Luriya - On Diamond Appraisals in New York City

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Diamond appraisals are crucial in understanding how much a diamond is worth. More often than not however, people should be wary of appraisers that purposefully undervalue diamonds for their own benefit.

Luriya

Luriya - On Diamond Appraisals in New York City

Thinking of selling your diamonds? Or do you just want to know your diamond's value? Luriya CEO Fima Kandinov provides tips on how to stay vigilant in the jewelry business.

Diamond appraisals are crucial in understanding how much a diamond is worth. More often than not however, people should be wary of appraisers that purposefully undervalue diamonds for their own benefit.

Selling diamonds in New York City is not something everyone has the luxury of doing. It is imperative that people do their research first before going into any transactions – knowing at least an estimate of how much your diamond, or any other type of precious stone for that matter, is of utmost importance. The internet is filled with stories of people taking their diamonds for appraisals and being told, fraudulently, that their stones are worthless.

“Essentially, what diamond appraisers do is: look at your diamond under a special type of lens, test it using various types of machines, and, if possible, compare it with existing appraisals,” says Luriya CEO Fima Kandinov. “The process is pretty straightforward – which makes it extremely easy for scammers to push through with fraudulent transactions. When you sell diamonds - you are not just selling a material thing, you are also letting go of the emotional attachment that came with it."

Kandinov adds that he has personally experienced several situations where clients came into his office to sell diamonds in NYC and were shocked when he gave them a high cash offer. “Their reactions were priceless upon hearing my offer,” says Kandinov. “Apparently, they went to an appraiser beforehand and were told that their diamonds were basically worthless. In some cases, clients told me that the appraiser didn’t even bother explaining the appraisal process.”

“The jewelry business is all about repeat and recurring customers with trust at the core of the relationship,” adds Kandinov. Understandably however, the jewelry industry is also filled with predators. “They don’t care about their clients – which, in turn, hurts the industry as a whole.”

Kandinov further goes on to say that this is old news. “So-called appraisers lowball clients all the time and people just got used to it that’s why it’s such a hard industry to be in. There’s a cloud of distrust that affects the judgment of potential clients even though there are loads of people that do honest business. Clients need to understand that it is of utmost importance to educate yourself and make sure that you are only dealing with trusted and reputable companies.” Kandinov then provides a brief walkthrough into what goes on in a diamond appraisal session:

Diamond appraisals helps insure your diamonds – Insurance companies use appraisals to determine the value of your diamond.
4C’s: Cut, Clarity, Carat, and Color – Keep the 4C’s in mind. These are among the most important characteristics in determining a diamond’s value.
Diamond appraisals helps you determine your diamond’s value over time – Diamonds are timeless valuables. Diamonds can be worth more in the future or barely lose their value, if at all. Having a legitimate appraisal from a respected source will also help when selling diamond rings.
“Vigilance is key,” says Kandinov. “A little research here and there never hurt. Make sure to also look up an appraiser before walking in and to know the market price of your diamond before going through a transaction.”

Let Luriya and its 25 years of experience help you in determining the price of your diamond. Visit http://www.luriya.com and schedule an appointment today.

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Andro Yuson
Luriya
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