Buying a diamond can easily bog one down but understanding the diamond fundamentals can help in making the diamond purchase decision easier. Our Guest Author – Priyam Daga, was recently interviewed by Business Standard and in the related article, she shares some basic tips to get a diamond within one’s budget. Within the basic 4 Cs, buying a diamond of a slightly lower carat, color and clarity scale can bring down the cost of a diamond substantially.
Most sought after Carat weights are even-numbered sizes – 1 carat, 1.50 carat etc. However, instead of the standard 1 carat diamond, opting for slightly lesser weight, say 0.98 carat diamond can reduce the price by up to even 35%. Similarly, to get more affordable diamonds, one can choose diamonds with carat weights of say 0.47 carat instead of 0.5 carat or 0.71 carat instead of 0.75 carat. Besides, a slightly lower carat weight of 0.97 or 0.98 carat does not have any visible difference in size from the standard 1 carat diamond, to the naked eye.
Colorless diamonds are graded by GIA on D, E and F color scales. But for most of the people, Near Colorless diamonds that are graded on G, H, I and J color scales are very difficult to distinguish from Colorless diamonds and selecting Near Colorless diamonds rather than Colorless diamonds can decrease the prices by around 20%.
In terms of clarity, the perfect diamonds are graded by GIA as FL (Flawless), followed by IF (Internally Flawless), VVS1, VVS2 (Very Very Slightly Included) and so on. Choosing diamonds with one clarity grade lower can bring down the costs considerably, with very little difference in the diamond’s beauty.
The internet is filled with endless information about market rates. Doing proper research on price comparisons of diamonds can help in getting confidence to make an informed buying decision. To find out value of diamonds, one can also refer to the weekly Rapaport Diamond Report.
Various popular diamond cuts including round, princess, heart, emerald etc. are trending but for investment purposes one should opt for round brilliant cut owing to its better resale value. Besides, Investors should choose bigger carat weights than smaller ones. A 1 carat diamond has more value than four 0.25 carat diamonds. But experts are still not sure whether diamonds are appropriate avenue for making investments.
Moreover, certification from a reputed third-party Gem-lab and laser inscription should not be ignored by diamond shoppers. Another upcoming opportunity of getting affordable diamonds is Lab-grown diamonds, which cost around 15-40% less than their Earth-mined counterparts.