With the world making the transition from brick and mortar to a cloud, choosing one diamond out of hundreds of options seems like an incredible opportunity.
The internet actually makes sourcing and buying diamonds easier, more convenient, and less expensive, but selecting a loose diamond on your own is still wrought with a great deal of risk.
Find out the answers to common questions, as we debunk five of the most widespread myths surrounding the transition from buying a whole ring to buying a diamond and a setting separately.
Myth #1: Buying a loose diamond from an online vendor is cheaper than purchasing one from a jeweler.
Fact: Actually, it’s not. Diamonds are a commodity and are traded on the international market through worldwide listing service called Rapnet. Any member of the trade can buy a membership and gain instant access to virtually any diamond in the world. Any reputable jeweler, including your local mom and pop store, is a member. Any member is able to buy the same stone at exactly the same price.
Myth #2: Big re-sellers have price advantage over small jewelers due to volume pricing.
Fact: Not at all. Diamonds are not sold in bulk - they are sold one by one. There is no advantage on each individual sale, despite lots of sales.
Myth #3 Designers will charge a “designer” price for a stone.
Fact: While some unscrupulous jewelers might attempt to take advantage of trusting customers by charging exorbitant commission, true artists would be satisfied with a very small commission on a stone, since they are used to earning money with their labor, not by speculation. Hence the diamond price is actually lower, despite obvious premium pricing of the setting itself.
Myth #4 Buying a diamond without seeing it in real life is too risky.
Fact: With detailed grading reports from GIA along with photos and 360° videos, shot under high magnification, you can easily determine the visual appearance and specifications of a diamond you are buying. Reputable jewelers allow buyers a wealth of information prior to buying, providing the confidence needed to be sure that a diamond is genuine and it’s properties are represented objectively and precisely.
Myth #5: It’s cheaper to buy the stone and mounting from two separate vendors.
Fact: When you buy a stone directly from a jeweler you usually get a mounting at a reduced price as well as other perks like faster production time, etc. What’s even more important is that the stone is selected with a specific design in mind. With an appropriate stone, the resulting piece always looks better.
Before the internet, most diamonds were sold by professionals - people who were trained to sell diamonds. Yes, there were always few who fell for the guy at the corner of 47th and 6th whispering: “Tsss, buddy, wanna buy a watch?”
That guy is gone, but he has been replaced by an army of self-appointed “experts” dishing out diamond buying tips in blogs and chat rooms. For their job of steering an unsuspecting consumer towards buying a wrong stone they get a hefty commision.
Getting a stone from a professional, aka the jeweler, who will design and make your custom ring, will not cost you more but will actually cost you less and yield a dramatically better result.