deliver it to you. So, place your order well in advance of the time you actually need the finished jewelry. A month is usually enough time. This way, you can count on getting your diamond after about two weeks, and then you can give the jeweler another two weeks to place it in your custom setting.

With the tips above, you can find a loose diamond that you truly love for a fair price. For more help, contact a business such as Hartville Coin & Jewelry. They are usually happy to tell you how their process works.