How to Price a Diamond
This section will show you how to price a diamond in Utah. If you follow these rules, then you’ll be able to figure out whether or not you’re getting a good deal.
You’d think you could just go around to different jewelers in Provo, purported “wholesalers”, and your buddy’s best friend’s “source” and compare quotes. This doesn’t work, because you’ll end up thinking the best deal is from the dealer willing to stretch the truth the most. Most of this “truth stretching” occurs ignorantly and is not actually done with dishonest intent, while others knowingly mislead. Either way, you are the one who takes the fall.
Here’s how to price a diamond and figure out your best deal and not get ripped off.
Learn how diamonds are supposed to be graded
If you know the right way grades are determined, then you can ask good questions. This will help you expose bad grading designed to mislead. A good place to start is the Diamond Grading section herein. Generally the more you know, the less you’ll pay.
Learn what the 4C's are
Ask any jeweler in Utah giving you grades to verify them. For instance, ask how they know a diamond is a “G” color? Or how they know it it’s a good cut? Ask them to show you all grades in a proper diamond grading lab. If they start making excuses then you know you can’t trust their grading.
Get a written quote
Getting a written quote is crucial. However, a quote means nothing if unsigned and incomplete. Therefore, if you want to accurately compare prices between stores in Utah, have them write down their quote on this Diamond Grading Form.
Requiring a store to completely identify what they are trying to sell will weed out those who can’t completely document what the specs are on a diamond and those who can. Of course if a store doesn’t know everything about their diamond, they will be reluctant or refuse to fill out the form and sign it. Mark these stores off your list.
If the cut grade is left out, then don't buy there
The Cut Grade on a diamond is the most important grade of the 4C’s. Cut determines how brilliant a diamond will be. It also affects the price the most. If it’s left out of your initial quote, it’s not a good cut.
Be very wary of wholesale hookups
Many, many, many times we have seen people buy poor quality and pay too much, because they were told it was a “wholesale” price. Or perhaps they know a friend who promised a great “deal”, and they failed to actually compare prices with other jewelers.
Regardless of how it sounds, ask questions and make sure to compare any quotes with other jewelers. Wilson Diamonds specifically guarantees to beat ANY purported “wholesale” price. (see “Myths About Wholesalers“)
Certified diamonds do not guarantee accurate grading
There are all kinds of merchants in Utah lately that use “certificates” in an attempt to validate their diamond grades. These non-authentic “certificates” look credible but do not have the legitimacy of a GIA (Gemological Institute of America) Diamond Grading Report or AGS (American Gem Society) Diamond Quality Document. These grading reports (GIA, AGS) are the industry standard, and a wise buyer will not accept other grading reports. Also, NO certificate out there guarantees their grading. None.
For more about certified diamonds click here.
Sale prices do not usually give actual lower prices
Compare the bottom line price after the “sale”, and you’ll find that the “regular” price is highly marked up to enable a continual “discount”. Ironically, this “discount price” is usually more than a normal price elsewhere! Wilson Diamonds guarantees to beat any sale price. We always have.
Never buy a mounted diamond
“Mounted” means that you are forced to look at a diamond already in a ring (not loose). Imperfections and low quality can easily be hidden on a mounted diamond. Find a place that shows their diamonds separate from their rings and then mounts the diamond in the ring of your choice.
Listen to your gut
If you feel uneasy about any salesperson or dealer don’t buy there. You may not even know why you feel that way, but these feelings are surprisingly accurate.
Follow these tips and you will know how to price a diamond like a pro.