Prepare for upcoming diamond auctions

Rapaport opened its single stone diamond auction this week with over 2,000 stones of varying sizes and quality. The 1st phase of viewing is organised at the Rapaport’s New York and Israel offices till September 8.

Additionally, there is a melee auction scheduled from September 8 to 12 in New York, and from September 14 to 18 during the Hong Kong Jewellery & Gem Fair. This auction showcasing a selection of over 75,000 carats of mixed, breakout and finely assorted melee diamond parcels, marks the beginning of the festival season.

Buying diamonds directly from a seller is different from buying them in an auction. The key factor is to select the right auction for one’s buying needs. Some tips –

  • > One should select an auction that provides expert help readily available for quality assurance, certifications and valuations. Since, Certifications can vary from one grading lab to another, having an independent expert at the auction site can help if one does not want to rely on the certification provided by the seller.
  • > Check about the facilities for security, delivery and payment for the diamonds. Mechanism to transact in different currencies and for refunds in case of a failed transaction assumes significance if the buyers and sellers are from different countries.
  • > Choose an auction that attracts participants from both camps – sellers and buyers. Consider what kind of diamonds you are interested in. Rapaport has separate auctions for single stones and melee. Some auctions are dedicated to jewelry and pre-owned pieces
  • > Understand the fees that needs to be paid to auction organizer as a buyer or a seller.
  • > Find out if the seller provides a return policy and evidence for authenticity
  • > Collect reviews and feedback about the seller if you are a buyer at the auction

By preparing well for an auction event one can increase the chances of striking a real bargain.