Thoughts on upgrading - Should I trade-up or consign?

[lemondrops]

My husband and I are looking to upgrade our 2ct princess to a 3ct+ round in the near future. As I've read a few threads on PS-ers upgrading their stones, I wanted to get your thoughts on what the best process may be, whether it is to trade-up/consign/other options? Looking to get the maximum refund for the stone in the most painless way possible. Would appreciate your thoughts on this!

GIA lab report attached.

 

[liaerfbv]

Well what's your trade in policy with your vendor you bought the stone from?

 

[lemondrops]

Vendor I purchased the stone from said I would lose about 15% of what I paid for, which can go towards the new stone. Is that on par with typical trade-ins? Or would it be worth it to consign and try to break even, even if it's a longer process?

 

[tyty333]

Edit - to clarify...

I think if you had bought from one of our vendors that most will give you full value for what you paid but some have
criteria like you have to spend double the
amount or you have to go up in 2 of the 4 Cs (like go up in size and color etc). If you bought it at a regular B&M store than
I think 15% is pretty good.

You could talk to some of our vendors that do consignment and see what they think it would sell for. Consignment will
also take much longer (I'm sure you know this). I would talk to GOG and see if they would be willing to take your current
stone and upgrade but I actually think %15 is pretty good. You could also talk to Ericka and Grace (they usually deal with
old stones though) and see what they say.

http://goodoldgold.com/Home/
http://www.loveaffairdiamonds.com/about-us/
http://www.jewelsbygrace.com/

You could also try selling yourself through loupe troop through our pre-loved forum.
[URL='https://www.pricescope.com/forum/preloved-ps-jewels/']https://www.pricescope.com/forum/preloved-ps-jewels/[/URL]

 

[Dancing Fire]

Vendor I purchased the stone from said I would lose about 15% of what I paid for, which can go towards the new stone. Is that on par with typical trade-ins? Or would it be worth it to consign and try to break even, even if it's a longer process?

It depends on how much you paid for the stone? how much your stone will cost to purchase at today's price?

 

[tyty333]

Vendor I purchased the stone from said I would lose about 15% of what I paid for, which can go towards the new stone. Is that on par with typical trade-ins? Or would it be worth it to consign and try to break even, even if it's a longer process?

It depends on how much you paid for the stone? how much your stone will cost to purchase at today's price?

So 85% goes to your new stone?

 

[lemondrops]

Yes - the 85% will go towards the new stone. Unfortunately only RBCs qualify for the my vendor's "upgrade" program so I do not get the full value back

Wishing at times like this I had found PS earlier and had done my homework!

Thanks for the recc @Dancing Fire and @Tyty333 - I've reached out to both and am weighing my options.

Would be insightful to know if there are other PS-ers who traded-in/upgraded to a RBC from Princess, to provide some color on their journey along this process!

 

[diamondseeker2006]

If your jeweler has high prices, it will not be to your benefit to buy there again regardless of the trade in policy. Most jewelers are not going to have a good selection of 3 ct rounds and you could end up with a diamond that is not so great and overpriced.

My recommendation is to let Good Old Gold put the stone on consignment for you, and they will take a small amount for commission when you buy a new diamond from them. They can source you an excellent/ideal cut stone that will be competitively priced and usually lower than other local jewelers. They provide light performance testing and will make videos for you to compare diamonds.

I have bought and sold two diamonds through them and my current diamond is from them as well. (All were round and the last one was AVR, a specialty cut based on OECs.)

 

[lemondrops]

GOG definitely seems like the best bet so far, where they would only take 5% vs. 10% commission if I used those funds towards a new stone. May I ask how long the process took for you to sell your stone through GOG? Super helpful - thanks @DiamondSeeker2006!!!

 

[Sky56]

It only takes one buyer for your diamond, so it is hard to predict a time frame, but your diamond looks desirable with its specs on a GIA report so to sell it might not take too long...

 

[Dreamer_D]

If you consign your diamond it could sell in one month or it could take 2 years. Most people I know who consigned, including me, waited about 8-10 months for their diamond to sell. GOG would also be my recommendation for a modern cut stone, though many have had good luck consigning with Jewels by Grace too.

Before going that route I would look into other vendors who will offer trade-in. Vendors who might do this include James Allen, IDJewelery, and there may be others. Just ask. You can also contact Wink Jones who can connect you with the Crafted by Infinity folks who will sometimes buy Princess or Rounds IF they have the type of specs that allow them to be easily recut to their specifications. I think Dave Atlas also buys used goods.

You can then compare all the offers and services and make your decision. Your diamond will be very valuable to many sellers with that color/clarity combination, so shop around and see what you can get and don't settle.

 

[lemondrops]

Thank you all for your wise words of advice. I actually purchased by stone from IDJ and they are willing to work with me to try trade-in my princess (unfortunately won't get the full amount back) to use towards a round. As this is a huge step, I'm trying to research to make sure that whichever option I go with would be the best.. and totally agree on no settling!! Will reach out to see what other vendors will offer for trade-in, thanks so much @DreamerD!!

 

[starryeyed]

Wow, I just checked out your ring - it's lovely! So you got it in 2013 and you're ready to upgrade already?

At first I was thinking losing 15% of what you paid for it wouldn't be fair if you purchased the stone say, 10 years ago, because the price for your stone has probably gone up. But then I looked at your threads and see it's virtually NEW. So it's not like you're losing much to price appreciation.

So will you consign the diamond or the whole ring?

 

[Dreamer_D]

At first I was thinking losing 15% of what you paid for it wouldn't be fair if you purchased the stone say, 10 years ago, because the price for your stone has probably gone up. But then I looked at your threads and see it's virtually NEW. So it's not like you're losing much to price appreciation.

I also think losing only 15% is pretty good in this context. Diamond prices have been pretty stable in the past year, and as we all know, most people take a hit of 30-50% when they attempt to resell their diamonds on the secondary market. Vendors who have a buyback policy usually offer only 80% if the buyback happens in the first year. What is disappointing here is that the trade-in value is not 100%, but if that policy was clear up front that it is what it is. Princess cuts are just not as popular as rounds, this stone could sit in inventory a while before it sells... which is food for thought re: consignment.

As another note re:consignment... everyone I know has sold their consigned diamond below current retail value. So after taking the consignment fee off, the net in your pocket could very well be less than 85% purchase price anyway.

 

[kenny]

I bought a top-cut 2+ ct F VVS2 GIA-graded diamond around 2006 or 2007 from GOG.
Last year they sold it on consignment for me.

I didn't lose anything.
In fact, I made a killing since it sold for over 50% more than I paid for it.

Lucky for me that prices had skyrocketed between my purchase and sale dates.
If you bought your princess recently you won't be so lucky.

It took over a year to sell, and you don't get paid till after it sells and the money-back return period has passed.
I don't know whether GOG will sell any diamond or one they didn't originally sell, or what their criteria is but I'd definitely check with them.

I do know the commission percentage will vary.
I think the more expensive and in-demand the diamond is the lower the commission percentage.

Good luck.

 

[lemondrops]

Thanks for sharing your experiences with consignment, @Kenny + @Dreamer - appreciate the insight! I also think in the end, everything would net out similar since the price of princess cuts has not fluctuated much and cushions are now the #2 instead of princess these days...

@starryeyed - Looking to consign the whole package, if possible. I love love love my SK setting but highly doubt it would fit a round stone! Trading in the stone at IDJ would leave me with just the setting, which I could also consign by itself, I suppose?

 

[Dreamer_D]

In your particular case you might net less consigning the whole ring than selling/trading the component parts.

Most people expect to pay a fair percentage below retail for "used" rings. Sold as a set, the diamond would be subject to this "used" discount along with the mount, which I think would net you less than 85% for the diamond. As a whole, I would expect to sell a used ring for about 70% of the retail price max, and as low as 50% of the retail price. Then subtract the consignment fee...

Trading your diamond in nets you 85% of your purchase price. The mount could be sold on Loupe Troop to another PSer as a private sale. Those settings are very popular, and if your setting can also hold a cushion shape then you might have the best luck. A few similar mounts have sold recently to give you a sense of pricing -- and I warn you, resale value on mounts is very poor, worse than diamonds! Still, I suspect your overall net return will be higher this way than selling the ring as a whole.

ETA: You could explore an option with Grace of consinging the whole ring for a period of time for a price you are happy with. Promote the ring yourself on PS in the pre-loved forum. Then if it doesn't sell in a certain period of time, pull the diamond and keep the mount on consignment. One option to think about.

 

[AprilBaby]

I would think GOG being in Long Island would have a big demand for a princess 2 ct stone. I bet it sells quick. Here in Chicago it would sit a while.

 

[kenny]

I would think GOG being in Long Island would have a big demand for a princess 2 ct stone. I bet it sells quick. Here in Chicago it would sit a while.

Of course I don't know but I'd guess over half GOG's sales are online, not walk-in.

 

[yasssss]

your ring is so beautiful! can I ask why you're selling and switching to an RB?

 

[lemondrops]

I still love my princess but given the option of upgrading to a larger stone, I think a round would look nicer (as a solitaire or 2 pear side stones) vs. a halo-ed 3ct princess, which may be overkill lol

 

[lemondrops]

Hoping I find this baby a good home!!

 

[lemondrops]

Created a listing on Loupe Troop:

2.05ct Princess G/VS1 on Loupe Troop

 

[SB621]

I would cosign or trade in the diamond. Then list the setting seperately. SK, VC and LM tend to sell well on the 2nd market on PS. It might take a little longer since your setting is for a princess vs. a RD, but I think it would go in under 6 months.