“They” say that diamonds are a girl’s best friend – although Leonardo DiCaprio disagrees.
There are a number of reasons for that. Psychologists say that diamonds act as “courtship gifts” because it shows us that our significant others see us as “investments”, and apparently girls (and boys, of course) love that. But so do collection agencies.
A report in June of 2016 found that the parent company of Kay Jewelers (Signet) was drawing complaints from consumers about “incorrect credit report information”, and “harassing phone calls.”
For anyone familiar with the work we’ve been doing, this isn’t too much of a surprise. Collection tactics can look like scenes out of a mafia film, and the way debt itself works can feel like legal thievery in some unfortunate circumstances.
Not only were consumers having issues the way Signet dealt with potential consumer risks, but they were also was accused of swapping out real diamonds for fakes when a report in Buzzfeed revealed that a woman got her $4,300 engagement ring ring inspected by another jeweler. The result?
Notice anything funny?
That yellow light should be further to the right where the word “diamond” is; a diamond is what consumers are presumably buying, after all. It started when the employee couldn’t find the certification number on the diamond; certification numbers are inscribed on the stone by what’s called Gemological Science International (GSI).
Squirrel: The GSI certificate affects the general cost, and we recommend doing your homework because some experts believe that the fact that the GSI works with large chains keeps their grading system from being as comprehensive as it should. Look for other ways of getting a certificate, such as the GIA or AGS certificate.
The stone ended up being moissanite: material that looks like a diamond, but isn’t near as expensive (Moissanite is worth less than 20 percent of a diamond of an equivalent size). The lesson here? Be careful about those baubles, girls!
If you feel enlightened by tales of fake diamonds, and collections, don’t forget that The Credit Repairmen is rolling out a Financial Well-Being Packet that will keep you protected from moissanite in more ways than one. For interest in our awesome services, call us at 210-520-0444, or visit us (or watch our office tour) at 6989 Alamo Downs Pkwy, San Antonio, TX 78238.