"December is the biggest month for diamond sales of the whole year," Butler says.
While not all diamonds are on sale, when you do find a bargain, it's likely to be in the 30 percent to 50 percent off range, he says.
Consumers should see some bargain prices on trendy jewelry, too, Butler says. With trendy jewelry and "bridge" jewelry (a category between trendy and fine jewelry, often with semiprecious stones), shoppers could find discounts from 25 percent to 50 percent off "depending on what it is," he says.
No matter what type of jewelry you might be seeking, bargains are available, Butler says. "It's such a competitive time," he says. Retailers "are trying to capture the business."