Diamonds are not as rare as one might think. High markups, which far outweigh what we paid for them, can be gotten.
Gems in general, have their value based on how rare they are. Diamonds are not rare at all. Huge safehouses owned by the De Beers cartel, hold a large percentage of the world’s diamond supply. If those diamonds are ever released, diamonds would basically be worth nothing. So, one can see that their rareness is artificial. In many African countries, one can get rough-cut diamonds for the low price of about $15.
Diamond wedding rings are marked up by an average ranging from about 300% to an enormous 1000%. The common markup, however, is 300%. 1000% markups are not very common, but they happen nonetheless.
In a top of the line gold setting, artificial diamonds will be less than a thousand.
That ‘perfect” stone you love, was not so perfect before the face-lift.
Those amazing diamonds you see when you go to your jewelers are not always what they appear to be. A treatment known as ‘fracture-filling” exists, for example, where the cracks visible in diamonds are subsequently covered with glasslike material.
This makes one wonder though if diamonds are expensive because they are “scarce”, then why sell diamonds that have been ‘watered down’? Won’t that eventually drive the demand down and defeat the purpose?
Our platinum and gold settings are essentially supplied by the same supplier.
Blood has touched these stones
In recent years, due to advocates of human rights bringing the growth of blood diamonds to the knowledge of the public, the diamond industry has made attempts to do better. There are places where slave labor is utilized to mind these stones and bloodshed over senseless fights for monopoly of the stones by warlords. Many stores, knowingly or unknowingly, have sold and still sell some of these unethical stones. The Kimberly Process is supposed to prevent these conflict stones from entering the market, but it is arguably just a PR stunt. These stones keep getting smuggled in and a blind eye turned due to loopholes and simple corruption.
6.) We do not want you to purchase that wedding ring off the internet.
These days, nearly anything can be bought online at a significantly lesser cost, including, yes, engagement rings. Jewelry stores do not want you to know that you can get the same quality ring online, at a lower cost. For this reason, when you visit their stores, they go to great lengths to discredit these rings that can be gotten online.
Of course, younger shoppers, aside from being very price conscious, understand the intricacies of online shopping and have confidence in the stores they patronize. As a result of this, those with the intention of getting married, are turning to these online stores for their rings and saving a lot of money in the process.
7.) The sales goals are walking in now.
Salesmen in jewelry stores are given new sales goals monthly. In light of this, when a customer walks in, the salesperson has to do all he or she can to sell enough to reach the sales goal. They do not care about the customer, not really.
8.) Your diamond was switched with a fake.
This is not a highly common practice, but it does happen. Many customers who go to have stones fixed may not know the actual worth of the stones in their possession. When these stones are returned, the fake, man-made stones they are given, are so beautiful that they don’t really know or care about the difference even.
So hey, if you want to get a ring and your pocket is not quite up to the task of getting a real stone, you could simply get a setting with a beautiful man-made diamond if your lady has no issues with it. Of course, it can always be replaced with a real stone when the bank account permits.
9.) Your warranty is quite shaky.
A lot of jewelry store purchases come with warranties which supposedly cover damages and noticed imperfections for a couple of years. There’s even the so-called lifetime warranty which just sounds wonderful right? Wrong.
Most times, these lifetime warranties are given in college cities or places where they know the ladies will most likely forget to have the rings checked every six months precisely, or simply not be around to perform the routine.
By doing this, the lifetime warranty is only actually used by a few very smart customers.
So, instead of relying on the warranty, simply have your ring added to your renter's insurance or homeowners insurance. The protection offered is way better, even in the case of loss of the jewelry item.
10.) The huge sales and 50% off discounts are not actual sales.
During these so-called “sales”, prior to declaring the sales open, the items are usually marked up to about twice or thrice the normal price and then sliced to half of that, during the sale. So, in essence, you may end up paying more than you originally would have, without the sale.
Those stores who declare that they are ‘going out of business’ and hence organize sales are usually not different.
Taking this information into account, I hope you have an enlightened and beneficial experience shopping for lovely and cost-intensive substitutes to diamonds.