February 07, 2020 - Jewelry & Luxury Items
You are flying your partner’s family in to witness the event. You have choreography. You are sure it will be perfect and end in an ecstatic “YES!”
But, you go to pick out the ring and are smacked in the face with huge price tags. You’ve never even considered diamonds before, let alone diamond prices.
Here, we give you a full breakdown on how diamond prices are calculated.
Most think that size determines the prices of diamonds, but different factors go into the price. So, what exactly goes into a diamond value and a diamond price?
Just remember the four C’s of diamond value: cut, color, clarity, and carat.
It’s not just for hair anymore! The cut and color of a diamond can significantly influence diamond prices.
There are a ton more options than your typical clear diamond. Different colors have different (usually higher) pricetags. From chocolate to canary diamonds, it makes a difference.
In addition to color is the cut of the actual stone. To form a diamond into a precision shape like princess, cushion, or solitaire takes an expert diamond cutter. The better those cuts, the more expensive the diamond.
When you are looking at any diamond price calculator, it will ask you to provide the clarity of the stone. What is clarity? It’s how clear the diamond is.
There is a distinct diamond quality chart that the clarity is based on. This chart has a range of clarities from flawless to different levels of included.
A flawless diamond will have no visible inclusions, or defects, inside the stone and will be transparent. From there the clarity rating goes down with every visible inclusion. The worst clarity rating is I3.
Carat is the unit of measure for the size of a diamond. This number is determined by weight and can vary from less than a quarter carat to 5 carats and beyond.
The millimeter measurement of the diamond will vary depending on the cut of the diamond. This is why weight determines carat.
Keep in mind that bigger isn’t always better. Consider the person you are buying for when picking a diamond size. Do they have petite hands? Do they work outdoors? You don’t want the diamond to interfere with their everyday life.
Now that you are armed with some diamond knowledge you are ready to pick the ring of your partner’s dreams. Just remember that even though you have an idea of diamond prices, other things factor into the sticker price.
The setting of the diamond has a significant effect on its final price. You aren’t just paying for the stone when you buy a ring but also what surrounds it.
The setting of the stone can add quite a bit to the price depending on the material, so be clear with your jeweler on whether your budget includes setting or just the stone.
Want to learn more about buying jewelry? Check out this blog here.
David Stiebel is one of the cofounders of PawnGuru. David was educated at MIT, where he studied Math. He subsequently worked at Bain as a data scientist before starting PawnGuru in 2015. He started PawnGuru to build a better tool for pawn shops and consumers to connect.More Articles