Looking for Upgrade/Trade-in advice

[Nancy Bunnell]

We purchased my ring a couple of years ago from a local jeweler that offers 100% trade-in credit toward equal or higher priced item. It looked great in the store but when in certain light it has a slight yellow tint. We would like to upgrade to a better quality/color. Would you go shop and choose the replacement before telling them you want to trade? Afraid they will inflate the price of new diamond.

 

[lovedogs]

We purchased my ring a couple of years ago from a local jeweler that offers 100% trade-in credit toward equal or higher priced item. It looked great in the store but when in certain light it has a slight yellow tint. We would like to upgrade to a better quality/color. Would you go shop and choose the replacement before telling them you want to trade? Afraid they will inflate the price of new diamond.

Is it a chain store? Was the stone GIA/AGS certified? That will help us give you the best advice.

 

[Nancy Bunnell]

It is not a chain - local jeweler. It’s a Forevermark Diamond.

 

[lovedogs]

It is not a chain - local jeweler. It’s a Forevermark Diamond.

Ok, so from looking at the forevermark webpage, all stones should come with info about grading, etc. No idea if that's trustworthy or verified by any independent lab, but if you have that info can you post it? That will help us figure out what kind of stone you have now (in terms of cut/quality). Oftentimes it isn't entirely worth it to go back to the original jeweler if they don't have access to top quality stones.

 

[TreeScientist]

Ok, so from looking at the forevermark webpage, all stones should come with info about grading, etc. No idea if that's trustworthy or verified by any independent lab, but if you have that info can you post it? That will help us figure out what kind of stone you have now (in terms of cut/quality). Oftentimes it isn't entirely worth it to go back to the original jeweler if they don't have access to top quality stones.

This. What are the specs of your current diamond, and how much did you pay for it? Often, if you have a small diamond worth a few thousand dollars, it's not worth it to stick with the original B&M jeweler for the upgrade. Just a hypothetical example:

Let's say you paid $3000 for your current diamond at a B&M jeweler, and the same diamond could have been purchased online for about $2200 (pretty typical for B&M jewelers to be 25-40% higher than open-market online vendors like Yadav, Adiamor, FourMine, etc).

Assume that diamonds with equivalent specs are now selling for about $2200 new online, which means you would probably be looking at about $1300-1500 if you tried to sell it yourself. Meaning, you're in the red about $1600 at this point. HOWEVER...

Let's say you're looking at diamonds that would cost about $10k at this local jeweler. The same diamond could be had for about $7000-7500 online. Meaning that if you sold your current diamond and took a $1600 loss on the equity, you would still come out over $1000 ahead by purchasing online. Not to mention, if you are looking to upgrade again in the future, it's better to be locked in to an upgrade plan with an online jeweler with a lower mark-up.

The amount of equity you have invested in this current diamond vs the amount you're planning to spend on the upgrade is definitely something to consider moving forward.