What Is The Best Month To Buy Diamonds?
Diamonds are one of the most sought after gemstones in the world.
They’ve become a standard for jewelry and engagement rings.
Unfortunately, the constantly high demand has led to exorbitant prices.
With a little patience and the right tactics, however, you can still get the discounts you want.
Discovering the best time to buy jewelry diamonds will help you get the most out of your money.
September: The Best Time to Buy Jewelry Diamonds
September is one month of the year in which the jewelry industry experiences a stillness in activity.
Vendors like Shira Diamonds offer some of the best deals at this time due to the lack of buyers. It’s the best month to buy diamonds as you won’t be competing with other shoppers.
Nevertheless, if you happen to miss September, don’t fret, as these deals often remain until October.
These months are the cheapest time to buy engagement rings.
Jewelry stores are more likely to give discounts and mark down their inventory, so you save up to 50%.
One would assume that the Christmas holidays are when diamond prices are most likely to increase.
People are shopping to buy their loved ones gifts, and it’s a popular time of year for proposals.
In truth, the holidays are actually the best deal on diamonds.
Starting from late-November during the Thanksgiving season, prices will start to lower, with many stores offering discounts to entice shoppers.
You can expect to buy diamonds at a lower price during this period.
Stores will start to look into clearing their inventory to lower tax costs.
Make sure that you stay alert, though, as stores offering 50% sales may also be selling you low-quality diamonds.
The disadvantage of buying during these sales is that you have tight competition. You may find that stores will quickly run out of the diamonds that you like.
Leading up to Christmas, stores will continue to make offers to land sales.
They want to take advantage of the holiday rush, so you can expect a discount during this time.
Prices are very competitive since customers are also looking at other purchases to fill their holiday quota.
If you don’t like to shop during this time, you could wait until the New Year. After Christmas, stores experience a lull in activity until early January.
Promotional sales will occur to help drive up revenue. It’s also a great time to avoid the crowd before Valentine’s rolls in.
Following Valentine’s Day, you won’t see many deals offered until the next Fall.
The Fluctuation of Prices
Like any commodity, the prices of diamonds fluctuate throughout the year. Supply and demand dictate the constant price change.
Therefore, these are the best times of the year to buy diamond rings and other jewelry pieces.
However, these changes aren’t as drastic as precious metals and oil. On average, you will see a five to seven percent change in prices over the year.
The 2008 recession is an exception to this as the economic downturn led to a 12% diamond price drop.
The COVID-19 pandemic is also an exception, driving diamond demand lower.
Based on estimates, diamond prices dropped by around 15 to 27% in price during this time, making the past year a great reason to buy now.
Prices may shoot up once the pandemic ends. Experts predict that people will go “revenge shopping”, increasing demand significantly.
Getting a Good Deal
Here are some of the things you can look into:
Buying From Online Shops
Brick and mortar stores increase their prices to accommodate rentals, staff, taxes, and other costs.
It isn’t uncommon to see a 30% markup in diamond prices over what you would see online.
Online stores have fewer payments to make, so they can buy diamonds at wholesale prices. This means that they can also offer you lower prices and still profit from the sale.
You’ll also have a wider selection of diamonds from an online shop. You can compare diamonds you like and settle on a price that you’re comfortable with.
Choosing the Right Cut
Choosing a diamond shape is about preference, but even then, some cuts are very expensive.
For example, the round brilliant is the most popular diamond shape, accounting for around half of all diamond sales.
The high demand and amount of rough diamond needed to create it make it the most expensive cut.
Should you choose to buy another cut of the same quality, you would see a noticeable price difference.
Changes in color and clarity may not be noticeable even if the grading says otherwise.
You can make small adjustments in grading to lower the price while not sacrificing the diamond’s beauty.
You can also go for a lower carat if you don’t mind a smaller gem.
Making the Right Decisions
Waiting for the best time to buy diamonds will ensure that you get the most value out of your purchase.
You can also take it a step further by incorporating other methods to increase your chances of a good deal.
Patience and flexibility are the important qualities to have.
If you find yourself in a period where diamonds aren’t at lower prices, then you should shelf the thought of buying for a few months. Contact us today to buy diamonds any time of the year!
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