Upgrade ring and resale value question

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  1. Hi ladies - I have questions about upgrades. I went to the place where my husband got our wedding ring. I would like to upgrade so I asked her about it. She said she would take back the diamond if I wanted to upgrade and would give me credit towards my new diamond I would purchase. However, I have few questions. With my original diamond, my husband paid around $11,000 for it, and now the diamond is worth $16,000. The store would only credit me $11,000 towards my new diamond. Does that even make sense? I'm losing around $5,000 for it. What should i do? Should I sale it to another store? If so, I don't think any of the stores I know would purchase it? Any1 ever experience this before?? Thx :smile:
     
  2. how long ago did you purchase the ring? how do you know it's worth $16,000 now? is that a retail price? you'll never get the full retail value for a "used" ring. I think it's fair that they give you credit for the exact amount that you paid for the ring. in fact, I think it's great!!!

    my mom has utilized this same policy with the jeweler that she & my dad use most often. it has worked out very well. does your jeweler have in-house designers? just curious...that may be the reason why they're willing to credit you the amount that you originally paid (they will be able to reuse the stone & the gold).

    IMO, fairly educated opinion, you would never get that much money for the ring anywhere else.
     
  3. AFAIK stores will always only credit you back what you paid for it or it's them losing the $ . . . they're not about to let that happen. Usually they'll only even agree to trade yours in if you spend double, so you'd need to spend $11k more.
     
  4. frick&frack: The diamond was purchased around 4 -5 yrs ago. Maybe I can negotiate the next upgrade for a better deal so I don't need to pay that much of a difference. Thx.
     
  5. Is keeping the original diamond an option? Can you reset the old diamond and wear it as a pendant or use it as a side stone (I have seen rings with 1-ct sidestones)? One major disadvantage with trade-in is that you are restricted to buying from the same jeweler.
    I am in a similar situation. In my case, trading in for a credit equivalent to my original purchase price is no good, because I bought my old ring eons ago. The amount of appreciation over so many years make the trade-in unwise. Moreover, if your upgrade has significantly higher value than your old ring, you are better off shopping elsewhere getting exactly what you want, bigger and better loose diamond, ring (custom design per your fancy), sparkling sidestones/melees, and all.
     
  6. I would definitely give that a try. in this economy you have a much better shot at getting a bargain.

    good luck!!! :biggrin:
     
  7. I was going to say the same thing.
     

  8. :yes: It's true about the whole spending double for your upgrade, many companies do that. I think it's great you're getting 100% of what you paid for back, that's really generous of them. With my ring, I only get 80% back, however when I want to upgrade I don't have to go double the price, it can be whatever difference I want. Which is what sold me because I doubt I'm going to buy anything DOUBLE the price, so I didn't mind losing 20%.
     
  9. Most jewelry stores that do upgrades will only credit the orginal price of the stone. Not all stores demand that you spend twice the amount of the original purchase, but it's unlikely you will find someone whom will credit you with more than the original price. If you are spending a lot of money on a new diamond, you may have a some room for negotiation.