From someone that actually knows what people are spending, my answer may surprise you. But, before I divulge some numbers, I’d like to do a quick Quick Poll with you. C’mon, it’ll be fun!
Did you vote? Ok, thanks for doing that. The reason I ask is because what you should spend is what YOU think you should spend. Ultimately you are the one who must set your individual budget. A diamond engagement ring has different meaning and value for everyone so the price will of course vary widely.
I can say that many a survey has been conducted on the average cost of an engagement ring over the years and recent numbers from 2015 sales averaged out somewhere between $3,300.00 and $6,000.00 (resources: TheWeddingReport.com, JCK Online, and TheKnot.com). Of these, the solitaire round brilliant of one carat weight still is the most popular choice.
However, there is a market for everything and you have to keep in mind that these numbers are rough. If you are searching for a diamond online, you still represent the minority of diamond shoppers (roughly 16%). Yet, online shoppers show common traits which include the appreciation of information. Chances are if you are searching for diamonds online, you also: price compare, research retailer and product reviews, and self educate. Does this sound like you?
From my experience, individual’s that want to purchase a diamond engagement ring online tend to be savvy shoppers and want to get the best value for money. They also tend to spend more…..What???? More on that in a bit….
What Exactly Is a ‘Good Value For Money’ Diamond Engagement Ring?
What do you think makes a diamond valuable to YOU?
- High Color and Clarity Grades (D, E, or F color) (VVS1 or better clarity)?
- Brand Names (Tiffany’s, Cartier, Harry Winston)?
- Jewelry Appraisal that is more than what you paid?
- Lifetime Warranty (complimentary repairs, resizing, or cleaning)?
I can tell you that none of the above matters when it comes to VALUE to the consumer.
“Diamonds represent value to the consumer when they get the best quality at a fair price.”
Over the years, I’ve had the pleasure of assisting thousands of people in their search for a suitable loose diamond for their given budget. I’ve helped individuals with budgets as low as $1,000 or as high as $200,000.00. At the end of the day, all consumers want the same thing – top quality for a fair price.
A fair price can be determined by searching the current market and seeing what other similar color/clarity/carat weight/shape diamonds are selling for. You can easily check this using any diamond search tool to compare prices. Now, I’m going to tell you something really crazy,….are you ready?
Diamonds don’t ever go ‘on sale’. There are no quality ‘cheap diamonds’ that are worth buying, or wearing for that matter. Suffice it to say, all dealers/retailers know what they are selling and ultimately what value it has and will expect to make some return on their investment. You will either overpay at the higher-end price points (in the case of luxury brands such as Tiffany’s where you are mainly paying for a name) or overpay at the lower-end price points (mall jewelry stores like Jared’s, Kay’s, Zales, etc generally sell low quality diamonds for a huge mark-up).
So, What’s The Real Story?
If you are searching for the best value diamond online – guess what, you’ll definitely find it. Why? Because shopping for diamonds online offers you the biggest inventory to search through at a time that’s convenient, without sales pressure and the ability to use your acquired education, price comparison, and retailer reviews to determine a top quality diamond that offers the best value for money. So what do most online diamond shoppers spend on their engagement rings?
$11,500 – On Average.
This number is not pulled out of thin air either – it is an average of the thousands of people I’ve assisted over the years here on ODBA. The trend is clear – educated and informed buyers know the true VALUE of a diamond and therefore are willing to spend more on top quality at a fair price. From a marketing and psychological perspective, we: Humans tend to spend more on something we understand and feel good about. Click To Tweet.
Personal meaning and value comes from perspective; and a perspective that is educated and informed tends to offer higher personal value. If this wasn’t true, then multi-million dollar cars or hundred thousand dollar bottles of wine wouldn’t exist. Ahhhh, wine,……
So How Do You Get The Best Bang For Your Buck Diamond?
I think you’ll agree with me that a novice trying to buy a diamond is a very stressful and arduous experience. Most people take months to research and eventually purchase a diamond engagement ring. You can either go it alone or work with a jeweler or retailer which will help your cause but ultimately be biased (they want you to purchase from them after all!).
But, there’s an easier way. Contact me with your loose diamond budget and diamond requirements and I’ll be happy to offer you a wide range of options and suggestions. I work with many different vendors and always offer the best value for money to my readers. For more on how we can work together to find your perfect diamond, please visit Ask Liz.
Happy Diamond Buying!
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