Buy a Diamond Ring – But Don’t Be Duped
When you buy anything of value, whether it is a diamond hk ring or a house it is always a real concern that you will be taken for a ride. Often when you buy a diamond ring you can be seen as an easy target. Unfortunately, like most other industries, you have your honest and dishonest diamond retailers. But by being aware of some of the common tricks and tactics that they use, you can avoid the vast majority of rip-offs.
You see a sensational ring that has a great looking diamond in the middle surrounded by smaller diamonds. There may even be diamonds set into the band. The tag says 2 Carat (ctw) and yet it costs far less than the single 2 Carat solitaire diamond next to it.
CTW stands for carat total weight and as the name suggests it is the sum total of the Carats in all the diamonds on the ring. Your fabulous ring may only have .5 Carat in the large diamond and 1.5 Carat in all the smaller diamonds put together, giving it a total carat weight of 2 Carat (ctw).
As it is far harder to find a large diamond than a small one, bigger is definitely better when it comes to diamond value. This is why the 2 Carat solitaire diamond is worth far more than the 2 Carat of diamonds in the ring that you like.
To ensure that you get the best value ring, make sure that you see the grading certificate of the center diamond, this will tell you the Carat weight of that stone. If the store won’t show you this, then leave.
The ‘Grade Bump’
Did you know that jewelers are actually allowed to advertise a diamond as being one grade more than it really is? This means that an advertised 1 Carat diamond with a color grade of G, and clarity grade of VS1 could actually be a .90 Carat diamond, with a color grade H and clarity of VS2.
Most people say “so what, they both look great don’t they?’ But at the time of writing, the premium cut diamond advertised is worth around $6,500, whereas the premium cut diamond that you are actually getting is only worth around $4,300. You could have bought the setting for your diamond with the price difference.
To avoid this, always insist on seeing the GIA or AGS certification for your diamond. They are the only way to insure that your diamond is exactly what they say it is.
Many diamonds are laser drilled to make any imperfections disappear – this makes them look better, but also makes them more fragile and less valuable. If a diamond has been laser drilled it will be noted on the grading certificate.
The Blue-White Diamond
If you go to buy a diamond ring and the assistant tries to sell you a ‘blue-white’ diamond for a massive price then walk out immediately – this phrase has virtually been outlawed by the FTC. Even if the diamond is a blue-white one, it makes it of lesser value than most others, not greater.
There are certain districts that are a mecca to the average person looking to buy a diamond ring. The most famous is the New York Diamond District on 47th Street.
While it is the place that major diamond deals are done, they are certainly not done at street level. The places that are on the street are notorious for elaborate swindles and scams that even the most experienced jeweler has trouble spotting. Steer well clear.
The Diamond Switch
This is the one that everyone dreads. You pay for one diamond to be set in your ring and actually get another. There is only one way to deal with this – prevention.
When you buy your diamond get the assistant to write on the receipt the exact Carat, color, clarity grades and the diamond dimensions on the receipt. Check these against the diamond certificate when you pick the ring up.
If you do nothing else when you buy your diamond ring, please make sure that you get a certified diamond from a well respected lab like GIA or AGS. This is the best way to protect your investment.