7 Diamond Scams and Jewelry Fraud

When purchasing jewelers and jewelry goods, you want to make sure that there’s value for the money. Often, it’s not just about the material worth of jewelry or diamonds but sentiments and special meaning involved in your purchase.

Unfortunately, the diamond and jewelry trade serves as a profitable avenue for scammers. The published report by the International Gem Society (IGS) informs that the jewelry retailers promote gold that costs 10K at the price of 14K or 18K. It isn’t the only jewelry fraud out there. According to PissedConsumer.com, reviews more than 1.2K consumers have become victims of jewelry scammers.

So what should you avoid when shopping for jewelers? Here are some red flags to bear in mind when buying jewelry and diamonds.

1. Diamond Carat Weight Scam

It is among the most common diamond scams, where the tag on a ring or other pieces of jewelry do not state the total weights for each diamond separately. Instead, it writes the total carat weight of all the diamonds in the piece (a carat is a unit of weight for diamonds while Karat is a unit of purity). One large diamond costs way more than a lot of smaller ones of the same rating that equal total carat/weight with the large one. 

Not knowing the weight of the center diamond leaves you in ignorance as you won't be able to compare prices accurately. The best way to buy jewelry: always ask for the specific carat weight and quality of the center diamond or a gemstone. And, get everything in writing. It is also necessary to have an appraisal done by trustworthy organizations. Otherwise, you can spend a lot of money on items which cost much less.

It is a common diamond scam targeted on consumers who are ignorant of diamond carat weight appraisal. The best way to buy jewelry is to shop with trusted jewelry retailers only.

2. The "Half-Off" Diamond Scam

Many retail jewelers mark up diamonds 200% and even 400% and then stick a sticker with a 50% discount. In the end, not only you do not get diamonds at half the price but you also overpay. The best way to buy jewelry: Avoid sales that offer such significant discounts. If you think it rationally, there is no reason a retail store owner is willing to give away half of their stuff for free, especially diamonds.

3. Diamond Weight Scam

This is a common diamond scam. Rounding up a diamond's weight can cost you a lot of money and anyone who is doing that is performing a scam behind your back. Diamonds are weighed in carats and most people are familiar with the major weights related to them like ½ carat, 1 carat, ¾ carat etc. However, jewelers weight diamonds over a carat in carats AND decimals, according to the Gemmological Institute of America (GIA).

So, a 1.05-carat stone would be described as one point oh five. Diamonds under one carat are stated in points (i.e. 0.90 carats is said to weigh ninety points). In the weight scam, the jeweler labels, for example, a diamond that weighs 0.65 carats as a ¾ carat one, which can cost you almost $1000. Sadly, after the diamond has been set into a ring, it is impossible to weigh. Best way to buy jewelry: Buy a certified loose diamond. Then, have a reputed jeweler set it.

4. Fracture Filling Diamond Scam

Fracture filling is a technique used to improve the quality of a diamond (and sell it at a higher price) and is usually applied to rings that have to be resized. However, the procedure may leave a crack on the diamond, which makes it prone to chipping and even falling into pieces. For that reason, fracture filled diamonds are considered worthless.

Although you can't tell a fracture filled diamond with an untrained eye, it is good to know that gem labs don’t issue certificates for such diamonds. And if they do, they clearly state that the diamond has been enhanced using this method. The best way to buy jewelry: Ask for a written statement regarding any enhancements the stone has undergone and always ask for a certificate from the GIA, EGL (European Gemological Laboratory), or AGS (American Gem Society).

5. Fake Diamond Certificates

Some jewelers counterfeit certificates issued by reputable gem labs. GIA reports will look like the image below:

An AGS diamond grading report looks like this:

If you suspect that a jeweler has faked a certificate, report it to the gem lab in question. Major labs care deeply about their reputation and they will pursue the scam jeweler. Also know that whatever the certificate you are presented with (if from a lesser known gem lab), it should always be accompanied with a certificate from AGS, GIA, or EGL. For GIA certificates, cross-check the details in the report using the GIA online check tool has developed to help verify a GIA report.

6. Fake Diamonds Scam

Fake or imitation diamonds are usually made from cubic zirconia, moissanite, or high-leaded glass. To the untrained eyes, these stones can appear like real ones until you inspect them more closely. Unscrupulous providers can sell such “affordable” diamonds that are merely simulants and nothing more.

Remember, nothing is too good to be true in real life. Imitation diamonds are sold with a significantly lower price tag. They suffer a much higher rate of wear and tear. If compared to real diamonds, imitations have a different density and dispersion effect. You can use a thermal tester to distinguish cubic zirconia. If you purchase simulants, you should know it.

7. Other Jewelry Scams

Replacing a high-quality diamond with cheaper ones when the buyer takes the ring or wedding band in for cleaning. This is most likely what happened to one consumer Pissed Consumer user who reported her Helzberg Diamonds experience on a review website:

"Helzberg strongly recommends you bring your diamond rings back to them for cleaning. Apparently, this also involves them substituting chipped diamonds for your flawless diamonds. They swapped a chipped diamond for ours and hid the chip under a post…"

The best way to buy jewelry is to do your homework when buying a diamond or an expensive piece of jewelry. Ask for a certification from a trusted gem lab, and make sure you get everything in writing before you leave the store. Hopefully, with the engagement ring tips mentioned above, and the many different ideas as to how to shop for engagement rings and how to choose a wedding band, you will get a really fine piece!

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