When Is The Best Month To Buy An Engagement Ring?
Many industries have specific periods during the year when genuine price reductions are offered.
This may be due to seasonal factors but in the vast majority of cases boils down to the same thing - a slow down in demand combined with excess supply.
Clothing retailers are a perfect example, offering substantial reductions on unsold summer inventory as autumn approaches.
So what about diamonds and engagement rings?
The honest answer is that it depends.
It is worth pointing out that some retailers are permanently running "sales" promotions, listing items with unrealistic "pre-sale" price tags alongside the current so-called sale price.
Leaving those aside, seasonal factors do have some influence upon demand, but these are not significant.
For one thing, the process of deciding to buy an engagement ring, researching what to buy and from whom and then having the ring created is often a protracted affair, rather than an impulse purchase.
And unlike a television or a new car, high quality engagement rings are rarely homogenous and therefore more difficult to compare in terms of actual value.
Nevertheless, the majority of engagement ring purchases are actually made between October and April with December to February the busiest.
The quietest month is typically August but it should be noted that this varies between retailers.
In terms of supply, very large retail chains tend to indirectly influence diamond pricing across the industry between July and August.
This is because wholesale buying decisions must be made at that time in anticipation of the busy final quarter. This in turn is met by an increase in the supply of polished, jewellery grade diamonds.
This surge in supply is not always met by sufficient demand, such that diamond prices tend to soften temporarily.
How much of a difference this makes to the retail price of an engagement ring is dependent upon several factors; primarily the carat weight, colour and clarity of the diamond.
Put simply, if you are looking to buy a large and higher priced E/VS1 round brilliant cut solitaire diamond ring from an independent jeweller, there is a good chance of negotiating a discount while the sun is still high in the sky.
In the case of a diamond ring set with a smaller solitaire diamond, there won't be much by way of reductions in cost to pass on.