Deborah Chan
Trading in your wedding ring for an upgrade is a great way to celebrate an anniversary or mark a major milestone. Many jewellers offer trade-in services, allowing you to exchange your old ring for a new one of greater value. Some jewellers will even let you trade in rings that weren't purchased from them, although they may not offer the same benefits as an in-house trade.
If you're considering an upgrade, it's best to start by understanding the trade-in process and choosing a reliable and honest jeweller with rock-solid upgrade policies. It's also a good idea to get your ring appraised before taking it to a jeweller, as this will help you determine its current value and ensure you get a fair deal.
When trading in your ring, you'll typically need to select a new piece of jewellery that is at least double the value of the original. This means that, while you may get the full trade-in value of your old ring, you'll still need to pay at least the same amount as the original, or more, for the upgrade.
There are several reasons why someone might choose to trade in their wedding ring. It could be that their style preferences have changed, or they want a bigger diamond to reflect their current social status. Trading in an old ring is also a great way to turn heirloom jewellery into a contemporary design that better matches your lifestyle.
Whatever your reasons for wanting an upgrade, there are plenty of options available to help you get the best value for your ring and find a new diamond that's stunning.
| Characteristics | Values |
|---|---|
| Reasons for trading in an old wedding ring | Various reasons, including upgrading to a bigger diamond, reflecting current social status, dealing with old estate jewellery, or celebrating an anniversary |
| Trade-in process | Contact a jeweller, get a professional assessment, compare offers, and finalise the trade |
| Trade-in value | Varies depending on the jeweller and the diamond's characteristics; some jewellers offer full trade-in value, while others provide a partial credit towards a new purchase |
| Best places to trade-in | Recommended to trade-in at the place where the ring was originally purchased; popular jewellers with trade-in programs include Kay, Jared, Shane Co., White Flash, James Allen, and Robbins Brothers |
| Alternative options | Instead of trading in, consider selling the diamond independently to recover a larger portion of its value, then use the money to purchase a new diamond from any jeweller |
What You'll Learn
Where to trade in your old wedding ring?
Trading in your wedding ring can be a tricky process to navigate. Here are some options for where to trade in your old wedding ring:
Jewellers with Trade-In Policies
Most jewellery stores offer some sort of upgrade policies for customers. In fact, most jewellers will even promote the idea of having you trade in your diamond ring in the future. It's all about the money. By offering upgrade policies, jewellers can do future business with an existing customer.
- Mervis Diamond Importers
- Robbins Brothers
- Shane Co.
- Whiteflash
- Kay
- Blue Nile
- James Allen
- Brian Gavin
The majority of diamond vendors have trade-in policies in place, but that doesn't mean they are all good policies. This is especially true with brick-and-mortar retailers, where they offer "full value" upgrades where you can get a credit for the original purchase price. However, you will likely end up overpaying for the new diamond because the goods are overpriced to begin with.
Local Jewellers
If you are looking to trade in your old wedding ring for a new one from a different jeweller, some stores may allow you to do this by giving you credit towards a new purchase. However, some jewellers may charge you a fee for the deal or give you a lowball offer. This is because when a jeweller accepts a buyback or upgrade deal, they assume some risks, as their cash flow and capital will be tied up with the new diamond.
Sell Your Diamond Independently
If you are willing to take on the hassle, there are other methods that can help you save money or get better value out of your unwanted diamond ring. By selling your diamond independently, you might be able to recover a bigger portion of the cash paid for the purchase. Thereafter, you can have the freedom to work with any jeweller for your new purchase.
Original Jeweller
In general, the best place to upgrade your diamond engagement ring is at the place where you bought your initial purchase. Different jewellers have different policies, so it is important to do your research.
Abe Mor Diamonds
Abe Mor Diamonds is recommended as a trustworthy and reputable option for your upgrade. They offer a secure shipping program that allows you to send your diamond to them from anywhere in the world. Their diamond experts will examine your diamond and make you an offer that is likely to exceed any amount you'll receive elsewhere.
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What is a diamond upgrade or trade-in?
A diamond upgrade or trade-in is when you give your diamond back to a jeweller, pay some money, and get a better (and usually larger) diamond in exchange.
Many couples choose to upgrade the diamond in their engagement ring as their marriage progresses and their disposable income increases. It is also common for people to trade in their old diamond ring if their style preferences have changed.
You may want to upgrade or trade in your diamond ring if you want to change the style, upgrade to a larger diamond, or trade in a ring passed down from a family member. Trading in a diamond ring can also be a good idea if you want to repurpose an old piece of jewellery or deal with an heirloom.
When trading in your diamond, it is important to choose a reliable and honest jeweller to ensure you get the highest value possible. It is recommended to first check with the jeweller where you purchased your ring to see what programs they have in place and what type of offer they can make.
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How much have diamond values increased since 2000?
Yes, it is possible to trade in your old wedding ring. Many jewellers offer trade-in services and upgrade policies. However, it is important to do your research and choose a reliable and honest jeweller to ensure you get the best value for your ring.
Now, to answer your question about diamond values:
Diamond values have increased significantly since 2000. According to one source, diamond prices have increased by about 14% each year since 1960. Another source states that diamond prices increased by approximately 32-33% in the ten years preceding 2020, giving an average of 4% per year. This source also mentions that the price of high-quality diamonds is expected to increase by roughly 6% each year until 2020 due to growing demand for luxury goods and a decline in diamond mining.
The demand for diamonds, especially in China, has been a major factor in the increase in diamond prices. The value of diamonds is determined by their rarity, and with the economy improving, the demand for diamonds is expected to continue to grow.
It is worth noting that the price of rough diamonds has not changed much in most markets in recent years, and the price of high-quality diamonds is believed to have dropped over the past 40 years when adjusted for inflation. However, overall, diamond prices have been on an upward trajectory since 2000.
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What are the best trade-in policies?
Trading in your wedding ring for an upgrade is a great way to celebrate an anniversary or mark a milestone in your relationship. Many jewellery stores offer upgrade policies, and it is becoming increasingly common to upgrade your diamond ring over time.
Abe Mor Diamonds
Abe Mor Diamonds offers a diamond-buying program that allows you to securely ship your diamond to them from anywhere in the world. Their experienced experts will then assess your diamond and make you an offer. Abe Mor has longstanding relationships with jewellery retailers, giving them insight into market pricing, which often results in higher offers for customers.
Blue Nile
Blue Nile offers a lifetime diamond upgrade program on all AGS and GIA-graded diamonds. They have the largest online inventory of diamonds and settings and are known for their remarkable diamond quality.
James Allen
James Allen offers a lifetime upgrade program where diamonds can be exchanged at 100% credit for any replacement diamond that is at least twice the value of the original. They are known for their competitive prices, wide selection, and advanced diamond imagery, which allows you to verify the quality of your diamond.
Brian Gavin
Brian Gavin offers a lifetime upgrade policy that allows you to put the value of your Brian Gavin Signature diamond towards an upgrade. Their "Brian Gavin Signature" Hearts & Arrows collection features super-ideal cuts, giving you the most brilliant diamonds, especially for 3-carat, 4-carat, and 5-carat diamonds.
KAY
KAY guarantees 100% trade-in value for diamond jewellery purchased at their stores towards a new piece, as long as the new selection is at least double the trade-in value. They also utilise an automatic Trade-In Evaluation System to ensure peace of mind for their customers.
Shane Co.
Shane Co. is notable for not requiring customers to double the original amount spent when upgrading. If you spend $5000 on a diamond, you only need to spend $5001 to upgrade. They also hand-select all their diamonds, allowing them to offer superior-quality stones at competitive prices.
White Flash
White Flash offers a straightforward trade-up program without the restrictions and legal jargon often found in other programs. You can trade in your diamond at any time for any other in-house diamond of equal or greater value, even if you only spend $1 more.
When considering a trade-in, it is important to do your research and choose a reliable and honest jeweller with a rock-solid upgrade policy.
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What are the alternatives to trading in?
If you are looking for alternatives to trading in your old wedding ring, here are some options:
- Sell it independently: By selling your ring independently, you can recover a larger portion of the money paid for the ring. This option also gives you the freedom to work with any jeweller for your new purchase.
- Get it remodelled: You could opt to keep the original stone and simply swap out the setting, or vice versa.
- Turn it into a different piece of jewellery: You could have your wedding ring turned into a pendant, earrings, or a bracelet, for example.
- Give it a new purpose: You could repurpose your wedding ring by using it to create a new piece of jewellery, such as a necklace with a charm or tag.
- Exchange it for a different gift: You could exchange your wedding ring for a different gift that holds symbolic meaning for you and your partner, such as a piece of artwork, a love letter, or a symbol of a shared hobby.
- Get a tattoo: You could get a small tattoo on your ring finger or another part of your body to symbolise your commitment.
These options can help you commemorate your relationship in a way that is meaningful to you, whether you want to buck tradition or need to find an alternative to wearing a ring due to lifestyle or work restrictions.
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Frequently asked questions
Yes, you can trade in your old wedding ring. Many jewellers have trade-in policies and will offer you credit to put towards a new piece of jewellery.
In simple terms, trading in your diamond involves giving your diamond back to a jeweller, paying some money, and getting a bigger and better diamond in exchange.
The process differs depending on the jeweller, but generally, you will need to book an appointment with a jewellery expert for a trade-in evaluation. They will determine whether your diamond meets their trade-in standards and then provide you with a trade-in amount, which is usually based on the original purchase price. You can then use this credit to purchase a new diamond piece.
Be sure to read the fine print of the trade-in policy. Some jewellers require you to spend double the value of your original piece, while others may have different requirements or restrictions. It is also important to choose a reliable and honest jeweller to ensure you get the best value for your trade-in.
It is generally recommended to trade in your diamond at the place where you bought it, as they may have specific trade-in policies in place. However, some jewellers may allow you to trade in a diamond purchased elsewhere, but they may give you a lower offer or charge a fee.
