| It is now possible to save 40% to 60% by | | | | helpful and knowledgeable with questions about |
| purchasing a diamond engagement ring from an | | | | the company and diamonds. |
| online diamond retailer, rather than from a | | | | Testimonials Available For Inspection |
| bricks-n-mortar High Street jeweller. Online | | | | All businesses should have records of customer |
| diamond retailers don't have retail shops, sales | | | | testimonials. Ask if a few of these can be emailed |
| staff, large diamond inventories and other | | | | or faxed through for inspection. |
| associated operating expenses and are therefore | | | | Company Number |
| able to pass on the cost savings to consumers. | | | | Is the diamond merchant's business registered |
| Of course, a diamond might be one of the largest | | | | with UK Company House and does it display its |
| one-off purchases made in one's lifetime and so it | | | | Company Registration number? This registration |
| is understandable that many people may be | | | | number can be entered through the UK Company |
| uncomfortable paying for a diamond before it has | | | | House website to check the registered business |
| been seen and examined. | | | | details of the diamond merchant. |
| However, as long as the correct research and | | | | If the diamond business is registered then this |
| precautions are taken there should be no reason | | | | gives you additional reassurance that it is a |
| to be fearful about buying diamonds from | | | | legitimate business. If the diamond business is not |
| Internet diamond merchants. | | | | registered this may indicate the business is being |
| The three most important aspects of the | | | | run as a sole proprietorship, or it may indicate |
| pre-purchase checks that must be carried out are: | | | | that the business is not legitimate. |
| 1. Assurance that the diamond business is | | | | VAT Number |
| legitimate, | | | | Is the business registered for VAT and is the |
| 2. Assurance that the payment method is secure, | | | | number displayed on the website? If it is then this |
| 3. The risk of merchant fraud or failed delivery is | | | | is another positive indicator that the business is a |
| mitigated. | | | | legitimate and profitable one. The threshold for |
| In part one of this three-part series we examine | | | | taxable supplies for VAT registration is |
| the first aspect which is assuring that the diamond | | | | £60,000 so most diamond merchants would |
| merchant is running a legitimate business. | | | | have the need to be VAT registered. |
| Assurance of legitimacy of diamond businesses | | | | Trade Association Membership |
| Physical Address | | | | There are several jewellery industry associations |
| The physical address of the online diamond retailer | | | | in the UK. If the diamond merchant that you are |
| should be prominently displayed somewhere within | | | | considering purchasing from is a member of an |
| the website. It should give the full street address | | | | association then this gives further assurance of |
| and postcode. A PO Box is not acceptable. | | | | the reputability of that merchant. Some of the |
| Conduct a search on the full address using Google | | | | most prominent associations are the British |
| and make sure that other results are returned | | | | Jewellery Association, the Assay Office and the |
| that include the name of the business along with | | | | National Association of Goldsmiths. These can all |
| that address to check that the physical address is | | | | be contacted to confirm any claims of |
| not a bogus one. | | | | membership. |
| Landline Phone Number Active & Manned | | | | Key Staff Named With Photos |
| A contact landline phone number should be | | | | Another reassurance of the legitimacy of the |
| prominently displayed. Ring the landline number | | | | business is when key staff members are named |
| given and make sure that either a salesperson or | | | | and have their photographs displayed within the |
| the proprietor of the business answers and is | | | | site. |