A few weeks ago, a Slack member was asking where to buy a diamond for a wedding ring. Someone else suggested a lab grown diamond and I agreed that was the way to go too. As someone who bought a real diamond, I definitely regret not buying a lab grown diamond. I should have known from the beginning since my wife wasn’t a jewelry person and wasn’t insistent on ring shopping, etc. Even after I got her the engagement ring, she may have worn it only for a few years and barely wear it these days.
Even if I wanted to sell the diamond/ring these days, I wouldn’t even know where to start. I guess I could take it to a jeweler and ask them if they’d buy it (I do have the certificates,) but I’m guessing they’d give me about 10% of what I paid. Looking on Cleanorigin (Google’d ‘lab grown diamond,) I could get a similar lab grown diamond for about 15% of what I initially paid. YIKES!
You may counter with, “Well people would know…” NO, they wouldn’t. What usually happens when someone gets engaged, a friend may want to hold their hand up close to see the diamond, but no one is going to ask to remove the ring so they can get it appraised. Even your wife wouldn’t know if you don’t tell her (that’s up to you though.) As a reseller, imagine buying something and having it drop in price 75-90%. That’s worse than buying a new car. Not to mention the 50% divorce rate and then you’re left with $0.
I get that every person / relationship is unique, but if I could do it again, I’d easily pick a lab grown diamond. If your girlfriend isn’t into rings / jewelry or even if she is, I’d still consider getting a lab grown one. But you do you; it’s your money after all.
Are you sure that a real diamond drops in value? As far as I know it doesn’t depreciate like other purchases, you can pretty much sell for a similar price to what you paid. Our jeweler buys back the diamond for the same price you paid (with store credit)
I haven’t personally tried; that’s just what I’ve seen/read/heard anecdotally. You might have a good jeweler then.
Jewelry designer here, I work with several jewelry stores. They don’t drop it value, as it stays fairly consistent. The only way you’ll lose money, is in the markup they sell to at. For my local stores, they’re honest and typically want to double their money. But for most, prices will start at 4x.
If a customer paid $10K for a diamond all in and wants to sell it back to the store for cash, what’s the approximate % he’ll get back? By your math, less than $5K right?
And to add to my last comment, store credit is a bit different, as they’ve essentially locked in their markup with you, for any purchase. Most jewelry stores will honor this.
For anyone looking to purchase a diamond ring. Find a good local jewelry business, ask what they’ll typically buy a stone (Cut, clarity, color, carat, that you want..) for. Over the counter price or if you walked in with one to sell. Next, find your mounting.. price is typically gold melt value + $250 – $500 on casting/design/stone setting, etc. And this is your bare bones production cost.
You’ll be able to calculate anyones markup after that.
Value Hunters,
Be careful! I have NEVER met a woman that believed a synthetic diamond is equal to a “real diamond” – and I have asked many.
I got a white sapphire. And like your wife, I hardly wear it, maybe once or twice a year when I remember to for other people’s weddings. But I forgot to wear it at the last two weddings. 😂
We should go into a whole discussion about replica vs real designer bags now…
My wife forgot to wear it to the last few weddings too. Ugh.
Michael Scott on engagement rings, “Yeah. They say three years salary.”
Us here that make good amount of $$ off deals, resell, etc. One area I decided I would not skip on or try to get the “deal” or get shipped to OR for free tax, use some dealer-friend. This is one purchase I wanted to do well, and not even so much for my wife as she would be happy (as long as it wasnt junk) but for myself knowing I did all I could and for the budget got the best I could. In my case there was a chance if I tried to do that extra coupon or get it delivered a certain place, ring would not come on time for my planned proposal flight trip etc. In my case I would not have changed anything about my research, and purchase process. Also got one a pretty rare cut of diamond.
Also food for thought, I thought about getting insurance, but the likely hood of getting the same cut is very very low, in other words if wife looses the ring, I cant get the same one, since its real diamond and unique and rare cut. It would be anything close to the same price that I got insurance for. My solution no insurance, but if wify loses the ring lab-diamond may be an option for insurance ring, it would be alot cheaper I wont get the same cut/rarity but it will be a lot cheaper where insurance is not needed. Since either way I cant get the original, and I already did my part and gave her the memory of the supper unique ring.
Finally, if your girl likes jewelry, or it matters to her, if you are traditional (1 wife, 1 marriage) you got one shot to make it count, leave a memory.
Or you could just not get married and no need. But if you are foolish enough to get married then don’t forget the prenupt and definitely go for these homegrown franken-diamonds.
This column should be required reading for all people considering a engagement.
Like you said, this ring is often just put away after a couple of years. The idea of the “required” diamond engagement ring is a marketing invention anyways, so I hate that people feel compelled to do this.
What’s worse is that this purchase typically comes at a time when people need to save money for something more important, like a house.
Very good point. That money could definitely be used elsewhere more important.
Moissanite ftw – just be sure to discuss beforehand w/ your gf