Contrary to popular belief and what you may read on the Internet, there is not a single time of year that works better than others when it comes to finding a good deal on a diamond.  We are finding out that now, more than ever engagements are happening at all times of the year and across all corners of the world. While there may not be an opportune time to buy a certain diamond compared to others, we do have some insights into getting the best value from your diamond purchase!

Here are some reasons why we believe there is no time of year that diamond prices are less than others:

Unlike fashion items which get replenished every season and go in and out of style, diamonds are not a seasonal item.  In fact, more so than ever, couples are getting engaged at all times of the year. In the past it was more traditional to propose during the winter months around the Thanksgiving- Christmas – New Years holidays but that no longer holds as much weight.  We are finding that a lot of our clients actually like to get engaged around the summer months equally as much and prefer the warm weather as a backdrop for the perfect proposal. Couple that with the fact that shoppers usually purchase their engagement rings weeks, and even months, in advance of their proposal, there is no time of year that would be “less busy” than others for a diamond retailer and cause them to drop their prices to “get rid” of inventory.

As with most industries today, the competition in the marketplace is fierce which leads to smaller mark-ups on items sold.  Diamonds are priced very precisely based on their size and quality characteristics.  There are usually no hidden tricks (if you are working with a trusted retailer) so you get what you pay for.  If someone is claiming that they are offering a diamond on sale at 20% off, or any other figure, they are likely using it as a sales tactic to get your hard earned money because at a discount that high they would essentially be losing money on the sale.

Diamond prices can fluctuate based on outside economic conditions but not as much as other non-necessity items.  As would be expected in an economic downturn, diamond prices can soften up a bit as consumers are more wary of making luxury purchases. However, engagement rings are not seen as only a luxury purchase and is also looked at as a symbol of commitment between a couple.  Almost every couple in America who gets engaged will buy an engagement ring and a great majority of those will buy ones with a diamond center-stone, which helps further cement its pricing.

Now that we reviewed some reasons why diamonds do not go “on sale” at a particular time, let’s consider some different ideas that will help you get the best diamond at the best price!

There are many different grading labs around but the foremost authority remains the Gemological Institute of America, or the GIA.  Their grading standards for diamonds is the benchmark for the industry, and because of their strict guidelines and thorough system of checking each diamond you can be more confident in purchasing a stone that has their stamp on it.  Other laboratories will be more lenient in their grading and “over-grade” the diamonds, misleading the consumer into believing they are receiving a better quality than what they actually have.

Playing off the previous topic, do not rely solely on the grading report alone when making your purchase.  We have had countless instances of clients coming to us with a diamond they found elsewhere and claiming that it is a “great deal” based on its GIA grade alone.  Unfortunately for them,  the grading system should only be used as a guide and there are wide variances within each grade which can cause two identical diamonds on paper to look completely different in person.  When the price for a diamond looks too good to be true based on its grades, then it usually is.  Proceed with caution and be sure to work one on one with an expert (like someone from our sales team at Lauren B) who can walk you through the process and provide you with real life visuals.

Here is an example of two diamonds both graded as SI1 clarity: https://www.laurenbjewelry.com/videos/index/view/id/8184 One has a very crisp and brilliant appearance while the other one is dull and milky; this is something you would never be able to see from the GIA grading report alone !

What happens when you rush in life? You make poor decisions.  Do not make the mistake of procrastinating until the last minute to purchase your diamond.  Keep in mind that purchasing the diamond is only one aspect and if you want a custom engagement ring design as well it will take another three to six weeks in some cases.  Leave yourself enough time to evaluate all of your options and if you do not find the perfect diamond at that moment it is OK to wait until something else comes around.  Diamonds are released onto the market on a daily basis so there is chance the exact size/shape/quality and price point of stone you are looking for will appear at some point.  One caveat to this, if you find the right diamond and it has everything you want then jump on it.  Good diamonds that are priced well do not last long so do not let the opportunity slip through your hands.

So now you know the verdict – while there is no perfect time to purchase a diamond, there is nothing wrong with considering your options and being well-informed for this major life investment! The educated advisers at Lauren B. can assist you in taking the steps to buy a diamond you and your partner will be happy with for a lifetime!

To learn more about our custom design process, read here