WF upgrade policy

[Troll]

Hey guys, could some of you tell me about WF''s upgrade policy. I basically read their site and read the fact that they have such a policy, but not quite sure how it works. This is a big advantage for me as I probably would take advantage of this. Can any of you with alittle bit of experience or insight help me out with this one?

Say I buy a diamond for $7000, and the band for $250. I want to upgrade the diamond. Does that mean I can exchange the diamond and have $7,000 and use that towards my upgrade?

Thanks in advance.

 

[Maisie]

I have upgraded a couple of times! Basically, you buy a diamond from WF, then when you want to upgrade, you work with them on the new diamond you would like to buy. You send them your diamond back, which is then sent to be regraded at the lab. Once its back and if its in the same condition you bought it in, they will then credit you with the amount you spent, and you pay the remainder to get your new diamond.

 

[Jenn5504]

That''s right. You''ll have the original cost of your diamond (well, minus shipping) to use towards a new diamond.

Of coarse re-setting fees will apply to set the new stone. I have taken advantage of the upgrade policy already once (less than a year after getting my original stone!) and plan to do so again in the future.

 

[Troll]

that''s a fantastic feature. Is it wise to get the ring appriased BEFORE sending it to them so that their analysis matches up with that of your independant appraissal?

 

[Maisie]

The thought never crossed my mind to be honest. I was happy enough to go with what GIA or AGS said. I believe its not appraised, but regraded by the original lab who graded it before I got it.

 

[woobug02]

wooo, i just purchased my first H&A through them sooooooooooooooo I could upgrade yearly until I hit that 5 ct. mark (HEHEHEHEHEHEHE..........NOT, MAYBE 3 cts)............... WOOOOOOOOOOOOOOOOO

 

[Jenn5504]

Date: 3/20/2008 4:12:58 PM
Author: Maisie
The thought never crossed my mind to be honest. I was happy enough to go with what GIA or AGS said. I believe its not appraised, but regraded by the original lab who graded it before I got it.

Maisie is right, it is just regraded by the lab to be sure it''s in the original condition.

 

[lotsofsparkle]

Gah, I wish my fiance knew about WF before he bought my stone...

 

[Allison D.]

Date: 3/20/2008 3:41:32 PM
Author:marcus
Hey guys, could some of you tell me about WF''s upgrade policy. I basically read their site and read the fact that they have such a policy, but not quite sure how it works. This is a big advantage for me as I probably would take advantage of this. Can any of you with alittle bit of experience or insight help me out with this one?

Say I buy a diamond for $7000, and the band for $250. I want to upgrade the diamond. Does that mean I can exchange the diamond and have $7,000 and use that towards my upgrade?

Thanks in advance.

Marcus, that''s exactly what it means.

AGS/GIA stones qualify for our trade-up program, and you can apply full original purchase price (less shipping) toward a purchase of greater value than the original.

So, if your $7k stone is AGS/GIA graded, then you can trade it toward a purchase of greater than $7K and get full value less shipping.

 

[mikebzt]

This is one of the biggest reasons why I purchase any jewelry from WF. I have bought the E-Ring and earrings from them. As long as you have the cert for the stone you can always trade up. You just can''t go wrong with WF...Its a WIN WIN

 

[magic2006]

Date: 3/22/2008 10:27:14 PM
Author: mikebzt
This is one of the biggest reasons why I purchase any jewelry from WF. I have bought the E-Ring and earrings from them. As long as you have the cert for the stone you can always trade up. You just can't go wrong with WF...Its a WIN WIN

may be i am wrong...someone help me understand.....how can it be a WIN WIN

anyone buying a diamond on an average will trade up after 2 years of buying and in 2 years time the prices an average go up 25-30%
when you trade up you are going to lose the 25-30% price increase on the diamond you have owned and you are going to pay 25-30% increase on the bigger diamond you are going to buy.
I think its smart of WF or any other vendor who is offering trade up policy...basically they are benefited 2 ways...
1. They take your old diamond at a price lesser than market value ( you are losing 25-30 % appreciation)
2. They are selling you someone's used diamond at an appreciated price ( which they bought from someone at discounted price as they only gave what the original buyer paid)

so as per me.... you are paying them huge price and they are making BIG MONEY from you and people say they have GREAT POLICY.

 

[Dreamer_D]

Date: 3/24/2008 9:39:33 AM
Author: magic2006

Date: 3/22/2008 10:27:14 PM
Author: mikebzt
This is one of the biggest reasons why I purchase any jewelry from WF. I have bought the E-Ring and earrings from them. As long as you have the cert for the stone you can always trade up. You just can''t go wrong with WF...Its a WIN WIN

may be i am wrong...someone help me understand.....how can it be a WIN WIN

anyone buying a diamond on an average will trade up after 2 years of buying and in 2 years time the prices an average go up 25-30%
when you trade up you are going to lose the 25-30% price increase on the diamond you have owned and you are going to pay 25-30% increase on the bigger diamond you are going to buy.
I think its smart of WF or any other vendor who is offering trade up policy...basically they are benefited 2 ways...
1. They take your old diamond at a price lesser than market value ( you are losing 25-30 % appreciation)
2. They are selling you someone''s used diamond at an appreciated price ( which they bought from someone at discounted price as they only gave what the original buyer paid)

so as per me.... you are paying them huge price and they are making BIG MONEY from you and people say they have GREAT POLICY.

Of course they make money! They are in the business of making money! It is a "win-win" for both the company and the individual: the company still makes a profit to the tune of the increase in value of that particular stone over time, and the individual consumer can actually make their diamond money liquid again. Diamonds are probably the worst for "depreciation" since if you tried to sell your diamond anywhere else they MIGHT give you 50% of what you paid if you are lucky. So once you buy it, the diamond really has no value anymore... UNLESS you have a company that will let you trade it in. If you got lucky enough to sell it for close to what you paid, then you would still have to turn around and buy a new diamond at the same appreciated value that WF offers you a new stone at. If you prefer to keep your $6000 tied up in your 1ct stone, that is your choice. Me, I''d rather be able to apply that $6000 towards a larger diamond with little hassle and maximum return.

DD

 

[Maisie]

I feel like its a win situation for me too. Not everyone has the kind of money to just go out and spend thousands on a huge diamond. The upgrade policy means I can get to the size I want, but in smaller steps. And rather than just wait and save and have nothing on my finger, I can wear a beautiful diamond in the meantime!

 

[Ellen]

Date: 3/24/2008 10:07:46 AM
Author: dreamer_dachsie

Of course they make money! They are in the business of making money! It is a ''win-win'' for both the company and the individual: the company still makes a profit to the tune of the increase in value of that particular stone over time, and the individual consumer can actually make their diamond money liquid again. Diamonds are probably the worst for ''depreciation'' since if you tried to sell your diamond anywhere else they MIGHT give you 50% of what you paid if you are lucky. So once you buy it, the diamond really has no value anymore... UNLESS you have a company that will let you trade it in. If you got lucky enough to sell it for close to what you paid, then you would still have to turn around and buy a new diamond at the same appreciated value that WF offers you a new stone at. If you prefer to keep your $6000 tied up in your 1ct stone, that is your choice. Me, I''d rather be able to apply that $6000 towards a larger diamond with little hassle and maximum return.

DD

VERY lucky. Try closer to 30%.

 

[magic2006]

Date: 3/24/2008 10:22:36 AM
Author: Ellen

Date: 3/24/2008 10:07:46 AM
Author: dreamer_dachsie

Of course they make money! They are in the business of making money! It is a ''win-win'' for both the company and the individual: the company still makes a profit to the tune of the increase in value of that particular stone over time, and the individual consumer can actually make their diamond money liquid again. Diamonds are probably the worst for ''depreciation'' since if you tried to sell your diamond anywhere else they MIGHT give you 50% of what you paid if you are lucky. So once you buy it, the diamond really has no value anymore... UNLESS you have a company that will let you trade it in. If you got lucky enough to sell it for close to what you paid, then you would still have to turn around and buy a new diamond at the same appreciated value that WF offers you a new stone at. If you prefer to keep your $6000 tied up in your 1ct stone, that is your choice. Me, I''d rather be able to apply that $6000 towards a larger diamond with little hassle and maximum return.

DD

VERY lucky. Try closer to 30%.

TRUE if you buy SI2/SI1/VS2 and color like K/J/I, guranteed you can get good resale if you buy good color and clarity.

 

[Maisie]

I don''t think anyone can guarantee that you will get a good price if you try to sell your diamond... whatever clarity or colour it is.

 

[magic2006]

Date: 3/24/2008 10:54:44 AM
Author: Maisie
I don''t think anyone can guarantee that you will get a good price if you try to sell your diamond... whatever clarity or colour it is.

then it must be true vice-versa...you can not say you will get 50%-30% of what you paid, when no one has even tried doing that...it''s all theory, but the chances are if you have good color and clarity diamond you can get good resale.

 

[Ellen]

Date: 3/24/2008 10:49:13 AM
Author: magic2006

Date: 3/24/2008 10:22:36 AM
Author: Ellen

Date: 3/24/2008 10:07:46 AM
Author: dreamer_dachsie

Of course they make money! They are in the business of making money! It is a ''win-win'' for both the company and the individual: the company still makes a profit to the tune of the increase in value of that particular stone over time, and the individual consumer can actually make their diamond money liquid again. Diamonds are probably the worst for ''depreciation'' since if you tried to sell your diamond anywhere else they MIGHT give you 50% of what you paid if you are lucky. So once you buy it, the diamond really has no value anymore... UNLESS you have a company that will let you trade it in. If you got lucky enough to sell it for close to what you paid, then you would still have to turn around and buy a new diamond at the same appreciated value that WF offers you a new stone at. If you prefer to keep your $6000 tied up in your 1ct stone, that is your choice. Me, I''d rather be able to apply that $6000 towards a larger diamond with little hassle and maximum return.

DD

VERY lucky. Try closer to 30%.

TRUE if you buy SI2/SI1/VS2 and color like K/J/I, guranteed you can get good resale if you buy good color and clarity.

No, not really.

Pay particular attention to Gary''s post.

https://www.pricescope.com/community/threads/investment-and-resell.891/

 

[Po10472]

Magic

I was previously engaged before I met my DH and have spent the last 2 years trying to sell my old e-ring. I literally couldn''t give it away. Eventually I sold it on ebay, for the 4th time, this was after going to auctions, newpaper ad and even offering it to my aunt but this was after 2 years. I got 45% of the actual price the diamond was bought for. Personally it was a result because not many people recoup that back. If the diamond had been bought from a jewellers with an upgrade policy, then I could have traded it in for earrings or a necklace or something.

I hope to one day purchase an upgrade and through the knowlege and advice on here I will purchase through a reputable company like WF or GOG as I know that there is a ''trade'' value attached to my purchase.

 

[Dreamer_D]

Date: 3/24/2008 10:49:13 AM
Author: magic2006

Date: 3/24/2008 10:22:36 AM
Author: Ellen

Date: 3/24/2008 10:07:46 AM
Author: dreamer_dachsie

Of course they make money! They are in the business of making money! It is a ''win-win'' for both the company and the individual: the company still makes a profit to the tune of the increase in value of that particular stone over time, and the individual consumer can actually make their diamond money liquid again. Diamonds are probably the worst for ''depreciation'' since if you tried to sell your diamond anywhere else they MIGHT give you 50% of what you paid if you are lucky. So once you buy it, the diamond really has no value anymore... UNLESS you have a company that will let you trade it in. If you got lucky enough to sell it for close to what you paid, then you would still have to turn around and buy a new diamond at the same appreciated value that WF offers you a new stone at. If you prefer to keep your $6000 tied up in your 1ct stone, that is your choice. Me, I''d rather be able to apply that $6000 towards a larger diamond with little hassle and maximum return.

DD

VERY lucky. Try closer to 30%.

TRUE if you buy SI2/SI1/VS2 and color like K/J/I, guranteed you can get good resale if you buy good color and clarity.

Good luck! Please come back and let us know how much you get for your top quality stone (when/if you buy it/sell it).

DD

 

[Allison D.]

Date: 3/24/2008 9:39:33 AM
Author: magic2006

may be i am wrong...someone help me understand.....how can it be a WIN WIN

Ok, I''m game to try.

anyone buying a diamond on an average will trade up after 2 years of buying and in 2 years time the prices an average go up 25-30%

The increase hasn''t been anything close to 25-30%. I''m helping someone right now with a trade-in on a 1-ct stone purchased in 2004 for about $5600; market rate on that same stone today is $5900. That''s only 5%. Percentages may vary a bit depending on the goods (larger goods may experience more increase, but still not even close to 25%).

when you trade up you are going to lose the 25-30% price increase on the diamond you have owned and you are going to pay 25-30% increase on the bigger diamond you are going to buy.

Trade-up policies aren''t meant to offset the effects of inflation; nothing can do that. The $7K today will be worth less in two years due to inflation regardless of whether I let it sit in a savings account or whether I put it into a stone purchase. (Yes, I know savings accounts draw an infinitessimal amount of interest, but it''s negligible in this scenario.)

Similarly, the market price for similar goods two years from now will increase regardless of whether you''ve bought a stone two years earlier or saved the money.

.....they (vendors) benefit 2 ways...
1. They take your old diamond at a price lesser than market value ( you are losing 25-30 % appreciation)
2. They are selling you someone''s used diamond at an appreciated price ( which they bought from someone at discounted price as they only gave what the original buyer paid)

Consumers don''t ''lose appreciation''; as several others have noted, diamond aren''t like homes. You are very unlikely to recoup even half the purchase price trying to sell a stone on the secondary market yourself. Diamonds aren''t like homes; you can''t just go sell it yourself for nearly market rate.

It''s true that vendors can resell the traded stone for a higher current market price. It''s also true that the vendor has to tie up capital in the traded stone until it moves, and inventory doesn''t turn nearly as quickly in diamonds as it does in other goods. If that stone is less desired now, it''s likely to sit longer.

Here''s why it''s a win for the customer:

* He can wear and enjoy that $7K while he''s saving for a larger stone instead of having the money sit unenjoyed in an account.
* He gets much more value back for that use in trade than he would selling the diamond on the secondary market in consignment or privately.
* He can apply that trade at any time he wishes without having to first wait for his first stone to move.

Wins for the vendor:

* Vendor has another opportunity to provide a great buying experience for his client and earn customer loyalty
* Vendor can realize a slightly higher profit on that stone WHEN it actually moves

 

[Jenn5504]

Very well said, Allison D.

 

[cwj]

I personally have a ton of small diamond items that I only wish I could sell. Even at 30% of retail. Not only that, but if u want to use them in something u have to buy the mounting and then pay per stone to have them set. Where as had they been purchased with a trade up policy, I just might be wearing a 2ct or 3ct instead of decorating the inside of my jewelry box.
cwj

 

[magic2006]

Date: 3/24/2008 1:23:49 PM
Author: cwj
I personally have a ton of small diamond items that I only wish I could sell. Even at 30% of retail. Not only that, but if u want to use them in something u have to buy the mounting and then pay per stone to have them set. Where as had they been purchased with a trade up policy, I just might be wearing a 2ct or 3ct instead of decorating the inside of my jewelry box.
cwj

if you have some good color ,clarity diamond above 0.5 ct i would love to buy @ 30 % of what you paid

 

[neatfreak]

Date: 3/24/2008 1:41:50 PM
Author: magic2006

Date: 3/24/2008 1:23:49 PM

Author: cwj

I personally have a ton of small diamond items that I only wish I could sell. Even at 30% of retail. Not only that, but if u want to use them in something u have to buy the mounting and then pay per stone to have them set. Where as had they been purchased with a trade up policy, I just might be wearing a 2ct or 3ct instead of decorating the inside of my jewelry box.

cwj

if you have some good color ,clarity diamond above 0.5 ct i would love to buy @ 30 % of what you paid

Just go to craigslist and look...people are ASKING well above 30% of what they paid...but almost no one gets that. If you are savvy you can certainly get a diamond "secondhand" at a great price.

 

[cwj]

Date: 3/24/2008 1:46:46 PM
Author: neatfreak

Date: 3/24/2008 1:41:50 PM
Author: magic2006

Date: 3/24/2008 1:23:49 PM

Author: cwj

I personally have a ton of small diamond items that I only wish I could sell. Even at 30% of retail. Not only that, but if u want to use them in something u have to buy the mounting and then pay per stone to have them set. Where as had they been purchased with a trade up policy, I just might be wearing a 2ct or 3ct instead of decorating the inside of my jewelry box.

cwj

if you have some good color ,clarity diamond above 0.5 ct i would love to buy @ 30 % of what you paid

magic2006,
I think u missed the point. Why would it be better to sell to u at 30% of what I paid, than to trade in for 100%
cwj

Just go to craigslist and look...people are ASKING well above 30% of what they paid...but almost no one gets that. If you are savvy you can certainly get a diamond ''secondhand'' at a great price.

 

[cwj]

Date: 3/24/2008 2:25:31 PM
Author: cwj

Date: 3/24/2008 1:46:46 PM
Author: neatfreak

Date: 3/24/2008 1:41:50 PM
Author: magic2006

Date: 3/24/2008 1:23:49 PM

Author: cwj

I personally have a ton of small diamond items that I only wish I could sell. Even at 30% of retail. Not only that, but if u want to use them in something u have to buy the mounting and then pay per stone to have them set. Where as had they been purchased with a trade up policy, I just might be wearing a 2ct or 3ct instead of decorating the inside of my jewelry box.

cwj

if you have some good color ,clarity diamond above 0.5 ct i would love to buy @ 30 % of what you paid

magic2006,
I think u missed the point. Why would it be better to sell to u at 30% of what I paid, than to trade in for 100%
cwj

Just go to craigslist and look...people are ASKING well above 30% of what they paid...but almost no one gets that. If you are savvy you can certainly get a diamond ''secondhand'' at a great price.

I''m not sure how that post got in the middle of that one.
cwj

 

[magic2006]

cwj....I thought you were saying that you do have some small diamond items and you are not able to get 30 % off what you paid without having upgrade policy.
i was just responding to ----

I personally have a ton of small diamond items that I only wish I could sell. Even at 30% of retail.

 

[LegacyGirl]

I agree with all of you who say the trade in is a good policy. I fully intend to take advantage of it one day.

 

[cwj]

magic2006
I guess that is what it sounded like, but no I don''t have any I would let go for only 30%. We decided that it would be better to give to our g/daughters than to sell at such a loss. The oldest is only 5 so it will be awhile, but anyway, I guess I don''t understand why u think using a trade in policy is such a bad thing? Like in my case, if I could trade in for full purchase price, it would be much better for me than if I sell to u at 30%. Lets just say I paid 6500. for a 1 ct at a retail chain, I could sell to u for 2166. or trade for something that cost 7000. and only pay 500. The difference being I spend 4834. plus the 2166. u paid me to get the 7000. ring that would cost me 500. with the trade. Boy I think I need a drink after all that math. lol
All that being said, I would advise anyone that asked me, to buy from a store that has a trade in policy. Maybe I''m wrong but it just seems like the smartest thing to do. Unless u know 100% u will never want something different.
cwj