< BACK TO THE DIAMOND BLOG MAIN PAGE
18
April 2018

Like? Share!

Which Diamond? How the Diamond Buyer Decides

There are millions of polished diamonds in the world. Yet at the end of the day, each diamond buyer will eventually find the diamond that is just right for them. If you think about it for a moment, it’s almost like choosing a romantic partner. Given the sentimental association between love and diamonds, it’s a fitting analogy.

But buying a diamond is also a purchase process. Certainly it is one of life’s more emotion-driven purchases, but there are practical and financial forces at play as well. So, how does it happen that a couple, or individual, come to the decision to buy a specific diamond, out of so many options available to them? Let’s break it down to try and understand.

Why People Buy Diamonds

The first thing to understand is why people buy diamonds to begin with.

Engagements & Non Bridal Occasions

Of course, the most popular reason people buy diamonds is to mark an engagement. Engagement rings have been the leading diamond trend since the mid 20th century in the West, and more recently spread to China and India as well. Diamonds and diamond jewelry are also a popular anniversary gift or gift to mark the birth of a child.

“Mangagement”

There’s a new trend hitting the engagement ring market. It’s called “mangagement”, and it’s the growing practice of buying diamond engagement rings for grooms as well as brides. We discussed the up-and-coming mangagement trend in this recent blog post.

Self-Marriage

While we’re in the area of ‘wacky and weird’, there’s another new phenomenon called self-marriage, and it’s when a person gets married to…themselves. Although rare, it seems that even self-marriage, like traditional marriage, involves the purchase of a diamond ring.

Single Women Buying Diamonds for Themselves

Another popular diamond buying trend is women buying diamond jewelry for themselves. This is due to a number of factors. Firstly, many more women in their 30s and 40s are single. Secondly, these women often have successful careers, and can afford the luxury of purchasing diamond jewelry. Thirdly, cultural changes, such as gender equality and rejection of traditional social mores, have created a kind of backlash to the idea that a woman needs a man to buy her diamonds.

Married Women Buying Diamonds for Themselves

Married women are even buying themselves diamonds and jewelry, not just single women. According to this article, the number of women buying non-bridal jewelry has tripled in the past 10 years. The writer laments that this is not a good thing. After all, if buying diamonds is a shared act, expressing love in a gift given to another, what does it mean if a woman is bypassing her man and buying a diamond for herself without him?

Investment

Of course, there is the least sentimental or emotional reason of all that people buy diamonds, and that is for investment. In a recent interview, Hong Kong jeweler Ronald Abram, clearly outlined the lack of emotion when buying an investment diamond. “…If you’re purchasing [it] for an investment, then you should be more pragmatic in your acquisition, just like with any other investment.”

Impulse Buying Vs Diamond Research

According to the recently released The Knot 2017 Real Weddings Study, the average spend on an engagement ring in the United States in 2017 was $5,764. For most couples, this is a once-in-a-lifetime, big ticket expense. Combined with the high emotional value of an engagement ring, most diamond ring purchases for an engagement are not an impulse buy. When buying an engagement ring, grooms spend an average of 3 months researching before the purchase.

Do people every buy diamonds on impulse? In some instances, yes. For example, cruises are a notorious place for buying diamonds and jewelry on impulse. Typically, people overspend on diamonds in impulse buy situations. Cruise ships tend to be 25% more expensive than regular stores.

In India, changes in the economic status and social position of women has encouraged a very interesting trend – married women over the age of 35 who are purchasing diamonds on impulse as gifts for themselves. According to this report, smart marketing and branding by diamond sellers can help drive these lucrative impulse purchases.

All factors considered, whether it’s a diamond bought by a groom for his bride after months of painstaking research, or a woman impulse buying a diamond for herself on a cruise vacation with her girlfriends, the question still remains – what made the buyer choose the specific diamond? And the answer is two-fold – it’s the diamond report, which contains all the technical, informative data about the diamond, combined with an intangible sense of emotional attachment felt by the buyer for the diamond itself.

What if a Diamond Report Could Create Emotion?

Diamond reports have typically been thought of as a dry, technical descriptor of the diamond. In the best case, the report comes from a trustworthy lab, and correlates strongly with the features of the diamond. In the worst case, the report is inconsistent, out of date, or considered unreliable by the customer.

Every diamond is unique, created as a rough diamond under specific geological conditions, cut and polished according to a particular one-of-a-kind plan. Every diamond has its own light performance, which directly impacts the way the diamond appears to the naked eye. And every diamond has its own clarity and color grading that determines its true value and visual beauty.

If this information is displayed in an intuitive, interactive digital report, one that can be accessed on any mobile device, and shared on social media and chat apps; if the diamond data contained in the report is backed by reliable, artificial-intelligence based diamond grading technology – then you’ll be going a long way to delivering the ideal purchase conditions that support both the rational and emotional aspects of the diamond purchase.

 

Subscribe to the Diamond Blog

Get the latest technology, grading and retail news straight from the source, straight to your inbox.


MORE FROM THE DIAMOND BLOG

Diamond Traceability, Reimagined – The Importance of Diamond Provenance

As part of Sarine’s 30 years’ celebration, we are taking stock of where we have been, where we are going, and where the diamond industry is headed, well into the future. The mission that is driving the global Sarine team is encapsulated in our new slogan: The Diamond Industry, Reimagined. In breaking the frontiers of […]

How Technology Has Advanced the Diamond Industry: Sarine Celebrates 30 Years

This year, Sarine is launching celebrations for 30 years in the diamond technology business. When Sarine was established, in the late 1980s, technology in the diamond industry was in its very earliest stages. The kinds of technologies used today by diamond manufacturers and gem labs all over the world, such as inclusion mapping, automated rough […]

How Diamonds Are Produced

After the long natural formation process deep in the earth, the diamond is extracted from the mine in its rough, raw state, and begins on its next journey – to become a polished diamond.   From mine, to jewelry store, to the engagement ring finger of its eventual owner – every diamond undergoes a long […]

SPECTRUM – Diamond Industry News #27

Welcome to 2019, and to the first edition of our SPECTRUM diamond news and trends roundup for the new year. In this edition, we’re going take a look back over the past year, with a Forbes overview of the most popular jewelry trends in 2018. The year ended off with a bang, with the biggest […]

Introducing Shang-Ling™, Sarine’s New Chinese Name

In recent years, Sarine Technologies has expanded its reach in the diamond and jewellery industry throughout China. In 2018, Sarine opened a new Galaxy service center in Sha Wan Jewellery Park, in the Panyu District of Guangzhou. Sarine is very proud to work with outstanding diamond and jewellery brands in China, including Love & Co […]

World Famous Jewelers Series Part 6: Chopard

Once Upon a Time in Switzerland… Our tale begins in the village of Sonvilier, Switzerland where we find Louis-Ulysse Chopard, the second son of Félicien and Henriette Chopard. Félicien was a farmer but he encouraged his sons to enter the watchmaking trade. Louis Chopard had a talent for the craft and quickly built a reputation […]

Diamonds Are a Man’s Best Friend Too

When it comes to diamonds, the focus has mostly been on women in modern times. Diamonds, after all, are a girl’s best friend. Once reserved for royalty and the wealthy, the diamond ring has been the symbol of a man’s love for a woman in mainstream society for over half a century. However, with changing […]

New Diamond Experiences: Diamond Beauty Mark™ and Halo Clarity Grading

Shopping for a diamond is not what it used to be. As technology impacts the consumer world, diamond buyers are looking for more: more information, more accuracy, more transparency, and more engagement. The Sarine Profile™ digital diamond report is designed to create just such an experience. It goes beyond the standard, decades-old lab report, mostly […]

10 Fun Facts You Didn’t Know About Diamonds

What are the words that come to mind when you think of diamonds? Sparkle, romance, engagement, Marilyn Monroe, Tiffany, forever… But there’s much more to diamonds than weddings and pop culture. Diamonds are a wearable gemstone with a long history. From ancient times till today, myths abound about the power and value of diamonds. Of course, […]

[Audio] Podcast Interview with Sarine Chairman Daniel Glinert

Did you know that this year, Sarine Technologies is celebrating its 30th birthday? That’s right – Sarine was established in 1988 and the first machine developed by the company was the Robogem, a gemstone processing device. It was only a short while later that Sarine entered the world of diamonds. The story behind Sarine is […]