The recent and dramatic price increases in both the gold and platinum has not, as yet, been fully felt by the consumer as retailers and manufactures both work through older inventory purchased at lower market prices.
With the coming of the New Year, however, the full effect of higher precious metals prices will begin to be felt as retailers replace inventory.
With the increased pressure on both manufactures and retailers to keep the cost of fine jewelry as low as possible there is going to be an even greater temptation for some to lower the quality and amount of materials and workmanship even further in an attempt to appear like a “great buy” is being offered.
It is more important than ever that the customer do their research and be aware of the quality of what they are purchasing. I hate nothing more than having to tell a customer that their “deal” is in reality money poorly spent.
Because fine jewelry often does not have a brand name and because very subtle differences, not apparent to the untrained eye, can mean huge differences in value; fine jewelry has been a playground for those who wish too deceive for years.
Here are a few tips that I hope will be of help.
• Be extremely wary of any discount above 20% , any claim of selling “wholesale” or any sales pitch claiming the item is worth substantially more than you are asked to pay – it’s not.
• Question the perception that jewelry is somehow a better buy in the NY Diamond district, the internet, the Caribbean, etc. - its not.
• Ask what the return and service policies are BEFORE you buy. NEVER buy form a company that will not offer a return policy or service their product.
• Unless it is a jeweler you know and trust – always pay with a credit card.
• Shop only at reputable stores with a trained and knowledgeable staff.
• Compare similar jewelry in different price points and ask questions about the difference in value.
• NEVER buy from a pushy salesperson or presentation.
• No matter how matter how good the deal sounds always remember this old saying –
You get what you pay for.
Until next time - that is how I see the world of jewelry from Rochester NY
David West Nytch CGA www.westandcompany.com
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