1. In person. Of course, the best way to get what you want is to hold it in your hand and take a look. However, visiting a retailer almost guarantees that you’re going to pay a boatload of extra cash (they have to pay the cost of operating a storefront, and then there is the inevitable markup). So instead of approaching your purchase by visiting brand-name stores, go to your local jewelry district (or make a trip to a nearby city that has one) so that you can get the best prices and practice your rusty haggling skills. By the way, bring cash.
2. Online. Although it can be difficult to tell the value of a diamond by a photo, the grades don’t lie. So learn all you can about cut, color, clarity, and carat so that you can make an informed decision without ever seeing the stone. You stand to save a lot of money since e-tailers generally apply a substantially smaller markup and they lack the extra overhead of running a physical location for their business. Just make sure your diamond comes with certification papers and a 30-day money-back guarantee so you have time for an independent appraisal before you commit.
3. At auction. If you’re looking for something special, you may have some luck buying it at auction. While diamonds sold on the block are generally pretty fancy (and come with a higher price tag) you may be able to get them for a steal if you don’t have much competition (and there is no minimum placed on the item).
4. At an estate sale. Another great way to find antique or interesting stones is by frequenting estate sales. Since the family of the deceased is often looking to clear out a lot of merchandise in a short amount of time, you may be able to get some pieces with undesirable or outdated settings for a bargain and then reset the stones at a later date.
5. Loose. Many times, you will pay a lot for the setting that comes with the stone. But if you know a reputable jeweler, you want to create a unique and personal setting, or you think you can get the setting for less somewhere else, simply buy the stone loose. Not only will you be able to get a closer look at it (and probably a quicker appraisal), but you can also negotiate a better deal on the price of an unset stone.
