In shopping around jewelry stores in Utah you may have been enticed by dealers claiming to sell “Wholesale to the Public” or people claiming to have wholesale engagement rings cheaper than anyone else in Provo. They usually point to their small offices, meager selection, and budget surroundings as the reason they can sell at “wholesale”, because they have little or no overhead.
The first thing you should know is that it is illegal to advertise “wholesale to the public”. In title 16 of the Code of Federal Regulations, section 233.5 it states:
“Retailers or any entity selling to the end user may not advertise their selling price as a ‘wholesale’ price.”
The Jewelers Vigilance committee, which prosecutes ethical violations in the jewelry industry, has this to say:
“‘Wholesale to the Public’ Can you say that? No. Never. No exceptions. This violates both the Lanham Act (title 15, section 1125 (a)(1)) and the Federal Trade Commission rules.”
So, the first thing you need to realize is that these people represent themselves illegally. If you still feel you can trust them knowing this, then read on!
There are many myths about buying engagement rings wholesale. We have personally examined hundreds of diamonds bought from these little guys in Utah and we’ll tell you what we’ve discovered. You can then decide if these dealers have any merit.
We at Wilson Diamonds hope this information has been helpful. We want your diamond and ring to be everything you planned, including getting the best price.