How to Buy a Diamond Online

How to Buy a Diamond Online

How to Buy a Diamond Online

Posted by Sharif Khan on 19th Oct 2019

How to Buy a Diamond Online

The online space is fast becoming a marketplace for all sorts of goods and services. The latest trend in this e-commerce phenomenon is the ability to purchase precious stones online. And the beauty of it—you can do it from any location, anytime.

You need to know a few things  about diamonds. First, you must differentiate natural from  lab-grown diamonds. Familiarize yourself with different diamond shapes, cut quality, and color grades. Have an idea of the most current types of settings in use and know the pros and cons of each. Learn the meaning behind Triple X diamonds and the importance of brilliance.

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More to that, consult with fellow industry peers. It’ll help to lock out any ambiguity that you may have as you search for diamonds online. The following pointers can usher that process and make it a breeze for you.

Have a Realistic Budget

Saving up a specific amount of money to purchase the diamond creates a spending threshold. You want to get a great deal at a reasonable price. The budget inhibits impulsive decisions that could unintentionally max out your credit card.

Online diamond shopping isn't an easy affair. Due to unforeseeable events, the budget should probably have a slight allowance for adjustments. You might need a band for the stone. An insurance policy could come in handy. By the way, it’s your best bet against any risks in the diamond business.

For overseas deals, hire a competent diamond expert to cross-reference the contents of the certificate on your behalf. With several factors to consider, you’ll probably have to make several changes to your budget before getting to a final draft.

Look at What is Available and Settle on What Suits You

The majority of diamonds in the market come from beneath the earth's surface. However, there exists an entirely different class of diamonds that are artificial. The human-made stones, created in laboratories, share the same chemical form as natural diamonds.

It's hard to find flaws, if any, in the unique qualities of naturally occurring precious stones. But scientifically crafted diamonds, on the other hand, can save you money. Additionally, you indirectly contribute to the reduction of the global economic and social effects caused by blood diamonds. For example, workers in third-world diamond mines work in dangerous conditions and for low pay.

Also, proceeds from illicitly sourced diamonds fund the underground arms trade, trafficking, and other vices. You also cut out bottlenecks (diamond supply chain inefficiencies) brought about by middlemen. Looking at the available options from all these angles helps you make a decision faster.

Prioritize Online Diamond Vendors Who also have a Physical Address

Online shopping’s synonymous with convenience and efficiency. Picture a scenario where you’re shopping for a diamond from an e-commerce giant the size of Amazon. Assuming you’re an Amazon Prime member, you'd have that sparkly package at your front door in a matter of hours. That's great!

But how do you confirm the specifics of the diamond before it gets to you? In such a case, it becomes a tall order to buy a diamond online, especially if you don't know the reputation of the dealer you’re about to contract. As you identify different online retailers, try and restrict your target sellers to those who have storefronts. The classification enables you to know where you can view and examine the diamond beforehand.

Exercise extreme caution when buying from dealers who don't have a brick-and-motor shop. Only work with GIA or AGS recommended dealers. Such a move saves you time.You won’t need to go through tedious return process. It also minimizes the loss of business and potential clients.

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Certificated Diamonds and the 4C’s

As an avid diamond collector or expert jeweler, you already know the A to Z of diamond grading and rating. And with such a level of insider knowledge, reading and interpreting short and even comprehensive grading reports shouldn’t be a problem. The words cut, clarity, color, and carat weight are the foundation of your business. They’re also the main things that make up a  diamond certificate.

Online dealers tend to use digital renderings on their websites, and these could be far from the real deal. To avoid this pitfall, go to the physical store to inspect the diamond. Bring your jeweler’s loop to verify facets, inscriptions, and other specific features in person.

The vendor may upload a perfect image and write up a detailed product description. It shouldn’t surprise you when the insights in the certificate discredit the picture and description used on the vendor’s online platform. Such a mismatch poses a setback. It’s an even bigger mess when you’re sourcing the stone from overseas. Always emphasize on verification. Keep that in mind as one more reason to work with an online diamond trader who has a physical shop.

Run a Background Check on Your Online Dealer

As reputable as a particular dealer may seem, it's always a good idea to do your research. Looking into the online trader reveals all the relevant details of your diamond trading counterpart. Check their trading history to confirm their reputation. Dig up some online reviews. Past and current clients should praise the ease of doing business with the  online diamond retailer or wholesaler. Don't forget to scrutinize their legal status, especially if they have out-of-country affiliations.

The point of doing all this is to leverage some form of legal protection when necessary. For instance, a dispute could arise from a breach of contract on the part of the online trader. Legally, you can file a formal claim with the Federal Trade Commission or The Jewelers' Vigilance Committee against licensed online diamond vendors in the United States.

Is Customization Offered?

Personal clients or end-users usually strive to find the best diamond fit. But diamond collectors or jewelers already know what they want. That being the case, it would be great to work with an online vendor who can mount the stone and customize it to your liking.

As a jeweler, delivery speed is vital when it comes to meeting the needs of your customers. The stakes are higher when you have high-end clients with blank cheques breathing down your neck. So, working with an online dealer that has in-house diamond cutters and access to a different setting-types such as pave is a strategic move. The stones get cut to your specifications and then mounted on a band or other setting. Deliveries come ready-to-sell or go to a jewelry exhibit somewhere.

Payment Options

In this day and age, financial transactions happen at the touch of a button. No online retailer should complicate the settlement of a diamond purchase. Both the vendors and buyers have a wide variety of options that they can employ. It doesn’t matter whether the transacting parties operate in the same domestic location or internationally across borders. Payment should be the least cumbersome part of acquiring a diamond from an online source.

Savvy online dealers have several payment options such as direct bank transfer, online payment systems, among other settlement avenues. When on a diamond selling website, you use what works best for you and check out. If the dealer is nearby, a banker's cheque or cash payment should do.

After-Sale Services

Aim to find an online diamond seller who fulfills 99% of your requirements and understands you as a jeweler or collector. When you land the perfect dealer, establish a strong working relationship with them. The dealer could even qualify to be your go-to guy, you never know.

In this regard, the dealer must be proficient before, during, and after the transaction. After-sale services include a clear and comprehensive warranty on diamonds.Other dealers provide diamond cleaning services. It’s also common for dealers to act as a liaison between jewelers or collectors and rating agencies. Online dealers who offer these services provide you with powerful business synergies and make for a dream team.

Use Technology to Your Advantage

Numerous online resources are available to make online diamond shopping a pleasant experience. You can use multiple digital tools to create budgets for buying different types of diamond cuts. Online business directories can help you search and locate e-businesses dealing in diamonds. It’s possible to use various product comparison software to crawl the internet and rank diamond prices quickly. A wide range of cost-effective digital financial products also exists to make online transactions and exchanges easy.

Technology is rife for  buying diamonds online. It joins forces with customer tastes to contribute to emerging trends in the world of jewelry. The online trading of diamond stones and jewelry is inevitable and more likely than not the future of buying and selling jewelry.

A lot of skilled harnessing and robust commercialization goes into the diamond industry. The only difference is the technology used.And the distribution channels from the diamond mines and laboratories to jewelry shops and eventually to possession by individuals.

21st-century customers —both personal and corporate— tend to research and make educated purchases. Now, portable devices and the internet of things do more to empower customer purchase decisions.

Online diamond dealers have set the precedence for the precious stones business community. Collectors and traditional jewelers need to follow in that direction. Transacting online gives them access to international connections and global diamond suppliers. They also gain far-reaching market share and new target groups.