Diamond & Jewelry News, Advice and Prices for Consumers
Diamond & Jewelry News, Advice and Prices for Consumers
October 2, 2010
I read terrible stories about people being duped when they bought from jewelers in the New York diamond district. But I thought that New York was where the the main diamond trading center in the US was located. This doesn't add up. What are the facts? Is the New York diamond district a good place to shop or a place to avoid?
December 13, 2010
This is a great question. Diamond Price Guide News covered a story about this just yesterday: http://bit.ly/gwoKve . The article covers a story run by the New York Times about the dangers of buying diamonds in the New York Diamond District saying, “many of the shops in the Diamond District can actually be rented for a day and abandoned the next, making it hard to find a trustworthy jeweler. There are also rumors of appraisal scams by retailers who own more than one store on the street and have deals with particular appraisers.” However, the NY Diamond District also houses offices of some of the biggest names in gemology and diamond dealing including the Gemological Institute of America (GIA), The International Diamond Institute (IGI), the European Gemological Laboratory (EGL) and the Diamond Dealers Club (DDL). The key is to know where to buy and to make sure that the place you are buying from is a legitimate business and not just a storefront for a day.
October 3, 2010
Interesting question. The answer is - both. The New York diamond trade district can be a super place to buy your diamond and it can be the place you get ripped off more than you ever have in your whole life. It depends WHERE in the New York diamond district you buy your diamond jewelry. Here's the story: The Us diamond exchange is in New York, on 47th street. However, diamond dealers that you want to do business with will never ever buy at the street level. You do NOT want to get diamond jewelery from jewelers selling in shops that are easily accessible to the general public. Those places mean trouble. Avoid them at all cost. this does not, however mean that you should avoid the New York diamond district in general at all cost. Not at all. all you have to know that the real deals that you want to be associated with take place in highly secured buildings, often on high floors, and you can't just walk in and out whenever you plead. If you can do so, you gotta ask yourself if the diamonds that are being sold to you are really as valuable as they are claimed to be, and actually you might ask yourself if they are even diamonds at all. These New York diamond street vendors are so good at fooling customers that you really want to avoid them at all cost. they are pros at looking legit. They'll probably even present you with professional-looking documentation that you can't really trust, and will just take your money and sell you either a fake diamond are a diamond of particularly poor quality. you can't trust these guys. A helpful tip is that if the price of a piece of diamond jewelry seems too good to be true - in most if not all cases it is, especially if you're at the New York diamond district. Remember that legitimate diamond trade transactions in this district go on hidden from the public. If you happen to know a professional jeweler who will take you to the hidden/ top floor real diamond dealers in the district, then definitely, buying a diamond there is a very safe move and you can get great value for your money. But the street level of this place is one of the worst places in the world to buy your diamond jewelry. Best to steer clear!
