Do Your Homework Before Your Jewelry Purchase
Introduction:
This article from Market Watch educates consumers on ethical jewelry issues. This type of press will be needed in order to educate customers on these issues. As the JCOC surveys show, it is education which will ultimately build the market demand that will shift the jewelry sector toward higher ethical standards. ~ Marc
By Marshall Loeb
Though the article was initially posted on May 7th for the Mother’s Day market, it’s precepts ring true for any jewelry purchase…
May 7, 2008
NEW YORK (MarketWatch) — With Mother’s Day just days away, you might be one of those stragglers still deciding what to get mom. Jewelry is a great gift idea, but it is also one filled with pitfalls. Unless you’re an expert, precious metals and stones are impossible to value by sight alone.
You’ll want to do your homework before making your purchase or you take the risk of not getting what you think you’re getting. Consider these pointers from Consumer Reports before buying that bracelet or earrings for mom:
* Know your karats. The price of gold varies with karat number (a
unit of fineness), weight, design, finishing (by hand vs.
machine) and country of origin. Pure gold, 24 karat, is too soft
to be molded into jewelry, so it’s alloyed with other metals.
Changes in gold’s color result from the metal mix-in. Anything
less than 10 karat, about 42% gold, can’t legally be sold as
gold in the US. “Fill,” “Overlay” or “Electroplate” indicates a thin gold
coating.
* Buy from a certified gemologist belonging to a group such as
the GIA, Jewelers of America or American Gem Society. Also ask
friends for names of jewelers they trust. Make sure the dealer
allows plenty of time to return jewelry for a refund.
* You might save online, where markup is low, but you won’t see
the jewelry firsthand. Gem and mounting might be sold a la
carte, and sizing could cost extra. Check out
www.diamondtalk.com and www.pricescope.com, where consumers
share experiences.
* Be aware that chain stores are likely to charge less than local
jewelers but their salespeople might be less knowledgeable.
* Don’t buy promises of huge discounts. “Ninety-five percent of
the discounts I see are fictitious,” says jeweler David Nytch,
a certified gemologist appraiser who has worked in retailing,
“because the pieces are vastly overpriced to begin with.”
* *Consider the source*. Under a voluntary international system,
the diamond industry has agreed to keep a paper trail as
diamonds move from mine to store. The system isn’t perfect, but
it can help buyers avoid “blood diamonds” that have financed
conflicts in Africa. Ask to see a written guarantee on the
invoice that comes with every stone. There’s also an
international effort to ensure that gold-mining operations
respect human rights and the environment. For a list of
retailers that support the campaign, go to www.nodirtygold.org.
* Pay with a major credit card. It might give you recourse if
problems arise.
* If you’ve bought expensive jewelry, have it valued by an
appraiser certified by the American Society of Appraisers (call 800-272-8258).
* If you suspect you’ve been taken, contact the Jewelers
Vigilance Committee. For $75, its
dispute-resolution service mediates between buyer and seller.
