Diamond Scams
Diamond scams are not popularly exposed. Perhaps because most scam in the diamonds world are minor. But from time to time, some major scams related to buying and selling diamonds is increasing. Diamond scam happened simply because most customers don’t know much about diamonds. Whatever reasons you buy diamonds for, a little knowledge is necessary. So you don’t get fooled easily.
Unfortunately, one of the common scams was engaged by most jewelry store. The Carat Total Weight scam is where the jewelry store participate into. This is only a simple example. The tag on the piece of jewelry, usually a ring, only states the total carat weight of all diamonds in the piece, instead of listing the total weights separately for each diamond. This leads consumers to believe that the main diamond in the piece is actually bigger than it is. Ask what the total carat weight of the center stone is.
Also beware of fractions. Jewelry stores are allowed to round off diamond weights. This means that if the jeweler tells you that it is a ¾ carat diamond, it is probably between ½ and ¾ carat – but closer to ¾.
Jewelry stores often run ‘fluorescence’ scams to varying degrees. Referring to a diamond as a blue-white diamond is such a scam. A blue-white diamond sounds very unique and special, but in fact, this type of diamond is of lesser quality – even though the jeweler will try to make you think you are getting something special. Jewelry stores also like to show their diamonds in bright lights. Lights make diamonds shine. Ask to see the diamond in a different, darker type of lighting as well.
Some truly unscrupulous jewelers target those who want appraisals on diamonds that were given to them as gifts or those were purchased elsewhere. They will try to tell you that the diamond is worthless, or worth less than it actually is worth – and offer to take it off your hands or trade it for a much better diamond, along with the cash to make up the difference. This is called low balling. Get a second, third, and even a forth opinion before taking any action.
Another common dirty trick is to switch the diamond you have chosen and paid for with one of lesser quality and value when you leave it to be set in a piece of jewelry, or leave a diamond ring to be sized. The only way to avoid this is to do business with one trustworthy jeweler. Avoid jewelers that you have not done business with in the past.
Use you best judgment with the utmost care and consideration. Purchasing diamonds should be fun without those kind of scams.
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This post has one comment
March 25th, 2009
Thank you for sharing those scam tips. I think you will save people a lot of money and a lot of heartache. I have two more to add:
1. Buy the diamond and the setting seperately–or at least get the prices for them apart. That way you can compare the diamond’s price with other diamonds just like it with a search engine (like diamondpriceguru.com/ or another one). Some retailers mark up their pre-set rings up to 30% more than if you buy the pieces apart.
2. The carat (weight) is just one factor in the diamond’s price, but each time you go up a bracket (0.5-1, 1-1.5, 1.5-2, etc.), you’re being charged a higher price per carat. So, pick a carat weight that is slightly below (instead of above) the bracket’s top number, and you’ll save.
Thanks!