Know this: Bling may indeed be a girl’s best friend but the real,
inside diamond dealers are one step away from La Cosa Nostra.
And, these guys are like magicians – they don’t tell their
secrets. We’ve had to deal with a number of them to get you this
information and we’re considering installing new alarm systems.
And taking a shower.
Here’s what everyone will tell you determines the value of a diamond –
The 4 Cs: Carat, Cut, Clarity, Color. Go to gia.edu and diamondinfo.org to get all up to speed.
Now that you know what to look for, what you should also know before buying one.
Thing No. 1 Feel free to take the romance out of it.
ABC
News did a comparison shop and managed to buy a diamond similar to one
they purchased at Tiffany for $6,600 instead of $16,600… at
Costco! Now, the diamond was not of identical quality, but apparently
very close and experts said that the average retail price for a diamond
of that quality was $8,000. The lower the dealer’s overhead
costs, the better your chances of getting a lower retail cost.
Thing No. 2 Don’t assume the diamond district or a jewelry mart is the best way to go.
Some big cities have these. The
general idea is that everyone is clustered together under one big roof
(usually in a downtown area), which reduces their costs, which they can
then pass onto you. Well, that’s all well and good and yes,
you’ll get a better deal than you will at Tiffany but, these guys are
savvy, there’s some tourist trap built in to the idea and these
“showrooms” are not that cheap. Do check it out but also look for
out of the way dealers with a lower profile shop.
Thing No. 3 There’s no such thing as “Wholesale Prices.”
In order to get a wholesale price, you have to be a registered jewelry
dealer. This is a come on in all cases. Our favorite is
“below wholesale.” Good Lord. Know the average sale
price. Once you know the details of what you’re looking for check
out the Price Database tab @ www.diamondreview.com, This is an
independent, editorial source and they survey thousands of retail
quotes and prices that buyers paid.
Thing No. 4 Go online to see what turns up.
A search on
www.mysimon.com might reveal a dealer that you didn’t know about or an
outlet of one of the majors that has something that you want so you
won’t necessarily have to buy it online. If you are thinking
about taking the online plunge, make sure you are covered with these
things:
• A written 30-day “unconditional” cash refund
policy. Not 7 days. Not only under certain circumstances.
• A certificate from GIA or American Gem
Society. (Not IGI or EGL – these labs are noted for exaggerating
their ratings and are not considered trustworthy by insiders.)
• A dispute clause with your credit card company
If you’re really a hard-core shopper, and you know exactly what you
want (back to that 4 C’s thing) there are databases online that can
tell you who has a match for the diamond you’re searching for.
You can Search by Cut @ www.pricescope.com. While you’re at it,
it wouldn’t kill you to drop in on some of the forums, as there are
very knowledgeable people there. We like RockyTalky.
A reputable online diamond vendor like www.bluenile.com will send the
diamond to a local appraiser in your area before you pay for it.
This is when you go and see the little gem in person and talk to the
appraiser about the price you’re paying. Check diamondappraisers.net for a list of independent appraisers in your
area.
Thing No. 5 Negotiate.
Once you have all your ducks in a
row and you can at least sound like you know what you’re talking about
and you pretty much know what’s out there price-wise, ask them to bring
the price down. This is going to get ugly. According to
www.consumersgemlab.com they’re going to try to “bait and
switch,” “if you buy right now” “manager approval” and a
combination thereof. You must stand strong. Stick to
exactly what you want and shoot for 10-20% below what he’s
offering. Sometimes you’ll get it and sometimes you won’t but,
you’ve got to find out the “rock” bottom prices before you buy.
And, if they can do it today, believe us, they can do it tomorrow.
Thing No. 6 Stick to the Moules Frites in Antwerp.
Antwerp is a lovely city. And it is indeed, the diamond capital
of the world but this is the belly of the beast when it comes to those
diamond dealers we were talking about. The only way you’re going
to get a better deal here than in the US is if you have a gun.
And btw: there seems to be some confusion that the so-called diamond
capital is Amsterdam. It’s not. They just both start with
A’s.
Thing No. 7 Get An Insurance Rider On A Loose Diamond.
Otherwise it won’t be covered while it’s sitting in your house, or
while it’s being appraised and set. You can get this added to
your homeowner’s policy for a short term.