Even today I am involved on the fringe of the diamond business, running a diamond education site helping would-be buyers. Considering my deep personal involvement in the diamond business, my opinion might surprise you -- diamonds are a terrible waste of your money. This is completely false. The idea of a diamond engagement ring is roughly a century old. Guess who invented the concept? Not surprisingly, it's the same people who mined the diamonds -- the De Beers diamond syndicate. How far did De Beers go in their quest to create demand for diamonds? Edward Jay Epstein notes in his famous investigative article:.
We seek to Ayer outlined a subtle program that included arranging for lecturers to visit high schools across the country. I have nothing against clever marketing campaigns, but this is different. It's not like with cars, for example. You know you need a car, so the car companies compete for your attention with their ads.
In this case De Beers spent millions upon millions convincing the public that they needed to buy a product that they basically created out of thin air thin air that they alone controlled. People explain away spending thousands of dollars on a little stone because they mistakenly believe that the diamond is a solid investment.
Are there any other investment classes where the person selling you the asset makes a minimum 10 percent profit margin usually much more? Most people would be lucky to get half of what they paid if they tried to sell a ring the day after they bought it.
14 Diamond Buying Secrets That Will Blow Your Mind (I Promise)
Don't fool yourself into thinking that buying a diamond is a safe place to put away money for a rainy day. There's virtually no end to the various games dealers can play to help them eke out a higher return and therefore giving you less value. I'm not only a very experienced diamond dealer, I'm also a father of six, married for 13 years. The expenses only grow with time, they don't get easier!
Get your diamond certified. Jewelers and buyers are more likely to purchase a properly certified diamond.
- Religion and Science: History, Method, Dialogue.
- 8 things you need to know about buying diamonds in Antwerp - SilverKris!
- Four Tips for Selling Your Diamond Jewelry.
- 22 Things You Need To Know About Diamonds.
A certification basically proves that your diamond is a genuine gem and that it's the quality you say it is. If you don't have your diamond's certification, you can send in your diamond to GIA to get an accurate report. It may be easier to sell the diamond and ring separately. You may able to sell faster by just selling the loose diamond to a jeweler.
Other people may not love your setting like you do, unless you have a truly exquisite or unique vintage setting. As for the ring itself, it's relatively easy to take it to a gold shop and sell it for scrap metal to be melted down. They can give you a price closer to the current market value of the precious metal. Upgrading your original purchase by trading for another ring online is going to be your most financially lucrative option. Much like a new automobile, a diamond ring does not hold its value when you buy it.
However, with a little bit of research, you can steer yourself in the right direction to make a sale. Good luck. Disclaimer: Opinions expressed here are author's alone. Please support CreditDonkey on our mission to help you make savvy decisions. Our free online service is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. This compensation may impact how and where products appear on this site including, for example, the order in which they appear. CreditDonkey does not include all companies or all offers that may be available in the marketplace. Reasonable efforts are made to maintain accurate information. However, all information is presented without warranty. When you click on the "Apply Now" button you can review the terms and conditions on the card issuer's website.
CreditDonkey does not know your individual circumstances and provides information for general educational purposes only. CreditDonkey is not a substitute for, and should not be used as, professional legal, credit or financial advice. You should consult your own professional advisors for such advice.
Read more about Diamonds. This article contains references to products from our partners.
22 Things You Need To Know About Diamonds
We may receive compensation if you apply or shop through links in our content. You help support CreditDonkey by reading our website and using our links. The first thing to know is that you will not earn back what you paid. Not even close. If you get that, but still want to sell your diamond, then read on.
How can this be? How Do You Find a Buyer? Selling to a retailer If the ring was purchased through a reputable jewelry company, selling back to it may be your best bet. You may have these options: Buy back : Some retailers have a buy back policy where they'd buy the diamond back at a certain percentage of what you paid. Here are the steps: Enter the text matching what you are looking for into the search field Click the button that says "advanced" next to the search button Find the section labeled "search including"' Check the box marked "sold listings" and hit search.
More Articles in Money Tips. Search for Diamonds Search for Diamonds. Other price breaks occur just below 1. A diamond will always be priced by its technical grade, but its overall appearance is far more subjective. Educate yourself enough that you're familiar with how diamonds are graded.
8 things you need to know about buying diamonds in Antwerp
Decide which factors are most important to you and a range of color and clarity that you want to stay be in. Then make the final decision with your eyes only. How a diamond looks on paper isn't what's going to matter. If you're purchasing a diamond, make sure that it has a certificate from an independent organization such as the G. The grades are exact and they need to properly disclose the exact grade. The cost is determined by the grade so would you be paying for a G color or an H color? If they don't know, make sure you're paying for an H or maybe even an I, since they may be wrong if they can't be specific to start with!
If a diamond certificate includes a dollar value for the diamond, that's a problem because it might be fake. Retail jewelers are very aware of their online competition from retailers like James Allen and Blue Nile. Every retailer wants to make a sale, so be polite and straight forward, and tell them honestly what you can buy the diamond for elsewhere. Ask them to match the price, or to get as close as possible. There is an advantage to being an established customer at a brick and mortar store if the ring ever needs repair.
You may find an unbeatable price on-line, but who's going to repair the prongs, or re-size the ring in the future? Jim has a B. One of his favorite tools is Personal Capital , which enables him to manage his finances in just minutes each month. They also offer financial planning, such as a Retirement Planning Tool that can tell you if you're on track to retire when you want.
It's free. He is also diversifying his investment portfolio by adding a little bit of real estate.
But not rental homes, because he doesn't want a second job, it's diversified small investments in a mix of properties through Fundrise. Worth a look and he's already made investments that have performed according to plan. Your email address will not be published. Save my name, email, and website in this browser for the next time I comment. This site uses Akismet to reduce spam.
Learn how your comment data is processed. Diamonds are forever. Drew emailed me to share these thoughts edited and formatted very lightly for clarity : Table of Contents. Anyone selling to the public is, by definition, not a wholesaler, and is not offering true wholesale pricing despite what they might say.
If you can get a hookup with a wholesaler, such as through a friend or a relative, then you're really getting a deal and you should invite them to the wedding. What about S. You may hear someone refer to a clarity grade of S. This is not a recognized grade. Or if you can see an inclusion when holding the diamond very close to your eye but not at arms-length. Seeing, or not seeing, an inclusion with the naked eye is the difference between a grade of S.
Diamond dealers made up the term S. For more on both companies, here is our James Allen review and Blue Nile review.
Other Posts You May Enjoy. Why is there a limit of 6 ACH transfers per month with savings accounts? Leave a Reply Cancel reply Your email address will not be published.
Related What you really need to know about buying and selling diamonds
Copyright 2019 - All Right Reserved