Hatton Gardens

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Pitfalls of buying a diamond ring in Hatton Garden

The obvious.

Look at the shop you are considering if it does not look right chances are it is not right. Do your research before you go to Hatton Garden, If you go on the internet and find a diamond you would like to view at the jeweller prior to purchasing, call them before setting out to make sure they actually have them in stock tell them that if you come to them and they do not have the diamonds they advertise at the showroom you might be looking for them to pay your traveling expenses, that usually sharpens their minds. Some web site advertise diamond lists of 60000+ diamonds, this is simply nonsense, the largest diamond retailer in the UK has about 3000 certified diamonds.

Ask for the returns policy as you do not want to get stuck with a useless ring (the ring might disappoint when presented), remember that no matter what the jeweller tells you the chances of you reselling the ring at a profit or even at cost is negligible. Although diamonds are a store of value they do not make for a good investment.

The warning signs.

How do you know you are in the 'right' shop? Always look for the following warning signs:

PRICES, are prices clearly displayed, or does the sales assistant look at a small coded tag then at you before quoting a price. You want a jeweller that clearly labels the prices if not on the jewellery itself than on a sheet of paper available for your inspection or on a computer screen visible by you. If they have a web site with clearly displayed prices that must count as a plus. Remember by law the prices quoted must include VAT but always ask as they sometimes add VAT at the end of the payment process. Beware of an over friendly sales assistant that immediately discounts the price of the ring as you enter the shop, a good jeweller will always immediately produce clear final prices rather than waste your time in endless fake bargaining.

CERTIFICATION, if you are spending more than 500 pounds then the diamond in the ring should be certified by an internationally recognized non profit trade certification authority. There are only two such body , the HRD (www.diamonds.be) and the GIA (www.gia.edu). The HRD is a diamond authority owned by the Belgian Government affiliated to the University of Antwerp, it is the only diamond certification authority that has the European iso 9002 accreditation and is a legal document within the European Union. The GIA is it's US equivalent they both use the same standards which they agreed to in the nineteen seventies. If the jeweller says he has no certificate or shows you a certificate from any other laboratories you are in the wrong place it is time for you to leave that shop. Very often you will be presented with certificates from other laboratories with lofty names, do not be deceived as they are meaningless.

Paying Cash Very often less reputable jewellers will offer you a discount if you pay cash. Do NOT do it. The discount is likely to be fake and as he presumably will not give you a VAT invoice you have absolutely no comeback if the ring (as is likely) turns out to of poor quality. Your insurance company is also less likely to pay out should something happen to your ring as they normally want a proof that you actually bought the ring.

Valuations Less reputable firms will give you valuations of several times what you paid for your ring. This is either because they sold you the ring and want you to feel you bought a bargain or because they are a local jeweller doing you a valuation and charging you a percentage of the amount they are valuing as a fee i.e. the higher the valuation the higher the fee. Do remember that the jeweller who sold you your ring was making a profit and would be delighted to sell you another ring of similar quality for the same price. Al tough your insurance will accept your valuation certificate as a basis for your premium should your loose your ring they will require the purchase invoice and will normally only pay for that amount!

Diamond Cut Round cut diamonds should be cut to a mathematical formula the result of applying that formula to the diamond is described in the diamond certificate. When looking at a certificate make sure the cut is described as very good or excellent. Diamonds with inferior cut are heavily discounted but do not have the same brilliance and fire and should be avoided. Diamonds that are not round shaped do not have a cut grade and you need to make your own mind on whether you like them or not as a rule of thumb nothing bling as much as the classic round Borland cut.

Conflict Diamonds Conflict diamonds also known as blood diamonds are diamonds originating from a conflict zone. Buying these diamonds is proscribed by the United Nation. In order to be assured that the diamonds you buy are conflict free, make sure to ask the jeweller whether he adheres to the Kimberley process which is a systems of written warranties designed with the help of the United Nation to eliminate the scourge of wars fueled by conflict diamonds. When you receive the invoice for the ring look for the written warranty that the diamonds sold are conflict free. Never buy diamonds from a jeweller that

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