Jewelry is always a popular Christmas gifts. However, because most people seldom make major purchases of this type, it can be easy to make mistakes. “The Epoch Times” offers several tips for preventing December decisions from becoming January regrets.
Watch for these red flags.
- Unreasonable, inconsistent return policies. Don’t buy any jewelry from a retailer or jeweler before you review their return policy. Note how long you have to change your mind and if there’s a restocking fee. Most retailers or jewelers will have a restocking fee, but it should only be around 10 percent of the sales price. However, illegitimate sellers may charge up to 50 percent.
- Mislabeling plated and gold-filled jewelry. Dishonest sellers stamp “14 karat” on jewelry that’s made up of little to no gold. The sale of precious metals and jewelry is heavily regulated. Protections come under the Federal Trade Commission and the National Gold and Silver Stamping Act. These laws are stringent when it comes to protecting shoppers from fraudulent retailers. If the price is low and seems too low to be true, be wary. Low prices for 14-karat gold usually denote a fake.
- Altered gem certificates. Aways ask for a gem certificate before purchasing a piece of jewelry Unfortunately, fraudulent jewelers may give you a fake certificate. Avoid this scam by asking for a grading report from a reputed lab. One reputable company is the Gemological Institute of America. This is a nonprofit organization and is not tied to retailers or commercial gemstone dealers. Its reports are considered the gold standard. It’s essential to have a certificate from a reputable lab to ensure the jewels’ authenticity.
- Jeweler ignores wholesale precious metals cost fluctuations. The cost of precious metals fluctuates daily, and legitimate jewelers respond to these changes. When preparing to make an expensive jewelry purchase, check the jeweler or retailer’s website frequently over the course of a month. If the prices don’t change and you know that precious metals have fallen in price, you might be charged more than you should be.
- Buying jewelry online. Many people have taken their jewelry shopping online, but there are pitfalls if you’re not careful. Ensure you are familiar with the retailer before looking at their website. If you don’t know the company, be suspicious. It’s easier to spot a fake in person than it is online. But the main indicator of authenticity is the price. There’s a reason expensive jewelry costs so much.
If something doesn’t feel right, it probably isn’t. Check the paper work on any gem you’re thinking about purchasing. Be sure you know the origin of gold or other precious metal jewelry. Shop only at reputable jewelers you know when you are online.
–Alan Goforth and The Epoch Times | edited with permission.