Section 17
Selling Diamonds
Selling Honestly (17.01)
The diamond business is a constant test of a dealer’s moral fiber. For some the temptations of cheating are common in most businesses, but probably more so in the diamond business. The nature of the product is allows some subjectivity but the real problem comes from intentional over-grading and lack of disclosure pertaining to negative characteristics. Rationalizing for higher profits and dishonesty by replacing facts with opinion risks your reputation. These are harsh statements -- but necessary ones -- to insure your of success by avoiding such temptations. The short-term effect of misrepresentation may be larger profits, but the long-term effect would certainly be negative, in a business where word of mouth is critical and bad reputation is devastating. When you’re honest in your dealings, people sense it, and your reputation will shine because of it, after some period of time.