Buying a loose diamond is kinda like going to a theme park where you can only see the line in front of the ride or restaurant, but not what you might be in line for. You might get some clue about what the ride is about: 4C’s from the diamond report. If you are lucky enough you might also make out the vague shape of the ride: images or videos of the diamond itself. Yes, you might know the general theme of the theme park: diamonds.
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But do you know if that is the stone for you? Nope. Not acceptable is a 3-month salary according to the common saying.
But don’t worry, not all hope is lost. Rather than worrying about the individual diamond, how about comparing the source itself?
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Once you figured out what is the best source to score your loose diamond, you can be confident that the diamond won’t be far off the mark in terms of choice, quality, and price.
Any diamond bought by itself, not as a finished jewelry piece is considered to be a loose diamond. A loose diamond is the preferred method of purchasing diamonds within the diamond industry to produce finished jewelry pieces.
As with any question in life…follow the money. Before the age of the internet, diamond prices were very opaque. Many retailers marked up their prices and regular consumers had little knowledge and opportunities to get a hold of a diamond at such prices.
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This all changed with the invention of online platforms that listed diamonds for average consumers. With information becoming available everywhere, more and more consumers choose to purchase the diamond separately from the mounting (the non-center stone part of the jewelry). Most importantly much more bling for their buck. Yes, although it is more work compared to the full package that retailers offer, buy diamonds (Highly recommended Reading) loose gives the consumer much more room to choose their center stone.
Local Jewelry Store?
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Your local jewelry store might actually have loose stones on hand for sale or to be turned into engagement rings and other jewelry. Some might be able to offer you competitive prices on these diamonds if they need some cash flow. The harsh reality is that old-school local brick-and-mortar stores are fighting a battle with their backs against the wall. Internet giants are eating away more and more of their business with prices that they can never dream to compete with.
You can try, but don’t expect too much.
Diamond Traders?
They could offer you a good price, but that is unlikely. So at the time when they get (super fast reply) their hands on these diamonds, the diamond itself has already been marked up. Not to say that they are all evil and there to scam you, but the majority of them are middlemen and not diamond polishers themselves.
Still, if they need some cash for their stones, you could find a good deal. Please, make sure everything checks out before you hand over the money.
Social Media?
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If you keep searching for diamonds on the internet, the all-mighty ad machine will eventually put related ads in front of you. (Guilty here. I am too far gone now and all I see are diamond ads.) Should you try your luck here?
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I would say proceed with caution. If you get a whiff of fishiness, you should be on high alert. Once you are sure of the diamond, the price, and the return policy, make sure to look the page up in google for reviews. The same thing cannot be said about other social media platforms.
Diamond websites similar to Rare Carat
Fear not! Because of the difficulty in purchasing a diamond on your own, diamond websites have taken up the challenge and made purchasing a loose diamond a much easier and less stressful ordeal than the previous venues.
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I really think as a gemologist that the general public should at least look at these websites to get a sense of what the prices and options are out there and then make a decision.
First of all, you will get a sense of what types of diamonds you are looking for by playing around with the 4C selection sliders. In addition, many of them have images of settings and sometimes fancy virtual reality try-on tools to aid in your selections. Then you can figure out if your expectations match up with your budget. Lastly, it’s free! You can play around with the diamond and setting until you find your dream stone.
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Incentive structures! That means that we can dedicate all our resources to helping you find the best diamond rather than selling a diamond. Many of these websites make their money by selling the diamond.
It may sound like tooting our own horn but start your diamond search here. See which one you prefer. I personally recommend it to all my friends who are non-gemologist. Compare with other websites. If you don’t like it, you can always go somewhere else.
This allows you to see exactly what you are getting. They also have one of the most generous upgrade policies in the industry which only requires you to spend an additional dollar (instead of twice the amount) if you want to trade in your diamond. Their massive selection of beautiful diamond ring settings will also give you plenty of choices to choose from. Gives you the ability to perform your own analysis easily.
Their carefully crafted signature diamonds displays some of the most beautiful sparkle and cut precision in the world.