Diamonds are big business and as a result, there are always people hoping to take advantage with a quick scam which will leave you out of pocket and make them rich. Diamond scams are usually very minor incidents, but there are a lot of major scams and frauds committed everyday. A lot of these incidents revolve around the buying and selling of diamonds, where people are dishonest about the true worth of their diamonds. These incidents can easily be prevented by acquiring knowledge of diamonds, as most people do not know much about the diamond trade and are easily convinced a diamond is something when it isn’t really.

The scam most often committed, is lying about the carat weight of a diamond in order to gain more profit from its sale. This is a widespread problem in the diamond industry and so it would be wise to get diamond rings checked independently before purchase.

Another prominent diamond scam is known as the Carat Total Weight Scam. This is where a jeweller shows the total weight of all diamonds on a ring in its information tag. The buyer is led to believe this weight is for the largest stone on the ring only, thus leading to disappointment at a later date. To stop this from happening to you, be sure to ask and establish with the jeweller the carat weight of the centre stone.

A scam which often occurs when selling a diamond to a dealer happens as follows. You will ask the dealer what your diamond is worth and they will give you a much lower value than it is really worth and offer to buy it from you. This results in you losing money. To avoid this, pay for an independent valuation before selling your diamonds.