Buying a diamond can be a tricky process. On the one hand, you want to get something that’ll grab attention for all the right reasons. But on the other, you don’t want to pay extortionate prices and get ripped off.
Many people aren’t sure exactly what they’re looking for when buying diamonds. If you want to get the best deal and pay a fair price, check out this guide to diamond prices and arm yourself with the right knowledge to make an informed decision.
How are prices calculated?
Unfortunately, there’s no clear-cut method used globally to determine a diamond’s worth, although per-carat pricing is generally the most widely accepted process. This means that the size and weight of the stone is used to come up with a cost (the larger the stone, the greater the price).
Mass is a very important factor when it comes to diamond pricing, as bigger stones are rarer to find than smaller ones, so they’re worth more. However, the carat of a diamond is not the only aspect taken into account when calculating its price. The ‘four Cs’ (which includes carat as well as colour, cut and clarity) also affect a stone’s worth.
For example, the clearer a diamond is, the higher its worth. Similarly, how it is cut (e.g. princess or round) plays a part in its final price, as well as how many inclusions or blemishes there are. Taking all of this into account, we’ll now check out diamond pricing in 2019.
How much are different diamonds currently worth?
In 1477, Austrian Archduke Maximillian commissioned the first diamond engagement ring and the trend took off. But what are the precious stones worth today?
Pricing a diamond has a lot to do with its weight. In 2019, a 0.5-carat diamond costs about $1,500, while a 1.0-carat diamond comes to between $4,500 and $6,000, and a 2.0-carat stone retails between $18,000 and $21,000. Also, a 3.0-carat diamond can reach a purchasing price of over $200,000! But as we mentioned earlier, carat is not the only factor to consider.
The average size of a diamond on the market is 1.0 carat. If you’re looking to buy a 1.0-carat diamond today, you’d probably end up paying:
Also, remember you have to take into account the colour and clarity of the stone. If you’re willing to compromise on one or more of the four Cs, you could get a better deal. But what other ways can you cut the price of your diamond in 2019?
Getting a good deal
Diamond shopping should be enjoyable. So take the stress out of it by bearing these few tips in mind to make sure you don’t get ripped off. You might even bag a bargain!
Firstly, don’t make the carat a priority and sacrifice the other Cs. For example, cut determines how a diamond sparkles, which can be the ‘wow-factor’ for many people. Also, it might be worth going for a stone that falls just slightly under the whole carat number (e.g. 0.9 instead of 1.0). The size won’t be noticeably different and you could save thousands! Similarly, don’t worry too much about clarity or colour. The majority of people can’t see any difference between completely colourless and almost colourless stones and most flaws can’t even be seen by the naked eye anyway!
Lastly, always check the stone’s certification to ensure you’re getting a quality diamond and not wasting your money.