Choosing the Right Diamond for Your Budget

To maximize your budget, choose an elongated cut like this pear cut diamond. Additionally, choose a halo setting with a pave band for maximum sparkle. Click here for details on this gorgeous ring. Photo ©2019 EraGem Jewelry.   I want to help you choose the right diamond for your budget. In my previous article, I offered a guide to choosing the right diamond size. I also photo with a price comparison between each of the different diamond sizes. As you can see, prices increase exponentially as carat size increases.  

Diamonds & Your Budget

This means that a diamond weighing 1 carat does not cost the same as two diamonds weighing 0.5 carats each. It also means that a diamond that weighs 0.9 carats can cost quite a bit less than a diamond weighing 1 carat. This is true when cut, clarity, and color are the same for both. Many factors go into pricing diamonds. All of the factors fall under the 4Cs - cut, carat weight, color, and clarity. For example, a diamond with an excellent cut, great color and clarity, and over 2 carats is going to cost significantly more than a 2-carat diamond with okay cut, color, and clarity. For each of these attributes, there are tips and tricks to saving money. In this article, I offer tips specific to carat weight. Whether your budget is fixed or offers some flexibility, I recommend that you spend some time looking at diamonds. Look both online and in person before making a final purchase. Specifically, take note of the different price points based on carat, cut, clarity, and color. At the same time, pay attention to how the setting affects the price. The more experience you have with diamonds, the better prepared you will be to find the perfect diamond engagement ring for your budget.

Carat Jumps = Increased Price

As you browse, you'll notice that prices increase significantly at each of the carat jumps - .5, 1.0. 1.5, etc. If you need to save money but don't want to skimp on size, simply "buy shy." For example, let's say you really want a 1.5 carat diamond. Instead of choosing one that is precisely 1.5 carats, choose one that weighs 1.4 or even 1.45 carats. Though this slight change in size equals a decided drop in price, it will not appear smaller to the naked eye.

Consider Diamond Diameter

Also, keep in mind that carat weight is not the same as size. Certain shapes render a larger diamond than others. For instance, a round brilliant diamond weighing 1 carat appears smaller than a cushion-shaped diamond that weighs the same. The human eye generally focuses on diameter, from tip to tip, rather than actual size. Therefore, square-shaped diamonds generally appear larger. These include Asscher, princess, cushion, and emerald shaped diamonds. Additionally, oval and marquise diamonds look larger than similar-sized round cuts.

Shave Carat Size by Increasing Cut Quality

Optically, cut also plays a huge role in the apparent size of a diamond. Diamonds with a cut of Very Good or better reflect more light out the top. Thus, these diamonds appear larger than those of the same carat weight but lesser cut quality. The GIA offers five grades for diamond cut - Excellent, Very Good, Good, Fair, and Poor. We recommend steering clear of Fair and Poor cuts, as diamonds with these grades show poor color play, scintillation, and brilliance. In other words, little to no sparkle! To meet your budget constraints, consider choosing a slightly smaller diamond with a higher cut grade. Of course, the better the cut, the higher the price. However, in general prices increase more per carat than per cut grade.

Other 4C Factors

If you are on a tight budget, you will want to choose a diamond less than 1 carat. In this case, choose a well-cut stone with lower color and clarity grades to maximize brilliance and carat size. In smaller stones, color and clarity play less of a role than they do for larger stones. If you have a little extra in your budget, increase color and clarity rather than carat size. Often people opt to increase carat weight when they have a little more in their budget. However, when you jump over 1 carat, clarity and color play a more important role. Not only that, but remember what I said about how prices jump at the whole and half-marks? We're talking a 20-30% increase in price compared to those just slightly less. Instead of paying 20-30% more for a carat increase that is not going to be visibly noticeable, choose a slightly smaller diamond with better color and/or clarity. If you really want a 1.5 carat diamond, then the sweet spot truly lies between 1.35 and 1.45 carats with Very Good or better cut; G, H, or I color; and Very Good or better clarity. And if you'd like a 1 carat diamond, you'll find the sweet spot between .7 and .9 carats with G, H, I, or even J color and Good or better cut and clarity.  

Shop Vintage to Suit Your Budget

Arguably the most effective way to maximize your budget is to shop vintage. Vintage engagement rings offer the best value for the best price. Not only that, but you're adding your own chapter to the history of a storied piece of jewelry. When you purchase vintage, you typically save as much as 30% on the price of your diamond. Furthermore, vintage engagement rings feature a wide variety of band and setting styles to fit your preferences. By shopping vintage, you can maximize carat weight, often without skimping on cut, clarity, and color. We would love to help you begin acquainting yourself with the wonderful world of vintage diamonds. Give us a call today at 800-417-1925 to visit our showroom and try on some diamonds! ~Angela Magnotti Andrews