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Opinions on Diamond Upgrade Policy

daintyG

Brilliant_Rock
Joined
Sep 23, 2011
Messages
579
What do you think of upgrade policies, and, in particular, the one below? I have noticed on here that some well-liked PS Vendors have them. However, only certain diamonds qualify for upgrade at Whiteflash, for instance--ones outside of my low budget. Also, I don't think every vendor offers 100% of the purchase price toward the upgrade, or requires that you spend a certain amount before you can trade up.

There is a beauuuutiful jewelery store next to where I work. They have designer settings that I love and they have more variety in diamond shapes and sizes than I've ever seen. And they have an upgrade policy that is really appealing to me! http://www.genesisdiamonds.net/about-us/guarantees.html

At Genesis Diamonds we offer a lifetime upgrade for a diamond you buy from us. If you want to trade it in later, we'll give you the full amount of your original purchase towards the purchase of a new diamond of greater value. You do not have to double the purchase. You only pay the difference. Trade your $5000 Genesis diamond against a purchase of $5200 and pay only $200. Here's the best part; trade your Genesis diamond after one full year and receive an additional 10% appreciation for your diamond. What a great investment! Your $5000 Genesis diamond is now worth $5500. Your Genesis diamond can only increase in value and we pass that on to you, our valued customer! Genesis has the best trade-in policy anywhere in the jewelry industry, GUARANTEED! * Cannot be combined with any other special pricing offers, is not transferrable and applies only to the original owner. Genesis reserves the right to alter its policies to be consistent with market conditions.

They also offer other benefits I am attracted to. http://www.genesisdiamonds.net/policies.html From the little time I spent in there, they seemed to have good prices. Example: Verragio insignia 5003 setting was $2500. I also wrote down some specs of a .69 EC and the price was a few hundred lower than Whiteflash, Blue Nile, etc.

So, the question is, what do you think of such an upgrade policy? Is this a good idea to invest in? I cannot afford my dream RHR now, but I could buy something smaller c.w. and upgrade every year or so, gradually getting a bigger/better quality center stone. If I changed my mind about which diamond shape I prefer--just upgrade and get a new one. The only problems I see with this idea are if the vendor went out of business or the fact that I may have to spend extra on a new setting to accommodate a new diamond whenever I upgrade.
 

daintyG

Brilliant_Rock
Joined
Sep 23, 2011
Messages
579
btw, the prices listed on their website are higher than they are in their store
 

minmin001

Ideal_Rock
Joined
Mar 21, 2011
Messages
2,047
seems like their stones are EGL ones? I'd ask them about GIA or AGS graded ones
 

daintyG

Brilliant_Rock
Joined
Sep 23, 2011
Messages
579
Good point. I haven't thought too much about the EGL. They do have GIA stones, too, though. They claim to have a large inventory of in-house diamonds, so I should be able to have a lot of GIA to choose from... I think.
 

Mrs.W 514

Brilliant_Rock
Joined
May 6, 2010
Messages
551
This is unrelated to your question but I absolutely love your e-ring and I was wondering if it has its own thread? I would really like to see some more pictures of your stunning set!
 

daintyG

Brilliant_Rock
Joined
Sep 23, 2011
Messages
579
aww, thanks! i have not made a thread yet. i will have to get some outdoor shots and post a thread. 8-)
 

Mrs.W 514

Brilliant_Rock
Joined
May 6, 2010
Messages
551
oh yes please do! yours is one of the best worn/set marquise I have ever seen :love: :love:
 

diamondseeker2006

Super_Ideal_Rock
Premium
Joined
Jan 11, 2006
Messages
56,139
I truly believe when it comes to retail that you generally get what you pay for. I don't think everyone has to get ideal, hearts and arrows stones. My original diamond was only good cut, but it was very white and sparkly and I got compliments on it often. If you hang out here long enough, you might end up like some of us who now desire the more perfectly cut stones, though! There can be some better priced stones at both WF and GOG. My daughter has a premium select stone from WF, and the only thing wrong with it is that it had excellent polish instead of ideal! So it was a great buy and fit their budget. My current diamond came from GOG, and I just appreciate all they do in customer service regarding diamond assessment and education and doing whatever they can to find what you want. So I'd only deal with these vendors from here on out because I believe I am getting what I pay for in superior stones and I know I can trust them.
 

daintyG

Brilliant_Rock
Joined
Sep 23, 2011
Messages
579
I just have to update. I went there today to ask more questions.

SA said that there is virtually no difference between EGL (international, I think) and GIA certs and that any argument otherwise is a lie. I told him respectfully that I am convinced otherwise and would have to see it to believe it.

Showed me an uncerted .51 EC and I wrote down a couple specs. Online I found some stones for half what they were asking that were GIA certified with the same specs PLUS excellent cut and emailed him since they have a policy on matching prices. He replied that most diamonds online are the diamonds nobody wants and that any online vendor can post a low price. For example, he said, the online stone is very deep and 1 mm shorter.... Well, if that is the case then he showed me a .51 that faces up closer to a 1 ct. Anyway, he didn't say whether or not the price would be matched, but I think I know the answer. And I think I know how they answer every customer who tries to use their price match policy (it actually is worded so that it only applies after you purchase).

Anyway, I wrote him back and defended online vendors, specifically the one I had asked him to compare. Then, out of curiosity, I looked up this store's BBB grade..... it's an F!!!

This has been an interesting experience today, for sure.
I'm disappointed that I can't trust them because I want to get something small and upgrade several times. Oh well!

Here's the explanation of their F:
The Better Business Bureau's role in the marketplace is to ensure the public's confidence in advertising and promote trust in business.

On January 31, 2011, BBB contacted Genesis Diamonds regarding its radio advertisement which states, "Genesis has Tennessee's largest selection of fine jewelry" and "the state's largest selection of diamonds, rings, earrings, pendants, bands and bracelets at prices guaranteed anywhere in America".

According to BBB's Code of Advertising, "objective superlative claims (those concerned with tangible qualities and performance values which can be measured against accepted standards or tests) should be based on fact." BBB requested the company's voluntary cooperation in substantiating the claims by providing documentation that supports the claim.

The company responded by stating "We believe that our advertising is accurate. We welcome anyone to provide data that gives evidence otherwise and we will take it into consideration." BBB's Code of Advertising states, "The primary responsibility for truthful and non-deceptive advertising rests with the advertisers. Advertisers should be prepared to substantiate any claims or offers made before publication or broadcast, and upon request, present such substantiation promptly to the advertising medium or the Better Business Bureau."

BBB has closed this advertising challenge as "unsubstantiated" as Genesis Diamonds did not provide any documentation to support the claim.
 
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