In the State of Illinois it is considered deceptive marketing to use the words “Wholesale diamond prices” if the company selling the diamonds sells directly to the consumer ( See (815 ILCS 505/2CC)Sec. 2CC. Wholesale advertising. @ http://www.ilga.gov/legislation/ilcs/ilcs3.asp?ActID=2356 ). This is because by definition the word wholesale means (directly from Google) -
Noun: 1. the selling of goods in large quantities to be retailed by others.
Adverb: 1. being sold in large quantities to be retailed by others.
Adjective: 1. on a large scale; extensive
My Father wholesaled diamonds for almost 20 years before deciding to open Cottage Hill Diamonds in downtown Elmhurst. Because of this we offer extremely competitive prices on all the diamonds we sell. What separates us from other diamond retailers is that we carefully hand select the diamonds you see in our store (see How We Buy Our Diamonds). Instead of buying diamonds in parcels, we purchase them individually after sorting through hundreds of diamonds to find the best cut, color, and clarity. No two diamonds are identical even if their 4 C’s (cut, color, clarity, and carat weight) are the exact same (For information on the scales used to grade diamonds click here). This is why if you go to a site like Blue Nile and search for a specific color, clarity and carat weight you will see a vast difference in price. The cut of a diamond is the majority factor when determining a diamond’s value. Round Brilliant Cut diamonds have specific measurements used to determine how to get the best light return (known as scintillation or sparkle) from the rough diamond. The job of the diamantaire is to maintain as much of the diamond weight while getting it as close as possible to optimal RBC measurements. Fancy shapes are a whole other story that I will save for another post. The cut, in combination with the clarity, color and carat weight, determines the brilliance. The more brillaint the diamond, the higher the demand and therefore the higher the price.
Diamond inclusions come in many forms. The GIA (Gemological Institute of America) created the diamond grading scale back in 1952 to help create a standard within the jewelry industry. While this is very helpful for wholesalers and consumers alike it is far from a perfect system. Every diamond is unique it must be graded by a human. Technology assists with this process but the final decision is still made by a human. There are different grading houses (GIA, EGL, AGS, IGI, etc.) and they can have slightly different standards. Even within the same grading house there can be differences of opinions based on who is working that particular day. We have a wide selection of diamonds with different lab reports because we do not buy our diamonds based on the lab report. Instead we look at each one individually and compare them to others side by side under a high powered light. What we look for are white scattered inclusions vs. concentrated black carbon crystals (black “piques” as they are known in the industry, tend to hide when the diamond is clean but will show up to the naked eye when the diamond gets dirty or is viewed in low light). We also look for “eye clean” diamonds. This simply means that it is difficult to see any inclusions without a loupe or microscope. We like to buy diamonds that are right on the upper edge of their grade (for example a SI-1 that in our opinion is closer to a VS-2 than an SI-2 or a G color diamond that is closer in color to a F than a H). This is where the value of buying a hand selected diamond comes from. A majority of what you read online will tell you to be sure and buy a diamond with a lab report therefore a majority of the diamonds we sell do have a GIA, EGL, AGS, or IGI lab report. But, in our opinion, it is more important to trust your jeweler than to trust the lab report. Only you can decide if the diamond you are buying speaks to you. That is why we always show several side by side so you can make an informed decision and pick the perfect diamond for you or your loved one.