Diamond buying can be a confusing and complicated process.  We encourage you to educate yourself a bit before shopping for a diamond.  There are two primary questions one must answer in order to get a quality diamond at the best price.  The first is, "What shape, size and quality of diamond do I want and can I afford?" and the second is, "Who should I buy from?"

We would suggest you answer the first question in as much detail as possible, and THEN go shopping for the best deal.

The quick answer for first-time diamond buyers: 

What to buy:

For those with little time, I'll start with the specs of a diamond we feel is the "best bang for the buck."  Armed with these specs, you can call local jewelry stores and get a feel for which stores have the more aggressive pricing -- with the understanding that some salespeople have been known to stretch the truth a bit, or a lot.  Just like our mothers told us, "If it's too good to be true..."

1. Carat Weight: 1/2 carat (Feel free to change this parameter to suit your needs, but use a consistent size when shopping. Nonetheless, a 1/2 carat is pretty common for young couples and you can always upgrade later.)
2. Clarity: SI1 to SI2 (If the clarity is too high, you'll pay a huge premium for differences you can't even see.)
3. Color: G, H or I ("D" is the highest, but only an expert can tell the difference between a "D" and a "G")
4. Cut: Good or Very Good (Excellent is better, if you don't have to pay too much extra for it.)
5. Shape: Round Brilliant or Princess Cut (Pick one or the other.  We suggest you stick with the most popular shapes, which will make it easier to trade in down the road.)

So, you could ask something like this, "I'm looking for a 3/4 carat princess cut diamond SI1, G, with a very good or better cut.  How much?"   When you speak to a jewelry salesperson in his or her own language, they'll instantly know you're educated and price conscious.  After you've acquired about a half dozen answers, and thrown out the ridiculously low or high quotes, you'll have a list of jewelers to go visit in person.

We'll delve into diamond characteristics and grading in more detail below, but this will give you enough data to go shopping.  The important thing is to compare apples with apples and yet not get too caught up in the scientific details.  In the final analysis, the real questions are, "Is the diamond pretty?" "Is it worth it?" and "Can I afford it?"

This issue relates primarily to trust.  Although we can educate ourselves somewhat about diamond grades, it takes years of experience and training to actually be able to grade a diamond.   So, in large part, we must rely on whomever we're buying from to tell us the truth about the diamond's quality and value. 

1. Private Parties:  Whether you find a piece of jewelry on Craigslist or any other form of classified ad, buying from a private party has some hazards.  First, they likely won't have a return policy.  Second, the seller won't be able to accept a credit card or offer financing.  And third, unless you're a trained gemologist, you'll have no idea what you're actually getting, or whether it's worth the price you are paying.  If you are an expert and willing to scour the classifieds for the rare deal, you can save some money.  Otherwise, it's best to avoid the pitfalls of dealing with strangers and the possibility of buying stolen goods.
2. Online Jewelers:  I'll say this first: we at William's Jewelers are expert diamond buyers, and we NEVER buy jewelry or diamonds online -- not even from companies we know.  We hand pick every diamond and setting to ensure beauty, quality and value.  We think you should do the same.  The Internet is a wonderful research tool and a great place to learn about quality, features, and prices.  Once you have a good feel for what you want and how much it should cost, we encourage you to take that information and go shop your local jewelry stores first.  Because William's can create jewelry right in our store, you can even e-mail us a photo of what you're looking for, and we'll get you a price quote asap!
3. Designer Jewelers: Probably the best known example of a designer jeweler is Tiffany & Co.  The advantage here is you are pretty certain you're buying cutting-edge fashion and probably very high-quality workmanship.  The downside is you'll pay 30% to 40% more just for the name brand.  For many jewelry connoisseurs, the bragging rights are worth the extra cost, but, for most of us, there are smarter alternatives.
   
4. Chain Stores: The pluses and minuses here are numerous and vary dramatically depending on which chain we're talking about.  Some are definitely better than others.  In a nutshell, chain stores tend to specialize in low prices, which means lower-quality diamonds with visible flaws and mass-produced settings.  If you're on a very tight budget, we've found most folks are happier in the long run with a smaller, prettier diamond, than with a larger, lower-quality diamond.  You'll simply get much better sparkle for your money.  Likewise, mass-produced settings can often cost you more in repairs down the road than they're worth, and it's hard for her to feel special knowing that 10,000 other women have the exact same ring.
5. Local Custom Jeweler:  We think this formula is the best of all worlds.  You get the style and quality of a designer jeweler without the crazy prices.  You can work face-to-face with the actual artisan, so your jewelry is perfect, rather than "good enough."  You can see the diamond before you buy it and avoid the hassle of returning it to an online jeweler, who may take their time giving you a refund.
   

Also see our article on how to save a ton of money with clarity-enhanced diamond by clicking HERE: