Upgrading your Diamond?
READ THIS FIRST!
There are a few things you should know about upgrading and getting that bigger and better diamond…
Initial eye-openers, like:
You have to Spend DOUBLE
Which means exactly that. If you paid $5,000 for a diamond and want to trade it up, you’ll have to make another $5,000 purchase. The new ring will have to be $10,000 or more in order for you to get your full trade-in value (bringing it down to $5,000).
And the Catches…
There are some catches you should know, like: The only store that will normally pay you every penny to trade your diamond in… Is the original store you bought it from. Other stores may give you less. And some, wayyyyy less!
So jewelry stores state, bring it back HERE and we’ll give you full value for it.
And then this may make you think twice:
You can’t use a trade-in towards a sale price.
It’s a discount on a discount and most stores will not allow both. So if a piece is on sale for a really great bargain…
Your trade-in won’t apply!
Now this is not always true, some jewelers do allow a trade-in towards a sale price, but often, the price you get is way less than what you would have gotten if it wasn’t on sale.
It won’t be Full Value!
Jewelers don’t want to lose money on the deal after all. Can you blame them? No one’s going to sell you an item below cost. They might as well shut the doors and go out of business.
So in order for you to get all your money’s worth, make sure you purchase something that’s double or more, and not on sale.
Diamonds YES, Mounting NO
Most of the time when you’re trading or upgrading, it’s only the diamonds that matter. Diamonds are the things (not Gemstones like Sapphire, Emerald or Ruby) that hold their value and will be traded… The mounting itself (the gold or platinum) will only gain scrap metal value. More than likely it’s worn down, scratched up, dented, and full of impurity. It will be sent to a refinery for melting down and purifying. So the amount they give you (if you didn’t buy it from them), is probably not much.
Likewise if your stones are small, little tiny single cuts or melee diamonds, they don’t bring much value. It really does come down to the center stone, and the quality of that center stone. If the stone is a low quality stone, like I Clarity, you might not like what you get.
The Diamond Condition Matters Too
Diamonds take a lot of abuse. Which means, if your $5,000 diamond is not in the exact same condition that it was when you bought it (it could be chipped, cracked, or have a bearded girdle), then it not only could lower your trade-in value greatly, but it could also make your diamond worthless if the damage is too great.
It all depends on if the diamond can be re-cut into a smaller stone (cutting out the damage or chip), how much that will cost to have done, and if the stone is worth it. It may not be depending on the carat weight. All good things to consider.
So if your diamond is showing signs of wear and tear, don’t expect full value.
Also note that the value you get won’t be the appraisal price or the retail price, it’ll probably be the price you paid for the actual item. People tend to forget this… “My Diamond is worth $8,000, even though I only paid $3,500 for it!” You’ll probably only get $3,500 in trade, if you’re lucky.
Bring your Certificate with you
If your stone was certified by GIA (the best certificate, none of the others really matter), then by all means, bring it with you. Not only can they use it to obtain the proper info about your diamond, but they’ll need this if they buy your stone and want to resell it or reset it. Otherwise, they’ll have to send your stone back to GIA to have it reappraised and certified (which costs more money and time… They’ll knock that off they amount they give you).
So before you head off to the Jewelry Store…
STOP! Look at your ring. Scope your stone…
- Are you willing to double up?
- Is your diamond chipped? (Grab a loupe and view your facets and girdle)
- Will your mounting hold a bigger stone? Or will that have to be upgraded too?
- Do you have the original paperwork?
Knowing these will put you in a better mindset when trading or upgrading.
The good thing is this…
You can get full value for your ring (so you won’t lose any money).
And normally, the next size up in diamonds is going to be double the price anyway (going from a half carat to a full carat can actually be 4 times the price).
So it works out pretty easily.
One last bit of Advice:
Make sure to get a stone that appears bigger.
Some diamonds are spread and appear bigger in size than they really are. Like if you have a one carat diamond that looks more like a 1.25, trading that diamond in for a 1.25 may be pointless since it will appear identical to the diamond you already own (why spend $5,000 more?)
If you’re trading in, and spending hard earned cash, you’ll want people to notice.
So the difference in carat weight may have to be greater than you imagined. A one carat diamond may have to go all the way up to 1.50 in order to be seen.
Put the stones side by side (make sure yours is clean first, so you can compare sparkle too). Compare them visually. Is there an instant difference? If not, keep looking. Put your money to better use.
Doubling up is a lot to spend and your diamond should appear like an upgrade, not something you have to microscope to see.
When it’s all said and done, make sure you get your new ring appraised for insurance purposes (that’ll cost more too).
And before you jump on any deal or diamond, make sure you check online with James Allen or Blue Nile. They are the biggest diamond dealers on the web and have the biggest and best inventories and prices (Compare them to mall stores and it’ll blow you away).
So enjoy your upgrade, and do keep it clean (Buy a Dazzle Stick, you’ll LOVE it).
Diamonds Deserve to BLING!