Daily Archives: November 16, 2012

How much should I be paying for a Diamond?

Buying a Diamond might be the scariest thing after going to the dentist and a car mechanic. Why do I say this? Diamonds are actually priced and graded more than the popular 4 c’s clarity, cut, carat, and color everyone talks about. They are obviously very important but not everything. Picture this scenario a man walks into a Jewelry store with his future fiancee and she sees a Diamond she absolutely must have. The salesman goes on to tell this girl how beautiful the color and clarity are and how all her friends are going to be so jealous. The man is sweating from the forehead down he is praying that this salesman will have mercy when it comes to the price. He inches close to the counter and says sheepishly approximately how much does this stone cost, and he hears the answer no one likes to hear. “Don’t worry I’ll take care of you my friend” but he knows they are not friends and this guy just wants him to shut up and sell the girl a diamond. Finally he loses all his patience and says so tell me how much will this run me and he says an amount that absolutely sends him into shock. He feels like his heart might stop beating, His credit card, car, and cell phone payments are just a smidgen of what kind of debt he is going to be in. He as politely as he could possibly muster looks at his fiancee and says “sweetie do you need this particular diamond”?

She immediately looks at him with disgust and says “What am I not Worth it?” He calmly retreats and says “yes hunny you are”.

Then the alarm bells go off in his head and he wonders is this the price I should be paying? They taught us about clarity, color and cut, but what about the price? The answer is they never teach you how a diamond is priced because thats how they maximize their profits.

However there is a price sheet for diamonds its called the Rapp Sheet every jeweler knows about this just like every car mechanic knows about the kelly blue book. You can actually ask the jeweler how much is this based on the Rapp Sheet and something miraculous will happen the price you pay will drop. You are now an educated customer. But you are not fully armed yet you need to know that everything on the rapp sheet is full msrp. If the diamond has flaws such as fluorescense or poor symmetry the price you pay should be less than a stone that has an excellent cut and no fluorescense. Fluorescense is the light blue color a diamond turns when it is exposed to a black light and make a diamond less desirable. If the poor groom in our story was armed with real information he could have saved himself so much heart ache. But be careful just because a diamond is very expensive does not mean its not worth it just make sure that if you are paying a healthy fortune the diamond mathces the price tag.

I will put up future posts about what to look for and so on hope you enjoyed feel free to comment or ask me any questions you might have