Don’t get burned buying jewelry

With all due respect to gift cards, which women cited as number one on their holiday wish list in a recent Consumer Reports poll, it’s tough to get excited about unwrapping a piece of plastic. For those of you considering more traditional baubles, the stress of making such a significant purchase can be enough to keep you up at night. There’s plenty at stake. Jewelry and watch sales have been rising dramatically, to $59 billion in 2005. Of that total, $3.4 billion was spent online, a figure that’s expected to reach $4 billion this year. 

It’s one thing to buy books or clothes sight unseen over the Internet, but quite another to invest in high-priced diamonds and colored gemstones. So how do you assure you’re dealing with a reputable source and getting good bang for your buck? 

The American Society of Appraisers (ASA), an international organization of trade professionals, says it’s essential to do your homework before purchasing fine jewelry, and research prospective dealers – whether you’re buying online or in a store. 

Martin D. Fuller, a Master Gemologist Appraiser with the ASA, told us that the biggest mistakes people make are spur-of-the-moment impulse buys from unfamiliar dealers they haven’t bothered to check out, as well as ignorance of return and refund policies. Word of mouth and personal referrals are critical, Fuller says, because buying jewelry is all about trust. 

Membership in organizations such as the American Gem Society or Gemological Institute of America, and certification as a gemologist are positive signs, too, indicating professional commitment. 

Before buying anything, decide whether you want to build an ongoing relationship with a jeweler, a consideration if you’re thinking about getting an item fixed or altered, or need to get your purchase sized and adjusted. If so, it might be worth paying a few more dollars at a local store.

The weakness of many mass-merchandise and mall jewelry stores is the lack of knowledgeable salespeople, added John T. Abbott, also an ASA Master Gemologist Appraiser.

The best place to begin your search for an online jeweler is through helpful Web sites like DiamondRing.com, Pricescope, and The Knot, which feature user forums where consumers share both good and bad experiences with jewelers and get referrals. You’ll also tap into information about the latest “treatments” – like using a laser to drill into a diamond to repair fractures and holes, or heat to enhance color-- dealers sometimes employ to raise the value of lesser-quality stones. Such practices aren’t considered unscrupulous unless the information isn’t disclosed at the time of purchase. The American Gem Society and Gemological institute of America are also trustworthy sources of educational information about issues like judging stone quality and grading. 

You’ll almost always save money buying online, as the markup is considerably lower, Fuller says. Diamonds, for instance, carry a profit margin of 30 to 40 percent in retail stores vs. 10 to 15 percent sold via Internet jewelers. Since diamonds are now graded according to the same widely recognized standard (scores are assigned for color, clarity, carat weight, and cut), it’s easier to comparison shop than ever. Fuller advises consumers not to be shy about haggling for a lower price or pitting one jeweler against another to see if they’re willing to meet or beat a competitor’s price for the stone with the particular specifications you’re interested in.

Pay for your purchase with a major credit card to take advantage of the card issuer’s dispute-resolution policy if something goes wrong. And be sure you can return the item for a refund, and have a reasonable amount of time to do so. A week is the bare minimum.

The first thing to do following your purchase is to have it valued by an independent ASA-certified appraiser (for a list of those in your area, visit appraisers.org or call 800-272-8258). That’s another reason why you should insist on a long return period. Be sure the appraiser doesn’t own or operate a jewelry store, as that can lead to the perception of bias. Besides providing peace of mind, the document is important for insurance purposes, and could come in handy if the piece is lost or damaged. It’s also useful if you later decide to sell it. Figure on spending $100 to $300 per hour for an independent appraisal. A diamond engagement ring, for example, would typically take around an hour.

If your purchase involves considerable expense, you’ll also want a grading or identification report from a major lab such as the Gemological Institute of America. The report, which describes the gem in detail, also reveals whether its been “treated.” Most valuable stones come with a report. If not, you can hire the GIA or other reputable lab to issue one.

Finally, if you suspect you’ve been victimized by an unethical jeweler, and cannot resolve the problem amicably, contact the Jewelers Vigilance Committee or call 212 997-2002. It’ll cost $75 to file a complaint. The organization has considerable clout, says Master Appraiser Gemologist John Abbott, “and can bring hail from the sky” by shutting off the jeweler’s credit within the industry.

Comments

[ice_com_coupons]

save 20% off ice.com's jewelry online
how? visit http://www.PARTYPATROL.CA for FREE COUPONS!

Why Shop at ICE.com:
- Easy Monthly Payments
- Great Selections, Savings, Quality and Service
- Certificate of Authenticity
- Free Shipping
- NO RISK 30-Day Money Back Guarantee

http://www.youtube.com/watch?v=aiOqgqBNueY

happy shopping, and save 20% off this time!
http://www.partypatrol.ca