The timing of the occasion and your budget drive the best time to buy fine jewelry. These are the pieces that can mark a life-changing event, symbolize your love and go on to become treasured family heirlooms.
There is a best time to buy just about everything, and most jewelers offer sale pricing a few times a year. If you're in the market for an engagement ring or looking to treat yourself to a new pair of earrings, here's the inside scoop for the savvy fine jewelry shopper.
What Factors Affect the Price of Fine Jewelry?
Many factors affect the price of fine jewelry. The cost of metals and stones, the amount of labor, and where jewelry is made affect the retail price.
Gold prices fluctuate daily. Some retailers reprice jewelry regularly as material costs go up or down. While this can look like profiteering, it's really about the replacement price. Suppose it costs more to replace that item than you paid for it originally because the cost of raw materials has increased. Without a price adjustment, the jewelers' profit is reduced or eliminated.
Think of fine jewelry as one of the few things you can buy that will last forever. Fashion jewelry quickly goes out of style as trends change. It is often made of base metals and imitation stones.
More Jewelry Choices in November & December
The best deals on gold and silver jewelry begin in November when the holiday sales officially start. Many stores offer incentives like a gift with a purchase or discounts on colorful gemstone jewelry. Others concentrate their marketing on Black Friday, Small Business Saturday, and Cyber Monday. Jewelers also purchase lots of new pieces for the holidays, so there's a greater variety of styles and price points.
Gold & Silver are Best Buys from January to March
Precious metal buyers know that the best time to buy is at the beginning of the year. The lowest price of gold typically occurs around the second week of January. The price usually rises through the end of the year, with another dip between April and June. Gold and silver jewelry prices are lower after the holiday, as jewelers offer discounts on the pieces that didn't sell in November and December.
Late May to the End of June
Retailers often plan a special sale during these months to help consumers make the most of windfalls like tax refunds, Mother's Day, and Graduation gifts.
It also encourages consumers to make purchases at a time when jewelry sales are slower. Historically, in late June, prices of rare metals dip across the globe, which means you have more negotiating power on prices.
Tips for the Best Times to Buy Fine Jewelry
- Always determine a budget before you go shopping for jewelry.
- Make big purchases either right before or right after the holidays.
- Always ask to see your jeweler's finished goods, aka in-stock items.
- Watch the gold market so you can buy when the market dips.
If you'd like to learn more about purchasing fine jewelry or are considering a custom-made piece, schedule a complimentary consultation with Daniel Diamonds and find out what's possible!