L
Lula
Guest
Well, the buyback process for my diamond is now complete. Today I received my check from Wink (High Performance Diamonds) for the sale of my Crafted Infinity diamond -- several weeks earlier than I expected!
I'm hoping this thread helps newbies understand the importance of choosing a vendor, not only for the diamond selection and purchase, but also for the "intangibles" like customer service, return and buyback policies.
When I decided to buy a diamond in 2009, I read all I could on PS about diamond cut and quality, and I also did a thorough comparison of the vendors recommended on this site. I am a precision-cut lover, so I chose to buy a Crafted by Infinity diamond through Wink. In hindsight, that was a very smart decision. I choose to work with Wink because he spent a lot of time on the phone and via e-mail educating me about diamonds -- great customer service. But I also compared return, trade-up, and buyback policies across all the major online vendors (and my local jewelry stores) and Infinity, by far, had the best buy-back policy (80% of purchase price) and some of the best trade-up and return policies. I never thought I'd use any of these policies, but I didn't want to sink a lot of money into a diamond purchase without them -- because you never know what the future holds.
As it turned out, the future held not one, but three trade-ins. Each trade-in with Wink and Infinity was seamless -- no hassles, no requirements to pay double the original purchase price, etc. And, as it also turned out, the future held plans for an early retirement for my husband. Our lifestyles will be changing dramatically next year (more travel!) and we are downsizing. As some of you know, this past summer, I contacted Wink about taking advantage of the Infinity buyback policy, and I asked him to explain how it worked.
1. I send him my diamond (he pays shipping and insurance for me to send him the stone).
2. He sends it to AGS to be checked for damage, and to receive a new AGS report (he pays for this).
3. After the diamond returns from AGS, and assuming there has been no damage to the stone, he pays me 80% of my purchase price within 60 days of the date of the diamond is returned from AGS.
4. If the diamond sells before 60 days, he pays me upon receipt of the money from the sale. (My diamond sold quickly, and I got paid nearly a month earlier than I expected!).
We talked and e-mailed several times over the summer, and he encouraged me to take my time. I did. He wanted me to make sure I would not regret my decision. I waited until September, and I decided I wanted to proceed with the sale. Interestingly enough, the PS pre-loved forum was initiated during the week I decided to send my stone to Wink. I thought about selling my diamond outright through that forum, but, in the end, I decided to stick with Infinity's buyback plan. My reasons for using the Infinity buyback option were primarily safety and convenience.
I've bought and sold several pieces of jewelry and watches on ebay and on Diamond Bistro, so it wasn't like I was inexperienced with the secondary market. But, for me, selling a branded-cut diamond was a little more complicated than selling a less expensive piece of jewelry. I researched selling it outright to local stores (who offered me 50 - 60 % of my purchase price). I researched selling it through consignment. The consignment fees were also more than I wanted to pay, and I didn't want to have to wait for an undetermined time for my diamond to sell. With Wink and Infinity, I knew I would be paid within 60 days. And I wouldn't have to deal with lowball offers. Believe me, dealing with lowball offers (comes with the territory on the secondary market) can be time-consuming (and infuriating). Also, no hassle with shipping and insurance or worrying about the dang thing getting stolen or lost in the mail and having to file a claim. I decided all of those "intangibles" and the peace of mind associated with them, were worth the 20% I would be paying Wink and Infinity to sell my diamond for me.
The diamond I sold was purchased by me in January of 2010 -- too recent for me to take advantage of the recent run-up in diamond prices. My diamond was also under 1 carat. Had my stone been a significantly larger carat weight, and had I purchased it many years ago, I may have chosen another option. My point is, before you sell any piece of jewelry, especially a loose diamond -- weigh all your options. How much is the convenience of having someone else do the leg work and the sales work for you worth to you? Do you want to deal with the diamond-buying public, answer questions, and deal with shipping and insurance? Are you willing to wait six months or a year for your piece to sell? (There is a person who has been trying to sell a HOF diamond on my local Craigslist for over two years!).
But I should also note, I was lucky because I didn't have to sell my diamond; I wanted to. I was also lucky because I didn't have to sell my diamond in a hurry. Having the luxury of time certainly gives a person more options!
I do want to thank Wink for the excellent customer service (and your patience and sense of humor) during the time I was a Crafted by Infinity client. You, and John, and Paul are true "gems" in my book.
I'm hoping this thread helps newbies understand the importance of choosing a vendor, not only for the diamond selection and purchase, but also for the "intangibles" like customer service, return and buyback policies.
When I decided to buy a diamond in 2009, I read all I could on PS about diamond cut and quality, and I also did a thorough comparison of the vendors recommended on this site. I am a precision-cut lover, so I chose to buy a Crafted by Infinity diamond through Wink. In hindsight, that was a very smart decision. I choose to work with Wink because he spent a lot of time on the phone and via e-mail educating me about diamonds -- great customer service. But I also compared return, trade-up, and buyback policies across all the major online vendors (and my local jewelry stores) and Infinity, by far, had the best buy-back policy (80% of purchase price) and some of the best trade-up and return policies. I never thought I'd use any of these policies, but I didn't want to sink a lot of money into a diamond purchase without them -- because you never know what the future holds.
As it turned out, the future held not one, but three trade-ins. Each trade-in with Wink and Infinity was seamless -- no hassles, no requirements to pay double the original purchase price, etc. And, as it also turned out, the future held plans for an early retirement for my husband. Our lifestyles will be changing dramatically next year (more travel!) and we are downsizing. As some of you know, this past summer, I contacted Wink about taking advantage of the Infinity buyback policy, and I asked him to explain how it worked.
1. I send him my diamond (he pays shipping and insurance for me to send him the stone).
2. He sends it to AGS to be checked for damage, and to receive a new AGS report (he pays for this).
3. After the diamond returns from AGS, and assuming there has been no damage to the stone, he pays me 80% of my purchase price within 60 days of the date of the diamond is returned from AGS.
4. If the diamond sells before 60 days, he pays me upon receipt of the money from the sale. (My diamond sold quickly, and I got paid nearly a month earlier than I expected!).
We talked and e-mailed several times over the summer, and he encouraged me to take my time. I did. He wanted me to make sure I would not regret my decision. I waited until September, and I decided I wanted to proceed with the sale. Interestingly enough, the PS pre-loved forum was initiated during the week I decided to send my stone to Wink. I thought about selling my diamond outright through that forum, but, in the end, I decided to stick with Infinity's buyback plan. My reasons for using the Infinity buyback option were primarily safety and convenience.
I've bought and sold several pieces of jewelry and watches on ebay and on Diamond Bistro, so it wasn't like I was inexperienced with the secondary market. But, for me, selling a branded-cut diamond was a little more complicated than selling a less expensive piece of jewelry. I researched selling it outright to local stores (who offered me 50 - 60 % of my purchase price). I researched selling it through consignment. The consignment fees were also more than I wanted to pay, and I didn't want to have to wait for an undetermined time for my diamond to sell. With Wink and Infinity, I knew I would be paid within 60 days. And I wouldn't have to deal with lowball offers. Believe me, dealing with lowball offers (comes with the territory on the secondary market) can be time-consuming (and infuriating). Also, no hassle with shipping and insurance or worrying about the dang thing getting stolen or lost in the mail and having to file a claim. I decided all of those "intangibles" and the peace of mind associated with them, were worth the 20% I would be paying Wink and Infinity to sell my diamond for me.
The diamond I sold was purchased by me in January of 2010 -- too recent for me to take advantage of the recent run-up in diamond prices. My diamond was also under 1 carat. Had my stone been a significantly larger carat weight, and had I purchased it many years ago, I may have chosen another option. My point is, before you sell any piece of jewelry, especially a loose diamond -- weigh all your options. How much is the convenience of having someone else do the leg work and the sales work for you worth to you? Do you want to deal with the diamond-buying public, answer questions, and deal with shipping and insurance? Are you willing to wait six months or a year for your piece to sell? (There is a person who has been trying to sell a HOF diamond on my local Craigslist for over two years!).
But I should also note, I was lucky because I didn't have to sell my diamond; I wanted to. I was also lucky because I didn't have to sell my diamond in a hurry. Having the luxury of time certainly gives a person more options!
I do want to thank Wink for the excellent customer service (and your patience and sense of humor) during the time I was a Crafted by Infinity client. You, and John, and Paul are true "gems" in my book.
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