Ready to pop the big question but feeling overwhelmed by the multitude of ring-buying platforms out there? We completely get it. There are many options when it comes to searching for diamonds – in-person retailers, online browsing, and diamond-savvy wholesalers – so it’s natural to be unsure which route to take. We’ve gone ahead and taken some of the guesswork out of it. Read on to see which option might work best for you.
Many people consider online shopping to be the holy grail of retail. As a matter of convenience, browsing, deciding, and ordering your diamond from the comfort of your living room is pretty nifty. In addition, online stores are widely viewed as the most affordable option as they do not have a storefront. Saving money by not having a physical store location means they can charge less for the same or similar products. For this reason, looking online may a good choice if you are seeking a diamond that won’t blow your budget.
Lots of lovebirds find shopping for their engagement ring to be an exciting and intimate task. If you view the whole thing as romantic and fun, you will probably enjoy going to a physical diamond retailer. Going there in person will allow you to get a tangible sense of the different options, as well as talk face-to-face with diamond experts who can steer you in the right direction. Additionally, as long as your diamond is relatively standard and in-stock, you will be able to take your dream engagement ring home with you the same day.
The downside? Brick and mortar retailers have correspondingly higher overhead costs. This can translate into a 30% mark up or higher for products.
What does it mean to shop wholesale? Companies who sell products in bulk (to online and brick and mortar retailers) are wholesale suppliers. Wholesalers make a profit through selling in larger quantities because it allows them to offer a lower price than if they were selling individual retail, as they are able to sell so much of a product at one time.
With this distribution system, wholesalers usually sell exclusively to clients who are going to buy in large amounts. However, there can be certain circumstances where an individual diamond can be purchased from a wholesale distributer (sometimes a personal referral is needed). If you can swing it, wholesale prices are usually substantially lower than other retail options, and you get in-person access to the selection of gemstones.