The Importance of Selling Diamonds with Honesty | Reputation First

The diamond business is a constant test of a dealer’s moral fiber. The temptations for cheating are common in most businesses, but probably more so in the diamond business. The nature of the product is allowed some subjectivity but the real problem comes from intentional over-grading and lack of disclosure pertaining to negative characteristics. The (false) self-justifications are higher profits, and rationalizing dishonesty by replacing it with opinion. These are harsh statements — but necessary ones — to insure your 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.

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