When it comes to trading in jewelry, there are a few things you need to know in order to get the best deal.
- First of all, not every jeweler offers trade-in services, so it’s important to do your research ahead of time if you are thinking that you may want to do this in the distant future.
- Second of all, the value of your jewelry will be based on its condition, age and rarity and sometimes even the weight where gold is concerned.
Most often, trading in jewelry is advertised as being limited to diamond engagement or wedding rings.
The store where you purchased your diamond ring should have mentioned, if you did not think to ask, that they will allow for trade ups if you keep your receipt and if the diamond is in the same condition as when you bought it.
But there is always a caveat for everything, and when it comes to trading in jewelry, the limitations are most often about how much more would you need to spend in order to get your original diamond accepted as a trade in.
The store that you bought your ring from will feel somewhat obligated to work with you, but another store won’t necessarily feel that way unless you have something pretty spectacular…which if you did, why would you want to trade up?
In this article, we’ll cover 5 tips for getting the most money when trading in your old jewelry!
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What You Should Know About Trading In Jewelry
Trading in your jewelry can be a great way to get money for something you no longer want or need. But before you do, there are a few things you should know.
Not All Trades Are Equal (In Value)
Some stores will require that you spend double the amount of your original purchase in order to trade. Others say just $1 more than your original purchase amount.
What gives?
Looking at the Shane Co policy, we discovered that IF the diamond, ruby or sapphire is loose, rather than in a mounting, then you’ll get the deal of only having to spend $1 more to trade in for something else.
But if you had purchased a wedding or engagement ring that had been mounted already, then you must pay double the original purchase price that you paid for the trade in.
Maybe they figure that they can sell you a mounting while trading the loose stone and cut a fat hog on that?
Cash Is Not A Trade In
Cashing out on your diamond is actually selling it.
You will likely be offered 50% of what you originally paid if the diamond is a decent size and of decent quality.
This does not even consider the value of the mounting which could be quite substantial.
Also, if you are selling, you may have to pay for an appraisal and the jeweler’s fee.
Some Styles Are Worth More
If the ring you want to trade in is out of date with the modern styles, you will automatically get less for it than if it was simply a solitaire.
It may even be worthwhile to simply have a jeweler remove your stone and set it in a plain gold solitaire band rather than allowing a jewelry store to “have” your outdated mounting.
Think about that.
Just because you don’t like your mounting, and just because the jewelry store points out that it is out of date to get it for less, does not mean that others won’t love it!
Know The Value of Antique Jewelry
Do not allow a jewelry store to talk you down in valuing your jewelry if it was made during the 1920 Art Deco Era.
This jewelry is highly sought after and should be traded in at a premium.
Do not allow them to tell you that they “just want the center stone” regardless of whether or not it is a diamond, ruby or sapphire.
Those stones that were cut in that period are some of the most brilliant, and are usually untreated, which is a higher value by far.
Ever since the 1960’s, the markets have been flooded with treated low quality colored gemstones to make their appearance better.
Chances are that the stones in your jewelry from that Era are untreated and are worth a MINT!
Get A Trade-In Policy in Writing
Make certain that you get in writing the trade in policy that the jewelry store has before you make a purchase in the first place!
While this may not seem to be very “romantic”, after all, why would you be thinking about trading up before you even tied the knot??
What you can afford now will change years later.
If you already know that you are going to buy at a particular store, then simply call ahead and ask their trade policy and ask if you can get it in writing if you choose to buy from them.
Where You Can Trade-In Jewelry
You pretty much only have one way to trade in jewelry if you are unable to outright barter some of it for labor services, or something else you need.
You must take it to several jewelry stores, starting with the one you bought it from and work from there.
Do not be in a hurry.
Sit on it after you have done your homework and ask yourself if selling it at Fair Market Value would not be a better thing to do.
What Types Of Jewelry You Can Trade-In
Want to know a secret?
As a jewelry store, we are always on the lookout for antique and unique estate pieces, and will be more willing to trade in certain types of pieces more than others.
The problem is that we have to “cherry pick” the ones we want which means that if you come in with several pieces of jewelry, chances are good that we will only take one or two of them off your hands.
Here are a few types of Jewelry that you can be assured a jewelry store will want:
Heavy Gold Jewelry
The heavier, the better.
Even if the jewelry is gaudy and from the 1970’s, they will want it because there is a market for funky jewelry, even though they might make fun of it and contort their faces when you whip it out.
Don’t be fooled. They want it.
Diamonds
Not bad diamonds, not tiny diamonds, but the bigger the better which you may not even have (otherwise, why trade “up”)?
They want your diamonds that are SI1 clarity or better.
If you have an Appraisal that shows it was independently graded, all the better.
If you purchased from the store that you want to trade with, they should have a record of what you bought if you can remember what year it was.
Designer Name Jewelry
If you have some pieces of Tiffany & Co. or any popular name brand such as Rolex, then eyes wide open, they will trade with you for something that you want from them.
Just make sure that it is a “win-win” offer, you should both be walking away with big smiles on your faces.
Whip out your receipts so that they have a clear understanding that you know what you have and what the retail market price is, and you might ask them what they can get retail for it also.
Antique Jewelry
This is where it can get dicey.
Hopefully you have a very clear idea about the value of what you have even if you don’t particularly like it for yourself.
If you have inherited some antique pieces of jewelry, you should be getting a hefty premium for a trade!
When in doubt…don’t!
How Much You Can Expect For A Trade-In
You can expect that all jewelry stores will try to get your item from you for the least amount of money they can get away with, without being too obviously greedy.
Even then, they will try to walk that line.
This is why having receipts and Appraisals are important, because it will serve to make them look very greedy if they try to low ball you by saying that what you have is “used”.
Don’t be naïve.
Best case scenario will be that your store of choice has a generous trade-in policy and that you have purchased the item that you want to trade.
If you are expected to buy up double, then make sure that the quality of diamond is on par with the one that you are letting go.
No sense getting in more debt for a bigger diamond that is not nearly as nice, yes?
Is Trading In Jewelry Worth It?
Trading in jewelry is not really worth it unless there is something that you simply must have and it is above budget.
Other than that, it is like gambling at a Casino…the House always wins.
We are of the opinion that you can always revisit the issue after some time has passed.
If nothing else, you can put that heavy gold jewelry away and just let it rise in value over the years rather than giving it up.
FAQ’s About Trading In Jewelry
Is it OK to upgrade engagement ring?
Upgrading your engagement ring is a sticky situation if you have not been married very long. We recommend waiting 10 or 25 years and doing it as an Anniversary thing depending on the temperament of the person you married, because quite frankly, most men won’t even notice by then.
Can I trade in diamond earrings?
You can trade in diamond earrings, especially if they have at least a half carat center stone or more. Earrings have gone sky high in price over the last several years, so perhaps trading would be a good idea if what you have is still stylish and of good quality.
Can you trade up jewelry?
You can certainly trade watches and most any kind of gold or platinum jewelry, as long as you realize that much of the lighter weight gold jewelry will not fetch much, because the store will simply send most of it to the refinery and make a little money that way.
Watches are different, especially if they work.
If they are antique pocket watches or really, any kind of antique watch, you will be able to trade.
Be careful, and do your homework first.
Some of these watches are rare and should command you a high trade in value.
Others are simply gold filled.
Know what you have and do your research about the value. If a watch is antique and does not work, you might want to take it to an antique watch repair person and have them give you an estimate of what it would cost to get it running again.
This will add value to your trade.
Designer jewelry and jewelry with a high end name brand should net you a decent trade, as well as some custom items and those items which have untreated gemstones.
Final Thoughts
Bottom line is that if you are thinking about trading up to acquire something different, then ask yourself if you would regret that “deal”.
Ask yourself this most important question: Would I be able to buy the ring that I am trading off with the same dollar value that I am being offered for it?
If the answer is no, then maybe you should just tuck the jewelry away for awhile instead.
Only you can answer that question.