The purpose of a diamond broker is to have someone, who’s in the know in the diamond industry, hunting down the most exquisite diamond for you at the best price. Diamond brokers often go straight to the source for your diamond, and work directly with either the diamond cutter or wholesaler. Since diamond retailers jack their prices up on diamonds by 50% to 400%, you save money when you surpass them.
In addition, rather than having to do all the painstaking research yourself, in order to find the perfect diamond, the broker will do it all for you, thus saving you time and aggravation. Also, a diamond broker, has the knowledge, to educate you on all of the Cs and can confirm that the diamond that you are getting meets all specifications as described by the seller. For instance, they may do such by examining the diamond in a gemological laboratory.
So how do you find someone legit, who can do all of these wonderful things? After all, you don’t want someone who says they are working for you, but really only looking out for their own best interest. In today’s world, it’s hard to know who to trust! Beware that some will represent themselves as brokers when they are actually retailers looking to pocket as much profit as possible. The brokers should not own the diamonds that they sell to you. So do your research.
First and foremost, you want someone who has the credentials to backup their opinions. A broker should be trained by the Gemological Institute of America as a Graduate Gemologist and accredited by the American Gem Society as a Certified Gemologist Appraiser. In addition, they should have a vast knowledge of the marketplace so they can help you get the best stone at the best price. Finally, you want someone who has the patience to hold your hand through this exciting process, won’t rush you, and will work with you until you find exactly what you want.It’s best to find three brokers, interview and research them, and finally select the one that is the best match for you. If you want to be super selective, you may even ask for contact information from customers that they have worked with in the past
While a broker should always have your best interest at heart, their services don’t come free. Just so you know, the broker should get a fee worth approximately 10% of the diamond they find for you.