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This week, for instance, has focused pretty much exclusively on the diamond trade including a five-part series on the darker side of 47th Street, one of the many hearts of the diamond trade.

Diamond trading is an old and well-oiled machine which has had its fingers in nasty situations for quite some time (DeBeers, anyone?). The Government Accountability Office described the problem with those shiny rocks best when it reported while writing about terrorist financing that “Diamonds can be used in lieu of currency in arms deals, money laundering and other crimes. Diamonds are also easily smuggled because they have high value and low weight and are untraceable and odorless.” You’d think that would have made a the trade more closely watched by authorities, but that doesn’t seem to be the case.

According to one 47th Street store owner who wouldn’t speak on the record as he said this was a subject for which he could be “crucified,” fencing is a “big time” problem. He said that people are working with the authorities to combat illegal operations in the Diamond District, but asked, “Where’s the FBI?” and said that they needed major sting operations to weed out the handful of bad businessmen who are ruining it for the rest of the industry.

Beyond just preaching of the inherent dangers of the diamond and jewelry industries, the Inquirer also digs up some informative stories on how exactly diamond and gold can launder money, how fences on 47th Street do their business and more. We’ll never look at that thoroughfare the same way again.

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You should be as educated as the salespeople to play on a level playing field as you shop. You should always ask to view the diamond through a 10x viewing loupe. If the jeweler gives you any bogus excuse why you can’t, then leave immediately. Any legitimate jeweler would supply a loupe for you to inspect a diamond, which you the consumer have a right to do.

You should also ask to see the GIA certificate or AGS certificate for your diamond. If they make up excuses or cannot produce this important diamond grading document, then you should assume the worst and leave, as they probably have something to hide.

Avoid synthetic Moissanite diamonds unless that is specifically what you want. Some jewelers will try to rip you off by claiming they are real diamonds. To head this off, look through a 10x loupe and if you see double facets or a doubled diamond table reflection, then you most likely have a Moissanite synthetic diamond.

A good way to spot Cubic Zirconia fake diamonds is to view a newspaper placed behind the diamond. If you can read the print, then it’s a fake Cubic Zirconia diamond. A real diamond scatters the light so you should not be able to see the news print through the diamond.

Another trick jewelers can pull on you is to show you a yellow diamond and claim it’s a nice white diamond because they show it to you in front of a black background so you cannot easily see the color. You should also view your diamond in front of a white background to better detect any yellow coloring in the stone, and verify it against a color chart.

You also need to avoid jewelry store scams such as pricing codes. Some jewelers don’t post a price on their diamond rings, they post a cryptic code which they must decode for you. This opens up the doorway to deceit and lies. If you look dumb, they might quote you a much higher price than a buyer who they know is informed. You should walk out of any jewelry store that does not post the exact price on the tag.