Need good stories of internet diamond purchases

[Drm1grl]

I am thinking of making my first significant diamond purchase over the internet - and frankly, I am apprehensive. I bought a small diamond from Rare Carat and had a great experience - but now I am considering something much more expensive (looking for an OEC or OMC look and there just aren't enough options to see in person). Wiring that much money just is scary. I am only dealing with companies who have great reputations on PS - but still need to hear some happy stories. Thanks!

 

[Jax172]

I have bought all my significant diamond purchases online from many different reputable vendors without issue. Just make sure you vet the vendor that you are going to use and you should be fine.

 

[lulu_ma]

I recently bought my OEC over Insta. It is the largest single purchase I have ever made other than a car or house. I wired the money to save 3%. Even though I bought from a reputable dealer that many PSers have used, it was a little nerve wracking! Everything worked out and now I am just (impatiently) waiting for the stone to be set.

 

[LLJsmom]

Just search OWD and you will find many people who have purchased old cuts remotely. If you are worried, call them and talk to the seller so you can establish a more concrete relationship.

 

[LoveMeDo]

I would imagine that most of the regular people here on Pricescope have made online diamond purchases. It should be completely fine as long as you work with a reputable vendor.

 

[Lookinagain]

Well depending on the vendor you may or may not get a wire discount and if wiring scares you (and I understand, there is a lot of wire fraud these days), then use PayPal or a credit card which have some protections, if they take those forms of payment. It may cost you more, how much depends on the amount of your purchase, but if it takes away the worry, it may be worth it to you.
I've purchased many diamonds on line and generally pay by credit card, only because it's easier for me. I had to wire once, as it was a purchase out of the country, and I verified the wire instructions by a known phone number to avoid relying on email, which is generally how wire fraud is accomplished.
also, I would only use wire as a form of payment for a purchase from a known, reputable, vendor.

 

[OECfan]

My last diamond purchase was a 2.1 ct OEC from Sincityfinds on Instagram. I used PayPal, which some sellers charge 3-4% on top or you get 3-4% discount if you pay by wire/venmo/zelle. I don’t wire money because I find it to be a hassle and it’s $150 for a wire to the US and frankly, if I’m dropping a few grand on a diamond, I want the protection of a credit card.
I’m in Canada and we don’t have venmo or zelle here. I find PayPal offers good buyer protection as long as you use goods & services, it’s worth the 3-4% extra for me for peace of mind, personally.

If you do your research here, find a reputable dealer with good return policy, you will be OK. I think many PSers buy from online retailers all the time. I don’t buy unless I’m sure, because it’s a hassle importing the stone into Canada (with associated taxes) and then shipping it back if it doesn’t work out but if you’re in the US, you have a lot of options.

 

[sledge]

At the end of the day this is a risk question. You managed the first event because the amount was small enough that it didn’t register in your brain the same way. This new amount is much larger and has given you pause.

This isn’t unusual. We may have very different responses for a $1,000 or $10,000 or $100,000 or $1,000,000 dilemma. Funny how those zeros before the decimal can change our perception.

For many things in life, but especially personal finance I have a very simple golden rule: I don’t do things I don’t understand or don’t feel 100% good about.

So if I were you I would probably do one of two things:

1. Forego the 3% wire discount and use your credit card. It will give you warm fuzzies. Plus you avoid the wire fee your bank charges making the true discount < 3%.

2. Arrange for the stone(s) to be shipped to an independent 3rd party that is local to you that can act as an intermediary. Likely a trusted appraiser that can help you evaluate the stone as well and use an escrow account to complete the transaction.

 

[Drm1grl]

Really great thoughts. Thanks to all!