Only those who do their research know that diamond prices are negotiable at most stores. Barring Tiffany's and online retailers there is no reason why you can't negotiate a lower price for your diamond than the sticker price. To do this you have to be firm and shrewd. Salespeople work on commission and won't easily give up their share of the deal, but most expect to drop the price for the customers that ask.
Do research on diamond quality. Make sure you know the "Cs" of diamond quality and why they're important. These are the diamond's cut (shape), karat (size), clarity (transparency) and color. Lower quality diamonds will not be as transparent, will not sparkle (do due a cheaper cut), and could be smaller and of a smoky color than higher quality diamonds. Today, diamonds of various colors are popular, from pink and yellow to champagne. Price high quality diamonds on the market to know what you can expect to pay and what stores are charging. Stores mark up diamonds anywhere from 100 to 400 percent.
Know what you want. Know what standards you have for your diamond and what cut you want before you buy. A salesperson will try to sell someone who is unsure of what they want as high priced a diamond as they can. Don't let the salesperson show or even talk about diamonds that don't interest you.
Take initiative with the salesperson. A salesperson loves to sell diamonds at the ticket price because it means a better commission. Ask questions about the diamond's Cs to show the salesperson you are knowledgeable. If your salesperson is not forthcoming with information don't be afraid to ask to speak to a manager. Just leave if you are told by management they don't negotiate prices; you'll find a store that does.
Don't be fooled. The salesperson may tell you things like the price he's offering is only good for that day or their sale is ending tomorrow. These are ploys to get you to buy at a certain price. Tell them you saw a similar diamond somewhere else for less and you are thinking of going to them instead. Don't quote a price so low that it seems unrealistic. After your research you'll know the acceptable range. You know you've done well if you can get the cost down 30 or 40 percent from the ticket price.
Ask for freebies. During the course of your negotiation your salesperson will talk about "extras." If he doesn't, ask about the "extras," which often include certification and the ring box. Ask to see if these additions are free.
Don't pay cash for your diamonds. Cash isn't traceable. If you want to return the diamond to your retailer he can claim you never bought from him if you don't have your receipt.
Be careful of lab certificates. Sometimes labs fudge reports for a cut of diamond seller's profits. Instead, ask only to see GIA certified diamonds. The Gemological Institute of America is the most respected and reliable organization for grading diamonds.
- Diamond Search Engine: The four Cs of Diamonds
- Dex Knows: Negotiating Diamond Ring Prices
- Statista.com. "Diamond Industry – Statistics & Facts." Accessed June 29, 2020.
- GIA. "Diamond Color Chart: The Official GIA Color Scale." Accessed June 29, 2020.
- Kimberly Process. "What Is the Kimberly Process?" Accessed June 29, 2020.