5 Things You Should Know Before Buying At A Diamond Auction

Whether you’re buying an engagement ring or want to invest in diamonds, you should try heading to an auction. In recent years, the most popular auction was the last Argyle Pink Diamonds Tender by Rio Tinto. After almost 40 years, the Argyle Mine closed for business in 2020. Fortunately, there are still other pink diamond mines in other countries where high-quality diamonds were found. This year, the highest world record pink diamond was sold at Sotheby’s. So even after the closing of the biggest diamonds mine, there are still other ways to have the diamonds you’ve been dreaming of. There are many ways to acquire diamonds. However, bidding at an auction is a great experience. Moreover, you can score a great deal out of the most famous stones in the market. So if it’s your first time joining a diamond auction, here are the things you should know before bidding!

1. Know the 4Cs

The clarity, cut, colour, and carat are the 4Cs that everyone in the diamond world should know. And even if it’s your first time buying a diamond, you should also know its importance. If you’re interested in buying a colourless diamond, you need to study everything thoroughly. On the other hand, if you’re interested in fancy-coloured diamonds, you read about carat, cut, and clarity. The main C you need to know is the colour. Here’s an overview of the 4Cs: Clarity- although it’s not easy to find out the clarity rate of a diamond, you can practise it using the proper device. Meanwhile, you can also ask an appraiser to help you. Clarity is checking how flawless the diamond is, and if doesn’t have blemishes. Cut- is determined whether the points are shaped perfectly. However, the common misconception is that cutting is all about the shape of the diamond. But instead, it’s how the diamond is cut to maximise its ability to sparkle. Carat- is simply the weight of the diamond. However, it depends on the quality of the diamond to determine the total price. Colour- the less the colour of the diamond, the higher its value. Although there’s a difference in how fancy-coloured and colourless diamonds are analysed, it’s still applicable to both.

2. Check if the auction is legit

Not all auction houses are famous. That’s why, before joining, it’s necessary to check if it’s certified. Furthermore, you can find diamonds with better value when you’ve heard about the name of the auction house before, especially if it’s just around your area. If the auction announcement was done months or weeks beforehand, you still have enough time to research and look for past auctions in the place. Aside from that, it’s also essential to check if there’s enough security in the area. You can also ask your family and friends if they’ve already tried buying anything from the auction house you’re planning to go to.

3. Know the terms of the auction house

Nowadays, there are many forms of auctions. If you’re familiar with live auctions and silent auctions, then there’s a start. However, you can now try the online auction. In an online auction, people can bid on the item depending on how long the timer is running. It can be days or weeks. But once the timer is over, the item goes to the highest final bidder. However, if you don’t trust online bidding, you can always visit auction houses and experience bidding where you can actually see the diamonds.

4. Research more about your interest

Are you looking for something specific? Diamonds are rare, and it’s normal that a piece of diamond is the only one in the world. So before you attend an auction, prepare yourself and do some research about the diamond that caught your eye. Whether it’s a diamond ring or a necklace, you should take some time to assess how high you can bid. Of course, it would be a shame if you didn’t get what you want, but that better than getting it without knowing how to pay for it. Meanwhile, there are also instances when a bidder gets the diamond they want but turns out they paid a lot more for its market price. So before you raise your number, make sure you know everything about the diamonds you’re interested in.

5. Ask for professional expertise

Aside from doing research, if possible, you should also ask an expert’s opinion. It can be a jeweller or someone who knows a lot about diamonds and auctions. That way, they can give you advice that you can use to win the items you want. Although online research can be a great help, it’s still better to hear from someone who knows the in and out of the auction world. So don’t be shy to ask someone you know about how auctions work. Are you excited to try bidding for the first time? We hope these tips help you to get started, and don’t forget to share your experience by leaving a comment below!     ABOUT THE AUTHOR: Aliana Baraquio is currently writing for Musson Jewellers Australia, a rare and enduring jewellery design business that has been providing the finest jewellery for over 40 years in Sydney. Her free time is composed of her phone and new comics to read on.