Trade in appraisal question!

[gicki55]

So I made the decision to trade in my current setting (everything except my center stone) and replace it with a simple solitaire for my 1.47 ct round center stone and a 1ct half eternity band. I just thought my setting, while blingy, was too much and I want something simplier that makes my center stone pop more! I have been struggling with this for and while and am finally relieved I made a decision.

I went back to my jeweler to tell them that I was ready but had one question. Well the nice guy I have been working with was off today and another worker helped me. I told her I want to make the trade but needed to see the appraisal for the new set. This is the only way I know how to make sure that I am not getting screwed over too bad with this trade in... well she was so rude about it!!

My quesiton is: Was that an out of line question for me to ask? Am I as the customer not allowed to know what this new set will be worth?

 

[gicki55]

Here is a pic of the ring I am changing.

 

[gicki55]

pic 2

 

[denverappraiser]

I don’t understand the question. Most trade in programs I’ve heard of are a function of what you paid, what the new one costs and sometimes the amount of time that has elapsed between the two deals. What does the appraisal have to do with it?

Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Appraisals in Denver

 

[gicki55]

Maybe I don''t know how to ask what I want.

How do I know how much value I am losing through this trade in?

 

[JulieN]

You need to either go see an independent appraiser (!!!)

Or

How much you''re losing is the difference between what you can get for it and how much they are giving you.

 

[denverappraiser]

‘Trade in’ is generally a contractual deal with the original selling jeweler to agree to give you all or some percentage of your money as credit towards the purchase of something else in the future. Almost always it’s the jeweler who is losing money on these deals and they make up for it by charging a little extra on the front end or from the money they’re making on the new sale. That’s why they usually require you to buy something that’s significantly more expensive than the first round. That makes it not really a valid question to ask how much you are losing. It really depends on the deal being offered.

Most jewelers don’t take tradeins on things that they didn’t sell originally for exactly this reason. The value of the parts is sufficiently less than the value of new jewelry that it annoys their customers to see the size of the difference and they would rather not bid than to start out a sale with something that’ll lead people to believe that they’re being treated badly.

Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Appraisals in Denver

 

[gicki55]

Thank you for your help Neil. I am doing a trade in with the jeweler that sold me the piece I am trading in. I do trust them but got a little nervous as I am inexperienced in these sorts of things.

I got intimidated and began to think maybe they were making out on my trade in and wanted to know what kind of questions I should be asking.
You have def helped clarify some things for me. Being that they are a mom and pop shop that has been around for 90 years and that I can tell they want my business I think I am ok. The jeweler even told me they are only doing this for me because I am a current customer.