Keep to your Budget when Buying Diamonds

June 05 2024

Whether they’re used in your day to day jewellery or worn on special occasions, diamonds are a lifelong friend. Earrings, Pendants, Engagement rings: a few pieces that are elegantly worn throughout a lifetime and more. Though many believe you can only buy beautiful, high quality diamonds for a huge amount of money: which is definitely not the case - there are stunning diamonds for all budget types.

Set your budget

First of all you should decide how much money you want to spend on the jewellery you would like to buy: this should be the complete maximum amount of money you would be willing to spend. Some say your budget should be worth two months of your salary to see what is possible for you to afford with your current income, though it is completely up to you as long as you’re comfortable with your budget amount. This amount must be realistic and try not to get too carried away and go over this budget: remember, it’s set for a reason!

If you choose to buy a ring on credit or finance, make sure you can afford the monthly payments without having to break the bank.

Jewellery Details

Make sure you know the type of jewellery the person you’re buying for likes and dislikes: if this is yourself then this is easy! For example, if you’re buying for your partner, they may prefer a specific type of gemstone over diamonds, they may prefer lab-grown over mined diamonds: this may mean saving money on the stone and allowing more of your budget to be spent on the setting style and metal type.

If you’re buying a diamond ring for your partner, we suggest looking at lab-grown diamonds if you're on a tight budget, as they are generally better value than mined diamonds. Also, consider a halo setting, as it gives the illusion that the centre stone is larger than it really is. Maybe buy a diamond that optimises its carat weight - specific diamond cuts appear to be bigger than other diamonds with a similar carat, an example of this is an Oval Cut diamond.

Think about whether you want a Bespoke piece, these tend to take longer to make and add to your price. Learn about our Bespoke Services here

Consider the type of metal you wish to use, they all have their own pros and cons with a wide price range between them. Platinum tends to be more expensive due to it being more durable and rarer than gold, so you won’t need to spend much money to maintain its appearance. If you have a lower budget and want a similar colour to Platinum then White Gold is a cheaper alternative, as well as the option for Palladium too.

Price Factors

Diamond prices can vary due to different factors including the 4C’s: Cut, Carat, Colour and Clarity. To learn about the 4C’s, click here.

To help reduce the price of a diamond, you can:

• Choose a slightly smaller diamond, this can help cut back the cost of one drastically.
• Choose a diamond with mid-level colour and clarity, these are just as beautiful as the ones that have the best grades as well as being way more affordable.
• Focus more on the colour, cut and clarity over the carat.

...and if we've blown your mind with too much information, we're always happy to help you along the journey to your perfect piece of diamond jewellery. Feel free to contact us here.

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