Set Budget or Set Stone?

[slizatch]

Well I''m back with another one. This might actually have some merit.

Do you think it''s better to set a budget or decide on a stone?

Let me explain. A lot of times when I make a major purchase I say ok I''m not going to spend anything more that $5000 and then I try to get as much as I possibly can for that 5K. I''m wondering if you all think that''s the best aproach OR should I say I want setting X and a 1.5 very good cut diamond then see what the lowest price I can find is?

Just trying to narrow things down. As always thanks to all who respond.

 

[fire&ice]

Thing is only you know your financial situation. Everyone is different. What do you want & how does that fit into your budget? It's all relavent. Diamond buying is a balancing act.

 

[slizatch]

Very good point. Here's what I'm struggling with I had orginally said that my budget would be 10K. However as I've looked around I've found a WIDE variety of stones that all fall into that category. I was originally thinking about 1.5 but as I search on line I see that I can probably get something larger than that and still get a very good cut stone. So now I'm strugling to decide do I keep that original budget and get the most I can for that $$ or do I stick with the 1.5 size and see what the best deal is that I can get.

 

[JustCut]

"....I say I want setting X and a 1.5 very good cut diamond then see what the lowest price I can find is?..."

Putting this in the wrong order I think. I am going to first determine how much I can spend and then determine CCCC's.

 

[knowverylittle]

As fire&ice said only you can decide what is important to you. This forum should help you make an educated decision and not be ripped off.

I started out thinking a VVS2/1 in ~1.5 carat (~$15K) was what I should get before hitting this and other forums. Eventually I decided that over a carat it too flashy and decided on a D/E color - I may even spend under $5K!!. Do many others agree with me? Nope, they all have their own preferences. Take your time, research and buy what makes you happy being safe in the knowledge you knew something about what you spent $5-10K on! I can spend my savings on an a 2004 CBR600RR

(Kidding I was buying it regardless)

 

[Patty]

I'd stick with the original size and setting and get the best deal on that ring. If you want to upgrade a little because you feel like you've discovered how to really save money by doing your research, go up a little in the size of the diamond. But no, I would not try to spend the whole $10K just because that was what you thought you HAD to spend to get the ring of your dreams.

 

[pqcollectibles]

I would suggest, it you haven't already, get out and look at diamonds. Look at well cut diamonds to get a good feel for what you can and cannot live with in the color and clarity ranges. You might find that a G or H color, VS2/eye clean SI1 will work great. That will maximize your budget.

Check out carat weights in relation to physical size too. As Know commented, Know started looking for 1.5 carat and decided 1 carat was better. You may see a well cut 1.5 carat and decide you really want to 1.75 or 2 carat.

Also look at rings while you're at it. Get a feel for what you want in the setting and how much that is going to cost. There is the metal choice to consider. Do you want side stones, and if so, what type and how big? Do you want a ready available set such as Scott Kay or Vatche, or do you want a custom designed ring? Lots of possibilities!

You have a liberal budget giving you a WIDE range of possiblities.

 

[Mara]

Setting a budget is hard work when it comes to stone shopping. I think that most of the people here tend to go over the budget somewhat, or blow it out of the water.




My two cents is to set your max budget but keep it loose. Know that you can go slightly over and still be okay should the right stone come along. Then look for the stone , start with the most strict specs and then work from there. If you can get the 'dream stone' for your budget, excellent! Sometimes there will be things you will have to weight in importance (e.g. I could get a H&A with .15c bigger for another $1k...is it worth it). Try to stay unemotional and rational when purchasing, otherwise it's very hard to make the educated decision.

My opinion:


a) set the budget or know what your ranges are


b) set your 4c priorities (e.g. cut then color then clarity then carat or similar)


c) start window shopping--use your 'dream stone' as the benchmark

 

[sxn675]

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On 12/11/2003 12:32:16 PM slizatch wrote:

Very good point. Here's what I'm struggling with I had orginally said that my budget would be 10K. However as I've looked around I've found a WIDE variety of stones that all fall into that category. I was originally thinking about 1.5 but as I search on line I see that I can probably get something larger than that and still get a very good cut stone. So now I'm strugling to decide do I keep that original budget and get the most I can for that $$ or do I stick with the 1.5 size and see what the best deal is that I can get. ----------------

Well, what kind of a person is your GF? Is she a "bigger is better" person? What size rings do her friends have? Will she want a diamond wedding band? If your budget is 10k, it might be a good idea to set aside 2k for the wedding band so that you can get her any band she wants. Then, you can still get a beautiful stone/setting for 8k. Good luck!