Buying a diamond is no easy feat and should be accorded with greater care than other types of purchases. Apart from a larger outlay of your cash, there are also emotions involved and other long term considerations that go into a purchasing decision.
For most people, I pretty sure this isn’t something you would indulge in on a day-to-day basis. To ensure a great experience and to get the best value for your money, you do need to put in some effort into doing some prior research.
Hopefully, the following checklist will help prepare you for what lies ahead.
Set a budget on how much you are willing to pay for a diamond. This will form the basic parameter of your expenditure and prevent you from overspending. Very often, I see people get talked into making significantly larger purchases due to hard-sell tactics in the local stores. However, I personally feel that you should spend within your means and I don’t think it is a good idea to get into debt over a diamond purchase.
What exactly are you looking for? You might want to go through magazines, fliers and Pinterest boards to get inspiration. You might also be interested in checking out our gallery as a reference for more ideas. Of course, what you ultimately choose might differ from the designs you see. However, it should be based on the notion that you had seen what’s available in the market before coming to a decision.
This will enable you to do side-by-side comparisons with a wider selection of diamonds as well as compare the price difference between dealers. Do weigh out your options before making any final buying decisions. You might also want to compare after-sales services or any other form of value added services that a particular vendor may provide.
This should cover:
– Affiliation with recognized organizations.
– Accreditation with the Better Business Bureau.
– Return policy which allows you to exchange or get a full refund within a reasonable time. In my opinion, anything from 30 days to 60 days is reasonable.
– If you intend to buy from an online store, make sure they can provide analytical data like ASET/Idealscope images and also valid phone numbers you can call. You should also read up reviews of the business at iVouch.com or via Google’s search.
– If you find a price discrepancy for the same item, cite the jeweler or store where you saw a similar diamond. You could get yourself a neat discount with proper negotiation skills.
These days, it appears that online purchases are preferred. It really depends on what you are comfortable with – whether you wish to see the diamond in person before you buy or you can go on trust. In any case, you are covered because of the return policies online stores have in place. Just make sure you are factoring in the shipping fees as well as other related costs (taxes, duties etc..) and have it all in writing as an additional safety measure.
Paying in cash might get you a discount. In any case, don’t opt for credit payment modes offered by jewelers. Most of the time, these credit terms are excessively overpriced. i.e. the interest and other ‘charges’ are pretty high. It would be better to use your own credit card or make personal funding arrangements with your bank.
This is done once you receive the goods. Check the item physically and compare it with the certificate. If there is something amiss, make sure you call up the store and raise this issue with them.
You can get your diamond independently appraised by a third party if you want a better peace of mind.
If you don’t feel like a valued customer, or if pressure is being put on you, take your business elsewhere without any second thoughts. If people cannot treat you with respect when you are in the shopping stage, what do you think will happen if something were to go wrong after you bought the diamond?
The advantages of having a checklist are as follows: