Can You Tell Apart a Real Diamond and Fake Diamond?
You should be able to tell the actual diamond from a fake one; even insurance companies inform this to customers. Some gemstones look the same as a diamond to the naked eye, but their chemical and optical properties are different from the latter. Using a magnification tool is required to know the difference between those and fake diamonds. Otherwise, you would have to be an expert in diamonds to tell the difference.
You also have to know more things about a diamond’s characteristics to identify the distinction between it and some other gemstone. This is why some individuals mistake a ring with diamonds for one with another gem.
Not knowing this difference could prove costly; imagine a thrift store selling you a cubic zirconia gem as a diamond. If you accept the stone as what the vendor claims it is, you would lose a lot of money. Auction websites and online shopping places are filled with discount sales in the engagement season. Some of these offers are so great that they do not appear to be believable.
In a test, customers were told to look at and value engagement rings, and most of them fell for scams. That engagement ring with cubic zirconia was valued at about £2,607, 30 times over the right retail price. When viewing a diamond engagement ring worth about £21,400, people underestimated the real value with mere guesses. As a result, they mistakenly assessed its value to be £2,160. This is actually 90% lower compared to the rate in a store despite that ring being bigger than others.
Stephen Kopaloff, a jewelry expert who performed the tests, stated, “The value of jewellery can change substantially as the cost of precious metals and gemstones vary depending on so many factors.”
So you must purchase jewelry at a reputable store that can give a comprehensive and correct valuation certificate.
Undervalued for Jewelry Insurance
Customers regularly make claims for lost, stolen or damaged jewelry to insurance carriers. As per the present data, 7.20 million individuals do not have rings worth around £8.80 billion. Many under insure diamond rings, says Kopaloff.
Not knowing the worth of jewelry presents a big risk in the form of underinsurance because most individuals discovered that their piece’s value had increased after the last time they evaluated it. One out of six persons claimed that its value grew by over half.