Use care when buying diamonds

Sunday, January 27, 2008

Use care when buying diamonds
As we head toward Mother's Day and wedding season, diamonds are getting serious attention.But there's a lot more to consider about diamonds than how much they glisten.An objective grading report is important. The Gemological Institute of America (GIA) issues an independent report. But the institute recently reorganized top management amid allegations of bribery for inflating the quality of diamonds.Some diamonds may be high quality but still be tainted. These diamonds have been used to finance armed conflicts in places such as Angola, the Congo and Sierra Leone. Published reports even have tied "conflict diamonds" to funding for Al Qaeda.Fortunately, some 40 countries, the United Nations and the diamond industry have worked out a way to help curb sales of conflict diamonds. Under a program known as the KimberleyProcess, diamonds must be shipped in tamper-resistant containers. They also must be accompanied by government-validated Kimberley Process certificates. In addition, the jewelry industry, represented by the World Diamond Council, requires that every time a diamond changes hands, the seller affirm on the invoice that the diamonds have been purchased through authorized channels.The United States' Clean Diamond Act signs onto this process.But too many countries have no strong enforcement mechanisms, warns Amy O'Meara, of Amnesty International USA, New York. Also, she says, a lot of jewelers haven't adopted the code of conduct or produced written guarantees as to where the diamonds have come from.If you're looking for a diamond, she suggests asking the jeweler how you can be sure the jewelry doesn't contain conflict diamonds. Ask to see a code of conduct. Also ask for a voluntary warranty that documents the diamond from the mine to the point of sale as being conflict free."A lot of jewelers can talk a good game," she says.Of course, don't forget the four C's of buying a diamond - color, clarity, cut and carat. Generally, the aim is either for a clear diamond or a color as rich as possible. A diamond rated "D" by the Gemological Institute of America, means it is absolutely colorless. "Z," light yellow or brown, is the GIA's lowest grade.Look for few spots, bubbles or lines. The GIA grades clarity ranging from FL or flawless to a low of I3. For cut, the GIA now issues grades ranging from Excellent to Poor. Carat refers to the diamond's weight.
Other questions to ask:
Is the diamond artificial?
Has the diamond been treated? Jewelers are required to disclose whether a diamond has been treated with anything that could lower its value.
Does the diamond require special care?
Always ask for written specifications or an appraisal of the diamond you are considering. Obtain a written guarantee from the jeweler.
"We recommend that the consumer ask all the questions they can of the salesperson," says Janice Frankle, attorney with the Federal Trade Commission Division of Enforcement. "If the salesperson doesn't have the answer, find the answer."