Trading Up for New Diamond

[lrw]

If anyone can help me on my situation, I would greatly appreciate it.

I purchased a GIA Certified Emerald Cut Solitare, 1.74 carat, I color and VS1 clarity diamond 2 1/2 years ago for $8500. I recently decided to upgrade to an H color but wanted to keep the same carat wt. and clarity. The individual who I purchased the diamond from says that the wholesaler she works with will not honor what I paid for the diamond for a trade in. She also said that my diamond is only worth $5900 now for the trade in. They are offering an H color, VS2 clarity (down one from what I have now) and 1.80 carat wt. for the new diamond and they want me to pay the difference of $2850 for the new one. I asked why this is happening and they said that the value of my diamond decreased 30% over the last year or so.

I don''t have access to a Rap Price List so it is difficult for me to know what is going on with the price of diamonds right now. I am disappointed that they will not honor what they told me when I first asked about trading up when I originally purchased the diamond. (There were no disclaimers stating only if the economy is good and if the value of the diamond remained the same or increased in value then we can have you trade in for your diamond)

Do you have any suggestions or additional knowledge of what is happening in my situation?

Thank you for your help.

Beadlady

 

[kenny]

What a disappointing surprise.
Is this a Pricescope vendor?

If so perhaps she could explain for us here.
With PS vendors their trade up policy is based on the original purchase price, NOT for a lower amount if prices go south.

PS vendors, please correct me if I'm wrong.
If this IS true it should be stated in writing in their policy.

 

[swingirl]

http://www.goodoldgold.com/diamond/5931/

http://www.whiteflash.com/emerald/Emerald-cut-diamond-1989095.htm

Don't know what the cut quality is of your stone but it looks like stones with similar specs are NOT $5900.

 

[lrw]

Hi Kenny,

Thanks for your reply.

The diamond was purchased locally and not from a Periscope Vendor.

 

[lrw]

Hi Swingirl,

Thanks for your reply.

The only other information that I have from the GIA Certificate is:

7.92 x 5.66 x 4.18 mm

Finish:
Polish - Very Good
Symmetry - Good
Fluroescence - None

There is also thickness percentages.

 

[freefly]

I''m sorry to hear about your situation with your vendor. It''s a personal call of course, but have you compared the H next to the I you already have? Sounds to me like you''d be paying thousands of dollars to trade for a stone you won''t be able to see a difference in. Good luck with whatever you decide.

(Maybe put the money to a reset of your current stone, it will give it a whole new look!)

 

[lrw]

Hi Freefly,

Thanks for your response.

The problem is that I also have square step cut diamonds in my setting and on a separate band. When I purchased the square step cuts, I was told that they were I in color but when I went to get the ring appraised independently, they said they were H in color. If you look at the ring from the side, you can see that there is a slight color difference between the diamonds.

 

[D&T]

Do you think you can sell the diamond for what its worth now and cut your losses and move onto a diferent vendor that has an upgrade policy such as those on here put the money from that sale towards a new diamond with a PS vendor, That way you can start anew with a new vendor and detach from this one since you have to pay out of pocket anyways.

ETA:sorry that was very roundabout

 

[lrw]

Hi D&T,

Thanks for your reply.

I agree with what you said. Since this has all happened, I figured that the best way to resolve my situation is to sell the diamond and use the money towards a new one and pay some towards the difference. I need to research more on what it is worth, etc.