If you are ardently searching for the right place to get that perfect diamond ring, you are going to stumble upon several online and in-store merchants. While both channels can be safe, you have to be aware of how they work to spot a good deal.
Having years of experience in purchasing high-end collectibles, experts from Biltmore Loan and Jewelry know the common blunders of buying a diamond ring. Here we will teach you clever ways to avoid sketchy online enterprises and in-store retailers who might try to smooth-talk you into getting an overpriced piece. Learn how they compare to each other and find which place best fits your style and budget.
Buying Online: Pros
- Convenience – Online shops offer convenience and a range of selection. Comparing diamonds is a breeze since you only have to browse through them and check their qualities. That means no pushy salespeople who might pressure you into impulse buying. After all, this is your engagement ring we are talking about, and you want to take your time looking around.
- Lower Prices – You might also be able to save more buying on the web. According to Checkbook’s survey on local and online store prices for diamonds meeting a set of narrow specifications, the best bargains come from e-retailers. Since they don’t hold as much (or any) inventory, they can save on overhead and provide lower quotations than those with physical locations. Nevertheless, you can still find a number of local dealers with prices that can compete with their online counterparts.
- Refund Policies – Major players in the market typically have solid refund policies. Be sure to check for the fine print before pulling the trigger and watch out for bogus “restocking fees” should you decide to return your item. Some stores even offer a full refund by your method of payment if you are unhappy with your purchase.
Buying Online: Cons
- Likely Host For Scams – The internet is a vast, unregulated marketplace with both good and bad dealers. Since diamonds cost a fortune, be extra careful in choosing where to get them. Fake grading reports are also rampant, so don’t bite at the cheapest offer you can find, especially if it looks too good to be true. Instead, consult an expert and only trust a reputable online seller.
- Lack Of Quality Control – Many shopping sites simply list the inventory that their wholesalers are holding. Normally you can just download their one giant catalog. The store, however, doesn’t have control over the products and can’t ensure the quality of each stone. This setup makes it difficult for buyers to know exactly what they’re getting.
- Not Seeing The Stone – Each diamond has its own charm, but they have to be compared and contrasted to learn which is more pleasing to the eye than another. With online shopping, checking the tradeoffs or assessing the beauty of a stone becomes a real challenge. This is especially true for crystals with fancy shapes. Some of them exhibit a type of reflection which you can only see in person.
Buying In-Store: Pros
- Physical Inspection – There’s no substitute for seeing the crystal in-person. A great jeweler will show you options that match your price range and educate you on the tradeoffs according to the 4Cs of diamond quality. You can see right there and then if a stone looks beautiful to you and if it’s something you can connect with.
- Flexible Payment Terms – Local stores often support better credit plans for long-term financing. You might even meet sellers with upgrade or buy-back policies, which allow you to trade-up or trade-in your diamond at some point in the future.
- After-sales Service – Diamonds are one of the world’s toughest materials, but that doesn’t mean they’re indestructible. When you start a relationship with a local jeweler, you’ll have someone to go to for cleaning, sizing, and prong tightening.
Buying In-Store: Cons
- Unqualified Salespeople – The terms “diamond expert” and “diamond salesperson” should not be used interchangeably. Not every person behind the jewelry counter is knowledgeable of the intricacies of these stones. Many stores have the primary goal of selling instead of giving an educated advice. Surprisingly, many salespeople may misinform you unintentionally or otherwise.
- Overhead – It’s a classic problem with retail – having physical inventory, rent, electricity, and more employees mean that they have to charge higher for each sale. In some years, diamond prices are known to drop along with other asset classes.
- Hyped-Up Brands – Just because a brand is extremely popular doesn’t mean you are sure to get a high-quality piece. While a good reputation means that you can trust a store, it’s not a guarantee that the diamond ring itself will be right for you. Think of it like clothes. Even Louis Vuitton, Prada, and Marc Jacobs have outfits that don’t look good on certain people.
To get the best bang for your buck, you have to work on a little leverage. Ask around – talk to a co-worker, friend, family, or anyone you know who has recently bought jewelry. Get references and recommendations. Your key move is to find your top choice in a physical store, then check online shops for similar diamonds. Have the grading reports on independent tabs so you can compare them easily.
Finally, use the quotation you found online to negotiate with your local jeweler. Whatever you decide to spend, you can cut the final cost of your ring by up to 50 percent by doing your homework and taking your time to research.
Exchange Your Items for Cash at Biltmore Loan
If you need funds for your engagement ring, Biltmore Loan can outright purchase or offer a collateral loan for luxury goods you want to let go. Simply fill out our online form to get a free appraisal on your items. You can also bring them directly to our Scottsdale location and our friendly team will be glad to assist you. We buy and accept loans for antiques, timepieces, designer handbags, art, and so much more. For more information, contact us at 480-991-5626.