Trading Up

[dmaillet]

Just curious what others think of trading up their diamonds. During my recent trip to the diamond district, it became apparent that most stores only wanted to allow me a fraction of what my original diamond cost when trading it in for their stones. Is this the norm? Is it better to keep the original diamond and try to sell it. The reason I ask is I was insulted with the offer I received for my 1.10 F/VS1 oval cut diamond which has a really good cut (can''t remember the exact specs).... they only wanted to offer me $2500. for the stone. Oh they would allow me 5k on the new ring on the trade in price which was $2,500 more than the cash price.

Any thoughts on this?

 

[marcy]

From what I know you only get full value where you bought the diamond. Some places just want you to spend more on the new diamond and some want you to spend double the value.

 

[dmaillet]

So what do people do with their diamonds when they do not want to go back to the original store they purchased the diamond?

 

[Gypsy]

Buy back policies, even when you have purchased the diamond from the vendor you are selling back to are typically considered very good if they are 75-80% ( I think Goodoldgold offers 75% buy back on some of their stones and Infinity offers either 75% or 80% on theirs). For upgrades (where you are trading in your diamond for another diamond from the same seller), SOME vendors will offer 100% purchase price on SOME of thier diamonds, usually the most re-sellable, and even then, only those purchaed from them (although BGD will allow upgrades on SOME stock purchased from WF provided your trade in meets their requirements).

Honestly what you experienced is standard for the industry. That why so many stones are consigned, listed on ebay, or craigslist or the like. I can understand your upset, but they weren''t trying to signal you out for poor treatment, it''s just par for the course.

 

[dmaillet]

Thanks for the honesty. I have so much to learn about the diamond industry. My education up until now is the WOW factor or in some cases the Not So Wow.

 

[The Ice Man]

Most dealers that I have dealt with give me 100% buy back. When you try to sell or trade in a stone that you didn''t purchase from them, you usually get 40-50% if your lucky. It''s pretty standard out there. One suggestion I might offer you is try posting it privately on Craigs list or eBay. you will get more than any dealer will give you. Best of luck.

 

[dmaillet]

Since it was the diamond my husband picked out as my engagement ring, I have decided to have it set in a pendant and save it for my daughter. I guess the sting was really more personal than financial.

This begs me to wonder just how much mark up there really is on diamonds, especially the shady dealers who sell crap for exuberant prices to some poor soul who doesn''t know the difference.