Executive Summary/ Abstract
This case is about a professor who is ready to propose to his girlfriend after her hinting to him marriage on 3 separate occasions. First the professor decided that he was ready to propose next was that he wanted to spend between $2,000 and $4,000 on an engagement ring. The professor had no prior diamond shopping experience so this was all new to him. He thought this would be a simple task and he would move on to the next step in the engagement process. Once the professor stepped into his first store he was instantly confused. There were so many different rings of different variations that he quickly became overwhelmed. The professor realized that there would need to be research and more effort put into the process of buying his girlfriend an engagement ring. In order for the professor to get the best ring for the best price he needed to know more about the different types of rings. There were terms that the professor has never considered before like “the four C’s: Color, cut, carat and clarity.” Other things he realized he needed to consider was who the ring was certified by along with the type of polish and symmetry. Taking all the characteristics and factors into consideration the professor went off and did his research. The professor felt more knowledgeable about shopping for not just the engagement ring but the perfect diamond. After learning about the different factors when it came to buying an engagement ring the professor took in all the information and got a quote for a ring that he felt he connected with. His next concern that arose was what he should be paying for that ring in order for him to not overpay. He concluded his research by doing additional research on the diamond wholesalers.
As a typical man the professor assumes that the first step in his engagement was going to be the easiest. Little did he know how much went into purchasing the best engagement stone for his girlfriend. He quickly reazized how much research he needed to do after going into the first jewelry store. The issue was him understanding the different charasterics such as: * Carat weight
Next, the other issue was whether a quote the professor was given was a good deal or not.
When making a big purpose like buying expensive diamonds it is very wise to make sure to see a certification from labs like Gemological Institute of America (GIA), American Gemological Society (AGS), European Gemological Laboratories (EGL) and International Gemological Institute (IGI). There are other small labs that can be found most often ran and located in jewelry stores. When purchasing a diamond it is more reliable to see a certification from a larger laboratory to ensure that you are not getting ripped off. It is important to get the most for your money. Even more importantly you want to be certain that you are purchasing what you think you are, since there are so many easy ways that jewelers can fool you.
In order to make a wise decision on purchasing a ring you should find an honest jeweler. When you have a jeweler that you can trust they will be willing to help you find what you are looking for and be honest about it. It is also smart to print sample certificates for when you are shopping for diamonds to use a reference to see if the certificate a jeweler gives you is real. The main lab reports that you should look at and consider when buying a diamond is from GIA, AGS, EGL, and IGI. They are the most reputable, dependable and knowledgeable labs that you should go by.
It is important to be aware that there are independent jewelers looking to rip you off when buying a diamond. Diamonds are not cheap and you don’t want to purchase one that you are not certain is what the jeweler says it is. If a diamond does not come with a lab certificate it is not worth spending the money on for the risk...