Upgrade Plan - is this possible ??

[bebe]

Tell me if you think this plan would work ..........

buy a small diamond from one of PS''s great vendor''s that is
a very high quality stone and one that meets said vendor''s
upgrade policy. Then perhaps once a year, upgrade that stone,
until I reach a size I want.

is this something I can do and be upfront with the vendor about ?

I''m talking about buying a .50-.75 ct and working up to a 2.00ct. ?

 

[Kaleigh]

I don''t see why not. I''d just be upfront with the vendor as to your plans... That way you''re on the same page and what not.

 

[yssie]

As long as you're clear on your plans, and are careful to choose stones that fulfil their upgrade requirements, don't see why they wouldn't be happy to have you on board

 

[galeteia]

Would the constant re-mounting stress the setting enough to add extra costs?

 

[bebe]

Date: 6/10/2010 8:23:34 PM
Author: Galateia
Would the constant re-mounting stress the setting enough to add extra costs?

this stone would be left unmounted til I got to the final stone

 

[waterlilly]

What is the advantage of this over just setting up a savings account for the diamond you want?

 

[bebe]

Date: 6/10/2010 8:45:18 PM
Author: waterlilly
What is the advantage of this over just setting up a savings account for the diamond you want?

Easier for me to just do it this way - stone is not for me.

 

[Miss Sparkly]

hmmm, my only worry is what if said vendor went out of business?

 

[luv2sparkle]

That sounds kind of fun, Bebe! A new sparklie that just keeps getting bigger and bigger! Care to share your plans for it?

 

[Circe]

I like loose stones as much as the next gal ... but if you weren''t going to set it until you got to the final size, me personally, I wouldn''t see the point. *I* would probably save up a bit now, and keep my jumps as infrequent as possible, and keep setting it in a flexible setting with a peg head (in point of fact, that is exactly what I do plan to do one of these days

).

Since you say the stone is not for you ... I guess it depends on the patience factor of the person it *is* for?

 

[loriken214]

Hi Bebe!

This sounds like a very interesting project....I say go for it!

Lori

 

[lilyfoot]

Just a question, won''t you have to pay shipping fees for all of these buys + returns?

 

[Lady_Disdain]

I would prefer to have the money in the bank, earning some interest.

I wouldn''t want to pay insurance on a diamond sitting in a drawer. If something happened and I needed money (specially if the diamond had grown to more than 1ct), I would have a very iliquid asset on my hands. And, as has been mentioned, shipping will take a toll, the vendor may go out of business, etc.

By the way, how long does this person plan on taking to get from the starter stone to 2ct?

 

[RaiKai]

Date: 6/11/2010 9:42:38 AM
Author: Lady_Disdain
I would prefer to have the money in the bank, earning some interest.


I wouldn't want to pay insurance on a diamond sitting in a drawer. If something happened and I needed money (specially if the diamond had grown to more than 1ct), I would have a very iliquid asset on my hands. And, as has been mentioned, shipping will take a toll, the vendor may go out of business, etc.


By the way, how long does this person plan on taking to get from the starter stone to 2ct?

Same here. I don't really see the point in getting a stone now that is not going to be used...just to upgrade it every year so it will still be unused. And having to pay insurance on it, shipping (duties?), taxes (taxes don't figure into upgrade value do they?), and so on. Indeed, if it is sitting unused you might as well just get the stone once...then upgrade in a few years once rather than ever year or every couple years.

Unless, it is extremely sentimental (like to give one of your children for a milestone be it a graduation or an engagement or a new baby) and you scrapbook the journey from the time you first got it until you gave it so the "scrapbook" journey is also part of the gift to show as the person was growing/maturing so was the stone - that could be a bit fun (but you are still paying insurance, shipping fees, hoping vendor is around or does not change policies, and so on).

 

[waterlilly]

Date: 6/11/2010 10:22:08 AM
Author: RaiKai

Date: 6/11/2010 9:42:38 AM

Author: Lady_Disdain

I would prefer to have the money in the bank, earning some interest.



I wouldn''t want to pay insurance on a diamond sitting in a drawer. If something happened and I needed money (specially if the diamond had grown to more than 1ct), I would have a very iliquid asset on my hands. And, as has been mentioned, shipping will take a toll, the vendor may go out of business, etc.



By the way, how long does this person plan on taking to get from the starter stone to 2ct?

Same here. I don''t really see the point in getting a stone now that is not going to be used...just to upgrade it every year so it will still be unused. And having to pay insurance on it, shipping (duties?), taxes (taxes don''t figure into upgrade value do they?), and so on. Indeed, if it is sitting unused you might as well just get the stone once...then upgrade in a few years once rather than ever year or every couple years.


Unless, it is extremely sentimental (like to give one of your children for a milestone be it a graduation or an engagement or a new baby) and you scrapbook the journey from the time you first got it until you gave it so the ''scrapbook'' journey is also part of the gift to show as the person was growing/maturing so was the stone - that could be a bit fun (but you are still paying insurance, shipping fees, hoping vendor is around or does not change policies, and so on).

I agree, I''m trying to see the advantage of doing this...if it were an item that would appreciate in value - and you''d get that appreciated value at trade in time, sure. But you are only going to get the value of what you paid for it so what would be the point?

 

[LaurenThePartier]

While I originally thought of buying an ACA simply to upgrade, I love my little .51 ct. too much now that it''s in a halo setting so I abandoned that plan.

If you''re leaving it unset until the final jump, it just makes more sense to open an online account somewhere and just contribute the equivalent of a monthly amount that will get you to 2 ct. in a certain amount of time to it.

Dying to know your plans for it, Bebe!!!!

 

[HVVS]

Well, I actually bought a diamond, then left it sit, unmounted and unused, for two years before I traded it in. I didn''t plan to do that, but I bought the size I did because I intended to use it in a particular halo style mounting. Then, after I had raised the money for the mounting, I learned it had been discontinued. So, I eventually traded in the unused stone and got one that''s closer to the 1.5ct RB that I''d want for a solitaire. Believe me when I say that I am much happier with the second diamond than the smaller one I''d bought first. I see no reason to tie up money in a small diamond that you are not going to use. Sometimes, diamond prices even go down. They were almost at the peak when I bought the first stone. I think I got a better deal on the second stone. Moral: Don''t tie up your cash in stuff that you''re definitely not going to use right now, and may not ever use. It just reduces your flexibility and buying options should a really good stone crop up later, at a different vendor, for example.

 

[Dreamer_D]

I upgraded once a year for 3 years until I got the diamond I wanted. I don''t think you need to worry about how the vendor will feel or be "up front". Just make sure they have an iron clad upgrade policy and are used to upgrade schenanigans... any good PS vendor should do! But read the upgrade policy carefully since not all are equal.

Now, I would not ordinarily suggest this, but in fact I think you will save a lot of money by just putting a 2ct diamond on credit provided the interest rate is not too high. Diamonds are going up in price at a rather alarming rate. I could have bought my present diamond three years ago for a few *thousand* less. Had I just bought it outright using what cash I could and financed the rest, the interest over that time would have been no where near the increase in price of the stone in that period.

While financing luxories is not a good policy, in the case of someone planning to upgrade regularly who has good stable income and little or no other debt, then I don''t see it as such a huge problem.

But if finances are less certain than I think a bird in the hand is worth two in the bush. I would rather have the .75ct and wear it and enjoy and upgrade if I can, but if I cannot upgrade, then at least I have the smaller stone to enjoy.

 

[bebe]

Well, you guys have given me a lot of things to consider.

My thinking and as off as it is
was thinking just buy a stone,
upgrade here and there when I wanted to. Would it be cheaper that way,
buying the upgrade stones at a lower price until I reached the final stone - dunno.
Ya''ll have certainly brought up points I didn''t consider.

don''t rake me over the coals - but this stone would be for my son to use as an ER
or trade in what he/GF wanted. I may not ever reach a 2ct. just thought it would be fun to see if I could!
I mentioned it to him and he was ok with it, but I also realize the GF may not like it. Either way, I''d be fine
with the outcome. it would be there if he wanted it - bottom line.

 

[marcy]

If I couldn''t wear it, I would just save till I can afford what I want. If you plan on having it for your son to give his GF; I would also consider he might want to pick it out himself and she''d probably prefer it that way as well.

 

[bebe]

Date: 6/11/2010 11:25:15 PM
Author: marcyc
If I couldn''t wear it, I would just save till I can afford what I want. If you plan on having it for your son to give his GF; I would also consider he might want to pick it out himself and she''d probably prefer it that way as well.

exactly - they could use the diamond as is or exchange or trade up. Or not at all. It''s just an option.

 

[Haven]

I think it''s a really sweet plan, bebe.

If it were me, I''d probably just put the money away and give it to him as a gift when he finds the girl he wants to marry. I have a lot of girlfriends who wear family stones from their own families, though, so that''s probably why I''d do that.

However, if you''re more likely to stick to this plan and continue the upgrading if you have an actual stone in your hands, then by all means go for it! It would also be fun to have all those mini upgrade projects going on.

 

[yssie]

I wonder if any upgrade/trade policies still apply once the diamond has changed ownership hands? Definitely something to clarify with your vendor.

 

[Steel]

bebe: Did you make a final decision?

 

[bebe]

I haven''t done anything yet, but I''ve certainly looked at some stones. I know if I went through with this,
the stones would have to be bought from one of PS''s top vendors. Even amongst those, I do know the upgrade
policies vary.

Yes, I could easily save up the $$ and give it to my son. Or go through with my plan and let them do with the
diamond whatever they want. I just know my son and I have discussed this a little and he liked the idea.
I kinda see it as the diamond would be a "downpayment" on a new stone of their choice, but at the vendor
I bought the stones from of course.

I mentioned this a few years ago here on PS and got a lot of negative feedback. I certainly took the advice
to heart and see both sides. But why does there have to be a "side", ya know. I have family members that bought their daughter''s ER, I have friends that bought their son''s ER. My niece will be using her grandmothers setting. My best friend''s stone was from her father''s diamond collection. My own ER was bought from $$ my husband''s grandfather left him. I don''t think there is a right or a wrong regarding this. As long as the newly engaged couple is happy, then that''s what is important.

 

[Steel]

I don''t have any thoughts on the sentiment behind the action. Just concerns about which method you choose, most of which have been raised already. I thought about doing the same thing, for myself and gave up on the idea because it seemed like so much effort plus I have customs charges and shipping issues.

I would love to know how you decide.

 

[gardengloves]

that''s a very sweet plan Bebe, what a good mom- I know, I know- our son''s do this to us, even if they don''t ask, we can''t help ourselves!.

even if your son wants to select a stone on his own, he and your future daughter in law will have the basis of a good upgrade policy, and can start with something substantial.