Today’s consumers research everything. The most educated customers in history are armed with information at the tip of their fingers; from research from top experts to reviews from peers, they rarely buy anything without first scouring any source they can find (some more reputable than others, to be fair!).
For those in the jewelry business, it is equally essential to be informed and conscientious when it comes to diamond buying. The care you take now will pay off - with dividends - when it comes to the ability to offer your clientele the products they want at appropriate price points.
Diamond Buying for Professionals
When consumers are looking for an engagement ring, an anniversary memento, or an “I’ve always wanted this and am giving it to myself because I am amazing!” gift, they often start by learning about the 4Cs. As a professional, you know about cut, clarity, color, and carat. What is often a little more challenging is knowing how to leverage this information so it benefits your business.
5 Tips on How to Buy a Diamond
For those who work in the jewelry industry (e.g. jewelers, business owners, etc.):
Know Where to “Compromise” - and Cut Costs
This is a useful piece of advice for those on both the business and consumer sides. Top ratings in cut, color, and clarity, as well as a big carat size, may seem like perfection. But it may not be (and likely isn’t) ideal for consumers as it prices diamonds out of their range.
If your clientele has unlimited budgets, go for the gold… or the diamond, as it were. But if your audience includes those with at least some cost restraints, it is important to balance the 4Cs in order to deliver the best product to them - and maximize your returns.
There are some “tricks of the trade” that you can employ here. For example, sacrificing some carat weight for a better cut and/or clarity results in a diamond that stuns. Another option is choosing the right shape. A 0.5 or 1.0-carat oval or round diamond looks larger than the same carat weight in an emerald. Carat weight is, in many respects, the least important of the 4Cs. Identify which are most important for overall beauty and quality - and how to tout the benefits to customers.
Another option (or an additional option) is to use smaller melee diamonds to highlight a center stone. This can make a smaller stone look larger and feel more luxurious. Halo and other intricate designs, for example, allow you to achieve a good return on your diamond investment.
Work with a Reputable Supplier
Of course, all of this is moot if you do not have a diamond supplier that you can trust. To the naked eye, many diamonds look flawless. To the trained eye, a lot looks great. To experts with the right training and tools… the differences are apparent.
The right supplier gives you all the information you need - including reports from independent sources, such as GIA (the Gemological Institute of America) - and makes no false claims about any aspect of the stone. If you want to look at a stone under a microscope, they should be happy to let you.
Truth is everything, especially in an industry like diamonds. And so is trust.
Even when you do work with a reputable supplier, it is essential that you take steps to verify the quality of the diamonds you are purchasing. Trust but verify. It’s good advice for virtually any situation!
What should you look for? Off the top, make sure that your diamond supplier includes GIA certification and reports with each diamond you buy. It is also important to see the Kimberley Process papers to ensure that the diamond was not used to fund government-led or militia violence. And, because forgery is not out of the question, check on the agency issuing the certifications.
Examine Diamonds Before They Are Set
The right settings optimize the beauty of the diamonds - and they help you set appropriate price points for your pieces. The right prong setting, for example, can make a shallower, smaller stone appear deeper and larger. Inform customers of the carat weight, cut, clarity, and color, and likely you’re going to win them over with the beauty of the piece.
It is best to see stones (larger than melee) before they are set. This frees your mind and focuses on the metalwork and other details so you can concentrate on the size, shape, and other characteristics of the diamond.
Ask About the Details
In the jewelry business, you know that the devil is in the details! As it is with diamond buying. You want to know everything when it comes to your purchase. For example:
- Are your diamonds conflict-free - and certified as such?
- Where do your diamonds come from? How can I verify?
- Do you sell large stones and melee?
- Do you accept trade-ins or buy diamonds back?
- Do you have minimum orders?
- Can I get goods on the memo?
- Do you offer additional services (e.g. cutting, design, setting and polishing, repair, etc.)?
If you’re wondering how to buy a diamond and get the value and quality you need to serve your clientele, contact K. Rosengart. With an impressive selection of both larger stones and melee, as well as ancillary services, you can consider us as your in-house diamond department.