Whether you're planning on getting hitched to that special someone, or simply shopping for an upgrade — the pressure to find the perfect diamond ring can be daunting. The good news is that there are more options than ever before, including buying online. But this begs the question: Is an online or retail jeweller the best fit for your budget and needs? Is there any real difference in cost? Read on to find out.
What really affects diamond prices?
Weirdly, when it comes to jewellery, people tend to think that buying from a physical store means drastically inflated prices, presumably because of higher operating costs. At the same time, the online retailer in this equation appears to have practically no overhead at all.
In reality, however, this isn't quite how the story plays out. Diamonds gather their value from different avenues — ones that go beyond wages and rent. Among them are:
1. Sourcing Efficiency
Contrary to popular belief, diamond prices are not driven primarily by operating costs but by efficient sourcing. Yep, when it comes to booking those sweet diamonds, a significant amount of the jeweller's costs is actually, more often than not, incurred at the mine or at diamond cutters.
Some jewellers still tout the old myth of them ‘bypassing middlemen’ to source diamonds. When in fact, diamond wholesale middlemen don’t exist for the past 20 years. They have become obsolete since established retailers started going straight to diamond cutters for stock.
For established jewellers like DeGem, due to our yearly track record of volume sold, we achieve economies of scale from diamond cutters who allow us first pick of the best crop at best prices, before they are passed down to other retailers. Our customer reach and our quality of craftmanship are key reasons we have been awarded the distributorship for De Beers Forevermark.
Because of this unique positioning, we can offer our clients the best price-quality ratio — the best diamonds at the best prices. Indeed when it comes to jewellery, we're self-proclaimed perfectionists. And we take great pride in it.
2. Diamond Quality
The second thing you need to understand is that diamond quality is not simply a case of identifying a perfect diamond from a flawed one. Natural diamonds are not standardized products.
After being mined from the Earth and cut, each diamond is graded based on its "Four C's": carat weight, colour, clarity and cut. This is the fundamental criteria that jewellers all over the world use to assess a diamond's quality and, in turn, its value. So the next time you compare prices between different jewellers (online or offline), know that they will all be using the same criteria and pricing accordingly.
3. Market Supply And Demand
Diamond cutters typically decide the price of their diamonds based on market values as well as supply and demand. And unlike perishable foods, quality diamonds never go on sale. So if you ever come across a diamond that's considerably underpriced, be careful — it may have an underlying problem with its quality or inclusions. Be sure to have an expert evaluate the diamond before making a purchase, or get a second expert opinion. As a general rule, if a deal appears too good to be true, it probably is.
Always clarify with your jeweller if the diamond you’re looking at is natural or lab-grown. It may explain the disparity in pricing. When in doubt, ask to see the diamond’s grading report, which will reveal its provenance.
Natural mined diamonds have a store of value due to their scarcity. Lab-grown diamonds on the other hand, do not retain value due to their rapidly decreasing costs of production.
Retail Vs. Online: Little Difference In Cost
So there you have it: buying online does not guarantee that diamond prices will be cheaper. Most of the cost difference is driven by sourcing efficiency, diamond quality and market value.
For this reason, any good jeweller — whether online or offline — should be able to give you competitive price on diamonds. It certainly does not hurt for you to do the homework of comparing between a few establishments—that helps to ensure that you know what you are paying for.
Whenever possible, give yourself the once-in-a-lifetime experience to visit a few jewellers to understand how different colour, clarity and cut ranges can impact a diamond’s beauty to the naked eye. A diamond with the same colour and carat weight between two jewellers can look different due to inclusion factors of certain sizes that grading reports do not reveal.
These visits also allow you to feel their product’s craftsmanship quality and understand their business values. Try on their rings to understand the typical weight and comfort of their products – afterall you want a ring that she would love wearing everyday.
As a customer, you always want to look for the company that offers you the best service and product best suited to your needs.
Here are a couple of after sales services that you should also consider:
- Does the jeweller offer resizing services and how much do they cost? It’s common for our fingers to expand with age and
pregnancies, so covering if they offer the service is beneficial. - Does the jeweller offer maintenance and repair services for their jewellery? How long is lead time to repair?
- What is the upgrade policy like for their diamonds or jewellery?
- Do they offer custom design service if you want a bespoke ring? How long would they take to craft your ring?
If you take the time to do your research, you should be able to find the right jeweller that fits your requirements. Your significant other will also appreciate the due diligence that you have made in search of the perfect ring to pay tribute to your love.
Get The Best Of Both Bricks And Clicks
When it comes to buying a diamond online vs. in-store, many factors come into play. Ultimately, though, all people want are high-quality diamonds, and at the greatest convenience and price.
Some jewellers will say you can't have both.
But here at DeGem, we say otherwise. As we are an omnichannel business, we are able to offer the best of both worlds. Whether you’re shopping in person or online at our website, our goal is to make sure you get exactly what you want, without sacrificing quality or spending too much.
DeGem's attention to detail, quality, and craftsmanship, combined with perfect diamond cuts, leaves no room for comparison. Experience the DeGem difference — shop diamond jewellery with us today.
