Whether it’s for a loved one or the one you love the most, yourself, it’s time for a new diamond ring. The natural temptation is to swagger into a large department store that’s offering a massive sale, dump your old ring on the counter for a quick exchange, and then stroll off into the sunset with a new glittering rock on your finger. The reality is that this is a surefire way to either get flat out ripped off or to end up compromising and purchasing an ultimately disappointing diamond.
The number one pitfall to be aware of when upgrading your diamond is the misconception that in order to “upgrade”, you simply take your diamond jewelry into a jewelry store and trade it in for a new, better model (like one would do with a car, or possibly, an antediluvian lover). In doing this, you will not only receive a very low price for your diamond, but you will have to pay premium for a new ring. This is known as a DOUBLE DIAMOND DILEMMA. Here’s how to avoid this:
As with all purchases, what will help you the most is a solid education. You want a diamond that not only suits your own personal tastes, but one that also will retain a long term value. Everyone knows about the “4C’s” (Learn even more), but there several other factors to consider when buying a diamond. For instance, a diamond’s shape can affect its current worth; if a certain style suddenly assumes popularity, it’s value naturally goes up (i.e. – if a Kardashian is seen wearing it). Yet the one thing that will consistently save you money when purchasing a retail diamond is if you buy it loose. That is, sans a mounting. A diamond’s true value is inherent – once it has been set in a mounting, it’s retail price soars. When you purchase a loose stone, you are paying solely for the diamond. This method is slightly unorthodox, but for the discerning diamond customer, can be quite beneficial. Next, you can find the ring type of your dreams and have the diamond set in it, or even use a band that has been handed down to you. This way you not only get the exact style of ring you want and the precise diamond of your liking, but the best overall value as well.
Now, when purchasing a diamond, everyone is not necessarily looking for the same things. For you, size might matter, drastically, in which case bigger is better and you’ll want the highest carat you can afford. For others, sparkle is king, hence the diamond’s cut, clarity and color take precedence. Lastly, you may not care about any of these features as much as you appreciate its shape (“cut” and “shape” are often confused, but ‘shape’ here means the frame, architecture or configuration of the diamond – ‘cut’ refers to the depth of the diamond’s facets, which primarily affects its brilliance – further clarification here). If you’ve always envisioned a lovely heart shaped stone decorating your most prized digit, then you might be willing to sacrifice the quality of your diamond’s other characteristics. Just be forewarned, a diamond of lower caliber clarity, cut and color will not retain value they same way a spectacular diamond that has a universally popular shape (like a round brilliant) will.
And now on to the next chapter in diamond education. When you are indeed ready to upgrade your diamond, you will need a solid and reputable place to do so; as mentioned, you don’t want to get burned twice. A pawn shop or jeweler will typically offer you 25% of the retail price you paid for your jewelry (at best). This is because they in turn need to re-sell it for a higher price to make a profit, not because they are necessarily unscrupulous people. The only way to get what your diamond is truly worth is to sell it to an established diamond vendor, one with genuine character and who knows the current, accurate diamond market values. Such vendors do not like dealing with the general public, as this can result in a lot of wasted time. Fortunately for you (and for them), there is Diamond Lighthouse. Our main goal is to get you the absolute most money imaginable when you sell unwanted diamonds. By bringing your diamond to this professional network of dealers and vendors, we can unequivocally say that you will indeed receive the undisputed highest amount possible.
With your newfound knowledge on how to properly purchase your new, ideal diamond ring, you are now ready to make a sensible and ultimately fulfilling decision. Be smart, and upgrade your diamond in style. Learn how here.
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