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If you are looking for a new piece of jewelry, you might think your best bet is to go to a retail store. You probably want to see the piece in person, and the quality is probably good. However, you may be paying a huge amount of markup! The best way to save on jewelry is to be smart about it and realize it’s more like buying a car than buying clothes. Here are my tips to save on jewelry, for both small and big occasions!
How to Save on Jewelry
Everything in a jewelry store is negotiable.
Big or little purchases, depending on the size of the purchase, you could save between 15-50% just by negotiating. This applies to large chain stores and mom and pop locations.
Always research and don’t buy on the spot.
We should do this with every large purchase! You will find better prices and other options to buy from, and if you head back in they will be more willing to negotiate down.
Know when to buy—March is the best month!
The best time to buy brand new jewelry is starting in March after the Holidays and Valentine’s day. Just make sure to shop before Easter when stores then switch into another peak season for Mother’s Day.
Be a Savvy Diamond Shopper
If you’re looking for a certain carat weight diamond, go just under the quarter mark (i.e. .25, .50, .75, 1, 1.25…) you’ll save way more since the price for diamonds jumps every time you hit that quarter “mark”. So a .49 carat diamond would cost a LOT less than a .50 or .51!
Another thing to consider when shopping for diamonds is to check the prices of lab-grown diamonds. These aren’t cubic zirconia, they’re identical to diamonds grown in the earth in every way, right down to their chemical makeup. The only difference is where they’re grown. But going this route can easily save you over half!
Sell or trade old jewelry to bring down your costs.
Many jewelry stores will allow you to sell or trade old jewelry and precious stones/metals for partial payment on your new jewelry. My husband and I traded old gold jewelry (broken chains, etc.) to melt down and make custom wedding rings. We only paid for the jeweler’s time to make it, which was nothing compared to what it would have cost to buy something new.
Check pawn shops, auctions, and consignment shops.
Many items at these stores will be a fraction of their retail cost. If you are going shop retail, stick to small, locally owned stores as the national chains are known to mark up prices over 500%!
Do you have any tips for how to save on jewelry? Let us know in the comments!