If you want to exchange your diamond and upgrade to a better stone, there are certain important things you have to note. The price of diamonds can depreciate over time, especially, if they are mounted. So make sure to consider the following things when exchanging your diamonds to get better value.
Read The Exchange Policy
If you plan to trade in your diamond for another, then it is important to read the documentation that came with it carefully. Notice the store’s exchange policy. Some stores provide an option to trade the diamond in for another one without much depreciation on the original price for a certain period of time after the sale.
But if this term has expired, then it might not be possible for you to exchange your stone, or you will have to exchange it for a lower price than its original cost.
Select A Store To Trade
If you are not selling your diamond rings or other pieces of jewelry from where you bought them, then you will have to find a good place to trade them in. Some jewelers won’t do exchanges, whereas, some others might be more interested in such deals.
An important thing to keep in mind when selecting a store for trading in your diamond is that small stores that are owned by independent jewelers might be more flexible to negotiate better deals, prices, and discounts.
Big chain stores that you usually find in shopping malls can have more rigid policies. Their employees may not have much leeway in terms of negotiating price or exchange terms.
Have Your Stone Appraised
It is better to get your diamond appraised by an expert if you do not know how much the stone is worth. But it is important for you to know what this value means. For example, if the valuation of your diamond is done based on the current retail market price, then this number can be higher than what a jeweler will offer when you exchange it.
Similarly, the value of lab grown diamonds will be always less than natural ones. So you should have better knowledge about the appraised value of your diamond.
How Much Can You Get For Your Diamond?
You should know that the exchange value of your diamond won’t be the same or even closer to the original price of the stone. Jewelers usually offer about 50% of the original price of the stone when you trade it in.
When going to a jeweler to trade in your stone, make sure to keep it clean. If the diamond is not presentable, it can give a potential reason for the jeweler to lower the value.