How safe is diamond and jewelry shopping on internet? What do you need to know! An interview with Patrick J. Boening, President & CEO of Diamond Wholesale Corporation, aka: DWC Inc. One of North America's top firms in diamond online and wholesale business. (http://www.DiamondWholesaleCorporation.com)February 11, 2004-- Interviewing Patrick J. Boening, President and CEO of Diamond Wholesale Corporation.
Q: More and more people decide to purchase their diamonds online. DWC Inc. could improve its online sales by an impressive 83%. How come?
A: Price, Quality, Variety, Availability and good Customer Service. The confidence and trust in online diamond firms grow over last years enormously, as most online businesses did. This is 21st century; you don’t have to spend hours in jewelry stores only to be shown a medium quality diamond, in dimmed light for a ridicules price. Then you need to compare and run to next store to start whole process over and over again. A tiring, long and expensive way to do business. Retail stores will not give prices over phone. They need you trapped within their environment. They have to sell you what they have on stock rather then what is available on market. Remember, when you purchase a diamond or a piece of jewelry in a store, you pay for everything, expensive location, beautiful and costly store decoration, sales and security staff etc. etc. The price differences between online and store can easily be 50 – 70 %. On other hand, jewelers are spoiled and hate internet. It is like a secret leaked out. Did you ever wonder why jewelers did so well and whenever you passed by store, their is hardly customer traffic? The smart and educated client with access to internet realized all that.
Q: Isn’t it to risky to purchase such expensive items over internet, and how can one minimize that risk?
A: I have never heard of an internet diamond firm that "ran off" with client’s money. That would be a one time action. The internet is fastest media in world, such actions would be known and spread in hours, around world and this company would be black listed forever. Surely you should not trust anyone just because they have a web site. If you keep these 9 rules, your purchase will be safer then in most stores:
Rule # 1: Trust a web site (company or organization) only if they publish on their web site, full businesses address (not only a PO. Box) and phone number. If they don’t, they have a reason. Many web sites are owned by same company or person and would show same address and phone number.
Rule # 2: Check their references (Testimonials) and talk to existing clients. You will quick find out if they are real or made up.
Rule # 3: Check professional trade networks and organizations, in diamond and jewelry field: JBT (Jewelers Board of Trade), Polygon, Rapaport Network etc. If they are not registered there, they are no professionals.