Years ago I bought a diamond engagement ring.
I recall it was one instance where the seller had all the power.
For most transactions the buyer has a lot of power. You can research a car or a flat panel TV, you can read reviews and compare prices online. If you don't like the price you go down the street to the next place.
Most of us (me included) have no idea how much any particular diamond is worth. You have to rely on the salesperson who tells you its quality and value. Of course they will tell you it is a $12,500.00 diamond but they will sell it to you for $8,000.00 (that is what I was told). Because most people know nothing about diamonds we are buying on blind faith. And hopefully we only have to buy a diamond once, so we have no experience in shopping for diamonds.
The consumer has no knowledge and therefore no power.
The best advice I read was to get an independent appraisal of a diamond before buying it.
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