Fair market value for trade ins?

[lknvrb4]

I am considering upgrading to a larger stone but where I purchased my diamond says I have to spend double what I paid. I have found a couple online vendors who take trade ins but wondered what they would consider fair market value. Has anyone upgraded this way and did you get a lot less than what you paid for your diamond?
I have a 1.02 F/SI2 with a GSI certificate which is not that great of a certification company I am guessing.

 

[denverappraiser]

Grading is part of the issue, and what the dealers want to carry in inventory is the other. You're correct that lots of dealers, both online and on the street, will be happy to buy your diamond, either outright, as a tradein or as a consignment sale. In terms of tradein, what they pay has as much to do with what you're buying as what you're selling so there's no isolated answer to your question. Fortunately, most buyers offer bids for free and it's easy enough to find out what the pros will bid for the one you've got. Armed with that you can make some decisions about whether you want to try and retail it yourself or offer it up as a tradein on something new. It would probably benefit you to get an independent appraisal and figure out what you actually have. You're working blind at this point and relying on potential buyers as a source of 'free' grading is fraught with troubles.

 

[oldminer]

The previous response is right on and very useful. Please do not ever imply that you intend to offer a trade-in until AFTER the bottom line cost for the selected item is a done deal. Only then, can you spring the trade-in item effectively on the seller. It is an ambush and a bit unfair, but you just have to do it right or forget it.

 

[Rockdiamond]

Good answers both.
David's answer might work in some cases- but it also might work against you if you find a good seller- and want to work together with them
For example: A stone purchased "net cash" ( paid in cash, check or bank wire) is going to cost less than one paid for using a credit card- the costs involved dictate that most of the best sellers offer some sort of discount for avoiding the use of credit card.
Adding a trade in to the mix is similar, if not even more costly for the seller.
SO- if you spring the trade in on the seller after he's given you his best price, you may be disappointed to learn that the price may change.

My suggestion would be to find a seller that has a stone or item that you love, show them your stone, and see what kind of a deal you can strike.
Neil advised showing your stone to an independent appraiser- which also might be a good idea.
I'd suggest submitting the stone to GIA- which will give you the very best piece of paper to ascertain what it is you really have......

 

[Gypsy]

Hi. I just wanted to say that I love your diamond and your setting, and your lovely setting wouldn't be able to fit a larger stone, in all liklihood. Can I ask what you why you want to upgrade? You set is just arresting and unique.

You can also (if you want) take the stone and set it in a pendant, if you aren't getting a price that sounds good to you.

Sorry for being nosy, but well... sometimes the upgrade bug can hit, but doing something else (buying a blingy RHR or a lovely pendant or some studs) with the money can be even more satisfying.

My perspective is a bit different than some other PSers. I love my diamond but if I could have once I found PS I would have upgraded it. But my husband was very hurt by the idea, so I reset into a plain shank halo and it gives me the bling I want. I also don't wear my engagement ring every day which helps because when I put it on (weekends) it just looks so BIG to me. And I am currently waiting for a blingtastic 2.5 carat half eternity band to wear M-F on my ring finger and honestly... even though at first I was bummed because I couldn't get a larger center stone, now I am happy because well... I have a pendant, earrings and now a band that I adore. And if I'd given in to the upgrade bug I would have a larger center stone, but I might have missed out on my other pieces, and looking back, I am so happy I didn't.

Sorry for the novel, but I just wanted to give you a different perspective.

 

[lknvrb4]

Hi. I just wanted to say that I love your diamond and your setting, and your lovely setting wouldn't be able to fit a larger stone, in all liklihood. Can I ask what you why you want to upgrade? You set is just arresting and unique.

You can also (if you want) take the stone and set it in a pendant, if you aren't getting a price that sounds good to you.

Sorry for being nosy, but well... sometimes the upgrade bug can hit, but doing something else (buying a blingy RHR or a lovely pendant or some studs) with the money can be even more satisfying.

My perspective is a bit different than some other PSers. I love my diamond but if I could have once I found PS I would have upgraded it. But my husband was very hurt by the idea, so I reset into a plain shank halo and it gives me the bling I want. I also don't wear my engagement ring every day which helps because when I put it on (weekends) it just looks so BIG to me. And I am currently waiting for a blingtastic 2.5 carat half eternity band to wear M-F on my ring finger and honestly... even though at first I was bummed because I couldn't get a larger center stone, now I am happy because well... I have a pendant, earrings and now a band that I adore. And if I'd given in to the upgrade bug I would have a larger center stone, but I might have missed out on my other pieces, and looking back, I am so happy I didn't.

Sorry for the novel, but I just wanted to give you a different perspective.

Thank you for your kind words. I do love my ring and setting but I feel that I want something bigger. Im still torn on what to do. I have thought about keeping it and wearing it as a RHR and then getting a simple solitaire in the 1.5 range. I love the look of a delicate solitaire inbetween two dainty diamond wedding bands. I also thought having two rings that look like erings might be over the top. I dont wear a lot of jewelry, so what I do have I dont take off. So many decisions.

 

[yennyfire]

I'm kind of with Gyspy on this one. If you really disliked what you have, then trading it makes sense, even if you don't get close to what you paid for it. However, since you DO love it and just want something bigger, maybe having it made into a pendant or some other piece is a good idea and then starting fresh with your upgrade.

 

[luv2sparkle]

Even if you don't wear your rings on both hands at the same time, it is nice to have more than one ring. I alternate quite a bit between
my original wedding band, and second set, and a couple other rings I have. It is nice to have a change, and wearing different rings
makes me so grateful for each of them. It helps me ward off DSS or setting envy. I swear, every time I see a new gorgeous setting
done by BGD, I have a few moments of serious setting envy and I think, 'should I change it?'

Just my two cents, but your ring is lovely. I agree with Gypsy and I would keep it.