Hey there, it's Mike Fried and Ira Weissman,
the Diamond Pros.
Today we are going to address an issue that
comes up a lot during our discussions with
readers; buying online versus buying at a
local retailer.
Online shopping has become increasingly common
in our lives over the last decade.
People can have a box of Q-tips delivered
to their door within a few hours, order their
favorite wines, or have Zappos deliver 20
pairs of shoes for you to try on.
As this has become ingrained in our culture,
we have become comfortable purchasing pretty
much anything online.
But what about diamond rings?
I have secret shopped hundreds of jewelry
retailers around the world in the last few years.
It is incredible how often those retailers
contrive reasons why buying online is a terrible
and dangerous idea.
We will cover a few of the major ones here,
but the simple response to them is that they
are full of it.
I imagine executives at Sears were saying
the same thing 25 years ago, and look where
they are today.
Let's start with the obvious first.
There is no way a physical retailer can compete
with online retailers when it comes to price.
We go over the reasons why on our website
(see the link in the description below).
Our secret shopping has proved this time and
again.
Physical retailers are usually 30-60% more
expensive than the leading online retailers.
We often hear salesmen BS while secret shopping:
“If you buy a diamond online, you have no
way of knowing what you are getting.”
There are two responses to that.
First, following our guidelines such purchasing
from a reputable online source that offers
high-resolution videos of the diamond and
only purchasing a diamond with a GIA or AGS
certificate will ensure that you are getting
exactly what you are looking for.
Second, that claim implies that if you buy
in a physical store you do know what you are getting.
Take a quick look at our review page and you
will see just how rare it is to get a decent
diamond at a store.
Using less stringent certification to inflate
quality claims or trying to dump a diamond
with a subtle flaw, they hope you won’t
catch but severely devalues the diamond.
I can’t count how many times we’ve had
people ask us about their diamond after they
have made a purchase.
It kills us when we have to point out that
they were royally screwed.
The overwhelming majority of physical retailers
offer limited or no full refund policy.
What good is an exchange if the person has
already been proven in ripping you off?
Every major online retailer offers full refunds,
no questions asked.
Blue Nile and James Allen, for example, offer
30 days to refund in full.
They’ll even pay for return shipping.
You are far better off taking your time selecting
the perfect ring at your leisure, knowing
that you can return it if you are at all dissatisfied,
than to walk into a store and have a salesperson
pressure you to make a purchase with no refund
policy.
The only reason to purchase from a physical
retailer is if they have some way to justify
that premium.
That is a long shot at best.
Tiffany & Co is a perfect example.
Their diamonds are stunning, they have fantastic
service and just saying the diamond is from
Tiffany sends a chill down many women’s
spines.
But their diamonds are roughly double the
price of comparable quality from Blue Nile
or James Allen.
Is that brand name worth that much?
Personally, I don’t think so, but at least
you are getting something for that extra money.
Most physical retailers offer little in return
for their premiums.
The bottom line is that shopping online offers
allows you to get far better value, with a
lot more security than buying from a physical
retailer.
If you have any other questions, or would
like some help picking out the perfect diamond ring,
feel free to contact us.
One of our diamond consultants will be happy
to help you find the perfect engagement ring.
Once again, this is Ira and Mike, the Diamond
Pros.
Thanks for watching.
