Need advice on a diamond engagement upgrade...

[S1C EM]

Hi all!

I need some advice on what to do with regard to upgrading my wife''s engagement ring/wedding set.

Currently, she has a marquise-cut center stone of .36cts set in an engagement ring and wedding band, both with channel-set diamonds totaling 1ct for the setting altogether. She would like to change it up to a simple, white gold engagement and wedding band with just one, larger solitaire in a princess-cut.

My dilemma is that I had about $3000 tied up in the current set and, diamonds being what they are, they aren''t worth very much if I try to resell them to recoup some cost on the new stone. Shane Co. has offered me $1500 for the set if I buy a new ring from them. Jared is where I purchased the original set so I checked in with a local Kay store (another Jared-tied company) because I knew they would give me the original purchase value as long as I double that amount on the new purchase (which I planned to do anyway).

It appeared that the setting and stone my wife currently has is now selling for a total of about $500 less than what we paid new, but they still will honor the full purchase price, which is great. I just know from having visited here before that many of you aren''t fans of Kay. My problem is, I can''t get anything for my wife''s current set if I go with anyone else. Are there some options that I''m missing?

The stone I found in our local Kay was (supposedly) the only one they''ve had of that size with that quality. They''ve had it for about 4 months and she told me they only keep one stone of each size for each collection on-hand at any given time. She claims that they price their stones (in each collection) of the same size basically at the same price, regardless of quality and this one just happened to be a very good cut/color/clarity combo. It is a certified 1.07ct. princess-cut Leo diamond, E color, VS2 clarity priced at $5999. With my trade-in, I''m looking at $3700 out the door for the ring.

I''ve found some better priced stones through BlueNile, etc. of the same size and quality, but even though they''re better priced off-the-top, they''re not even close when the trade-in is factored and no one else seems to be able to offer that deal.

Please advise!

 

[yssie]

Date: 1/4/2010 3:19:21 PM
Author:S1C EM
Hi all!

I need some advice on what to do with regard to upgrading my wife's engagement ring/wedding set.

Currently, she has a marquise-cut center stone of .36cts set in an engagement ring and wedding band, both with channel-set diamonds totaling 1ct for the setting altogether. She would like to change it up to a simple, white gold engagement and wedding band with just one, larger solitaire in a princess-cut.

My dilemma is that I had about $3000 tied up in the current set and, diamonds being what they are, they aren't worth very much if I try to resell them to recoup some cost on the new stone. Shane Co. has offered me $1500 for the set if I buy a new ring from them. Jared is where I purchased the original set so I checked in with a local Kay store (another Jared-tied company) because I knew they would give me the original purchase value as long as I double that amount on the new purchase (which I planned to do anyway).

It appeared that the setting and stone my wife currently has is now selling for a total of about $500 less than what we paid new, but they still will honor the full purchase price, which is great. I just know from having visited here before that many of you aren't fans of Kay. My problem is, I can't get anything for my wife's current set if I go with anyone else. Are there some options that I'm missing?

The stone I found in our local Kay was (supposedly) the only one they've had of that size with that quality. They've had it for about 4 months and she told me they only keep one stone of each size for each collection on-hand at any given time. She claims that they price their stones (in each collection) of the same size basically at the same price, regardless of quality and this one just happened to be a very good cut/color/clarity combo. It is a certified 1.07ct. princess-cut Leo diamond, E color, VS2 clarity priced at $5999. With my trade-in, I'm looking at $3700 out the door for the ring.

I've found some better priced stones through BlueNile, etc. of the same size and quality, but even though they're better priced off-the-top, they're not even close when the trade-in is factored and no one else seems to be able to offer that deal.

Please advise!

If they actually did this, and by quality they mean cut and clarity and colour, they'd be broke in two weeks.

I think the Leo line has gemex reports? Someone with more knowledge will have to chime in

ETA: I stand corrected. Bizarre pricing policy, that

 

[Sizzle]

Is your wife in on the trade? I personally would rather have a brand new ring for $3500 and keep my old one, but that''s just me. I do recall Kay''s "one on hand" policy and you are correct that they do price their Leos by carat rather than the 3C''s.. I find this to be strange as well. If you do a search on Leo''s someone else posted about it. Those diamonds are not GIA graded however, so you are pretty mcuh taking their word for it. Is it the magic carat you''re after? a new setting? A new shape?

I don''t think there''s anything WRONG with Kay''s Jareds or anyplace else. All of those places have a need and have working people who need to get paid. I think its really about what''s important to you. There are many people who have beautiful pieces from those stores and are just thrilled. BUT if you can get a better deal elsewhere AND keep the original set.. that''s great too.

 

[S1C EM]

If they actually did this, and by quality they mean cut and clarity and colour, they''d be broke in two weeks.

I agree that this sounded pretty odd. I''m not new to diamonds and I knew this sounded very strange to me....but the other poster below you apparently has some knowledge of this and says it is so. I grilled the lady (who is the Asst. Mgr. for the location) about it, but she was adamant that this is how they price.

 

[S1C EM]

Is your wife in on the trade? I personally would rather have a brand new ring for $3500 and keep my old one, but that''s just me. I do recall Kay''s "one on hand" policy and you are correct that they do price their Leos by carat rather than the 3C''s.. I find this to be strange as well. If you do a search on Leo''s someone else posted about it. Those diamonds are not GIA graded however, so you are pretty mcuh taking their word for it. Is it the magic carat you''re after? a new setting? A new shape?

I don''t think there''s anything WRONG with Kay''s Jareds or anyplace else. All of those places have a need and have working people who need to get paid. I think its really about what''s important to you. There are many people who have beautiful pieces from those stores and are just thrilled. BUT if you can get a better deal elsewhere AND keep the original set.. that''s great too.

Yes, she is in on the trade. She hasn''t worn her set in over 2 years. After our son was born, her ring finger knuckle would not slide through the ring comfortably as it did previously and she has never been interested in resizing it. The ring isn''t sentimental (after all, rings are symbols OF love, not actually love themselves) and in its current state just isn''t doing anyone any good.

I think to go from a .36 to a beautiful 1.07 for $3700 (and without the old set going to waste) is a pretty good deal. I just want to be sure I''m not deluding myself. It''s also good to know that this person wasn''t feeding me a complete line on how they price their stones (though it''s still really odd). I believe the certification was an IGI, which I know GIA is the preferred lab, but....

 

[Asscherhalo_lover]

I would take the stones out of my old set and have them remade into a pendant and then spend the 3700 with a ps vendor to get an amazingly well cut princess solitaire, why give more money to the maul stores who ripped you the first time?

I''ve made the mistake of the maul store upgrade and ended up buying another ring flat out rather than deal with them anymore. Get away while you can!

 

[bgray]

all great advice --you can buy substantially more size and quality with your existing cash than those trade up policies........the quality is often marginal and the mark-up particularly obscene give what you would be buying

 

[S1C EM]

Date: 1/4/2010 5:28:07 PM
Author: bgray
all great advice --you can buy substantially more size and quality with your existing cash than those trade up policies........the quality is often marginal and the mark-up particularly obscene give what you would be buying

So you think I can find a stone larger or at least the same size as this 1.07ct. with equal quality for $3700? If so, where? I''ve looked at PS and Old Gold and haven''t found anything priced better than this stone at its $5999 price point. Most of the stones available in those two inventories have been between $5800-7800.

 

[marcy]

All good advice. Is there a Jared''s near you? They have more selection in loose diamonds and semi mounts.

 

[bgray]

Date: 1/4/2010 5:50:22 PM
Author: S1C EM

Date: 1/4/2010 5:28:07 PM

Author: bgray

all great advice --you can buy substantially more size and quality with your existing cash than those trade up policies........the quality is often marginal and the mark-up particularly obscene give what you would be buying

So you think I can find a stone larger or at least the same size as this 1.07ct. with equal quality for $3700? If so, where? I've looked at PS and Old Gold and haven't found anything priced better than this stone at its $5999 price point. Most of the stones available in those two inventories have been between $5800-7800.

Well there are some key factors. No, you cant buy the exact same size etc for 3700 BUT you are going to be so overpaying for that Leo diamond that yes you can. Make sense? A Leo diamond is IGI certified--a virtually worthless certification.

I hate to bash Kay's but the truth is the prices are so inflated relative to the quality that you are throwing good money after bad.

 

[Dreamer_D]

I think you need to think not just about how much you are spending out of your pocket now, but think about the big picture and what the end result will be. In the end your wife wants a gorgeous princess cut on her hand, and bigger to boot

. Yes, you can get a diamond from Kay''s with your trade-in, but I can almost guarantee it will not *perform* the way a lower ct. weight diamond with ideal cut proportions will. And that will matter. When you have an ideally cut diamond on your finger it is really something special. so I would make the current diamond into a pendent as well and start over with a great diamond from a PS vendor and then over the years you can upgrade that diamond as you want. Most PS vendors have great upgrade policies where you don''t have to spend a minimum, and so you can move up in size in whatever increment you want.

One thing to thing HARD about is that although the Leo Princess may be more carat weight, it *may* not look bigger. I encourage you to find out the mm measurements of the diamond in question and then compare it to some of the ideal princess cuts from PS vendors. Maul store diamonds are notorious for facing up smaller than they should for ct. weight, usually because they are cut for yield and this makes a deeper diamond often times. So that 1.07 wouldn''t be very good deal if it is smaller than a comparable .90ct diamond from a PS vendor!

 

[Dreamer_D]

Date: 1/4/2010 10:50:10 PM
Author: bgray

Date: 1/4/2010 5:50:22 PM
Author: S1C EM

Date: 1/4/2010 5:28:07 PM

Author: bgray

all great advice --you can buy substantially more size and quality with your existing cash than those trade up policies........the quality is often marginal and the mark-up particularly obscene give what you would be buying

So you think I can find a stone larger or at least the same size as this 1.07ct. with equal quality for $3700? If so, where? I''ve looked at PS and Old Gold and haven''t found anything priced better than this stone at its $5999 price point. Most of the stones available in those two inventories have been between $5800-7800.

Well there are some key factors. No, you cant buy the exact same size etc for 3700 BUT you are going to be so overpaying for that Leo diamond that yes you can. Make sense? A Leo diamond is IGI certified--a virtually worthless certification.

I hate to bash Kay''s but the truth is the prices are so inflated relative to the quality that you are throwing good money after bad.

EXACTLY. That extra $3700 is not well spent if it is getting you something that is overpriced for its quality.