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If you’ve been researching where to buy diamonds, you may have come across retailers claiming to offer wholesale prices. But can everyday consumers really buy diamonds at a wholesale rate?
In this post, we look into the difference between wholesale and retail diamonds and things to watch out for to ensure you buy well.
Just like most other products out there, loose diamonds can be bought in large quantities for a discounted rate. In the jewellery world, this ‘wholesale’ transaction is usually conducted between diamond polishers and diamond retailers.
Diamond retailers can buy larger quantities of polished stones at a discounted rate, which is set by a universally referenced pricing standard, the Rapaport Diamond Report (commonly referred to as the ‘Rap Report’). Before being granted access to these prices, retailers must prove themselves to be a genuine diamond trading business, in a process that includes references and ID checks.
Diamond retailers can buy their stones for the prices listed on the Rapaport Diamond Report, and even further discounted. Everyday consumers can’t.
Some jewellers claim to offer wholesale diamonds direct to consumers. While they might offer competitive prices, they aren’t in fact wholesalers.
Wherever you buy your diamond, there are a few precautions to take to ensure you get what you’re paying for.
A grading certificate is an official document that outlines the origins, authenticity and quality of the diamond you’re buying. It’s created by an independent accredited laboratory, such as the Gemological Institute of America (GIA) and the American Gem Society (AGS). In Australia, Gem Studies Laboratory (GSL) as well as the Diamond Certification Laboratory of Australia (DCLA) are both highly reputable laboratories.
If you’re buying a diamond above 0.50 carats, it’s essential that it’s accompanied by a grading certificate. All trusted jewellers should be able to provide this documentation.
Clarity enhancements like fracture filling are common and widely-accepted, although buyers should never purchase stones without being told these procedures have taken place.
Buying diamonds online is becoming more popular, however, there have been cases of unlucky shoppers getting caught out. Remember, diamonds will rarely look the same in person as they do on a screen, no matter how good the photography. After all, diamonds are all about light; which is incredibly easy to manipulate by using photo editing like colour enhancements. Most importantly however, ensure that you know what you are buying - is it natural or synthetic?
Synthetic diamonds are impossible to spot by the lay consumer. But diamond simulants like cubic zirconia, glass and lab-grown stones can even dupe the professionals. For example, the Czech National Museum in Prague discovered that a large number of their gems were fakes made from worthless cut glass.
While travelling in countries like Thailand, Sri Lanka and India, you might be tempted by offers of loose coloured gemstones for an irresistible price. Unfortunately, too many buyers have been caught out by jewellery scams like this one, and unknowingly bought treated glass sold as genuine coloured stones.
As you can see, there’s a lot of research that goes into finding a quality diamond. Visiting a Q Certified Jeweller is the best way to ensure you receive trusted, personalised advice without often-misleading sales pitches like ‘wholesale diamonds’.
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