FIGHT BACK : MORE THAN MEETS THE EYE WHEN BUYING FINE JEWELRY.

Byline: David Horowitz 

When it comes to jewelry, what you see is not always what you get. Sometimes, there is more than meets the eye when it comes to diamonds or other precious stones. When you consider buying fine jewelry, there are some important steps to keep in mind.

Be sure to buy the stone unmounted. Diamonds are usually shown in a setting of a ring, pendant, bracelet or other piece. But a setting can actually hide some of the stone's flaws. A gold setting can make a diamond look more yellow. But, a platinum setting can make the same diamond look whiter. The way a setting is made can also hide a diamond's hairline cracks and black spots. These flaws can significantly reduce the value of any jewelry.

Always try to buy the stone first, and then select the setting. If you've already found what you want, have the jeweler remove the stone from the setting. If it's a diamond, be sure to examine it against a white background. Any tints or visible flaws will stand out more easily. Even just a white piece of paper will work. Be sure to view the stone from the side, back and front. This will give a good sense of a diamond's clarity or a colored stone's saturation.

If it's a colored gem, it should be viewed under three different kinds of light - first under incandescent, then in daylight and then under fluorescent lights. The stone's color may look entirely different under each light. This will give you a better idea of exactly what your jewelry will look like in different situations. For instance, a ruby may look very red in dim, evening light but appear purple or dark pink in daylight or under fluorescents. Ask to see the stone under a microscope - some even have a video microscope to show what's in a stone.

Diamond quality is based on what jewelers call the 4 C's: color, clarity, cut and carats. Some diamonds are sold with a diamond grading report issued by the Gemological Institute of America. If you get a report with your jewelry, it should include the report number and date. You should also get the original GIA report. If there isn't one, the stone should be graded by the GIA system and indicated on the bill of sale.

If you can, get an objective appraisal before you buy. It's like asking your mechanic to look over a used car before you sign the papers. About 80 percent of people who buy jewelry with precious stones never get the stones appraised. Sadly, I'm told many of these people aren't getting what they paid for.

Finally, don't rely on the dealer's appraisal or from someone recommended by the dealer. A good appraisal might cost $75 to $150 or more, but it could save you from making a serious and costly mistake.