US woman paid $700,000 for jewelry worth $3 in India; here are tips to avoid such scams
A jewelry shop in Jaipur, India, sold a US tourist jewelry worth $3 for approximately $700,000. It was later discovered to be fake when it was displayed at an exhibition in the US in April this year. The US tourist returned to India to confront the jeweler who rejected her claims. Subsequently, the US Embassy intervened and the Jaipur police investigated and eventually caught the jeweler who was on the run.
While jewelry can be a great investment option, it's not easy to steer clear of these scams. Here are certain tips that will help you keep your money safe.
1. Look for reliable sources
It's important to understand that buying jewelry is not as easy as it sounds. It's best to purchase jewelry from reputable and reliable sources. It's wise to opt for established jewelry stores, authorized retailers, or even well-known online platforms. Always be alert for too-good-to-be-true deals and never fall for schemes like these.
2. Verify the sources
Before making a purchase, especially an expensive one, it is best to verify the sources and look out for reviews and testimonials. To try and verify, look for certifications and verify their credentials including certifications and proof of authenticity.
3. Try to look for fake branding
When it comes to jewelry, spotting fake branding can be pretty easy. The main thing to look out for when it comes to buying branded jewelry on the internet is the price. Most reputable sellers also include pictures of the products on their site. At least, one of these displays should include the branding.
4. Check for return policies
Any shady schemes will never claim to offer a return policy and therefore this can be a major giveaway as most sites that offer fake products won't give you the option to return it. A reputable seller should offer you at least a fortnight return policy. If they have a zero return policy, it is likely a scam.
5. Use secure payment methods
When purchasing jewelry online, it's important to use secure payment methods that offer protection such as credit cards or trusted third-party payment services. These will act as an extra layer of protection, allowing you to retrieve your money in case of an issue.
6. Pay attention to warranty policies
Carefully read and understand the return and warranty policies of the jeweler or the seller. Remember, big companies are always very transparent about their return policy and warranty policies. Avoid sellers who are reluctant to provide clear terms and seem shady and secretive. Compare these policies to other reputed companies to see if they are at par. Get hold of multiple quotes and ensure that the pricing is the same. Moreover, always trust your instincts. If the scheme or offer seems too good to be true, there is a good chance it is.