Would rather wait awhile to upgrade but should I do it now?

[ImVotingForSparkles]

Hi folks,

I am thinking of upgrading and would rather do it in a couple years when I have more discretionary income to throw around, but with diamond prices being low, I was wondering if I should do it now. What do you think? Do you think prices will go up dramatically in 2 years or so?

Thanks for the advice!

 

[missy]

Re: Would rather wait awhile to upgrade but should I do it n

No one can predict what will happen in the next 2 years but my advice is go for as good a diamond you can afford right now while the prices are low. We only know what is right now and it is a good time to purchase diamonds from what I can see re prices. My friend just got an amazing deal on a gorgeous diamond that 5 years ago would have been impossible.

Good luck!

 

[the_mother_thing]

Re: Would rather wait awhile to upgrade but should I do it n

No one can predict what will happen in the next 2 years but my advice is go for as good a diamond you can afford right now while the prices are low.

Ditto, and purchase from a vendor with a good trade-in/upgrade policy so that in a couple years, should discretionary funds be more plentiful, you'll be able to go up even more should DSS sets in.

 

[baby monster]

Re: Would rather wait awhile to upgrade but should I do it n

Prices may go down too. Would you be able to get what you paid for the stone if upgrading now? Some PSers have been unable to get 100% because prices went down.

 

[diamondseeker2006]

Re: Would rather wait awhile to upgrade but should I do it n

My inclination is to buy what you can now. Prices spiked way up in 2011 and stayed up through 2012 and 2013 and began declining more after that. No telling what will happen in the future, as others have said, because diamond prices really can fluctuate.

https://www.pricescope.com/diamond-prices/diamond-prices-chart

 

[flyingpig]

Re: Would rather wait awhile to upgrade but should I do it n

Assuming you are dealing with a REPUTABLE vendor with flexible upgrading policy, do it now. This is because

1. if diamond price goes up, you win
2. if diamond price goes down, you can still win by doing another upgrade

 

[rainwood]

Re: Would rather wait awhile to upgrade but should I do it n

I agree with the others that none of us know the future of diamond prices and who said to buy now from a vendor with a good upgrade/buyback policy. That's assuming you don't have to go into debt to do so. I would never recommend someone go into debt on an upgrade - even if prices are low.

 

[ImVotingForSparkles]

Re: Would rather wait awhile to upgrade but should I do it n

Thanks, guys!

I need to spend 2x the amount of my original ring and I'll get credited back the full amount I paid (it was purchased at the end of 2014).

Original ring is 2 carats, I'm thinking of going up to 2.8-3. I doubt I'd upgrade again since I'd be a little self-conscious in my crowd going much over 3 but never say never!

Oh and there's no concern about going into debt over it but there's that "what if" in me saying what if prices keep going down for awhile.