Diamond jewelry has a class of its own, creating an aesthetic appeal like no other metal or stone. Perhaps, it’s one of the most royal feelings when you wear a diamond pendant or a solitaire wedding ring to a party or gathering.
But diamonds have always held a prestigious standard, making them hard to buy. Especially some rare and colored diamonds, like blue and pink diamonds, are extremely expensive and often out of budget for most consumers.
However, some recent sales trends suggest that diamond prices are lowering, which has directly impacted diamond jewelry, engagement rings, wedding bands, and more.
But what makes diamond rings so affordable these days? Are there more buying options? We will find the answers to such questions in this post. Find out all you need to know why diamond engagement rings are becoming so affordable these days.
1. Online Buying Options
Consumers are often too conscious about the selection of rings for special occasions. So, they explore different options to pick the best piece for their special day. Thanks to online buying options, it’s easier for buyers to:
- Set a decent budget
- Explore various options from different retailers
- Get a good value for their money
- Get high-quality engagement rings with careful planning.
As the online buying trend continues to grow, it will only help further reduce diamond engagement ring prices and make it a more affordable option for everyone.
Now, consumers have a wide range of options to choose from. For example, solitaire diamond rings are available in different diamond shapes, including:
- Heart-shaped diamond ring
- Emerald cut ring
- Trillion-cut diamond ring
- Princess-cut, and many others
While buying a solitaire ring with diamond band for your partner, you can go through multiple online stores. Solitaire engagement rings are available in a wide range based on the diamond shapes and sizes. You can pick different combinations, mix and match, and leave the store without feeling guilty and ending up buying a ring under pressure.
Some of the other significant advantages of online stores include the following:
Better Prices Than Physical Stores
Physical stores are pricier because of overhead costs like shop rent, utilities, etc. On the other hand, online stores are free of such overheads to offer a better price for the same jewelry. For example, let’s say you were looking for a 3-carat diamond ring. You will get a much lower price at an online store than at a physical one.
Moreover, it’s more cost-efficient because you don’t need to spend fuel, pay for parking, and deal with salespersons on the shop floor. Typically, online stores can be 20 to 30 percent cheaper than physical stores.
Gain More Knowledge
It’s pretty standard for anyone to have insufficient knowledge about diamond jewelry, especially if you’re choosing a solitaire engagement ring for the first time. And it works well for sales professionals at jewelry shops.
When you walk into a physical store, it doesn’t matter how much research you have on the subject. You will always end up doubting yourself in front of a professional seller.
But thanks to online stores, it’s easy to find essential information about the size, cut, shape, and types of diamonds. This information becomes more significant in the case of solitaire engagement ring because it has one big diamond – and it has to match your attire.
Hence, it evens the playing field, allowing consumers to choose more wisely. Hence, they can get their desired diamond jewelry at a much more affordable price.
2. The Rise of Lab Grown Diamonds
One of the significant reasons that diamond rings are more affordable than ever is the rise of lab grown diamonds. Now, it’s highly convenient for anyone to buy a diamond ring made from synthetic diamonds. Astonishingly, lab grown diamonds beat mined diamonds in sales in 2021.
Therefore, as the competition becomes more challenging, it’s understandable that the prices will lower for natural and lab grown diamond rings, making them more affordable for everyone.
Over the last few years, ordinary consumers have seen a global surge in the acceptance of lab-created diamonds. People are more willing to buy synthetic diamonds.
In fact, customers who go with eco-friendly options now prefer lab-made diamonds for different purposes. They mostly buy wedding jewelry, tennis bracelets, engagement rings, etc., that feature lab grown diamonds.
These diamonds are produced in a controlled lab environment, allowing mass production of such rare stones with better control, consistency, and quality.
Interestingly, lab grown diamonds have the same chemical and optical properties as natural diamonds, making them very difficult to distinguish from natural diamonds. Some of the essential things to know about these diamonds are:
- Lab grown diamonds are customizable, so they can closely mimic a natural diamond’s color, cut, and shape.
- These diamonds are 30% cheaper than the original diamonds
- Lab grown diamonds are becoming increasingly popular because of their quality and cheaper prices.
The trends suggest that lab grown diamonds will eventually rule the jewelry market, meaning that there will be further clashing of diamond prices in the future.
3. Drop in Demand During the Pandemic
While the pandemic may be gone for nearly two years, it has negatively impacted diamond prices globally. During the pandemic, some of the major diamond producers in the world had to cut down prices by ten percent due to low demand.
Even though things have changed dramatically since the pandemic, diamond engagement ring prices have been more competitive and relatively lower than they were before the pandemic.
Moreover, as artificial diamonds have become more popular, the rise of diamond prices hasn’t been as quick, allowing consumers to buy diamond jewelry and rings at affordable prices.
4. Financing Options
Many retailers and online jewelers offer purchase plans for consumers. These retailers make it more convenient for buyers to choose their desired wedding ring shapes and diamond styles, providing them with customized payment plans.
Moreover, the retailers can help in setting a budget and helping pick the most affordable engagement ring for their customers. Some of these plans are interest-free with no hidden charges.
As a result, customers feel more empowered and find themselves in an excellent position to buy their favorite engagement rings. For them, what was once an out-of-budget engagement ring is now affordable, thanks to customized payment plans.
Diamond engagement rings have become affordable due to many reasons. More awareness, buying options, and lab-created diamonds have been some significant contributors making diamond rings affordable for all.
As consumers take more interest in diamond jewelry, the affordability and production technology will only get better for the consumers.