How to Use Diamond Databases to Price a Diamond
Here is the fastest and most accurate approach to finding the price of the diamond you want:
Research LIVE diamond prices.
Instead of using a calculator (even though I once created one at great expense in time and money), it is far more efficient to use the up-to-the-minute marketplaces online. They show live prices for real stones, so it beats any attempt to calculate what prices might be. This way, you know exactly what prices really ARE, at least online. There are also many other selling markets with other pricing policies.
1 ) Prepare browser windows on your desktop.
==> Make this window (the one you are reading right now) very narrow, so it only takes up the left half of your computer screen.
==> Click now to open a new window for Sample Diamond Search.
[Note :: For this tutorial, we will use JamesAllen.com because their prices reflect low markups with high integrity and service. You will be able to figure out others from here.]
==> Move that browser window to the right half of your screen.
Now you can read this tutorial on your left, and enter data in the search form on your right.
2 ) Fill in the diamond search form:
(the most important ones are marked in bold)
==> Select your choice for the “Shape” you want
- Roll over the shapes to see the shape names
==> Select a small range for the “Carat” (ex: 1.00 To 1.01).
==> Enter your range for “Color” (1 or 2 grades only)
==> Enter your range for “Clarity” (1 or 2 grades only)
==> Enter the range for Cut grade (1 or 2 grades only)
==> Leave the Price range as it is ($300 To $1,000,000)
==> What to do if there are no diamonds listed ::
If at any point, the listings disappear, then you need to open up the parameters above just a little. Start by enlarging the Carat range, or move it up or down a tiny notch. Then adjust the other parameters if needed.
3 ) Narrow your search until you only have 1 page of results!
==> Look at the bottom of the search results page at the center.
How many page numbers are listed there? If it says more than 1 page, then we need to narrow the results more.
Two ways to narrow the results ::
- Narrow the Carat, Color, Clarity, Cut grades like before
- go back to beginning
- Use Advanced Search to narrow new parameters
- continue below
==> Click Advanced Search (small link at bottom left) ::
==> Enter the Polish grade you want
Move the buttons to either side of the ONE (1) polish grade you want. Very good is usually good enough.
==> Enter the Symmetry grade you want
Move the buttons to either side of the ONE (1) symmetry grade you want. Very good is usually good enough.
==> Enter the Fluorescence grade you want.
Move the arrows to the Fluorescence grade you want, or leave it wide open. Remember, fluorescence is not a bad thing.
==> Enter the lab report you want.
If you are using a trustworthy jeweler (like my two top jewelers, for example), you can include EGL-US, but otherwise, make it only GIA and AGS.
Looking at Prices and Details
When you have narrowed it down to just 10 or so diamonds, then start looking at details for each one, to find one that is closest to your diamond search parameters.
==> Click on Details to see all the info on a certificate for that diamond
Continue researching this database until you have a solid idea of prices for the diamond you want.
Local Store Prices
So far, we have only been researching online prices, because that is the only way to teach you online. But… The last big point I want to make, is that pricing absolutely depends on the type of store you want to support. If you ::
- local service for repairs and cleaning after the sale,
- prefer seeing a diamond before you buy,
- have access to a loupe or a microscope to examine closely,
- talk with staff that can show you different colors and clarities
- see how different styles and settings look on her hand …
… then you will want to buy locally, and those stores have more overhead. BUT don’t despair, there are a few local stores that have really competitive prices along with all the advantages of buying locally.
Prices at Local Stores
Keep in mind that this database is operated by one of the most competitive online jewelers we tested. But when you buy locally, the extra expenses demand slightly higher prices, and you need to decide if it is worth it. To some people, perhaps most, it IS worth it.
And if you do your homework, it will only be a very slight difference. But be careful. Avoid most mall stores where you could expect to pay 50% more, and stick with tested and verified local jewelers with lower prices.
I personally support local stores as much as possible, as long as the prices are not too much different. The stores that passed our tests are a LOT more competitive than most, usually within a few dollars of the online stores. So if you want to buy locally, please go here to request our reports on the exceptional local diamond specialists that passed our tests in each area of the country. You will be surprised how close they come to online prices in most cases.
Now you have a ballpark for what to pay.
Your Progress …