Diamond Upgrade Logistics

[MrsSF]

Hi there -

I have a logistical question about upgrading an engagement ring. My husband and I both agree that we want to upgrade my 1.5 carat stone to a 2 carat stone. The question is: how do we do it?

My setting is a solitaire with pave diamonds on the band that my husband designed himself, so it has sentimental value and I don't want to change the setting. It is a round stone with a 4 prong setting. The ring is platinum.

Do we go to the jeweler who made it (and from whom my husband bought the center stone) and exchange the 1.5 carat for a 2 carat stone (paying the difference in price, of course)? Or do we go to a different jeweler and have them do it? Full disclosure: My husband purchased it from an independent jeweler in SF and after doing some online sleuthing, I think we could get a much better price on a diamond from Blue Nile or a different vendor, so I am partial to the idea of shopping around.

When you "sell back" the 1.5 carat diamond, do you lose money on the transaction? Do you need to pay a "service fee" for the upgrading process? Will a 2 carat stone even fit in the original setting?

I would love input from anyone who has traded in a stone using the same setting.

Thanks!

 

[liaerfbv]

There's a few ways to handle this. First, you might be able to keep the same setting but it will depend on a few things - can the prongs be stretched to accommodate a larger stone, or can the entire head be replaced? A jeweler would be able to tell you this. There's a chance you would not be able to put a 2ct in your current setting, so you should determine that before you buy something and then have to get a whole new setting, KWIM?

As for logistics, I would initially take it back to your jeweler and tell him what you want to do. Does he have a trade in policy? Some vendors have trade in policies for 50% of the value of your stone, 75%, etc., or require you to spend double the original amount. It will just depend on what *your* jeweler's policy is. There's no way for us to know if he has a fee for doing this. If he does not have a trade in policy, you may have to sell your stone on your own via pre-loved, diamond bistro, etc., and yes, you will probably sell the stone for a loss. That's just the nature of the 2nd hand diamond market.

You will probably find a better price/better stone online as you say, but that may be offset by what your jeweler can offer you. He may also price match if you can find something from a drop shipper online. I would start with him first, see what your setting options are and what he would offer you for your stone and go from there. Once you know what your options are, you can decide what you want to do.

Good luck!

 

[TC1987]

How long ago was the 1.5ct purchased? What are the specs? If it's been more than 3-4 years, then some diamonds have increased in price by 35%, just to pull a number out of the air. If that's the case you might even make money selling well-cut stone outright or on consignment. 1.5ct is a very popular size for upgraders, too.

 

[arkieb1]

Possible options;
Taking the stone back to where you bought it, trade it and pay more for a larger one.
Taking the stone to a different vendor, pay more money and trade it for a larger one.
Selling the stone privately and then you can purchase a new stone from any new vendor.
Selling the stone on consignment via a known vendor.

The best thing to do is email everyone and ask and see, who, if anyone, would take the stone and which way will get you the best possible return and the easiest sale.

Some suggestions for places that might take your diamond either on consignment or as a trade depending upon the specs of it are Jewels By Erica Grace, Good Old Gold, James Allen.

Places you can sell the stone yourself. DiamondBistro, Loupetroop, Ebay.

Your setting might not hold a larger diamond, you may either need to get work done on the prongs of it or have a new head put onto it if possible.

 

[TC1987]

Since it's been worn, sending it to a lab for a fresh grading report to reflect current condition is going to be advised. Getting a good detailed appraisal from one of the appraisers on PS who can give you the kind of data that PS buyers want will also help, if you are selling it yourself. But most people sell by consignment, it seems.

 

[woofmama]

https://www.pricescope.com/sell-your-diamond

Visit the link to enter your info and see what quotes you get.

 

[KristinTech]

I didn't know pricescope had this service.... Thanks for posting this!