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Q&A: Buying a Fancy Color Diamond from a Friend. A Good Idea?

By Mike Fried,

Dear Sirs, I have been approached by a friend who has recently started working in the diamond industry at a company in Israel called Tradition Diamond. I would like to know if you can help me in assessing the value of potential products offered to me and if so, what would be your charges.

If you want, send me the GIA/AGS reports of the diamonds the offered you along with the prices and the setting you want to put the stone in and I can comment on them for you.

I am looking to purchase from friend. Enclosed is an IGL for a diamond I am looking at. I’m told that the GIA will be available shortly.

Please let me know the cost for your services to determine authenticity.

IGL is not a legit cert. Send me the GIA once you get it.

As for the service, it’s for free. I won’t be charging anyone.

Thank you, once the GIA is available, I will send it.

I never heard of a free service like this. I must speak more with you after I send GIA.

We help people to find diamonds for their needs (usually an engagement ring, earrings, pendants, etc). If they order from a company that we recommend, we get compensated. If they find a better deal somewhere else, it’s fine by us as well.

Wow. Unbelievable.

……

I have been offered another diamond. I hope you can help me with its authenticity/value.

Below are the details I was given. And enclosed is a GIA certificate. I would be most grateful for your advice and hope that this time I have a good one. Meantime, I would be very comfortable with paying you a fee for your work.

All the best and look forward to hearing from you shortly.

Diamond Details:
Pink
Very Light
SI2
FC-GIA 2151942674

The diamond is probably eye-clean, but the huge feather close to the point looks dangerous. Plus the natural in the middle on the bottom might be a problem too. Also, the symmetry is fair which doesn’t usually look nice. I wouldn’t buy it unless it’s very cheap.

Have you seen the diamond in person? How much are they asking?

Thanks. They are asking $8000. What do you think?

I can’t be sure of that, but it sounds like a rip-off. I just checked an online company we have an amazing experience with when it comes to fancy diamonds and found this 0.53ct pear that is also an IF clarity for much lower price (6,450 before the sale):
www.leibish.com/pink-diamonds/very-light-pink-pear-22085#a_aid=y

It’s higher quality and significantly larger. I don’t see a reason to spend 8k for something worse and smaller where there is a potential risk of chipping because of the feather.

Thanks so much for the frank advice.

I will not purchase this diamond. Hopefully will purchase something soon. I am interested to buy a fancy diamond and keep in Geneva rather than bring to UK.

My pleasure. Would you be interested in the online route as well?

Yes, that would be fine.

Would you like to stay within the 0.30ct you originally sent me or is there a certain budget you don’t want to cross?

No I am not too fussed, I am looking for a good return is the main thing.

OK, and the pear shape is a must?

No not really, I want a good investment which will make me max return.

Diamonds are not a good investment. If there is no other purpose for buying the stone, I wouldn’t recommend it. The founder of our website and Mike’s business partner wrote an excellent article about it for Huffington Post.
http://www.huffingtonpost.com/ira-weissman/7-reasons-why-you-shouldn_b_1720870.html

My gosh you are so honest.

Really a pleasure interacting with you. I was led otherwise.

My pleasure. I’m glad I could help.

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What we love about them:
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