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Five Ways to Waste Money When Buying a Diamond

Let’s face it, diamonds are expensive. That’s why it’s critical that you do your research before you spend waaaay too much on an engagement ring. The most expensive part of the engagement ring is the diamond. Here are five ways you could pay too much for a diamond and waste your money. Don’t make these mistakes and you’ll save thousands of dollars on the price tag of a one-carat engagement ring.

1. Buying Mined Instead of Lab-Grown

It used to be that if you wanted a diamond, you had to buy a sparkly rock mined from the earth. Natural diamonds are hard to find and expensive to mine in remote places like Siberia, Botswana or off the ocean coast of Namibia. But today you can also buy a diamond that’s made by man instead. This isn’t an imitation like a cheap CZ: it’s an actual diamond from a lab. That means you don’t have to worry about who mined it or whether the environment was harmed in the process. But the best part? You’ll pay about 40% less than a mined diamond of the exact same quality. Or you can buy a bigger diamond for the same money and impress the hell out of everyone. And you don’t have to worry that anyone will know: even a jeweler can’t tell the difference without advanced equipment.  Just look at this gorgeous one-carat lab-grown diamond engagement ring by Brilliant Carbon that is less than $2000. You’d pay twice as much for a mined one-carat diamond ring on Blue Nile.

2. Buying a 1.00 Carat Diamond

Let’s say you are determined to buy a one-carat diamond. You’re paying way too much.  That’s because diamonds are priced per carat in categories.  So a 1.00 carat diamond isn’t just 5 percent less than a 0.95 carat diamond. It’s at least 10% less because diamonds that are less than a carat don’t just weigh less, they are also priced less per carat too. Jewelers often take advantage of this, giving you ]a weight range for the center diamond rather than an exact weight. Don’t fall for this: if you are paying for a carat, make sure you are getting a diamond that weighs at least a carat. Or just choose a 0.95 carat diamond a save yourself a pile of cash. Because here’s the thing. You can’t see the difference between a 0.95 carat and 1.00 carat ring. They could even be the exact same diameter! 

3. Buying a Colorless Diamond

If you’re researching diamonds, you’ve probably read all about the 4Cs of diamond quality. The most expensive diamonds are colorless diamonds that have the color grades D,E and F. We’re not saying that those icy white diamonds aren’t nice. But the reason they are expensive is because they are rare, not because they really look that different from near colorless diamonds graded G, H and I.  Did you know that diamonds are graded for color upside down with a special light comparing them to master stones?  That’s how hard it is to judge color. When your diamond is face up and set in a ring no one will be able to tell that you bought a near colorless gem and saved a lot of money.

4. Buying a Flawless Diamond

Who wouldn’t want a flawless diamond?  After all, flaws sound pretty bad, especially when you are spending so much money. But, like color, diamond clarity is more about rarity than beauty. Diamonds are clarity graded under magnification. You can buy a VS diamond or an SI diamond and you won’t be able to see a single flaw unless you look at it under magnification. And that’s even before you set it into a ring. So go ahead and embrace a few microscopic flaws and save yourself a lot of money.

5. Buying in a Store Instead of Online

It’s certainly tempting to buy your engagement ring in a jewelry store where you can see what you’re getting before you pull the trigger. But you’d be wasting a lot of money. Because it’s so easy to comparison shop online, online retailers have really small margins. You know that one-carat lab grown diamond engagement ring from Brilliant Carbon that is less than $2000? It’s $3000 at a mall jeweler. Go ahead and comparison shop and you’ll discover just how much money you’ll waste if you buy in a store.