Diamonds Scams And Frauds You Should Know About

Scams and frauds have been around for hundreds of years. Someone is always trying to turn a fast buck at the financial cost of another person’s pocketbook. The diamond industry isn’t immune to scammers. There are some serious scams and fraudulent practices anyone looking to purchase loose diamonds or diamond jewellery should be aware of. Here’s a brief breakdown of the most common ones.

An appraisal and a certification are the same thing

Not! In fact, there is a huge difference between the two that could cost you thousands of dollars if you don’t know what it is. The difference? One is an honest, un-biased opinion; the other is not.

When a diamond has been certified it means an independent gemological laboratory has carefully inspected the diamond, and placed an honest, educated grade on the diamond. When a diamond has been appraised, it means a value has been placed on it by the store or jeweller who is trying to sell it. This opinion is highly biased!

Never purchase a diamond based on an appraisal, but instead, make sure it has been certified. This will ensure that the grade/rating it has been assessed is accurate.

Approximate carat weight verses carat total weight

Many jewellery shops will advertise diamonds in approximate carat weight. This isn’t a true account of what the actual weight of the diamond is. The two terms can confuse a consumer, and make them think they are buying something they really aren’t.

Always insist on knowing what a diamonds total carat weight is. This number is the actual carat weight of the diamond, and not an approximation designed to mislead you as to what the carat weight actually is.

Retail Prices Slashed!

Ever wonder how a jewellery store can afford to sell their diamonds and diamond jewellery for so much below the actual retail price? Well, the reason they can do this is because they can put whatever retail price they want on it.

For instance, they can take a loose diamond that is worth $475.00 dollars, and say that the original retail price of it is $1200.00 dollars. Then they sticker shock you with an ad that claims the diamond is on sale for a remarkable $450.00 dollars which is a huge savings off of that original retail price.

Problem is, that’s not the actual original retail price so you’re only saving $25.00 dollars instead of $750.00.

diamond-ringsThe best way to prevent yourself from getting caught up in this marketing scam is to shop around and compare prices of similar diamonds. You’ll have a better chance of finding out what the actual original retail price of the diamond was. Then, you can compare it to what it’s being sold for, and come to your own conclusion of whether it’s a great deal or not.

Remember, diamonds are beautiful, stunning gems that sparkle and catch the eye whereas some jewellers are sneaky, and crafty business owners that try to use sparkly slogans to catch your eye, as they try to convince you you’re getting a deal you’re not really getting.

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May 2024
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