Is it worth it to hold on to a diamond? NEED HELP PLEASE!!

[_kat]

Hi everyone!

So to make my long story short, I had wanted to return a diamond engagement ring that my fiance purchased in Hong Kong. Although the store is letting me return it (minus a 3% discount and a HKD3000 craftmanship fee which equals to about $650), with the exchange rate and the Canadian dollar being super high right now, we are looking at around a $1000 loss. On top of that, the new ring that I am purchasing is the same price as what he purchased the ring for plus $500 more (the ring was $8400, the new ring is $8900). So because we will only be receiving $7400 back, plus paying another $1500, we are losing out on $2500 . So, now we're thinking about our options. He mentioned keeping this ring to see if the value will increase and we can sell it in the future, or if we should just take the loss.

ANY advice would be greatly appreciated!!! THANK YOU!

 

[diamondseeker2006]

Re: Is it worth it to hold on to a diamond? NEED HELP PLEASE

Take the loss and do it while you can return the stone! You would likely get less than 70% selling it yourself, and since it was really overpriced, you might only get 50%!!!! Many of us have lost money because we have changed diamonds or settings. Let it be a hard lesson learned to do the research before buying in the future and only buy with airtight return policies.

And you are not losing $2500 anyway. You are choosing to buy a more expensive stone so you can't count that as a loss. The only loss you have is the amount the original jeweler is not refunding you which appears to be $1000.

 

[_kat]

Re: Is it worth it to hold on to a diamond? NEED HELP PLEASE

Take the loss and do it while you can return the stone! You would likely get less than 70% selling it yourself, and since it was really overpriced, you might only get 50%!!!! Many of us have lost money because we have changed diamonds or settings. Let it be a hard lesson learned to do the research before buying in the future and only buy with airtight return policies.

And you are not losing $2500 anyway. You are choosing to buy a more expensive stone so you can't count that as a loss. The only loss you have is the amount the original jeweler is not refunding you which appears to be $1000.

Thanks diamondseeker! I think he meant keeping it for years though, like put it away and see how the diamond market goes and see if it will increase to the point where we can sell with minimal losses. I agree with you though, I think I'd rather take the loss and just have it be over with, but it's his money, so I wanted to see far his idea could fly. Thank you!

 

[minmin001]

Re: Is it worth it to hold on to a diamond? NEED HELP PLEASE

you can keep it for years, but you may still at a lose years later when diamond price is 30-40% higher than what you paid because like diamondseeker, you maybe lucky to get 50% back of what you paid now depends on the diamond and mark up and only get back 70-80% after you hold on to it instead of getting almost 90% back refund now. Plus, there is no tell how long will take that 30-40% go up or it may even go down. I'd return it now when have the chance

 

[MissGotRocks]

Re: Is it worth it to hold on to a diamond? NEED HELP PLEASE

Yes, I wouldn't wait either. Unfortunately, many of us have lost money in diamonds and settings and cars and mutual funds and clothes that no longer fit and electricity that flows out around unsealed windows - it's just a fact of life. We do all that we can to minimize loss but sometimes you just take the loss and the lesson learned. I would never bank on a diamond being worth more in the future and even it if is, you have to find a buyer for it!

 

[_kat]

Re: Is it worth it to hold on to a diamond? NEED HELP PLEASE

Yes, I wouldn't wait either. Unfortunately, many of us have lost money in diamonds and settings and cars and mutual funds and clothes that no longer fit and electricity that flows out around unsealed windows - it's just a fact of life. We do all that we can to minimize loss but sometimes you just take the loss and the lesson learned. I would never bank on a diamond being worth more in the future and even it if is, you have to find a buyer for it!

Great advice! Thanks!!

 

[CDCsparkles]

Re: Is it worth it to hold on to a diamond? NEED HELP PLEASE

Are you purchasing the new ring from the same store?

 

[GreenBling]

Re: Is it worth it to hold on to a diamond? NEED HELP PLEASE

I'd take the loss now. If you are getting the new one online, you are still paying less than retail for better quality so overall you do ok .

 

[_kat]

Re: Is it worth it to hold on to a diamond? NEED HELP PLEASE

Are you purchasing the new ring from the same store?

Unfortunately not =( It is going to be from ERD!

 

[_kat]

Re: Is it worth it to hold on to a diamond? NEED HELP PLEASE

I'd take the loss now. If you are getting the new one online, you are still paying less than retail for better quality so overall you do ok .

Yes it's true! Thanks GreenBling...will speak to the man of the hour and see what he thinks! Thank you!

 

[GirlyGirl]

Re: Is it worth it to hold on to a diamond? NEED HELP PLEASE

Take the loss. Life experience can be expensive.

 

[madelise]

Re: Is it worth it to hold on to a diamond? NEED HELP PLEASE

Are you purchasing the new ring from the same store?

Unfortunately not =( It is going to be from ERD!

Unfortunately? Girl, it's fortunate you get a chance to press the backspace button on that HK store, and work with ERD!

 

[Rhea]

Re: Is it worth it to hold on to a diamond? NEED HELP PLEASE

Are the specs the same? If not, you're not losing $2,500. You're using the price difference to purchase a larger diamond or better spec'ed diamond or better setting.

If the specs are the same and the setting is similar I'd just keep the diamond that you have.

 

[Dreamer_D]

Re: Is it worth it to hold on to a diamond? NEED HELP PLEASE

What will the specs be on the new diamond?

 

[_kat]

Re: Is it worth it to hold on to a diamond? NEED HELP PLEASE

What will the specs be on the new diamond?

The specs will not be the same...and neither will the setting.

Old specs:
IGI Graded (not GIA!)
Round Brilliant Hearts & Arrows
1.01
Excellent cut/polish/symmetry
K colour
VVS2
6.36-6.42 x 3.99 mm
table 55%
crown 16% - 35 degrees
pavilion 43% - 40.7 degrees
girdle medium
cutlet pointed
total depth 62.5%
flourescence very slight

18k white gold setting
$8500

New Specs:
$7200 + 1700 for setting (18k white gold also)

 

[_kat]

Re: Is it worth it to hold on to a diamond? NEED HELP PLEASE

Are you purchasing the new ring from the same store?

Unfortunately not =( It is going to be from ERD!

Unfortunately? Girl, it's fortunate you get a chance to press the backspace button on that HK store, and work with ERD!

Touche!!

 

[MichelleCarmen]

Re: Is it worth it to hold on to a diamond? NEED HELP PLEASE

Hi,

You would have had to have purchased the diamond for a REALLY low price to begin with for there to be any chance of you making your money back on the diamond. When you sell a pre-owned diamond, you have to sell below retail and with internet prices being as they are, chances are a person can find a better deal on a new diamond. And, just quickly, I looked at diamond prices compared to what I overspent on a couple of diamonds YEARS ago and still the prices are better today!

I say return the diamond, accept the loss, and move on and enjoy your new diamond that you're going to get.

 

[_kat]

Re: Is it worth it to hold on to a diamond? NEED HELP PLEASE

Hi,

You would have had to have purchased the diamond for a REALLY low price to begin with for there to be any chance of you making your money back on the diamond. When you sell a pre-owned diamond, you have to sell below retail and with internet prices being as they are, chances are a person can find a better deal on a new diamond. And, just quickly, I looked at diamond prices compared to what I overspent on a couple of diamonds YEARS ago and still the prices are better today!

I say return the diamond, accept the loss, and move on and enjoy your new diamond that you're going to get.

Yes...I am leaning towards returning it. Thank you!!!

 

[GreenBling]

Re: Is it worth it to hold on to a diamond? NEED HELP PLEASE

What will the specs be on the new diamond?

The specs will not be the same...and neither will the setting.

Old specs:
IGI Graded (not GIA!)
Round Brilliant Hearts & Arrows
1.01
Excellent cut/polish/symmetry
K colour
VVS2
6.36-6.42 x 3.99 mm
table 55%
crown 16% - 35 degrees
pavilion 43% - 40.7 degrees
girdle medium
cutlet pointed
total depth 62.5%
flourescence very slight

18k white gold setting
$8500

New Specs:
$7200 + 1700 for setting (18k white gold also)

Wow! The specs look promising: GIA XXX HCA 0.6 G VS2 and bigger mm. Congratulations Kat! So happy for you!

 

[Dreamer_D]

Re: Is it worth it to hold on to a diamond? NEED HELP PLEASE

That is a tremendous upgrade in color and likely cut quality and setting quality for your money. Yes, I would do the exchange.

 

[VRBeauty]

Re: Is it worth it to hold on to a diamond? NEED HELP PLEASE

Return the ring and take the $1,000 hit - it's the best offer you're going to get.

You'd probably have to hold on to that ring for a long time to be able to recoup your original cost on the secondary market. Even if you were able to do that, you'd be recouping its value in 2012 dollars, but the spending power of those dollars would have been eroded by inflation and would reflect whatever year you sell it in... so you wouldn't really be coming out ahead (or breaking even). Much better to just take the refund (and the hit) and move on, IMHO.

 

[vintagelover229]

Re: Is it worth it to hold on to a diamond? NEED HELP PLEASE

I'm so glad things are working out for you!

I see you've already decided on a diamond from ERD (beautiful specs btw) and a setting. But I thought if getting "more bang for your buck" since your taking a loss if you had considered getting a gently used diamond?

There are a few for sale this one is a recut. Not sure what your paying for yours but this one looks nice.

http://www.diamondbistro.com/category/215/Loose-natural-Diamonds/listings/31153/1168-BGD-Round-Brilliant-I,-SI1-5750-OBO.html

I also know at one point you wanted a cushion and there is a beautiful AVC ring in a tacori setting (you said you wanted a halo-it's also a halo) for sale

http://diamondbistro.com/category/216/Natural-Diamond-Center/listings/31396/Tacori-2620RDMDP-113ct-AVC.html

[URL='https://www.pricescope.com/forum/preloved-ps-jewels/tacori-2620rdmdp-gog-avc-1-13-sz-7-5-t179505.html']https://www.pricescope.com/forum/preloved-ps-jewels/tacori-2620rdmdp-gog-avc-1-13-sz-7-5-t179505.html[/URL]

Either way you're going to end up with a beautiful ring Just thought I'd throw a couple of options out there at you!