Welcome to Goldbuyers International and Watchbuyers Montreal´s

‘Five-things-to-know’  series.

Introducing their new, ongoing consumer education series on selling and purchasing gold, precious metals, diamonds, watches and handbags.

 

Today´s  ‘Five-things-to-know’ when buying or selling diamonds.

When we started this session, we thought: there will be nothing we had not heard before. Were we wrong!

If you, or know someone you know, is planning to buy or sell a diamond ring or diamonds….pass this on to them to read!

Mr. Y. Tourgeman, Director of Gold and Watchbuyers is one of Montreal’s  most respected gold and precious metals and jewelry brokers–with a long history in the trade. He explained to us what you need to know.

 

  1. Do you know what kind of diamond it is?

 

It may seem like an easy question, but the answer may not be as easy, or obvious. The best and most reliable way is to have a certificate from the GIA. No, it’s not some secret government agency.

According to its website, ‘’It’s the most respected, non-profit gemological institute in the world’’. Based in Carlsbad, California (no downscale neighborhood there!) it grades diamonds and offer certificates of authenticity and type.

Just as Mr. Tourgeman informed us, you need to know the ‘4Cs’, which are are right there on the G.I.A.’s website: http://4cs.gia.edu

 

  1. Carat (With a ‘c’ is a weight measure, not to be confused with ‘karat’ as in ‘24K’ for determining the purity of gold)

 

  1. Clarity

 

  1. Cut

 

  1. Color

 

So, the obvious thing is to get a GIA certificate when you buy the diamond. However, not all outlets offer this and not all buyers know this. Mr. Tourgeman noted that, one of the most popular places to buy online , Blue Nile , offers certificates. Upon visiting the site, it looks like a diamond clearing house with shimmering gems jockeying for your eyes´attention. Don´t drool on your keyboard.

Know your fluorescence!

What struck us as not obvious is: to know your fluorescence level, which can (paradoxically sounding enough) reduce its value by 15 – 20%!

What is this?  Approximately 30% of all diamonds reflect ultraviolet (black) light, some more than others. This is regarded as a defect, so make sure you know the degree of fluorescence, and none–or very little–is best.

The ‘Standard’

So, now that you know your ‘4Cs’ and your fluorescence handicap–if any–you will need to know what it is worth.

Well the gold er, diamond standard is: Rapaport at Diamonds.net (good way to fish for diamonds…with a ‘.net’?)

All bad jokes aside, this certainly isn’t one. With real time spot quotes, a price calculator and reports on over 1 million diamonds (I wonder if Sean Connery got that briefing), this is the ‘Real McCoy’.

Origin of your diamond

By the way, do you want to look younger in comparison to your piece of ‘ice’? Not difficult. Most diamonds are 1-3.5 billion years old and were formed at a depth of 150 to 250 kilometers (93 to 155 mi) under millions of tons of pressure. Could you wait that long under pressure for your debut?

Relationship?

Now, here is the most important part of the whole article. Mr. Tourgeman says the most common diamond-selling scenario is where: an engagement, or wedding ring, is on sale…because it lasted longer than the relationship!

Only then, when the ‘fog of love’ has cleared, both parties realize they overpaid for their diamond; what cost 10K…is really worth 3K. Oops!

Did you overpay?

How do you know? Mr. Tourgeman gave us the (diamond) hard facts: you need to obtain at least 50% of the actual market value of the diamond as possible when selling, as according to Rapaport’s ranking. If you are close to this, you are on a good track. If, not, time for ‘Plan B’

Summary

So there you have it folks. If you know anyone about to buy a ring (no, don´t talk them out of it!) just make sure they do their homework first and pass them this article.

If it’s already too late…at least you know for future ‘engagements’.

The one thing we learned is get to good advice–and good certification–on a good diamond.  Thanks and happy diamond shopping!

 

Don´t miss our next article: ‘Five-things-to-know about selling your gold’

 

Mr. Tourgeman is available for questions and private audiences at their office in Montreal. They purchase gold, diamonds, precious metals, fine Swiss watches and lightly-used luxury handbags. Visit them online at

www.WatchbuyersMontreal.com or www.GoldRushMontreal.com

 

Or ring them directly at +1 514 419 0656 or  click here to contact them

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