I bought my diamond on the secondary market - next steps?

[blingasaurus]

Hi-

A huge thank you to all of you in PS-land, this forum is awesome. So, I posted here a couple of months ago seeking advice on princess cut diamonds for my engagement ring. Since then, I decided I preferred radiant cuts and my fiance and I set out to find the right stone. Unfortunately, I had some unexpected medical expenses out of network and I decided it made sense to scale back our budget/specifications for the ring given other wedding expenses. I ended up corresponding with a private party reselling a GIA certified loose diamond. She met me at the jewelers where she had bought the ring three years ago and I decided I liked the stone but wanted an independent appraiser to look at it before buying. We then met a few days later at the appraiser I selected (found through PS) and the diamond checked out as decribed on the GIA certificate, was deemed nicely cut/proportioned etc by the appraiser, so we purchased it.

But now we are having second thoughts about going for a smaller size than we originally planned and would rather cut some wedding frills than compromise on the ring and are comfortable with our original budget for the ring. So, what are my options in terms of trading up / upgrading? It seems most jewelers are only open to this if you bought the diamond through them. Am I right about this?

Thanks!

 

[yssie]

Date: 6/22/2010 6:55:32 PM
Author:blingasaurus
Hi-

A huge thank you to all of you in PS-land, this forum is awesome. So, I posted here a couple of months ago seeking advice on princess cut diamonds for my engagement ring. Since then, I decided I preferred radiant cuts and my fiance and I set out to find the right stone. Unfortunately, I had some unexpected medical expenses out of network and I decided it made sense to scale back our budget/specifications for the ring given other wedding expenses. I ended up corresponding with a private party reselling a GIA certified loose diamond. She met me at the jewelers where she had bought the ring three years ago and I decided I liked the stone but wanted an independent appraiser to look at it before buying. We then met a few days later at the appraiser I selected (found through PS) and the diamond checked out as decribed on the GIA certificate, was deemed nicely cut/proportioned etc by the appraiser, so we purchased it.

But now we are having second thoughts about going for a smaller size than we originally planned and would rather cut some wedding frills than compromise on the ring and are comfortable with our original budget for the ring. So, what are my options in terms of trading up / upgrading? It seems most jewelers are only open to this if you bought the diamond through them. Am I right about this?

Thanks!

Some are, some aren't, some will imply they are when they aren't to make the sale, and some will allow it to keep a good customer even if it's not officially in the books.

Get the particulars of YOUR agreement in writing prior to purchase, clearly outlined and dated.

 

[blingasaurus]

Date: 6/22/2010 6:59:02 PM
Author: yssie

Date: 6/22/2010 6:55:32 PM
Author:blingasaurus
Hi-

A huge thank you to all of you in PS-land, this forum is awesome. So, I posted here a couple of months ago seeking advice on princess cut diamonds for my engagement ring. Since then, I decided I preferred radiant cuts and my fiance and I set out to find the right stone. Unfortunately, I had some unexpected medical expenses out of network and I decided it made sense to scale back our budget/specifications for the ring given other wedding expenses. I ended up corresponding with a private party reselling a GIA certified loose diamond. She met me at the jewelers where she had bought the ring three years ago and I decided I liked the stone but wanted an independent appraiser to look at it before buying. We then met a few days later at the appraiser I selected (found through PS) and the diamond checked out as decribed on the GIA certificate, was deemed nicely cut/proportioned etc by the appraiser, so we purchased it.

But now we are having second thoughts about going for a smaller size than we originally planned and would rather cut some wedding frills than compromise on the ring and are comfortable with our original budget for the ring. So, what are my options in terms of trading up / upgrading? It seems most jewelers are only open to this if you bought the diamond through them. Am I right about this?

Thanks!

Some are, some aren''t, some will imply they are when they aren''t to make the sale, and some will allow it to keep a good customer even if it''s not officially in the books.

Get the particulars of YOUR agreement in writing prior to purchase, clearly outlined and dated.

Sorry, I wasn''t clear -- my question should have been: how do I find a jeweler that might be wiilling to consider buying my stone so I can buy a larger diamond through them if I didn''t buy the stone through them originally?

 

[yssie]

It can''t hurt to call a bunch and ask - if you have a stone that''s easy to move - say a well-cut 1ct G VS2 - you might find you have more takers than if you have a 1ct K IF, for example.

 

[blingasaurus]

True. According to the appraiser, it is well-cut, but it''s a radiant so I''m guessing it will be harder to move than a round. I just wish I had my ring already and now I''ve added a whole other layer of complications by trying to economize. I may end up mounting a basic setting for now and then upgrading the diamond later if it''s too much hassle right now.

 

[dreamer_dachsie]

I think your best bet will be going back to the jeweler who sold it to you originally.

Or you might just keep it and buy another diamond from a PS vendor with a great upgrade policy, instead of throwing more money at this ring.

 

[blingasaurus]

Hi Dreamer, just to be clear, I bought this GIA certified diamond from a private party (and confirmed specs with an independent PS appraiser), there is no jeweler I can go back to for this. I can''t afford to keep this diamond and buy another diamond from a PS vendor, I would only be able buy the size I want if a vendor is willing to do a trade-in for this stone. I know I won''t get retail value for this diamond, and that''s fine, because I obviously paid less for it too but I would definitely need to sell it in order to be able to afford the one I want.

 

[dreamer_dachsie]

Date: 6/22/2010 9:41:40 PM
Author: blingasaurus
Hi Dreamer, just to be clear, I bought this GIA certified diamond from a private party (and confirmed specs with an independent PS appraiser), there is no jeweler I can go back to for this. I can''t afford to keep this diamond and buy another diamond from a PS vendor, I would only be able buy the size I want if a vendor is willing to do a trade-in for this stone. I know I won''t get retail value for this diamond, and that''s fine, because I obviously paid less for it too but I would definitely need to sell it in order to be able to afford the one I want.

Sorry, what I meant was to go to the vendor who sold the ring originally to the seller from whom you bought. You mentioned that you met the seller at the jewelers where she bought it three years ago. I think perhaps if you go back there, and the seller remembers you and the meeting you had, then it is possible he would be willing to work with you on some sort of trade in.

But I don''t think that scenerio would work out in your favour since I would guess that the cost of a new diamond from that vendor would be so market up that it would negate any trade in value. I think this is the case in mose trade-in scenerios, esp. the type you are talking about where it is not with a vendor with an existing policy.

I sort of think that the secondary, or tertiary in this case

market is such a blood bath for sellers that if you got a nice value on this diamond then I would suggest keeping it and maybe setting it in a halo or something, then saving pennies to buy the diamond of your dreams later on. In the end, you will have a better overall value for your money (this diamond in a nice setting plus the new diamond later) then you would have selling this diamond and buying something new or even looking for a trade in with a vendor.

What did you pay for the diamond? What size is it? And what are you hoping to buy?

 

[blingasaurus]

Dreamer, Oh I see. I think you are right, they aren''t likely to offer a very attractive price, because otherwise the seller would have just sold it back to them instead of finding buyers on her own, right? But it''s worth a phone call at least. It''s a 1.31 ct radiant H SI1 with GIA cert. I paid $3500. I would like to go up to 1.7 ct (H SI1 or better), either radiant or cushion. It is a very pretty stone, it''s just that I am already experiencing DSS thinking about what we originally looked at.

 

[dreamer_dachsie]

Well, look into it, but I think a great halo would solve all your woes for much less pain and suffering!

I went from a 1.2ct RB to a 1.7ct RB and though a nice change, it is not staggeringly noticable. A halo would save you money and aggravation and get you a nice big ring!

 

[missydebby]

Date: 6/22/2010 10:54:23 PM
Author: dreamer_d
Well, look into it, but I think a great halo would solve all your woes for much less pain and suffering!


I went from a 1.2ct RB to a 1.7ct RB and though a nice change, it is not staggeringly noticable. A halo would save you money and aggravation and get you a nice big ring!

Totally ditto. Why not get the best, most gorgeous halo? If this were me, I''d get a quote from Leon. What he''d be able to do is create a unique work of art around your stone. Another option for finger coverage is to go for a gorgeous 3 or 5 stone. Don''t be sad with this diamond you''re happy with in all regards except for size. Give her the right supporting cast, and she''ll be ready for the red carpet.

 

[blingasaurus]

Thanks Dreamer and MissDebby. Great suggestions but what I really want is a solitaire and investing more money into a more complicated setting (including side stones) will eat up money I could tuck away for a center stone upgrade in the future. I think when I get the center stone I want, I then will go to Leon Mege for sure, his solitaires are amazing!! In the meantime, I will make some calls to jewelers to see about trades and if not, this diamond in a simple setting will be fine. I just wish there were some more organized channels for sellers/buyers in the secondary market!! I feel that we got lucky with a cooperative honest seller and a terrific knowledgeable PS appraiser to advise on the purchase and that we did save money compared to retail. But the seller did mention that she had to deal with a lot of inquiries from rifraff before we connected with her and I just don''t want to have to deal with that right now.

 

[february2003bride]

I suggest you call Bill or Julian Pearlman at Pealman''s Jewelers. www.pearlmansjewelers.com

They have a consignment section and would handle the transaction for you. They take a small percentage of the final total in return. Good luck!