Oct 1, 2012

From a Diamond Supplier: "An open letter to our diamond retailers:"

Problems with unseen diamonds, E-tailers and discounted purchases.

  1. Most of these certificates are 2nd class: they are selling what the trade does not want. The VS2’s are center black inclusions, the very good cuts start at 6.25mm, the diamonds may have fluorescence. Therefore, a combination of all the facts above decrease the value and the price of the diamond, not exactly a deal is it?

  2. The e-tailers and discounters do not offer any real service; if your customer is not satisfied with the diamond you most likely find him/her a diamond that they like. All this is with no additional risk for the client. The client may change his mind about the size, shape or clarity with no risk. The retail store can locate the exact stone with many options at no extra charge. The e-tailer or discounter cannot offer this valuable flexibility option.

    Also, what if they feel they did not get what they were promised or the stone is not to their satisfaction? Do you think your customers know that carriers will not ship a package “insured” if there are diamonds in it without separate insurance that the carrier does not offer? Would they know that the onus is always on the shipper? How are they to ship it back in the event of a problem or concern?

  3. The diamond is bought as a paper certificate and not the physical diamond. I am sure that all of you have a story where the stone looked good on paper but was nowhere near what you expected. Your customer faces this risk without even knowing that he/she is being “shortchanged”. The professional jeweller offers the guarantee, the advice, guidance and a “peace of mind” that online e-tailers and discounters can never achieve. Your expertise in this area is invaluable to all your diamond clients.

  4. Why are there stones with the same grading certificate and having a totally different selling price from these people? An actual example was taken from the website today (May 27, 2011) of one of the biggest e-tailers and here are some results. Both stones were 1.51ct round SI1 G Ideal Cut GIA Certificates, one is $12,414, and the other stone is $11,920. Another example today, two 3.01ct round SI1 F Very Good Cut GIA Certificates, one is $55,920, and the other stone is $60,463. Why is there a price difference of $4543 for supposedly the same size and quality stone? The reason is simple, one is better than the other. The customer is not aware of this and this is the biggest flaw of online or discount diamond buying, your customer takes a risk without any guidance as to quality as all certificates are not the same. Overall, this represents an additional risk to the final consumer.

In summary, online and discount purchases without the guidance of a professional jeweller will most likely lead to the customer buying the cheapest diamond but not necessarily the best diamond for his/her money as illustrated in paragraph #4 where 2 supposedly identical diamonds from the same company can differ by $1000’s.

It is simply a buyer beware or “buy at your own risk” scenario with reduced peace of mind for the consumer.

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Karat Patch Google Map Location London Place West, Unit 100,
5253 Richmond Road SW
Calgary, Alberta. Canada
T3E 7C4

Phone: 403 242-6767
Fax: 403 242-6141

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#100 - 5255 Richmond Rd SW,
Calgary, AB, T3E 7C4

Phone: (403) 242-6767
Email: info@karatpatch.ca

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