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What to know about Loose Diamonds

 


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When considering purchasing a diamond, most people think in terms of jewelry that have diamonds set in them. People who think this way are essentially setting themselves up to ripped off as jewelers have the ability to tack on all kinds of charges and fees related to setting diamonds as well as the polishing and even unrelated expenses such as those of running a store. One of the ways to avoid this is to consider a loose diamond. However, when it comes to purchasing loose diamonds, you need to be twice as careful as it is very easy to be tricked into purchasing a fake loose diamond. To counter this type of deception, here is some information about the process of purchasing loose diamonds that will allow you to see through any deception and purchase your loose diamond with no problems.

To start, rather than purchasing a loose diamond from a jeweler, it is best to approach the manufacturer or a diamond cutter. This is because these individuals will give you a price on a loose diamond that is wholesale and includes the price of the diamond without the additional fees that would be tacked on by a jeweler, such as sales taxes and commission. It is important that you do a background search on any diamond dealers you are interesting in purchasing from because it is very easy to produce very imitation diamonds that are nearly indistinguishable from the real thing. Doing this is for your own safety and ensures that you are purchasing a real loose diamond from a dealer. Once you have done sufficient research, and have contacted a wholesaler, you should request that the loose diamond that you choose be certified.

The certification of a loose diamond and its appraisal are probably two of the most important things that you can do to ensure you are in fact purchasing a loose diamond. This is not because diamond dealers are inherently dishonest; rather, it is to ensure that your investment is worth what it is said to be. The certification is best if it is done by the GIA, the world’s premier and most respected institution when it comes to diamond certification. The GIA – as well as other certification organizations, will provide a blue print of your loose diamond which will show its specific dimensions as well as any imperfections it has in it. Upon receiving the diamond and its certification, you should have it appraised by an independent appraiser.

The appraisal is important, not only because it tells you what your diamond is actually worth, but also because in something should happen to your loose diamond, you will be able to get that amount from the insurance company. The reason why you want an independent appraiser is because those that are associated with a specific jewelry store or even remotely to a jewelry store may try to give you an appraisal that sets your loose diamond as being much less than its actual value in order to convince you to purchase a loose diamond from his store and spend a higher price than you planned it. Following the appraisal, you may prepare to purchase your diamond.

Prior to your purchase, you should also educate yourself about diamonds and everything about them, from the 4Cs to different cuts to diamond formation processes. Once you think and feel you have a clear understanding of the diamond industry and everything regarding diamonds, you should purchase your diamond and insure it and thus posses your investment with the confidence that you paid what your loose diamond is worth.

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