trading in diamond...

[kehaulani]

My husband and I are about to celebrate our 10 year wedding anniversary and we''ve been looking for a 2 carat diamond upgrade. We''ve talked about trading in my current diamond just to help out with the cost of my upgrade. Has anyone done this and regretted it??? This diamond has been with me since he proposed over 11 years ago and I have a hard time letting go. Any advice on what I should do???

 

[Dancing Fire]

Date: 9/7/2009 10:40:25 PM
Author:kehaulani
My husband and I are about to celebrate our 10 year wedding anniversary and we''ve been looking for a 2 carat diamond upgrade. We''ve talked about trading in my current diamond just to help out with the cost of my upgrade. Has anyone done this and regretted it??? This diamond has been with me since he proposed over 11 years ago and I have a hard time letting go. Any advice on what I should do???

not worth doing....keep the diamond and tell him to buy you the 2 ct.

 

[Lorelei]

Date: 9/7/2009 10:40:25 PM
Author:kehaulani
My husband and I are about to celebrate our 10 year wedding anniversary and we''ve been looking for a 2 carat diamond upgrade. We''ve talked about trading in my current diamond just to help out with the cost of my upgrade. Has anyone done this and regretted it??? This diamond has been with me since he proposed over 11 years ago and I have a hard time letting go. Any advice on what I should do???

I agree with DF, you might not get much for the current stone as it is usual to only recoup around 30 - 50% of the price originally paid and thats assuming it has a GIA report. I would personally keep it and make it into a pendant or still wear the ring, but if you prefer to sell to help offset the costs then you can certainly do so.

 

[kehaulani]

Thanks! Both of you have given me the answer I had been leaning towards. Now to find that perfect diamond for me!!

 

[oldminer]

Many people have a difficult time letting go of a sentimental gift. The financial reality is that whatever it is worth will likely dissappoint you, but that is a dose of "dollar reality". Your personal sentiments and feelings won't go away and the money has little to do with it.

What you must do is get a truly competitive, market based offer for the diamond from a realy "buyer", not a scrap metal guy or a pawn shop.
After you have that number, you can shop for the diamond you want knowing how much more dollars you can spend "if" you sold your original diamond. Now, when you find the diamond you really want to upgrade to, you establish firmly the correct and final price BEFORE inflicting the trade-in on the seller. For every dollar you get above the already established "right" number you had already from the knowledgeable buyer is one less dollar out of your pocket and also one less dollar of profit being paid for the new diamond.

This is a real trade-in and not a horse trade where you have no idea of how you are doing. NEVER advise a seller in advance that you want to "trade". Don't even ask about "trading". You are showing your hand and this is like high stakes poker. You will more than likely pay dearly for such a deal and no one can figure out how good a deal you actually are getting. Keep your lips sealed until the right price on both the old diamond and the new one are firmly established. Only then, let the trading commence. If the seller will not trade, or has no interest in allowing a competitive price. you have the option to sell the old diamond outright. If the trade benefits you more, you agree to trade.... It may seem a tough thing do do, but it is actually very simple. If you deviate from the suggested method, then the trade-in will likely become financially detrimental. Good luck!!!!!!!!!!!

 

[kehaulani]

Thanks "oldminer" for the advice! Yes, we have made the mistake in the first place we visited that we were thinking about trading in my current diamond and now I believe we''ve shot ourselves in the foot! They are obviously not giving us a fair price on a diamond we''re interested in. On to the next! Thanks again!