How much does a 1-carat diamond cost? Here's the latest update for 2024. First, let's get to know the "carat" of a diamond. A carat is a unit used to measure the weight of diamonds and other gemstones, such as rubies and sapphires. Carats are a global standard. A 1-carat diamond weighs 0.2 grams or 200 milligrams. "Tang" is a smaller unit: 1 carat is equivalent to 100 tang. For example, a 10-tang diamond is 0.10 carats, or 20 milligrams.
Price of a 1-Carat Diamond in 2024
The price range for a 1-carat diamond is between 80,000 and 600,000 baht. You can see that this is a wide price range because the price depends on many factors, such as the quality of the diamond (the 4Cs: Color, Clarity, Cut, and Carat). A certificate also affects the diamond's price. Diamonds with a GIA certificate are often more expensive than those without one or with a certificate from other institutions because the GIA certificate, issued by the Gemological Institute of America, is globally recognized.
What You Need to Know About Diamond Carats
When measuring diamond weight, there are two golden rules you need to know:
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Diamond weight is always called carats. If a 50-tang, or 0.5-carat, diamond is priced at 90,000 baht per carat, the price of that 50-tang diamond would be 90,000 baht x 0.5 carats = 45,000 baht.
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The price per carat increases as you move into higher weight tiers.
Many people have the misconception that the price of a diamond will be higher if its carat weight is higher, which is true but not always. Diamonds are products bought and sold based on emotion rather than reason. For example:
A 0.99-carat diamond is only about 1% more expensive than a 0.98-carat diamond. However, when compared to a 1-carat diamond, the price difference is as much as 5-15%. This is because a buyer can proudly say, "I bought a 1-carat diamond!" with more satisfaction than saying they bought a 0.99-carat diamond. This is all pure psychology.
Globally Referenced Diamond Prices
Commercial products, whether it's pork, duck, chicken, or agricultural goods, all have a central reference price—and diamonds are no different. The global reference price for diamonds is called the "Rapaport Price List" or "Rap List." The prices are updated every Friday. Normally, the price doesn't change much, unlike the highly volatile price of gold. This makes diamonds a worthwhile investment, especially for people who dislike risk. If you hold onto them for a long time, you will likely sell them for a profit.
Tips for Buying a Diamond
If you look closely at the Rap List table, you'll see that there's a significant price difference between a 1-carat D/VVS2 and an E/VVS2 diamond. However, the price difference between an E/VVS2 and an F/VVS2 is not much. This means that if you decide to buy an F/VVS2 diamond, the price will be significantly lower than a D/VVS2. Why is this? No one can really say. As mentioned, diamonds are bought and sold based on emotion rather than reason. Therefore, when you decide to buy a diamond, you don't always have to choose a high-spec one, unless you have an unlimited budget or a personal preference.
To summarize, the price range for a 1-carat diamond in 2024 is approximately 80,000 to 600,000 baht. The price of a diamond depends on many factors and can be checked using a central price list, or Rapaport Price List. Diamonds are products bought and sold based on emotion, not reason. For those who want to invest in diamonds, it is recommended to buy high-spec, high-grade diamonds because they are easier to buy and sell. The low price volatility of diamonds makes them suitable for long-term investment.