Bottom Line Recommendations
- While many people believe that it is cheaper to buy diamonds in the USA compared to Australia, the truth is that the prices are not much different and it is probably quicker and more efficient to buy your diamond in Australia if this is where you are located.
- When buying your diamonds in Australia, you can get the best deals from the seller who can bring down their overhead costs and as well as one that can maximize on stock return.
- The return policies in Australia compared to other parts of the world such as Dubai are a more favorable plus, you will be protected by local laws.
- We recommend buying diamonds online as the best sellers have a large variety of options to choose from. You can also access high definition videos and images of the diamonds. Take a look at this princess cut diamond here. And let’s not forget that you can get great deals as the overhead costs are minimal. The best sellers include James Allen, Blue Nile and Whiteflash.
- Australia is the best place to buy pink diamonds. While they are highly expensive, they are perfect for couples who want something different and far from the norm. The Argyle mines of Western Australia produce up to 90% of the entire world’s pink diamonds. View a great example of a high-quality pink diamond here.
There is a common misconception that the prices of diamonds are more expensive in Australia than they are in the US. Many people in Australia believe that since the value of the US dollar is greater than the Australian dollar, this will work to their advantage when buying diamonds.
The truth, however, is that the prices of diamonds in Australia are very similar to the US. While there are bulk discounts in other industries, this doesn’t exist in the diamond industry.
Another thing to always keep in mind when buying diamonds in Australia is that they are valued in US dollars regardless of where they are sourced from. For example, when the diamonds are bought from a supplier in Israel, they will be paid in US dollars.
General pricing of diamonds in Australia
Note that getting a great deal on a diamond when shopping in Australia depends on finding a seller who can bring down their overheads costs as much as possible. Keep in mind that the costs of running a brick and mortar store will be costly wherever you go in the western world.
The best deals can also be gotten where the dealer is also able to maximize on stock turn over. Many prefer buying diamonds in Australia through brokerage services as these have the best rates of stock turnover and their prices are also lower.
Pros of buying diamonds from the US
One of the main advantages of buying diamonds from the US is that the shopper has a wide selection to choose from.
Also, US sellers are often closer geographically to their wholesalers meaning that a buyer in Australia has a chance to get cheaper prices. They can also access 360-degree videos of the diamonds as well as ideal scope images which are not easy to find. This allows diamond shoppers to make a much more detailed diamond evaluation and to make a better purchase decision.
Keep in mind that there are fees when buying your diamond from the US. These include the customs entry fees, foreign exchange, shipping, wire transfer fees, and insurance fees.
Pros of buying diamonds from Australia
If you are a local, then you will be under the protection of the local laws. There is also a chance that the diamonds will be priced cheaper than in the US. Unlike some places like Dubai where you are not permitted to view the diamonds before buying, you can observe and evaluate the diamonds in Australia before making the all-important buying decision.
What’s more, is that in case you take home a diamond that you are not satisfied with, you have the option to return as the return policies are much more favorable.
Buying diamonds online
We recommend buying your diamonds online. One of the main advantages of this is that the prices are the same regardless of where you are in the world.
Second is that technology allows for easy communication whether through live chat or email. Having access to 360-degree videos of the diamond you are interested in makes buying online as good as or even better than shopping from a physical jewelry store.
Our best online sellers are James Allen, Blue Nile, and Whiteflash. Their high definition videos are the best in the market and will help you to make an informed choice.
What’s more, is that you will not have to worry about being pushed to make a purchase and you can simply buy your diamond at your own pace.
Cost of diamonds in Australia
When shopping for your diamonds in Australia, often the first thing to come in mind is how much you should spend on a diamond ring.
However, there is no easy answer to this question. Instead, have a budget in mind and start from there.
Average costs of engagement rings in Australia
A survey done in 2017 showed that Australians spend on average $6,000 on engagement rings. There are other reports however that show that this figure could be higher.
Celebrities and high-profile individuals will spend well over $200,000 on their engagement rings. These are outliers but we can expect Australians to spend somewhere between $5000 and $15000.
Compare this to diamond shoppers in the US who spend on average $6,400 on engagement rings and you can see that the figures are quite similar.
That said, note also that there is a huge difference in the average spending between different states. Diamond shoppers in California, for example, spend $10,000 on average while those in Utah spend around $7,000.
What to consider when diamond shopping in Australia
You may not be restricted by your budget and are looking for the best quality stone. However, if you do not understand how to evaluate a diamond for quality, then you may end up with a less than ideal stone.
The last thing you want is to spend your hard-earned money on a diamond that is not worth the price.
Start by knowing the 4Cs and how they interact with each other to create the perfect diamond. These are the cut, color, clarity and carat weight.
A single carat is equivalent to 0.2 grams. A carat is also divided into 100 points. While the naked eye will not be able to tell the difference between a 0.99 carat stone and a 1 carat stone, the differences in price can be huge.
The cut refers to the proportions, and symmetry of the diamond. The better the quality of the cut, the more fire, brilliance, and scintillation the diamond will have. Also consider the different diamond shapes such as the round cut, the princess cut, the pear cut or the marquise cut to find the shape that is most appealing to you.
The clarity of the diamond refers to the number of inclusions and blemishes in the diamond. The more the inclusions and imperfections, the less the diamond will shine and therefore the less its value. Take a look at diamonds in different clarity grades and pick one that you are comfortable with.
The lower you go on the color scale the more the tint and the less the value. Completely colorless diamonds are rare and are both highly expensive and highly sought after. Note also that there are fancy colored diamonds whose value increases with an increase in color.
Also, it’s important to learn about the various diamond shapes, the type of setting as well as the type of metal to use for your engagement ring.
How to protect your investment
An engagement ring may cost you a few thousand dollars or it may cost you hundreds of thousands of dollars. However, what makes the diamond so special is the sentimental value that it carries.
It is, therefore, a good idea to protect your engagement ring and the best way to do this is through specialized jewelry insurance such as Q report.
This offers protection against theft and damage even while traveling with the ring. What’s more, is that you can return the ring to your original seller in case you need to exchange it.
The cost of insurance is certainly worth the peace of mind that you know that you are protected against any eventualities.
Tips on buying diamonds in Australia
When you are shopping for a diamond in Australia and looking for that special piece of jewelry, then a few tips can help you make the best choice.
Only buy diamonds from sellers who are members of the Diamond Guild of Australia or the Jewelers Association of Australia. They subject their members to a strict code of conduct which ultimately means that the consumer is well protected and that the jeweler adheres to ethical selling practices.
A good way of telling whether a jeweler is reliable is by asking them questions. They should be willing to provide you with the right information and guide you in making the best decision. A seller that doesn’t have your best interests at heart will push you to buy a diamond as fast as possible.
Also, when buying your diamonds in Australia, it’s important to know whether the diamond has been treated. Some diamonds are treated to change the color and to improve clarity. Specialized and sophisticated equipment is used to treat diamonds and it is impossible to tell them apart from a high-quality diamond.
It is therefore crucial that you get a diamond from a reliable grading lab such as the Gemological Institute of America and to ask the seller whether the diamond has been treated.
This is mainly because such treatment can wear off while others such as laser drilling that are used to improve the clarity of the diamond can weaken the structure of the diamond.
Also, when choosing a stone, place it under natural light and see how it performs. Only then can you get a good idea as to the appearance of the diamond.
If you want to buy a diamond that is larger than 0.5 carats, make sure that that it comes with a certificate from a recognized and independent diamond lab. The best include the GIA and the AGS.
Don’t settle at the first jewelry store that you enter. Instead, shop around and explore the prices from different jewelry stores.
Some stores may require you to place a deposit. Make sure that you get a receipt detailing the terms of the deposit and the characteristics of the diamond or piece of jewelry.
Also, get a valuation from the National Council of Jewelry Valuers.
If you notice that the salesperson is using dodgy tactics to get you to buy a diamond such as claiming that you already have a huge discount by buying the diamond at the stated price, then you should avoid buying from that jeweler store.
Also, avoid buying if the diamond does not come with a certificate from a recognized and independent diamond lab or the prices seem too cheap to be true.
Conflict diamonds obtained from the African countries of Angola, Sierra Leone and the Democratic Republic of Congo have resulted in the deaths of up to 3.7 million people. Unfortunately, even today there are conflict diamonds that are getting to international markets and the money is used to fund wars in these countries.
The International Kimberly Process Certification Scheme was set up in 2003 to stop the trade in such diamonds. Australia participates in the scheme.
When shopping for diamonds in Australia, make sure to ask your jeweler to show you a copy of the company policy for you to see their stand on conflict diamonds. Only buy diamonds from sellers who can guarantee that their diamonds are conflict-free.
When diamonds are mined from the various regions, often these are poor countries that subject children and older workers to dangerous conditions. What’s more, is that these miners are not paid a decent income for such strenuous and backbreaking work.
Now there are fair trade standards in development that want the profits from diamonds trickling down to the miners and workers at the ground level. When diamond shopping in Australia, asks your seller to provide you with any information and documentation of fair trade of the diamonds that they may have. Any seller who has this is worth buying diamonds from.
Man-made diamonds vs natural diamonds
Now there are synthetic diamonds that are created in labs. While natural diamonds may take millions of years, synthetic diamonds can take a matter of weeks to form and they can appear as beautiful as the man-made diamonds.
That said, note that in Australia as well as anywhere else on the world, synthetic diamonds are not considered as valuable as natural diamonds.
Telling them apart can be difficult. The best way to know whether the diamond you are buying is natural is by reading the diamond certificate.
Australia’s Argyle Pink diamonds
Pink diamonds are special. Most fancy colored diamonds display their color due to the trace elements found in the stone. Pink diamonds, on the other hand, are not pink due to impurities. They get their color naturally through immense pressure in the earth’s crust.
The Argyle diamonds of Western Australia have been in existence for more than a billion years. Scientists believe over millennia, the geological forces changed the crystal lattice allowing it to absorb light and this is why the diamonds take on a pink hue.
When it comes to evaluating colored diamonds, the C, for color is the most important consideration. If you are shopping for a pink diamond, you will be better off knowing how the color affects the diamond’s value to help you make the best choice.
The pink diamonds will feature secondary hues. You can get purple, gray, orange and even brown hues with the purple hue being the most popular. The purplish-pink diamonds are more expensive compared to pink diamonds with a brown secondary hue. However, keep in mind that “affordable” means lower in price but these diamonds still cost hundreds of thousands of dollars.
And the prices of pink diamonds will rise with greater intensity in color.
When evaluating the pink diamonds, there are 3 things that you will need to consider.
The hue refers to the main and dominant color in a diamond. You might get tint in a diamond that alters the hue.
The tone is also an important consideration. It refers to how light or how dark the pink diamond appears.
Lastly, consider saturation. This is how intense the hue in the diamond is. It can be anywhere from pastel to very vivid to very intense. The more the saturation the rarer the diamond and the higher its value.
Pink diamond prices
When it comes to finding the perfect fancy colored diamonds, the pink-colored diamonds turn eyes wherever they go. They are associated with wealth and status and it is no surprise that you will see celebrities wearing pink diamond jewelry.
The pink-colored diamonds are super expensive and may cost hundreds of thousands of dollars per carat.
The reasons behind their high prices are how rare they are to find. Pink-Colored diamonds are the second rarest diamonds in the world.
They are called Argyle diamonds because up to 90% of all pink diamonds are mined from the Argyle mines in Western Australia.
Pink diamonds used in engagement rings.
Traditionally, it is the colorless diamonds that have been synonymous with engagement rings. However, in recent years there has been a surge in the demand for pink diamonds.
One of the reasons why pink diamonds are being sought after for engagement rings is because the pink color is feminine and exudes grace and class. More couples are finding new ways of expressing their love that is different from traditional views and expectations.
Make sure that when you are buying your pink diamond in Australia that it comes with a certificate from a world-recognized diamonds lab. The best is the GIA or AGS.
Also, before you commit to buying a pink diamond from a vendor, take time to read their returns policy and ensure that they are reputable for offering excellent customer service.
Note that you do not always need to visit a physical store to get your pink diamonds. You can also browse a large collection of such diamonds online through the best online sellers such as James Allen.