buying a 'used' ring for a cheap diamond - for a new setting

[klondike]

Looking at ways to get a good diamond on a budget, and I came across an existing ring:

18k whitegold (~4.5g) setting
0.50ct, 'E', 'SI2', 'good cut' (graded by People's)

In person the stone looks capable of as much as a 'very good' cut, with no obvious signs of being shallow/deep. Value for the stone would be $1200-1400 new based on this site and bluenile.ca


so i have 2 questions:
1) the best way to confirm/regrade the stone?
2) do you buy older stones or rings for scrap value (~$75 for 4.5g 18k?)

I am considering reusing the stone in a new setting, if it saves me $200-400 - and selling the old setting to help buy a new one.



ps: This stone would allow me to splurge on a nicer setting, as my budget is around 1800-2400. on bluenile this gets me either:
1) 0.55ct stone $1700 of ideal cut, 'I', 'SI2', and an excellent HCA score (1.3 iirc). however, it means a very basic (<$600) ring
2) 0.45ct stone $1500 of very good cut, H, SI1, and HCA score of 1.5-2.5 with a setting of up to $900

at this point in life, we are not wealthy and an upgraded ring would likely be an anniversary gift 3-5years down the road. thats perhaps my strongest reason for looking at a budget 0.5ctstone that could be put in a $700-1000 setting and still stay <$2000

 

[chrono]

Re: buying a 'used' ring for a cheap diamond - for a new set

The problem with in-house grading/appraisal rather than by a reputable lab like GIA is that the grading is likely to be very off so the E SI2 could very well be J I2 or worse. VG cut is actually not good at all and without knowing the true cut grade, clarity, colour and etcetera, it is almost impossible for anyone here to give you an estimate or price comparison. The best way to confirm the grading is to either send it to GIA or have an independent appraiser take a look at it.

Given that finances are tight, I would get the best diamond possible and have it in a simple basic setting, then upgrade the setting at a later date.