Should I buy a diamond in NYC or local?Is it called "diamond district"?

Edwards Finance > Loans

Q. I live about 2 hours from New York City and am wondering if it is better to buy a diamond from the "diamond district" or should I stay local? If the city is a good place to go, are there any recommendations? Should I pay cash or credit card? How can I know that the dealer is reputable?

A. I read that the NY Diamond District is the worst place to buy a diamond. I recently read Fred Cuellar's book, "How to Buy a Diamond: Insider Secrets for Getting Your Money's Worth", that has a guide for finding a good jeweler. I suggest you read it. It also helps to only buy a diamond with a GIA report and to tell the jeweler early on that you will be getting the diamond individually appraised so he'd better not lie to you. Also make sure he has a return policy, so if you do get it appraised and you find out he did lie, you can return it. If you do go to the diamond district I suggest you also read Renee Newman's "Diamond Ring Buying Guide" which shows how to tell a real diamond from a fake.

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