When you purchase a diamond from a jeweler, common sense tells you that the proprietor is a professional and thus wouldn’t scam you. However, fraud is common in the diamond industry. When you visit a diamond store or jewelry retailer, you want to be aware, especially when it comes to overgrading. If you aren’t familiar with the value of diamonds, an overgraded diamond could cost you far more than it should. Here is some advice for people who have been scorched by overgrading at a diamond store.
What Is Diamond Overgrading?
Diamond overgrading occurs when a diamond retailer or wholesaler marks up the value of the diamond. Most diamonds are grading according to a number of factors, like clarity and color. When a diamond is overgraded, the diamond is given a higher marks on factors like color and clarity, which makes it appear more valuable. In the end, you wind up paying for a diamond that is worth far less than you were told, and if you try to insure that diamond, there’s no guarantee that the insurance company will accept the certification if it isn’t from a reputable gem lab.
What Can You Do?
First and foremost, you want to make sure that the diamond has a GIA certification. If a diamond store doesn’t offer a GIA certification, and you aren’t familiar with the certification that is given, you have a right to be suspicious. The first thing you can do is walk away without writing a check or processing your credit card. Ideally, the diamond should be graded by a gemologist that is certified by the GIA.
How Can You Protect Yourself In The Future?
After you get your money back, or go through a court process, the least you can do is not fall into the same trap again. If you are suspicious of a diamond store and their diamond grading practice, you want to get an independent appraisal. An independent appraisal from a third party will ensure that you get the right value for the diamond. North American Diamond Brokers works with dozens of highly reputable, GIA certified appraisers all over the United States. You can use our easy tool to find an appraiser near you if you are ever in need of a diamond appraisal.