How To Buy Diamonds For Less
Although the industry wants you to spend lots of money, you don’t have to pay too much for a diamond. I’m going to discuss a couple ways you can avoid overpaying for diamonds so that in the process of buying your first ring, or upgrading to a bigger stone, you don’t spend too much money on a diamond.
First of all, most diamonds are marked up more than 100% So unfortunately, most people DO pay too much. But I’m going to show you how you can pay less for diamonds, here in Houston. But in doing so, I’m going to be accused of heresy by the diamond dealers and the establishment…
The “Four C’s” are nonsense. You’ve heard of them, right? They’re color, cut, clarity and carat weight. It’s the first thing the establishment uses to sell you a stone…they grade it based on color, cut, clarity and carat weight and they market it based on these same characteristics…only one problem: It’s nonsense.
Toss all four of the C’s out the window. Seriously, get rid of them. Because when was the last time you were at a party and someone commented on a diamond or something about the four C’s.
If they said anything, they said:
“Isn’t it gorgeous” or
“I love your (wife’s) ring” or
“What a beautiful diamond…”
But they never said anything about color, cut, clarity or carat weight…
For instance: “I think that stone looks like a G-color, 1.17 carat, VS1, with a tiny inclusion on the pavilion” said nobody – ever. Right?
So let’s talk about the things that matter. Price matters when you buy a diamond. Your satisfaction matters. Secondarily, knowing that you got a real stone, of course…But that sort of goes along with satisfaction, doesn’t it…? So size, price, quality. Yes?
The Four C’s are marketing nonsense. Nobody cares except the marketers. And they make YOU care…in fact, when you walked into their store, you didn’t even know what the Four C’s were…they had to TELL you…how much of a scam is that…you don’t even know what to look for until they TELL you what’s important…then they show it to you. That’s a scam.
Say you didn’t know that wheels were important on a car. I know it’s ridiculous, but stay with me for a second. They could, in theory first acquaint you with the importance of wheels. Explain to you that you HAVE to have wheels…your car can’t move without it…and then proceed to sell you ANY wheels, because until ten seconds ago, you didn’t even KNOW you had to have wheels on a car anyway.
That’s how they sell you crap diamonds, and overcharge you in the process.
So now I’m going to save you money on your diamond purchase.
Don’t buy into the hype. Buy a diamond that looks good, is big and is sold without a fancy showroom, bottled water and a guy named Phillipe behind the counter.
Choose a diamond that you like – and here’s the clincher – ask the guy to show you the Rappaport. That’s the diamond dealer’s guide to diamond prices. They won’t show it to you – but don’t worry – I’ll show it to you. It’s called the “Rap Price” , short for Rappaport. And when jewelers talk about it they say “The Rap on that stone is xxxx” or “I’m selling that for $2000 back of Rap” which means they’re selling it for $2000 dollars less than then $5000 suggested retail price. Or they say, “I’m selling it for 5% back of Rap.” (They probably bought the stone for 45% back of Rap) In any case. You have never, EVER seen a poor jewelry guy. That because at 100-300% markups, they’re KILLING it!! They’re making a ton of money. And that money is coming from your pocket.
So if you want to see what jeweler’s pay, I’ll show you. Just come in, ask to see the wholesale price sheet and then you’ll know whether you’re getting a good deal or not. You can choose to buy a diamond from somebody for a grossly inflated price. Or you can buy one for $500 bucks over my cost. If you buy a stone over 1 carat, I’ll charge you my price + 20%. That simple.
That’s it. No giant markups, no guy in a shiny suit named Phillipe. No bottled water with the store name on it. Just a large, certified diamond for less than everyone else. No fancy real estate or beveled glass cabinets. Just diamonds. Choose the kind you want, I’ll get it for you for less.
It will be a GIA certified stone or an EGL (US) certified stone. Either way, you’ll get a great deal on a diamond. And I’ll have a new customer for life. Because it’ll probably be the best deal you’ve ever gotten on a diamond. Unless your dad owns a jewelry store. If you’re dad owns a jewelry store, I will not be able to beat your dad’s prices. Because your dad is probably giving you your diamond for free.
Houston Gold Merchants – we’re more than just gold.