Secrets Of Diamond Jewellery Pricing
Pricing structure within the diamond industry is very secretive. For consumers this can be confusing as there are often big differences in the prices of Diamond jewellery.
If however you know the exact details of the jewellery that you are hoping to buy then comparing the prices can be a whole lot easier and the differences in the prices being asked becomes a lot more transparent.
Below are some “easy to understand” reasons as to why you will find variations in prices:
1.Branding Jewellery Is Difficult - Although products are usually more expensive buying into a brand makes price comparisons easier. The prices go up or down according to which brand you are buying from.
2.Diamond Jewellery Is Very Expensive To Stock - Unfortunately a high street jeweller not only has the normal day to day running costs of a shop they also have to stock expensive jewellery that they may not sell in large numbers. They also have to contend with higher than average insurance and security costs. It is therefore necessary for high street jewelers to have high profit margins in order to cover their higher than average costs.
3.The Quality Of Diamonds Used - The price of jewellery is greatly affected by the quality of the diamonds that are set within it. What might seem like small variations in quality on paper can end up hugely affecting the price.
4.Grading Diamonds Is Not A Science - Most people are unaware that the grading of a diamond is only an opinion and not an exact science. Of course the more trusted the source is who gives the opinion is of benefit but this is the key area where you could loose money when buying jewellery.
5.Retailers With No Scruples- Many diamond jewellery retailers will try and over grade their diamonds in order to push the prices up. You should only buy jewellery from a trusted source.
Above are just some of the reasons why it is important that you trust the jeweller you are buying your diamonds off. It is vitally important that you feel comfortable with your jeweller.
Ultimately an honest diamond jeweller with his reputation to keep and nothing to hide will be keen to validate his pricing.
A large number of jewellery sales are now taking place online and I believe that these numbers are set to increase as we all get used to paying for larger items on the internet. We should however employ the same techniques for buying jewellery online as we do for buying it in the high street!
Before you part with any cash I would recommend that you call the online jeweller to ask them about their company and products, above anything this should give you a feel of the type of company that you are buying from. Good online jewelers also have clear returns and delivery procedures and should always have a strong visible contact number!
In our opinion the best way to buy jewellery is through recommendation so if you happy with your purchase don’t forget to recommend other people.
Jeremy Kanzen is the Managing Director of Slade & Kempton - one of the UKs leading diamond jewellery manufacturers and diamond jewellery wholesalers.