1. Looking for the cheapest price. The cheapest price will almost always result in the “cheapest” diamond. In addition to that, almost anyone can be undersold. When buying a diamond, it is best to look beyond the price and look at the overall value offered by the vendor.
2. Ignoring due diligence. A diamond is an investment, and therefore, should be treated as one. This means that you should exercise due diligence by taking the diamond to an independent appraiser – no matter what certificate it has.
3. Buying a piece of paper. Just because the certificate lists the colour, clarity and cut grade, doesn’t mean that it’s correct. Again, an independent appraiser will be able to verify the colour and clarity, whilst tools such as the Ideal-Scope and AGS ASET are handy tools to assess the diamond’s make.
4. Putting a really nice diamond into a really crappy setting. If you spend thousands on a nice diamond, it’s best to spend a couple of hundred dollars more to put it into a nice, handmade setting. A cast, mass-manufactured setting doesn’t do justice to beautiful diamonds.
5. Believing the vendor. If a diamond vendor says “this is an ideal cut” or “this lab is the most accurate”, make sure you do your own research or ask around to verify these claims.
6. Not believing the vendor. If one vendor says one thing and another says another, don’t take sides – do the research. Whether this means doing research online, asking on a forum such as PriceScope or asking an independent expert for advice.
7. Ignoring the value of the certificate and cut quality. The other 3Cs – carat weight, colour and clarity are easy to understand. Therefore it’s too easy for vendors and buyers alike to just stick to these, whilst ignoring the two most important factors that affect the price of a diamond.
8. Trying to haggle for the best price online. This behaviour is quite perplexing, as in the cut-throat world of e-commerce, most sellers are competing largely on price. Therefore, they will offer the best price straight up, without any expectation of haggling. Whilst it is still possible to get a cheaper price through price matching for example, such discounts may end up in a higher price for a setting, shipping or services such as laser inscription or verification.
9. Not comparing apples with apples. In order to make an informed decision, you must compare apples with apples. This means comparing the 4Cs -carat weight, colour, clarity and cut, as well as the certificate and the extra value the the vendor offers. Only then can you accurately compare prices.
10. Not appreciating the value proposition offered by a vendor. Don’t try to haggle a brick and mortar store down to an internet price if you want to buy from them – the cost and therefore value offered by brick and mortar stores is a lot higher than on the internet and is usually appreciated by most diamond buyers. Similarly, don’t discount the value of things such as a reputable international certificate such as a GIA, AGS or HRD certificate, likewise the value of a laser inscription. These things add value and you never know when you may need them, such as when selling or upgrading your diamond.
Top 10 Mistakes Made By Diamond Buyers
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