We are all familiar with the shell game. A pea is hidden under one shell (out of three), as they are moved around quickly, you guess where the pea is and win, you guess wrong – you lose! This also happens in the jewelry business, where sleight of hand can conveniently mismatch a certificate of authenticity with a stone of less value.
Recently, a couple went to a wholesaler on 47th street in New York's Diamond Distruct for a diamond ring purchase. They knew exactly what they wanted and had already compared prices at several shops. The couple selected a diamond and ring combination that retailed for $15,000 – the wholesaler was able to give it to them for about a third less. The wholesaler, needing some time to prepare the merchandise, suggested the couple to get some lunch, however – they never came back. Long story short, it was found that when they went downstairs they were pulled into one of the stores (on 47th street) by a hawker. The couple relayed the deal they made with the wholesaler and were offered the same pieces for $2,000 less. There’s no way a retailer could offer a lower price than a wholesaler – something was clearly wrong! A few days later, a follow up with the couple revealed that they were given a certificate for a $10,000 stone (for which they paid $7,500.) It was suggested that they go to a local jeweler with the stone and certificate to verify the match. Surprise! The stone was not the one they selected. It was switched in the store and it didn’t match what was on the certificate.
These things happen all the time, day in and day out. Intense competition breeds desperation and criminal behavior. The lesson here is as follows:
1) Diamonds are a commodity with a low markup on all ends.
2) Beware of any deals that seem too good to be true.
3) Only a gemologist is able to match a stone to a certificate.
For more information, contact our knowledgeable staff at Elie International: elieint@aol.com
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