Jewelry Business Articles & News

Buying fine jewelry? First research Web sites for gems of advice

Buying fine jewelry? First research Web sites for gems of advice
Orlando Sentinel, FL

NEW YORK — Few purchases are more mystifying for first-time buyers than fine jewelry. There’s more information out there than ever — from jewelers’ Web sites and online forums to nearly ubiquitous grading reports from independent labs. But buying expensive gems and precious metals is still largely a matter of trust between you and the jeweler.

First, educate yourself on the basics. For diamonds, that means the four Cs: cut, color, clarity and carat weight. For gold, platinum and silver, it means purity.

You can find helpful information on these fundamentals from the Federal Trade Commission (www.ftc.gov) and the Better Business Bureau (www.bbb.org). The Gemological Institute of America, the most prominent diamond grading agency, provides tutorials on buying diamonds and colored gems at (www.gia.edu).

“It’s less of a blind purchase than it used to be,” says Jay Mednikow, president of 115-year-old Mednikow Jewelers in Atlanta and Memphis, Tenn. “But a jeweler who knows what he’s doing can take advantage of you if he wants to.”

Thus, there is still no substitute for a reliable dealer with an established reputation. Many jewelers are GIA-certified gemologists and display their credentials prominently.

For diamonds, Mednikow recommends buying only those with grading certificates from GIA, the American Gem Society or another independent laboratory.

Read warranty and return policies carefully and make sure all guarantees are written on your sales receipt — it’s your legal contract.

You may have a hard time distinguishing between slight variations in color and clarity, but still trust your own eyes.

Mednikow recommends holding diamonds with a pair of tweezers over your finger or against a white background and under lights of different types and varying brightness.

If you are buying a colored stone such as a ruby, sapphire or diamond, ask if it has been “treated” to enhance the color. Some processes are routine, like heating for sapphires and rubies and oiling for emeralds, but others are temporary or undesirable.

Up to half the gold jewelry sold in the United States bears a false karat rating, says Mednikow. Choosing a reliable merchant is your only insurance, although national retailers like Zales and Sears are diligent about the purity of their gold.

Add comment April 24th, 2006

WAL-MART TO REDUCE LEAD LEVELS IN COSTUME JEWELRY

WAL-MART TO REDUCE LEAD LEVELS IN COSTUME JEWELRY
CBS 5, CA
04/24/06 12:25 PDT

Wal-Mart has been added to the group of retailers and distributors who have agreed to meet new standards for lead levels in costume jewelry as part of a legal settlement, according to California Attorney General Bill Lockyer.

A state civil court approved a settlement with Wal-Mart on Thursday, which adds the retail chain to the collection of 70 other U.S. retailers that must pay a total of $1.9 million, including $100,000 in civil penalties, as part of the settlement.

The settlement requires companies and their suppliers to meet new standards for lead-free and low-lead jewelry as soon as possible but no later than March 2008, the Attorney General’s office reported. After March 2008, retailers must cease selling any product that does not meet the new standards.

Out of the total $1.9 million to be paid by the defendants, $250,000 will go to a jewelry-testing fund and $329,000 will be earmarked to educate consumers about the health risks from exposure to lead and other heavy metals.

The lawsuit was filed against the retailers in June 2004, and the settlement was initially approved in February. The lawsuit alleges that the defendants were violating Proposition 65, which requires that consumers be warned about exposure to materials known to cause cancer or pose a danger to reproductive health. Lockyer filed the suit because businesses were failing to inform consumers of the health risks involved with exposure to lead in jewelry.

Burlington Coat Factory, Claire’s Boutique, Express, Macy’s, Mervyn’s, Nordstrom, Ross, and Target are some of the companies that were part of the initial settlement.

The Gap, Saks Inc., Greenbrier International (Dollar Tree Stores), Reebok International, and QVC intend to voluntarily join the settlement, according to the Attorney General’s office.

Brain damage, kidney damage, hearing loss and impaired growth are some of the effects children and teenagers can experience if they are exposed to lead, according to the Attorney General’s office.

Add comment April 24th, 2006