Upgrading after 15 yrs - reusing platinum/diamond resell ?

[Island_Fever]

Good morning everyone. I am a first time poster. Our 15th year anniversary is coming up in a year and my husband recently asked the best question: "if you could have the ring of your dreams, what would it be?" Who doesn't want to hear that?

I lost my wedding ring last year so I've just been wearing my engagement ring. There is a hollow area under the pave where water collects and it has always given me crazy contact dermatitis, so even if I was to keep the original diamond I'd have to reset it for wear-ability.

Anyway, I've just started looking around and diamonds have sure increased in price in the last 15 years! Ideally I would like a ~2 carat cushion or oval set in some type of platinum split shank w/ a pave halo = $$$.

Obviously it is more palatable if we've got funds from selling my current diamond and can use the platinum I already have. However, I can't really find much info on this, so I've got some questions for those who know:

1. Current diamond is GIA-certified, 1.24 carat round brilliant, H, VS2, Very Good cut. In 2001 we paid $4100 from a really good jeweler for the diamond. Are we likely to recoup what we paid?

2. I have platinum from 2 settings: my initial tiffany-style (knife edge, 6 prong) solitaire and my current setting. Will a jeweler be willing/able to melt this down and use it to create a custom setting? Is that a typical/reasonable request?

Because everyone likes a photo, here is my current ring. It's very pretty (IMO), but it's time for a change/update:

 

[Island_Fever]

Re: Upgrading after 15 yrs - reusing platinum/diamond resell

Okay so I have located info on the platinum - seems I cannot have it melted down and basically will be selling for scrap.

My question about the diamond still stands - am I guessing correctly that we will probably get about 1/2 of the retail value of the stone in today's prices? That is what *most* online calculators seem to indicate.

 

[sassy_pants]

Re: Upgrading after 15 yrs - reusing platinum/diamond resell

Okay so I have located info on the platinum - seems I cannot have it melted down and basically will be selling for scrap.

My question about the diamond still stands - am I guessing correctly that we will probably get about 1/2 of the retail value of the stone in today's prices? That is what *most* online calculators seem to indicate.

Hi island fever, I had the same question about reusing platinum. Where did you find your answer? I'd want to reuse mine more for sentimental reasons, to keep my reset with all the same materials/molecules I've been wearing since the night I got engaged. But also, my current setting is pretty heavy and contains a ton of platinum that I wouldn't just want to waste.

 

[diamondseeker2006]

Re: Upgrading after 15 yrs - reusing platinum/diamond resell

Honestly, many of us find that rather than taking the loss on the original diamond, we might recommend using it in a diamond pendant instead of selling and just getting a small amount of money for it. I would definitely do it if I were you. If you were going to get $10k out of it, I would agree with selling, but it will be worth more to you using in another piece of jewelry.

(That is correct that the platinum can't be reused. It would have to be sent in with other scrap to be refined (if that is the right word) and you would not get the same platinum back.)

 

[VRBeauty]

Re: Upgrading after 15 yrs - reusing platinum/diamond resell

Regarding the price: if your diamond has not been damaged in any way (small chips on any of the facets or girdle, or scratches, for example), then you can use the current price of a comparable stone as a starting point - i.e., you could assume a 50% return on the current price of a comparable stone. You can use the diamond search feature at the top of this page to get an idea of current selling prices (you can enter the exact parameters of your stone).

There are several ways to go about selling your current diamond - the most common are discussed here: https://www.pricescope.com/wiki/diamonds/how-to-sell-your-diamonds. You are likely to get more money for your diamond if you sell it yourself via ebay or two sites that are often used by PS'ers - loupetroop and diamondbistro - but you will also be assuming more risk yourself, you'll still have to decide on a selling price, and you'll probably be negotiating with buyers who offer below your asking price. Pricescope also has a "sell your diamond" feature. You provide the details on your diamond, and PS sends that information to select jewelers and diamond dealers who have the option of making you an offer. https://www.pricescope.com/sell-your-diamond I have no idea how well this works, however. If you use this, please report back on whether you were satisfied with the results!

 

[Island_Fever]

Re: Upgrading after 15 yrs - reusing platinum/diamond resell

Thanks everyone. I found the answer to the question about platinum on this PS thread:
[URL='https://www.pricescope.com/community/threads/reusing-platinum.192797/']https://www.pricescope.com/community/threads/reusing-platinum.192797/[/URL]

Regarding the diamond, we purchased the stone from Solomon Brothers (we are local to Atlanta). It seems they *may* still have an upgrade policy, but I need to call and check - so perhaps my question about selling it is moot.

 

[VRBeauty]

Re: Upgrading after 15 yrs - reusing platinum/diamond resell

Thanks everyone. I found the answer to the question about platinum on this PS thread:
[URL='https://www.pricescope.com/community/threads/reusing-platinum.192797/']https://www.pricescope.com/community/threads/reusing-platinum.192797/[/URL]

Regarding the diamond, we purchased the stone from Solomon Brothers (we are local to Atlanta). It seems they *may* still have an upgrade policy, but I need to call and check - so perhaps my question about selling it is moot.

Do be sure you understand their policy before you use it, especially if the current cost of a comparable diamond is considerably higher than what you originally paid: https://www.pricescope.com/journal/refunds-buyback-trade-and-trade

 

[Island_Fever]

Re: Upgrading after 15 yrs - reusing platinum/diamond resell

Thank you for that link - it has helpful information.