|
 An
Informed Consumer is a Savvy
Consumer.
The diamond trade is not
regulated and it is very
different from selling widgets.
The price of a diamond is
often based on a perceived
value and believe it or
not - also based on consumer's
knowledge. What you do not
know can affect the price
you will pay for the diamond
jewelry you have fallen
in love with.
There are basically some
rules that can help you
become a savvy diamond jewelry
buyer:
-
Buy Only from a Reliable
Source:
Only buy from a retail
jewelry store and an
online store you can
trust. What does that
mean? It means that
buy from a jewelry store
that displays its prices
clearly, is a member
of one or more industry
groups in good standing,
check references and
reputation and someone
who you can go back
to if there is a problem.
Online jewelry stores
provide the same value
and are reputable as
well. In fact, their
mark-up or profit is
not as high as a brick
and mortar store. Therefore,
you can find savings
in their prices. Before
buying, check their
online reputation, check
their return policy,
industry group membership
etc. The best benefit
we have today from the
internet is you can
do a price comparison
instantly. We recommend
that you should check
the price on the internet
of the jewelry design
that you have liked
at a retail jewelry
store - prior to making
the purchase
-
Know the Basics of Diamond
Jewelry:
Don't demonstrate ignorance
of diamonds. That is
an invitation to a higher
quote - especially from
someone who sells you
in person. Know the
4 Cs, how the price
is controlled largely
by the 4 Cs, certification,
what is GIA, AGS, The
Rappaport Report, and
so on. If you know these
things enough, the chances
are that a retail jewelry
store will hesitate
to markup the price
higher.
-
Stay Away from Illusionary
Discounts:
Think hard about a place
that offers unrealistic
and too good to be true
prices or discounts.
There are only 2 possibilities.
Firstly, if the deep
discounts (such as 30%,
40% 70% or 80%) are
true, the original prices
must be outrageously
overpriced and the discounts
are just illusionary.
Secondly, the merchant
is really taking a 70
or 80% loss. Try to
figure that out. In
almost all cases, the
first scenario takes
place and we all fall
for that trick.
-
Leverage the Power of
the Internet:
Even if you do not buy
on the internet, the
advantages that internet
has brought to the consumer
cannot be denied. You
can do a price comparison,
check a merchant's reputation,
complaints against him/her
by past customers, look
up a trade report, read
its history etc. These
advantage were not available
to the consumer just
about 30 years ago.
Our previous generation
had to be content with
a trusted 'family jeweler'
who was always right
- largely because you
knew him and he was
a good guy. The internet
has challenged that
belief.
-
Find a Design you Like
and Do Price Shopping:
Don't rush to make a
purchase. Take your
time to compare the
price elsewhere including
on the internet. Understand
what makes the price
- the diamonds, 14K
gold (yellow and white)
casting or shank, type
of ring setting, certification
cost etc. and figure
what the right price
should be. Short list
places that offer a
good product, a good
price and purchase and
return guarantees. Negotiate
and get the best deal.
Being Savvy will
Win the Day
You will notice that just
like any thing else in life,
being savvy will save you
money and save you from
a bad experience. There
is no alternative to it.
Your family jeweler or any
merchant is not the alternative.
There is a lot sweet talk
and promises in this process
but it is going only you
who can do good to yourself
in buying a good diamond
jewelry design.
|
Know the 4Cs of
Diamond
