How to buy a diamond

I recall a promotional campaign on T.V that used the punch line “A diamond is forever”. I can think of no better reason, than this, to stress the importance of careful planning before buying a diamond. Any layman knows for sure that diamonds don’t come cheap. So before you impress your loved one with expensive diamond jewellery, please take some time to understand the variables involved. Fortunately, this is not rocket science. Organizations like American Gem Society and Gemmological Institute of America have made it easier for the common folk to buy diamonds from jewellery store without breaking a sweat.

The first concern while buying a diamond is obviously your budget. Depending on the amount of money you are willing to dish, a jeweller can offer you a variety of options. The options may involve various permutations and combinations of four characteristics viz. carat, colour, cut and clarity. If your budget is constrained you might have to sacrifice on one or more of the four parameters e.g. in order to get a well cut diamond with reasonable clarity and colour you might have to sacrifice on the carat weight. Similarly you may have to compromise the clarity and colour if you are looking for a decent sized ornament with more carat weight and flat cut.

The next major issue is the answer to the question “Am I getting my money’s worth?” Unfortunately, this question is a bit tricky and hard to answer because diamond prices vary from place to place. Therefore it is advised that you spend some time on doing market research. But this exercise is not as difficult as it may seem. Modern day conveniences like telephone, internet etc allows us to make these enquiries with minimal effort! There are websites which give you a detailed price comparison for any type of diamond that you would like to buy (in terms of shape, colour, clarity, cut, carat, price range etc.)

Most people don’t take the quality of the protective setting within which the diamond is placed. The quality and security of the setting keeps the diamond right where it’s supposed to be. A diamond with inferior setting may come apart in due time. If this happens by accident, there is a good chance of loosing the stone forever.
A more subtle yet key aspect is the place you buy it from. A diamond brought from a reputed jeweller is likely to retain its brilliance over a longer period compared to small time diamond sellers. Buying diamonds from authorized dealers will also prevent people from tricking you into buying nothing but cubic zirconium instead of diamonds.

Please ask the dealer to substantiate the grade of the diamond with written certificates approved by recognized authorities. Also make enquiries regarding resale prospects i.e. is the price of your diamond going to increase or decrease with time and by how much. Some firms also provide diamond insurance in case of loss or theft.

Remember purchasing a diamond is a very special and cherished occasion. Thus you must do everything it takes to make it a treasured experience. Only awareness can help you do so. So take your time and spent your hard earned money only on something that’s guaranteed to outlast even your own life span!