Read the book
Posted on 03/28/2017 7:12:59 PM PDT by Ol' Dan Tucker
A jewelry restorer has gone undercover at some of New York's most recognizable diamond stores to 'prove' that customers are being ripped off.
Diamond expert Jacob Worth, founder of I Want What It's Worth, claims that luxury retailers Tiffany & Co, Cartier, Van Cleef and Harry Winston all use 'identical' diamonds to those found in basic retailers - but with huge markups.
'There really is nothing special about these diamonds. Identical rings can be found at Costco or websites like Blue Nile,' he said.
'At Tiffany you are basically paying a massive markup up for a blue box which you can buy on eBay for 25 dollars.'
(Excerpt) Read more at dailymail.co.uk ...
Very well stated!
Men have also been telling women for years that 'this' is 10 inches. LOL!
Years ago my husband bought me a diamond tennis bracelet through a Gem Shopping channel on TV. It was 7 CTW of diamonds with 14k gold. They stated it was valued at $12,000 and we thought we were getting a bargain for only $2500. Once I received it, I took it to our local jewelry shop for an insurance appraisal and was told the value was $9000. Still a good deal I thought so I kept it. Problem was I rarely wore it as it was too flashy and not my style. Some years later I decided to sell it and after unsuccessful tries on Craigslist, I took it to a jewelry store that advertised it was buying diamonds and gold jewelry. I showed them the appraisal, the receipt from the sale and said I wanted the best deal they could give me.
What a shock when their best deal was $1500. I took it to another store and was offered even less. We ended up LOSING $1000 on the thing! The jeweler told me they pay $100 per carat or $10 a point for “used” diamonds (as if a used diamond meant anything!) and the 14k gold they paid was for scrap gold prices. The diamonds in the bracelet were appraised as SI2 - I1 in clarity and the color was G or H. What we schmoes pay them for these stones is usually $1000-$2000 PER carat. What they will buy them back for is 10% of the price we pay. The deal I have learned is that if you like a piece of jewelry, buy it and wear it and plan on handing it down when you’re gone because you will NEVER get back what you paid for it.
When we were first engaged, we both had just graduated college. She had a job waiting for her but I was waiting for a civil service job.
I had to tell her that I could not afford an engagement ring. She said that was fine and she would just buy one herself. She had already picked out a set several months before. She also bought a new Olds Cutlass. I was the one who selected the car as she wanted an ugly Mercury. She made a large down payment but I still wondered how she would get credit.
It turned out her Uncle owned the bank.
Diamonds have always been a poor investment, whatever their sentimental or romantic appeal might be. De Beers has always controlled the market, limiting production in order to keep the price high. At the same time synthetics have achieved new levels of excellence and cost much less.
Yeah. Tell that to Jessica. Hell of a lot more than three month’s salary...
Yep. My point exactly.
If you want to see a rare gemstone, go find a blood-red ruby.
Diane Sawyer once did an expose.
Seems people brought in perfect blue-white diamonds for cleaning or reset....but the crooked jeweler replaced them w/ inferior stones.
Some diamond owners get a “map” of their stones.......as rotection.
Large plastic cigar tubes, Cohiba size, are great for carrying large amounts of uncut diamonds and do not trigger metal detectors — as a pocket full of Krugerrands would — and allow for sizable amounts of non-bank-held assets to be stored in a secure location.
As long as there are women, there will always be a demand for diamonds.
I personally like collecting Gems of the Bible, with the relevant chapters and verse displayed along with them.
http://www.preciousstonesofthebible.com/stonegallery.html
Yep. Marketing...
The deal I have learned is that if you like a piece of jewelry, buy it and wear it and plan on handing it down when you’re gone because you will NEVER get back what you paid for it.
I agree completely. Jewelry is the worst investment there is. If you want to make money, invest in art. I learned this watching Antiques Roadshow. LOL! (real estate is also a good investment)
The people pillaged, slaved, for gems is astounding
Read the book
Interesting 13-year old article. There has to be major progress since then.
I’m a 54 year old woman. I’m of two minds about this. I spent $200 on my wedding dress, off the rack, I just can’t see spending tons of money on something you will wear only once in your life.
At the same time on our 25th anniversary, my husband gave me a beautiful diamond ring. But I never wear it because I’m afraid to lose it.
It’s just spending money on extravagances doesn’t make a lot of sense to me.
Although I do understand why a man would want to give a woman a diamond to woo her.
I guess if you have the money...
The gemstones you like are actually fairly rare and a much better investment than diamonds where the cut and the setting are 90% of the value.
My wife bought her own ring.
I’m either a cheap scum or a super stud.
I pick Super Stud.
Never had one given to me, and would never buy one. Couldn’t wear a ring now, and stopped wearing earrings years ago.
Gerald Browne is one of the few fiction authors I will read.
James Clavell and Martin Walker’s “Bruno” series being the others.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.