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Home::Advice

How to Safely Buy a Diamond Online - Part 3 of 3

Author : Mike Bradley

It is now possible to save 40% to 60% by purchasing a diamond
engagement ring from an online diamond retailer, rather than
from a bricks-n-mortar High Street jeweller. Online diamond
retailers don't have retail shops, sales staff, large diamond
inventories and other associated operating expenses and are
therefore able to pass on the cost savings to consumers.

Of course, a diamond might be one of the largest one-off
purchases made in one's lifetime and so it is understandable
that many people may be uncomfortable paying for a diamond
before it has been seen and examined.

However, as long as the correct research and precautions are
taken there should be no reason to be fearful about buying
diamonds from Internet diamond merchants.

The three most important aspects of the pre-purchase checks that
must be carried out are:

1. Assurance that the diamond business is legitimate,

2. Assurance that the payment method is secure,

3. The risk of merchant fraud or failed delivery is mitigated.

In part three of this three part series we examine the third
aspect which is to ensure mitigation of the risk of diamond
merchant fraud or delivery failure.

Mitigation of risk of diamond merchant fraud and failed
delivery

Only Buy Laboratory Certified Diamonds

Rule number one when buying any diamond is that it must have a
certified laboratory report from one of the major gemmological
institutes. This gives assurance that the diamond being
purchased is the same specification that the diamond merchant
has described.

Returns Policy

Examine the returns policy of the diamond merchant carefully for
any extraordinary or unusual points. When making any purchase
over the internet the buyer has a 7 day cooling off period
within which to cancel a purchase for a 100% refund. This is
because internet retailing falls into the retail category
governing selling at a distance and the relevant UK consumer
protection laws. All online diamond merchants should mention
this as matter of course.

Credit Card

A significant advantage of paying by credit card is that if
anything goes wrong with the purchase then the buyer is covered
by the UK Consumer Credit Act 1974. The credit card company may
then also be liable for the purchase to the same amount as the
diamond merchant and payment of the credit card to the amount of
the purchase can be withheld until the purchase dispute is
resolved.

Escrow Service

An escrow service is effectively an independent third party that
ensures receipt of the diamond by the buyer and receipt of
payment by the merchant.

The process is as follows:

1. The terms of the transaction are agreed between the buyer and
merchant and the escrow service is contracted to aid the
transaction. 2. The escrow company receives payment from the
buyer of the diamond.

3. The escrow company then confirms to the merchant the buyer's
payment has been received.

4. The merchant then sends the diamond to the buyer.

5. The buyer confirms receipt of the diamond to the escrow
company.

6. The escrow company sends payment to the merchant.

The escrow service usually charges a small percentage of the
purchase cost as a fee. As an indicator of the importance of
using an escrow service eBay recommends using one for purchases
over £300.

Remember, a large saving is being made by purchasing the diamond
online, so it won't hurt to get peace of mind for the small
percentage an escrow will charge. But make sure you carry out
the appropriate research on any escrow company as there have
been instances of fraud.

Independent Appraisal

An extra precautionary check is to have the diamond merchant
send the diamond to an independent diamond appraiser so the
appraiser can confirm that the diamond matches its Laboratory
Certificate. The appraiser will confirm the authenticity to the
buyer, who can then arrange payment for the merchant.

Once receipt of payment is confirmed by the merchant, the
appraiser can then send the diamond on to the buyer. In this way
the appraiser also acts as an escrow service. An insurance
appraisal could also be carried out by the same appraiser, which
is something any insurance company will need to see before
insuring the diamond.

Recorded, signature-required, insured postage

A recorded delivery method that is insurable and requires a
signature on arrival is the safest way of receiving the diamond
through the mail. Royal Mail Next Day Special Delivery with
Consequential Loss Damage purchased is an excellent choice. When
transporting the diamond by mail always use this method or a
similar one for maximum security of delivery.

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