Buying Diamonds Online vs in Physical Stores Guide

Buying Diamonds Online vs in Retail Stores Guide

Executive Summary

Buying your diamond online has its own advantages and disadvantages just like buying from a retail store does as well. The choice of where to buy from depends on what works best for you.

Advantages of Buying Online

  • Cheaper prices
  • Large diamond inventory.
  • More information about the diamond
  • Easy and stress-free shopping
  • Jewelry design options

Disadvantages of Buying Online

  • Easy to buy uncertified diamonds
  • You could buy from uncertified or unregistered dealers.
  • You don’t see what you’re buying.
  • Security of your credit details

Advantages of Buying from Retail Stores

  • You can see and hold what you’re buying
  • You could get first-hand education on the basics of the diamond from diamond experts if you’re buying from a good store.
  • You get your diamonds immediately. No delay in shipping.
  • You can always go back for maintenance.

Disadvantages of Buying from Retail Stores

  • Cost of running the business is expensive, so the diamonds are more expensive
  • You have to deal with an annoying salesperson who might mislead you intentionally or unintentionally.

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Introduction

There are two ways to buy a diamond. Depending on your preference, you can either buy a diamond from an online store, or you could walk to the nearest retail jewelry shop. Some people might prefer to sit in their house and shop from the corner of their room. While some other people love the interaction that they engage in when they walk into stores to pick up their goods. Overall, the choice of where you buy your diamond is yours to make.

However, there’s a huge difference between buying your diamond from an online store and buying from a physical store. There are many reasons to believe that buying from an online store is better than physical retail stores. Some of these reasons are discussed below.

Why You Should Buy Your Diamonds from an Online Store

  1. Cheaper prices: Diamonds sold in physical stores are significantly more expensive than diamonds sold in online stores. This is because physical stores have to pay for their rental space, and it’s typically more expensive to run a physical store than an online store. So, they have to make up for these costs with the commodities they sell. Secondly, diamonds go through a lot of hands, from the manufacturers to the brokers and mediators, before finally getting to that retail store you’re buying from. These exchanges tend to increase the price of the final buyer. On the other hand, buying online is a lot cheaper as you can even buy straight from the manufacturers. This means it’s possible for you to buy a diamond two to three steps before it gets into a store. Buying a diamond online is definitely a sure way to save money when buying diamonds.
  2. Large diamond inventory: This is one thing that online diamond stores have that physical retailer can’t offer you. Physical ‘brick and mortar’ stores are usually limited in the number of diamonds that they have. No matter how big the store is, it is unlikely that they have thousands of diamond options to meet the needs of different customers. But online stores have the inventory to cater to different customers. It is more likely that you find your diamond spec in an online store than a physical store.
  3. A clearer view of the diamond: Online diamond stores typically offer you more information on the diamond than retail stores. In retail stores, the diamond is most likely mounted in a setting or jewelry already. This will make it impossible for you to properly view the diamond.
  4. Different jewelry design options: Buying a loose diamond gives you the chance to mount the diamond in your own preferred setting. A jewelry store might have good diamond designs but their diamond selection might be poor. Another store might have a good diamond selection but poor designs. This definitely limits your options. By buying a loose diamond without the need to buy the ring from the same place, you’re giving yourself more options.
  5. It is easier and safer: Nothing really beats sitting at the corner of your house, selecting a diamond of your choice at a store of your choice without stress. No sales pitch from desperate salesmen, no one and nothing to put you under unnecessary pressure. Just you and your choice. It is also safer to buy diamonds online. Although there are risks involved in buying from online stores, there are also risks involved in buying from retail stores. By following the right guidelines, you’ll discover that it’s relatively safer to buy online.

Guidelines or Safety Tips on Buying Diamonds Online

Buying diamonds online can be a very safe process even though many people don’t seem to fully trust themselves or the online store during the buying process. It is indeed a risk to buy anything online as you don’t have the privilege to physically see the product you’re purchasing. How much more something as expensive as a diamond. We understand the risk involved in buying diamonds online that is why we have come up with these guidelines to help you through the process. If you follow these guidelines or safety tips, your online buying experience will definitely not be as bad as you fear.

  1. Understand the basics of a diamond: Buying a diamond isn’t really a difficult process, although it might be complicated. What makes it really complicated most times is the naivety of the buyer, the huge amount of money and the emotions that are involved. All of these stems from the buyer. As a first step, you should have a basic understanding of diamonds which are the 4Cs of diamond. This is the basic diamond language.
    The 4Cs of the diamond are the criteria used to examine a diamond and determine its value. They are Cut, Color, Clarity and Carat Weight. These four-diamond properties are independent of each other, but they determine the value of the diamond both individually and collectively. Understanding these basics can go a long way in helping you buy the right diamond — whether online or in retail stores. If you understand these basics properly, it could even help you to save cost. You could buy a good diamond at a cheap price if you know and understand how the 4Cs work.
  2. Only buy diamonds that are certified: This is extremely important and sincerely cannot be overemphasized. The best way to be sure of the diamond that you’re buying is to ensure that it is certified by a trusted diamond grading entity like the GIA or AGS.
    For the sake of those that don’t know what a diamond certificate is, diamonds are usually examined by objective gemological institutes. These institutes examine the diamond and give a report on the diamond attributes and characteristics like the diamond 4Cs. These are the reports that are contained in a diamond certificate. A diamond certificate is basically a certificate that shows the attributes of the diamond. The different attributes are graded and these determine the overall value of the diamond.
    The easiest way to get scammed or buy a substandard diamond at a very expensive price is to buy a diamond without a certificate. A diamond certificate has to be from a trusted body also, like GIA or AGS, as some grading institutes are not trustworthy and are known to inflate their quality claim. The importance of a diamond certificate reinforces the need to educate yourself on the basics of the diamond. The diamond certificate is useless if you can’t interpret it because you don’t understand the basics of the diamond.
  3. Make sure that the picture you’re viewing is that of the actual diamond you’re buying: This is important because many online stores display sample photos of the diamond, especially if they have thousands of diamonds to display. So if you’re ‘falling in love’ with a diamond online, make sure the picture you’re seeing matches the diamond specs you’re seeing. We highly recommend that you ask for the actual picture of a diamond before you buy them. It’s not enough to see the diamond certificate, ask for an actual picture too.
  4. Make sure that you’re buying your diamond only from registered dealers: No matter how much you know about diamonds, or if you get to see the diamond picture and certificate, it’s important that your diamond dealers are registered and trustworthy. This will save you a great deal. It is in fact, an important step to ensure that you don’t lose your money and get low-quality diamonds at an exorbitant price. You can easily google the company and find out if they’re registered members of NCDIA (Natural Colored Diamonds Association). This information is easy to get because the diamond industry is well regulated.
  5. Ask about their return policy: The law guiding online purchase gives room for return within 14 days. The most company follows this rule, so, you might not have an issue on this front. There are however other things that you must consider, questions that you must ask. How do you return the diamond? Do UPS or FedEx ship diamonds? Are they going to insure it? How much will it cost you to return it?
  6. Make sure there are no hidden charges: This is important to ensure you don’t overspend or overpay. Make sure the price you’re paying covers for everything. There should be no additional fee for handling, certification or shipping. You must also ensure that the shipping is fully insured. Don’t ship diamonds without first insuring it.
  7. Only make use of secure payment options: When paying for your diamond, you must ensure that your credit information and other data is well secured. First, ensure that the company’s URL is an HTTPS URL that is encrypted and secured, unlike the normal HTTP. You should also look out for other safety seals like Symantec SSL or VeriSign.

The Merits, and Demerits of Buying Your Diamond from Retail Stores

Merits

Frankly speaking, the major advantage of buying the diamond from a retail store is that you get to see the diamond with your eyes before making a purchase. You can’t do this if you’re buying online. The best you can get is a picture. Since it’s online, it’s easy to buy you over with wrong or false picture. A good diamond retail store will provide you with different diamonds with your options ranging in price, size and diamond attributes. They should also educate you on the 4Cs of diamond and how you can benefit from the tradeoff between them. This information will guide you and help you to pick the right diamond for you. However, you don’t have this option if you’re buying online. In fact, you have to educate yourself by yourself using other online resources, so you can get the best deal for your diamond. Buying from a retail store also gives you the immediate gratification of having your diamond in your hand immediately, instead of having to wait for shipping and other processes involved in online purchase.

It is also easier for you to find stores with an upgrade or buy-back policy that allows you to trade-up or trade-in the diamond later. Diamonds also need to be maintained and buying from an online store means, you can easily go back to them for cleaning, prong tightening or sizing.

Demerits

A major disadvantage of buying from a retail store is that you have to deal with diamond salesmen. It wouldn’t be a bad idea if they’re there to help you with information for you to make the right choice. But in most cases, they want to make sales at all costs. That’s their primary goal. So, they might end up intentionally misinforming in a bid to make you buy. That’s why it is important that you understand some basics of diamonds yourself. Many of these salesmen don’t even know so much too, so, even unintentionally, they might still end up misinforming you.

The major disadvantage, however, is the high cost of the diamond. Diamonds at retail stores are much more expensive than those sold online. The problem is these stores have to pay for rents, electricity, get more inventory, and pay their staff. So, they definitely need more running costs than online retailers do. As a business organization, they also need to make profits. All of these monies will come from nowhere but your pocket.

Conclusion

The choice of where to buy your diamond rests solely on your shoulder. If you’re buying from retail stores, ensure that they have a good reputation. It’s a good way to measure the quality of their products. If you’re buying from an online store, be sure to follow the guidelines above. It’s quite easy anyway.

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