Beware of Fraudulent Diamond Transactions, Warns Luriya

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Luriya, a premier jewelry buyer in New York City, reveals three important factors to take note of when selling diamond rings.

Luriya, a premier jewelry buyer in New York City, reveals three important factors to take note of when selling diamond rings.

NYC’s diamond district, known as one of the world’s most esteemed locations for buying and selling jewelry, has been home to a plethora of jewelry buyers and sellers in New York. Unfortunately, in recent years, unreliable and uncertified buyers have begun moving into the area – deceiving native New Yorkers and tourists alike. As a renowned jewelry buyer for almost three decades, Luriya reminds private sellers to properly vet diamond dealers before selling diamonds or other types of jewelry.

“We have heard a lot of horror stories from private owners who sold their diamond jewelry to the first place that offered a deal,” says Luriya’s expert appraiser, Fima Kandinov. “Regrettably, these owners find out much later that they were completely undercut in terms of true diamond worth and market value. It’s sad to see – however, instead of not taking action, we would want private sellers do the necessary homework in order to not fall into the same trap.”

To avoid potentially dishonest diamond dealers, Luriya reminds sellers to take note of these important factors when determining if a particular buyer is credible and fair.

Experience and Credentials
Credible diamond dealers should be vetted members of highly regarded jewelry associations such as the Jewelry Security Alliance (JSA) and the Manufacturing Jewelers Sales Association(MJSA). Diamond jewelers should also have an A+ rating on the BBB or the Better Business Bureau, proving that they are well respected by both clients and business associates.

Note: Beware of buyers who say they are GIA certified, as GIA does not offer educational certifications to jewelers.

Trustworthy Buying and Selling Policies
Diamond dealers buying and selling policies should be clear and concise. Be sure to read their protocols thoroughly and have a full understanding of the terms and conditions before making any final trades. These policies should be a safe netting for both the private seller and the diamond buyer and should not include anything that could hinder a profitable sale and/or customer security.

Remember: Trust and honesty are more valuable than earning a few more bucks from shady dealers.

Genuine Equipment = Accurate Appraisals
It is important to make sure that the jeweler you are selling to has properly calibrated scales and state of the art measuring equipment. Ask to see certifications or receipts when and where the equipment was bought, as well as the make and model of the product. This information will realistically indicate the legitimacy of the tools thus ensuring the accuracy of appraisals.

“When people ask for advice, we say that the most important thing, more than knowing the cut, clarity, or even the carat of your diamond, is knowing that the person you’re selling to is reliable and trustworthy. You want someone who has good reviews, credentials, clear policies, and modern equipment. These are simple things you can – and should – ask about when you are looking to sell your diamonds,” says Kandinov.

Luriya (LINK) buys, sells, and trades precious metals and gems of all kinds. From loose diamonds and diamond jewelry to gold coins and luxury watches, Luriya has developed a brand that is synonymous with New York’s very own Diamond District. Headquartered on 47th street between 5th and 6th avenue in Manhattan, Luriya has been dealing with precious metals, diamonds, and fine jewelry for almost three decades. Their mission is to provide the best prices and service for customers seeking to buy or sell gold, diamonds, and/or fine jewelry items. For more information, visit http://www.luriya.com or call 212-256-0025.

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Andro Yuson
Luriya
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