Get the best deal for your money when buying a diamond ring

If you’re looking for a good quality diamond ring that offers the best value for your money, here’s what you need to know to get it done.

A good time for diamond deals

Most diamond rings are purchased as engagement rings and anniversary rings. However, many women purchase this most coveted gemstone as fashion-oriented pieces. There are new sources of mined diamonds hitting the global market making prices competitive on a wide range of diamonds, from the low-end to the high-end variety.

Save by knowing the “Four C’s”

A general rule of thumb to spend on a diamond ring is the equivalent of two months’ salary. But you should be guided by your own financial situation and not by high-pressure sales pitches or peer pressure when determining what you can afford.

For a great deal when shopping for a diamond ring, follow the 4C’s of carat, clarity, color and cut that characterize the quality of a diamond. This is the GIA diamond grading system that has become the industry standard for jewelers.

A basic understanding of these grades before making a purchase will help you save money.

1) carat

Carat refers to the weight of a diamond. The price of a diamond increases as its weight increases. Therefore, those on a tight budget should exclude a one-carat diamond from the price range. Instead, opting for a 0.5 carat diamond could save you a great deal of money. Also, the slight differences in the weight of the diamonds when mounted are considerably negligible, although they will cost noticeably less.

2) Color

In a white diamond, color measures how close the diamond is to white. The highest grades of D, E, and F are intended for colorless diamonds and are taken as the best as they allow for the greatest reflection of light, resulting in the most spectacular brilliance. Z is the lowest grade on this scale.

Moving down the scale with a stone graded H, I, J, or K, the price drops 25-35% off the premium, though they still look good.

3) Clarity

GIA’s 11-degree clarity scale reports a diamond’s imperfections, both inside and out. Grade ratings range from F for Flawless (an extreme rarity) to Included 3 or 13 and this is taken as the lowest clarity grade available. However, a diamond graded below the higher grades can still look luminous. Opting for a lower clarity stone, such as SI1 and SI2, will save you a great deal of money.

4) Cut

According to experts, it is the cut that has a major influence on the reflective qualities of a diamond. One certainly does not want to compromise on this quality. A well cut diamond has a good sparkle that gives it its brilliance. Select a cut between the two highest ratings, “excellent” and “very good” on the GIA scale, and try to stay away from “good”, “fair” and “poor” cuts. Although the cost of “excellent” and “very good” will be about 10% more than a “good” one, it makes sense to save on the other of the 4Cs.

Request diamond grading reports

While shopping, if you find a specific stone interesting, ask the retailer about a diamond grading report that shows an evaluation of the four C’s for that particular diamond. The grading report provides an unbiased assessment of a diamond’s quality and is a true representation of what you are getting.