Diamonds And Precious Gems

I grew up in a family that seemed to always be just scraping by. I remember on several occasions, before I was ten, when I had to give my parents the little money I had saved up, just so they could buy groceries for us, or make up the shortfall in the rent. My parents were hard working but with a big family there simply was never enough to go around. I learned from a young age not to waste things. Fast forward to today and I can probably live on the smell of an oily rag, though luckily I don't have to. I now advise people on how to save money when shopping for a luxury item I would have never seen growing up: diamonds. I received my first accreditation with the Gemological Institute of America in 2012 and soon began to understand that there were plenty of ways someone could save money when buying an engagement ring, or any diamond jewelry for that matter. The fascinating thing (for me, anyway) was that the ways to save money were not that obvious. Some people think that if you ...

Pricing many products for sale is generally quite easy. It goes something like this: Determine the costs of manufacturing, then the costs involved to market that item, and then mark it up by 15 – 30% or whatever the market can sustain. Simple, right? Well, pricing diamonds isn’t nearly that simple. Not at all. This is because there are so many additional factors that come into play when diamonds are priced. Diamond prices are determined first by adding the cost of the rough diamond, the cost of cutting the diamond, and all other costs necessary to turn the rough diamond into a something suitable for use in jewelry. Depending on the importance of the diamond, an independent company may be called in to certify the grade of the diamond based on color, cut, clarity, and weight. As every stage involves professionals who are paid for their work the diamond becomes more expensive each time it changes hands. When it finally reaches a retailer the price will as expected be r...