Do you have a diamond ring that's been passed on to you? Do you have an engagement ring that you want to trade-in for a different style or a larger stone?
No matter your situation, plenty of options are available for upgrading or trading in a diamond ring. There are retailers who specialize in upgrading rings and trading in diamonds and ways to ensure you receive the highest value.
You may desire to upgrade or trade-in your diamond for a number of reasons. You may want to:
Change the style of your diamond ring.
Upgrade your engagement ring to something larger.
Trade-in a diamond ring you received from a family member or special friend.
Upgrade a diamond ring to make an engagement ring.
Before pursuing any of these options, ensure you understand the trade-in process. You want to maintain the most value for your diamond and choose a path that will give you the best final result, a diamond ring you love.
Trading in your diamond at just any dealer or jewellery shop can be detrimental. If you're not careful and haven't done the research, it's likely you'll receive far less than the maximum value for the ring (or, honestly, anywhere close to it).
Many diamond retailers have trade-in policies, but that doesn't mean they're good policies. While the offers may seem great at first glance, many of the companies that offer full value upgrades are companies that ripped you off to begin with. Even if a company is offering a "full upgrade" or "the full value of the original purchase price," it's simply not a good deal if the diamonds they sell are of poor quality.
For example, lets say you originally purchased your diamond from a reputable jeweller. You may think it is the better route for your trade-in because you get the full value for your original purchase. But you'll end up overpaying on the new diamond by an obscene amount, meaning you'll end up losing money in the end. We call that: "throwing good money after bad." Your original purchase from them was likely less than stellar. By going with them for a trade-in, you miss the opportunity to find an extraordinary upgraded diamond, all while putting your money toward an overpriced diamond.
Both brick and mortar shops and online reatailers can pull these tricks. That's why the retailer you choose for your diamond upgrade or trade-in is extremely important. We recommend going with a diamond dealer that offers excellent value from the start.
When you trade-in a diamond, you want to get the highest value possible. You don't want to be cheated or ripped off-like the many people who don't know where to go for their trade-in.
The best way to get the maximum value for your trade-in is to find the company that offers the top dollar for buybacks. Not only should you seek the top dollar, but find a convenient trade-in option that works for you.
In order to determine the value of the diamond you'd like to sell or trade-in, you need to get a professional assessment from a reputable and trustworthy buyer. To be sure you're getting the best deal, read the instructions below to learn how to calculate how much your diamond is worth.
Follow our expert guide for finding the best value for your diamond:
Contact a reputable jeweller through their diamond buying program to see how much they're willing to buy the diamond for.
Look for your desired diamond ring online with a reputable retailer. Make sure the diamonds you're looking at are GIA certified (don't fall for appraisals). Figure out how much the net cost of that new ring is, subtracting out the value of your trade-in. For example, if your new 1.40 carat diamond ring costs $20,600, and you're receiving $10,600 for your trade-in, your net cost for the new ring is $10,000.
Compare that to what you'd pay out-of-pocket for the new diamond if you sold your original diamond to a reputable retailer. Using the same example, if you get a diamond sale price from them of $11,600, it would be advantageous to sell with them and buy the diamond from another reputable jeweller (for a net cost of only $9,000), rather than take the trade-in (net cost of $10,000). In the end, you simply need to compare what they are giving you compared with another company's trade-in offer.
Follow these steps to ensure you get the top value for your diamond and that you end up with a stunning, new ring from a reputable seller.
It's important to understand that your diamond's resale worth will be nowhere close to what you paid for it. We explain the reasons why fully in our guide about Ring Selling.
The two main reasons you'll not receive the value of what you originally paid:
Profit percentages were included in the original diamond's purchase price.
There's no real consensus on a diamond's "market price".
Our goal is for you to end up with the most exceptional diamond ring at an excellent price. We want you to get the best trade-in value and find a new diamond ring that's stunning.
The best way to get the most beautiful diamond ring is to spend in the areas that greatly affect a diamond's beauty, and scale back in the areas that won't be noticed by the naked eye.
To do this, we recommend reviewing the diamond yourself or having an expert assist you.
Follow our expert recommendations when searching for your new diamond:
Certification - Ensure a GIA or AGS certificate accompanies any diamond you're considering.
Diamond shape - Choose the Diamond shape that's most appealing to you. Shape should be decided based on your personal style and taste. Pick a setting that matches your style and provides stability to your diamond.
Diamond cut - Find a diamond with an ideal cut or an Excellent grade on the GIA scale. An exceptionally cut diamond will maximize the brilliance and fire more than any other feature.
Diamond clarity - Look for diamonds with a VS1 and a VS2 clarity grade. This level of clarity offers the greatest value for what can be seen by the naked eye. Blemishes and inclusions will go unnoticed at these grades.
Diamond color - Consider diamonds in the nearly colorless range of G-I. To the naked eye, these diamonds appear just as clear as diamonds in the D-F color range but cost much less.
Diamond Dealer - Select a diamond from a reputable diamond jeweller with high quality cuts and years of expertise.
Expert Assistance - Lean on the experts. Ask for the complimentary help of a diamond expert to review and search for high quality diamonds.
Make sure you get the absolute best value for your trade-in or upgrade. Choose a reputable jeweller with a diamond buying program or with an upgrade policy.