Top 20 Diamond Scams

The 20 most common scams in stores
and 13 precautions to avoid them.



How Do I Know What Price To Sell My Diamond?

“I have a diamond ring that I ‘need’ to sell. I have the EGL
certificate, original receipt, insurance cert and RAP as of June 2014
which is $19,000.”

This involves a little mini-lesson in diamond pricing and an overview of the market. I know it sounds oversimplified, but… The only way to sell a diamond is to find a buyer. The only way to know the price is to see what they offer.

The best price you can get, is the best price someone offers. There is no law that says a store has to pay a certain price, so… the offers you get are based on how much that store wants that particular size and quality of diamond.

With the advent of efficient online ordering and overnight shipping from suppliers a decade ago, everything shifted. Nowadays, stores do not really need to stock diamonds. Most sales are done by calling a supplier to order what a customer wants. Stores don’t rely on their own inventory much these days, because it is so expensive to buy diamonds and keep them in stock for months or years. They can just have something sent in. So… the only diamonds they want to buy now, are the really good deals, like when a customer comes in and they can offer a low amount, as you noticed.

So to get the best price, go to more stores, and take the highest offer. Get them all in writing, and go back to the best one.