Dumb question from a newbie...

[sheba]

My fiance purchased my engagement ring from Tiffanys..short version of a long story - got engaged, got pregnant, hurried and bought a ring without researching. He purchased the ring 3 yrs ago. Well, we never got hitched..new baby more $$$ so we waited. Well, we are getting married this year and he has been wanting to get a new ring - doesn''t like the diamond. I ''ve been doing some light research about reselling the ring and realize that we would have to take quite a loss on the ring if we try to resell it. Am I correct on this? Just wondering what everyone''s opinion is on this.

All we have is a certificate from Tiffanys - Lucida, VVS2, E .41 carat. I appreciate everyone''s insight on this. I''m thinking we''ll just have to take the loss and buy a new ring..totally sucks.

 

[belle]

hey sheba! welcome to ps!

and congrats on your upcoming marriage

may i ask why your fi doesn''t like the diamond? are you planning on getting a bigger stone? ....just curious

 

[JohnQuixote]

Hi Sheba,

Not a dumb question at all.

You say your intended doesn't like the diamond, but in a pinch the pertinent question would be - do YOU like it?

As far as I know, Tiffany's does not have a long-term trade-up policy, so resale may be the only practical option. Unfortunately, private resale of a diamond depends on a number of factors that don't typically favor the seller. Here is link to info from a highly esteemed appraiser on what to generally expect in a resale situation.

Edited: I forgot about T&C's 'purchase double-the-value' upgrade, if that's a route you would want to consider. Details below.

 

[valeria101]

Recently there were several Lucida rings around half a carat sold on Ebay and the asking price was about 2k (can't remember the stats, but all three were D-F VS1 or more). Those are no longer listed, so... perhaps they sold.

Signedpieces buys Tiffany rings for resale. So does "Estatejewelry" as far as I know. It doesn't cost anything to drop an e-mail with the offer. Yours is an attractive ring - even if your prefferences have changed

Talking with an appraiser for advice and options is a great idea as well.

 

[michela002]

I seem to be under the (possibly mistaken,but its worth checking out) impression that Tiffanys will let you trade up if you spend 100% of the price again ... so if you ring was $4K, you need to be buying an $8K ring. Plus the ring being in good condition, etc. Take it in to them (unless you don''t want another Tiffanys ring) and just see what they would give it for you as a trade-in.

I''ve never sold a diamond ring, but I see no reason why it would be different to selling anything else - you will never get back what you paid for it. If you sell a car, computer, TV, anything really, you''ll never get your money back. That said, you do have the Tiffanys name so perhaps you can still make a decent sale, though I''d be surprised if you didn''t lose at least some money. Just try and make it as small an amount as possible, I guess.

Do you like your ring? Why does your fiance to get you a new ring?

 

[Maya Moonstone]

Hi

I have a Lucida from Tiffany''s. It is a F/VVS1/0.47ct in yellow gold. My husband paid approximately $4330 in January 2000 for it. Anyway, we decided to upgrade my ring for our 5th anniversary.

We went to Tiffany''s and they do indeed have an upgrade policy. Our local store send the stone to NY to be appraised and the appraisal came back as $3900. They called us and told us they could either keep the ring in NY and we could choose another ring from Tiffany''s - for at least double the appraised value, or they can send it back until we decide we want to upgrade. This service was at no charge.

I really like the Lucida setting and we looked at upgrading at Tiffany''s. But for a H/VS1/ 1.17ct in platinum the price is $14500!!!! (and we would have a $3900 deposit of course)

We decided I can get more bling for my bucks if I get a diamond and setting from somebody else, like the PS listed vendors, and I will have keep my original engagement ring.

Hope this helps.

Maya

 

[sheba]

I did like the ring when he first picked it out. It was only after I started looking at a jeweler on Jewelers Row in Chicago that we paid for the Tiffanys name more than the diamond itself. My fiance was extremely upset over this and the fact that he really doesn''t like the setting. I think we were so rushed to get married that we went into Tiffanys with blindfolds on.

We actually talked to Tiffanys and they told us that we would need to spend at least 12K for a trade in.

That kind of was the last straw for my FI..he won''t set foot in there again.

Are jewelers qualified to do appraisals - or do I have to find someone certified?

 

[JohnQuixote]

Sheba,

Sorry to hear about the 12K minimum. Since you are currently looking around again, keep in mind that there are many different types of trade-up or upgrade policies that exist among different vendors. It''s worth examining for future purchases.

Only use a reputable independent appraiser (one who does not sell jewelry) with credentials. Look at these bios to see the type of qualifications you should seek.

 

[sheba]

Thanks John. Not sure what other vendors to try..are you referring to jewlers? I''m in Chicago so the only jewelers I''m familiar with are on Wabash - Jewelers Row. I ''m afraid to use the internet because I''d be fearful of losing the diamond during transit or being stolen.

Trade ups are when you purchase something of greater value, not necessarily double the amount that Tiffany quotes, correct?

 

[JohnQuixote]

Sheba,

Trade ups: Yes. Some vendors will allow you to trade-in your diamond purchase at a future date - for the life of the diamond - for store credit equal to a percentage of what you paid... Up to 100% in some cases. Others will allow this same thing with a purchase of (for example) $500 over the original amount.

As for an Internet purchase, I would not presume to talk you into it, but FYI vendor and appraiser shipping practices and insurance typically protect you from any such monkey business. You can call individual vendors to ask about their assurances but I think you'd find you're in good hands with PS vendors.

Here is a post comparing PS vendor policies (upgrades, inspection periods etc). It is no longer maintained, but gives a good idea of what to expect.