How to Avoid
Overpaying For Your Diamond
Imagine this. You're in the market for a diamond, and you go to a diamond ring website that lets you filter diamonds by price and the 4Cs (cut, color, clarity, carat). You put in your preferences and get over 500 diamonds with varying prices. They all kind of look the same and you’re not sure what's a good deal. Sounds familiar? I bet it does.
Hidden Factors of Diamond Pricing
There are many factors to diamond pricing. The 4Cs (carat, cut, color, and clarity) are the most well-known, but there are many other influences too like fluorescence, milkiness, symmetry, polish, ratio, girdle etc. It can be hard to judge these factors from photos or videos. This means that two diamonds that look similar can be quite different in price and quality. The cheaper diamond most likely has a lower quality in some of these other factors and you won't be able to really tell.
What This Means For You
Since there is a lot of variation in diamond pricing and quality, it means that you should make some choices on what to prioritize - whether that is size, clarity, color or others. We like using an analogy of looking for an apartment in a big city. In NYC, you can't have the best location, size, and amenities (unless you’re a billionaire). If you want to be close to everything and have great amenities, you'll have to compromise on size.
Buying a diamond is kind of similar, but it can be even MORE difficult since:
1.You might not have all the information on what you are getting
2. It's difficult to value the tradeoffs in diamond quality. You might think you are getting a good deal when you are not. Or you might think something is too expensive when it's actually a great value.
Even when you consider the usual 4Cs, there are subtleties you may miss. For example, a diamond might have poorer clarity with inclusions near the corners - but it won’t matter if they are covered by the ring prongs and can’t be seen. That diamond might be a good (and cheaper) fit for you!
We always show our clients a curation of diamonds to help them understand the differences.Schedule a free consultation
Common Misconceptions when Buying a Diamond
You might think you are saving money by buying a diamond directly from a website yourself. The reality is that is not true. In fact, you might end up choosing a poorer diamond and paying more than if you had an expert help you.
These websites just show you a list of all the diamonds from wholesalers and add their own margins to the price. But the best diamonds have already been bought by the trade. For example, we (Siroo) get first dibs with wholesalers and cherry pick the best diamonds in bulk for better pricing.
Another misconception is you think you can save money by not using a jeweler or diamond expert. People often think they have to pay for their expertise, but that's not the case. That service is already included in the margin of the diamond. In fact, by buying a diamond yourself, you'll be paying the same price (or more) but you'll miss out on having an expert help you throughout the purchase.
Just like when you buy an apartment, the buyer's agent fees are always paid by the seller so why wouldn’t you use one? They are experts in this field and will try their best to get you the best deal. It's like using a jeweler - they know a lot about diamonds and can help you make the best choice for your budget. And guess what? If you don't like the diamond they have chosen for you, you are not obligated to purchase with them!
Why Work With Us
We started Siroo because we felt there was a lot of misinformation out there and we wanted to help people make an informed decision about one of the most expensive purchases in their lives - their engagement ring.
When you work with us, it is both fun and educational. We will work closely with you to get the most for your money. We know that everyone wants a big diamond. Our expertise is to help you keep that size while still getting a high-quality diamond. Because some of our operations are in the Caribbean, all your purchases will be tax and duty free - which gives you extra savings to put towards your diamond.
We are not just interested in just selling you a diamond or ring. We want to build a relationship with you that will last a lifetime. Whether you buy from us or not, we are happy to offer our 30+ years of experience to help you make the best choice. We hope to hear from you soon!