Learn as much as you can about Diamonds. Decide and write down, in order of importance, which of the 5C's are most important to you: Cost, Carat, Color, Clarity or Cut.
1. Once you know what you are looking for, physically visit jewelry stores. Identify a jeweler who is willing to spend some time with you showing you diamonds. Look at as many diamonds as you can that match your specs and budget. Make sure when comparing prices that you compare apples to apples. This can be more difficult than it sounds. For example, sometimes relatively minor differences in cut/proportions can have an impact on a stone's price and beauty. Most importantly, do NOT compare the price of a certified Diamond with the price of a Diamond which is not certified, or is only certified by an unknown Laboratory. You may be in for a surprise because the quality asserted by a no name lab may not match the quality asserted at a reputable lab. Which would translate into paying more money for something that is less than you thought it was.
2. Always ask for a certificate. There are several Independent Laboratories out there. The most well-known are GIA, the Gemological Institute of America and HRD, the Antwerp Gemological Institute.
3. The Rapaport Diamond Report (Rap Sheet). There is a standard report of Diamond Prices known as the Rap Sheet. This officially lists high wholesale diamond prices in the diamond world. There are market fluctuations which change according to supply and demand. The best way to know prices for the specific Diamond you are looking for is to shop around for a Certified Diamond of a quality range you desire, within your budget.
4. Don't pay a premium for one of the C's only to turn around and get low quality in another C. While there are exceptions to this rule, for example if you are getting a great price, why would you pay a premium for a branded ideal cut diamond and then get a low color or clarity? Save some money on the brand name and upgrade the other C(s).
The best advice I can give you to work with a Diamond Broker like me. I can take you through the diamond world and help you make the best decision.
For additional information, please visit my website at www.diamondsbyappointment.org
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