Are you confident that you have made the best purchase? Knowing the basic 4Cs of the diamond indeed is enough to judge the quality of diamond jewellery, but certain vital factors affect fair price negotiations. Market knowledge, awareness of the latest trends, understanding the jewellers’ supply chain and also your budget are some of the critical parameters that must be kept in mind while deciding the jewellery price. Let us visit each of these points in detail in the subsequent sections.
Making the right negotiation: A diamond buying guide
Consider the following point as the continuation of other aspects that make up the complete diamond-buying guide.
The supply chain flowchart
The making of jewellery is not a single step process. The process is long and passes on through many hands before reaching a customer. And in each stage, the rate goes on increasing. Diamonds are mined in diamond mines that are spread all over the world with Russia having the most significant reserves and Botswana following it. These raw diamonds are then sold to gem dealers who precisely cut and polish the stone. If the gem dealers are also the jewellery making manufacturers, the journey is a bit simplified. After the jewellery is ready for sale, it passes on to the wholesale seller and then to retailers who sell them to customers. In this whole process, the rate of diamond is multiplied, making it a very costly gemstone.
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What are the factors that affect the diamond trade whole over the world? Well, the shortage of the raw metals, shortage in diamond reserves and political turmoil can significantly affect the jewellery making industry. All these are the deciding factors for the considerable price rise of diamond jewellery over the years. There were years when the rate of gold and platinum skyrocketed, causing the purchase of a diamond jewellery a costly affair.
Over the years, the preference for jewellery has been continually changing. Sometimes the popularity of the precious metal jewellery goes down steep because of the availability of some cheaper versions. Yes, the purchase of jewellery is not a need but depends on the desire of the buyer.
Determining your budget
Well, the sale of any item depends upon the demand for the product. The jewellery is purchase items that go up in the market in certain seasons, while in the offseason the rate remains lower. Determining your budget is also an essential bargaining tool that helps in the negotiation of a fair price. Walking away from the purchase stating the jewellery is too costly can make the seller rethink about the price. The trick is age-old, and the seller must be the correct authority who determines the rates.
Being aware of the market trends, the supply chain stage where you make purchase and knowledge of political happenings that affect the sale are essential tips in the diamond buying guide. Online purchases have an option of comparison, providing you with an easy deal.