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Avoid a Wire Transfer for Your Engagement Ring...Or It May Cost You

nchanted Diamonds' Sudden Closure Has Customers Seeking Money, Answers Be careful when wiring large sums of money for an engagement ring or else you could be out thousands with no ring. Picture courtesy of enchanted.com© website.

If you’re looking for the best way to pay for that engagement ring for your sweetheart, here’s a cautionary tale to consider before diving into such a major purchase.

The story includes a jeweler based in New York City, a third-party online vendor, and a parade of marriage hopefuls experiencing broken promises and shattered dreams, leaving authorities to piece together a case of potential wire fraud.

Joshua Niamehr, a Diamond district jeweler in Manhattan, persuaded some of his unwitting customers to purchase engagement rings via bank transfer, according to nydailynews.com,with no intention of delivering the gems and jewelry. Many of these customers came across Enchanted Diamonds using the Rare Carat website, which advertises diamonds from online & local jewelers. Rare Carat delisted Enchanted Diamonds on May 30th from their site - only days before Enchanted Diamonds filed for bankruptcy - because they were noticing data errors – namely, mispriced and artificially treated diamonds, despite having Enchanted Diamonds listed on their site for over two and a half years. Shortly after the bankruptcy filing, Niamehr was quoted as saying ”A business relationship with [aggregator] Rare Carat went bad”, which makes the timing of the delisting a bit suspect.

These customers, who spent thousands of dollars in the hopes of being able to surprise their significant other with a sparkling diamond, waited for weeks for the rings to be delivered to their homes. The catch: Not one of these customers received what they were promised.
The underlying theme that ties these customers together is the idea of trust. At times we can take for granted the idea that when we hand our money over to a vendor or merchant that we’re guaranteed to get what we paid for. Unfortunately, with some business owners, this is not always the case.

A wire transfer also misses some of the key ingredients one should look for in an important and sizable purchase, such as an engagement ring. In the case of the Enchanted Diamonds controversy, these customers discovered the enterprise through a third-party source, meaning they had zero experience with the company nor any referrals to assure them of Enchanted Diamonds’ ability to deliver on promises. Now some of these customers are out their life savings and may have to fight a years’-long legal battle before recuperating even a dime.

Why Should You Finance Your Diamond Engagement Ring at Gage?

At Gage Diamonds, we provide a safer, more trusted alternative when purchasing a diamond engagement ring. Instead of dropping thousands of dollars in a one-time, non-reversible wire transaction before receiving your ring, we often ship out our diamond engagement rings before you’ve made a single payment. Through our exclusive financing program, we offer 0% interest financing for up to 24 months so that you can spread your payments over time at no extra cost. Instead of sending money before you receive your ring, we start fulfilling your order before you make your first payment.

Now, we are in no way advocating that you spend well beyond your means. At Gage Diamonds, we believe in responsible lending. While we do want you to get your dream diamond engagement ring, we also advocate responsible borrowing. Since we are charging 0% interest, we want to get you into a plan that you can afford and make your payments on time.

Too Good to Be True? How Can You Offer 0%?

At Gage Diamonds we saw an opportunity to provide better financing options for consumers shopping for engagement rings. Unlike other financing companies, we are sister companies with our financing partner. We make our “interest” by sourcing our products at wholesale prices and offering them at competitive retail prices, which allows us to offer 0% interest financing to our customers. At Gage, we want to get you into a payment plan that you can pay back without putting a burden on your current finances.

How Easy is it to Get Financing?

At Gage Diamonds, we don’t turn away customers simply because they have less-than-stellar credit. All we ask is that you have the following three things:

  • A valid driver’s license or State ID
  • Direct deposit from your primary employer or benefit provider into a traditional checking account with at least 3 months of history
  • Checking account in good standing (no excessive NSFs, overdrafts and negative balances)

It’s that simple. As long as we can verify your information, then you’ll have a good chance of getting approved regardless of your credit history. The best part is that you can get approved in less than a business day and start shopping at Gage Diamonds for that special engagement ring. Plus, you’ll never have to worry about being out thousands of dollars before you receive your ring.

Don’t Take Our Word for It!

Gage Diamonds prides ourselves on 100% customer satisfaction through great customer experiences and product knowledge to help make sure your big moment is a memory to cherish. Checkout out our 5-star customer reviews on Google, with more reviews available on Facebook and The Knot.

Gage Diamonds is Chicago’s choice for designer engagement rings, certified diamonds, wedding rings and fine jewelry. Our jewelry payment plans give you the flexibility to find that special something for the important person in your life.

If you are interested in financing your engagement ring, wedding ring or other fine jewelry, please visit our financing page to learn more and apply.