You may not know it, but there are actually a lot of Ways to Save Money when Buying Diamonds.
Granted, these ways may Not Save Everyone Money, but for the most part, they Will.
Twenty Years of working in the Jewelry Industry has given me insight into all the Secret Money Saving Tips (and the NOT so Secret).
Some of these ways may Save you a Couple of Bucks, other ways could literally save you Hundreds or Thousands of Dollars (Like I Talk about in my Exclusive eBook 101 Ways to Save Money on Diamonds).
So here are some of the Ways to Buy a Diamond and Save Money at the Same Time.
Enjoy! (in No Particular Order of Importance.)
1) Wait for a Sale
It seems Silly and Common Sense, but it’s True. What’s even more True is this: Jewelers are ALWAYS having a Sale!
At least once a Month there’s some Reason to Mark the Price of Diamonds down. Whether it be 50% off Sales, Inventory Reductions, Blue Light Specials, Mother’s Day, Christmas, Valentines, Spring Savings, Bridal Month, Sweetest Day, President’s Day… There’s always some Reason every Single Month that gives Jewelers a Chance to have a Sale and get People in the Door.
Take Advantage of these Opportunities. It could Save you 20-50% off the Regular Retail Price.
Ask the Jewelry Store if they have an Upcoming Sales Event. You never know… they could start having one Tomorrow! :)
2) Get a Referral
This Works Great! Ask your Friends and Family where they Shop. Do any of them know the Jeweler well? Are they Personal Friends with them? Chances are, someone you know will be Friends with a Jeweler.
Dropping their Name when you go in to the Store. It can Save you Money.
“Hi Alan. Jenny sent me in to see you. She said that you always took Good Care of her and said that you would take Good Care of me as well”
It Works! You would be Amazed at how much Money you can Save if you have the Right Connections.
3) Ask for a Discount
If you Ask for a Discount, chances are Good you’ll get one. Simple as that.
It doesn’t matter if the item is on Sale or not, Managers and Owners are usually able to Mark things Down at their Discretion.
Ask: “Is there a way I can get that Sales Price now?”
Customers that are up Front about it and ASK for a Deal, usually get it.
“If you Knock another Hundred Dollars off the Price and Throw in Tax, I’ll take it!”
Everyone Loves to Barter. Jewelers do too.
Don’t be Afraid to Name your Price or Ask for a Discount. Jewelers want a Sale. You want a Diamond. There should be No Reason (within Reason) why you both couldn’t Work together. Jewelers can usually meet you Halfway. Get that Deal. It can Save you Cash.
4) Skip the Salesperson
It’s No Secret… Salespeople Make Commissions (not all, but most do).
If you want to Save as much Money as Possible, Cut out the Middle Man. Deal Directly with the Boss.
When you Walk into a Jewelry Store, ask to see the Owner or Manager. Tell them you want to Buy a Diamond and that you want to Deal Directly with them so they don’t have to Pay Commission.
This is an Eye-Lifting Experience. It quickly shows them that you’re Serious about Saving Money and Serious about Buying a Diamond. They will surely Step up to the Plate and give you the Best Deal Possible.
5) Pay Cash
Paying with Cash can Save you Money. It’s True! Jewelry Stores Lose Part of their Profits if you Pay with a Credit Card. Tell them that you’ll Pay Cash (Real Green Backs) if they’ll Knock off more of a Discount.
A Good Trick to use is this: Actually pull your Wallet out and Start Counting Money on the Counter. Let them know you’re NOT Joking.
“Knock an Additional $400 off that Diamond and I’ll Pay Cash right here, right now!”
Talk about making the Jeweler Sweat. This is an Extremely Hard Deal for anyone to turn down. Especially when they can see the Money and they know you’re Telling the Truth.
There’s Nothing Better to Perk someone up than a Wad of Cash.
Deal, or No Deal? This is laying it on the line!
6) Light Carat Weights
Carat Weights that are a Couple of Points Shy are called Light Carats!
If you Purchase a Diamond that is a Couple of Points Shy, Under the Mark, then you could Save yourself Hundreds of Dollars.
The Mark is Referring to Main Carat Weights like, .25ct, .33ct, .50ct, .75ct and 1.00 Carat.
Buy a .97 Point Diamond instead of 1.00 Carat. Once you hit that 1.00 Carat Mark and above, the Price Rapidly Increases.
Buy a .46 Point Diamond instead of a .50ct (1/2 Carat).
Buying a Couple of Points less won’t Affect the look of the Diamond in the least, but it will Affect the Price.
A .97 Point Diamond will still Visually look the Same as a 1.00 Carat.
A Couple of Points LESS, will actually Save you MORE!
7) Drop a Notch in Quality
You don’t need to go overboard with this, but if you Drop one Notch in either Clarity or Color, it WILL Save you Money.
Instead of Buying a VS1 Clarity, Buy a VS2 Clarity.
Instead of Purchasing G Color, Buy H Color instead.
Buying one Notch Lower in the Grading Chart won’t Change the way a Diamond looks (normally). You could put a VS1 Diamond up against a VS2 Diamond and never know the difference.
Likewise, you could put a G Color up against an H Color and never notice the Slight Color Change.
One Step Lower is pretty much Undetectable with the Naked Eye. It usually takes at least 2 Grades Apart to see a Visual Difference.
You may not see the Difference in looks, but you will see the Difference in Price.
8) Throw in Extras
See if the Jewelry Store can throw some Extras in for you.
If they can’t Lower the Price of the Diamond any, see if you can Save you Money in other ways.
See if they will Include the Tax in the Transaction. Or to Throw in the Extended Service Plan, or FREE Sizings, or even a Tiffany Style Mounting.
Jewelers are usually able to include some Goodies or Perks in the Package. Ask for them! It doesn’t Hurt to try.
9) Multi-Item Discount
Did you know that a lot of Jewelers will Reward you if you Buy more than one Item?
They can usually give you a Little Bit Extra Discount!
Buying the Wedding Band at the same time as you buy the Engagement Ring could give you a 25% Discount versus a 20% Discount. It Works!
Pick up some Earrings to go along with that Pendant Purchase.
Jewelers are usually more than Happy to add a Little Extra Discount to a Multi-Item Purchase.
After all, they do want you to Spend More!
Spend More, Save More!
10) Price Match
Shop and Compare Quality. Compare Carat Weights. Compare Price.
If two Jewelers have Similar Qualities, see if one Jeweler will Price Match the other… Or even Better… Beat it!
Keep Track of where you have been (use my handy Diamond Buying Checklist). Write Everything Down. Use this Info for your own Benefit.
“The Jeweler down the Street can give me the same type of Diamond for $100 less AND they will Throw in the Mounting. Is there something we can Work out here?”
Give it a try. Jewelers WANT Sales. They will usually find a way to Make Things Happen.
While you don’t get a lot of Money for Trade-ins (which is why I Don’t Recommend them), the Fact is: You DO get Something!
Anything is Better than Nothing
If you have Old Rings, Chains, Bracelets, or Scrap Gold just sitting around in your Jewelry Box, put them to good use. Bring them in when you Buy a Diamond. Trade them towards your New Diamond Ring.
Side Note: You will get More Money for your Items if you Trade them towards a New Item versus just Selling them outright. After all, Jewelers are still Making Money off you.
Don’t Wear you Class Ring anymore? Trade it!
Broken Clasp on your Chain? Trade it!
Gold Caps… Yep, you can trade those too.
12) Local Newspaper Listings
People are always Selling their Rings. Check the Local Listings in your Newspapers for Diamonds or Diamond Rings. There are always some.
You can usually Buy these items for Half of what they are Worth.
Make sure that the Diamonds or Rings are Appraised (Current Appraisal, not 20 Years old) and hopefully Certified (and Hopefully by GIA). That way you know Exactly what it is you’re Buying. Also see if they will allow you to take the items to a Local Jewelry Store to get them Tested, to Verify the Quality, and to Verify the Fact that it’s a Real Diamond.
And above all else, make sure you do this Transaction in a Safe Environment. Don’t Invite Strangers into your Home! Meet somewhere in a Busy Place, like a Restaurant, and don’t go alone!
13) Don’t be Grade Bumped!
Grade bumping is where a Jeweler (who Grades their own Diamonds) sells you a Diamond with the Clarity and Color Exaggerated.
They will Sell you a Diamond listed as SI1 Clarity, and come to find out, it’s really only an SI2 Clarity Diamond.
Or they say the Color of the Diamond is F, but in fact, it’s really a G.
This is Perfectly Legal because Grading Diamonds is nothing more than an Educated Guess. It’s Someone’s Opinion!
So what happens is you Spend Good Money on a Diamond that’s supposed to be an SI1, F… and it really is an SI2, G. That Little Difference could be Costing you Thousands of Dollars!
If you want to PREVENT Grade Bumping… Buy Only Certified Diamonds (Preferable GIA). Buying Certified Guarantees the Quality of the Diamond.
No More Bumping!
A Diamond that has been Bumped Sounds Better, Sells Better, but doesn’t look Better! It just Costs you More Money. Stay away from Diamonds that are NOT Certified!
14) Credit Card Perks
If you must Pay by a Credit Card, use a Card that Pays you Back.
Many Credit Cards will give you Incentives and Perks for using their Card. Cash Back, Frequent Flier Miles, Gas Discounts, something…
Take Advantage of these Credit Card Offers. Get MORE for your Purchase!
15) Interest Free Financing
Many Jewelers Offer Interest Free Finance Plans. Whether it be 90 Days, 6 Months or 12 Months Same-As-Cash.
Finance Plans can Save you Tons of Money for one Very Good Reason… It allows you to Keep your Money in your Bank so you can Collect Interest on it. You actually make Money by Taking Advantage of their Special Interest Free Plan.
Why Pay More than you have to?
Buying a Ring with Same-As-Cash Options is a Great Way to Purchase a Diamond. Just make sure you Pay on your Account when you should, because otherwise, this Interest Free Plan could Change into an Interest Bearing Account (High Interest) and come Bite you in the Behind.
And if all else Fails… You can always put the Ring into an Interest Free Lay-a-way! If you don’t need the Ring immediately, Pay on it as you go.
You now have 15 Ways to Save Hundreds and Thousands on your Next Diamond Purchase.
If you like this list, Promote it, Like it on Facebook, link to me, Tweet me, Pin Me. Help Pass the Word!
If you have more to Add to this list, Drop me a Note. I’d Love to Hear how Much Money you Saved, and what Methods you used to Save it.