How to Trade Your Old Wedding Ring for a New Engagement Ring | Diamond Buying Guide

Question
First off, thank you (and anyone) who contributes information about this, I greatly appreciate it!

Classic story - 31 and know very little about buying an engagement ring.  I've heard enough suggestions and theories about where to buy, but now I have a new dilema.  My sister wants to give me her old wedding ring (now since divorced for several years) to be appraised and traded in toward the purchase of a new diamond and band for my future wife.  She bought the ring in 1982 and they paid a total of $3,500 for it.  We had it appraised at Jospeh's and they are offering $2,700 for the main diamond (believe its 2/3c) and eight much smaller diamonds around it in 14k gold.  From this rookie, it doesn't sound bad, but I have read so much to not trade in because the jeweler will only mark up the new ring to counter-balance the trade in and still get the full price of the new ring.  So one - is it a good idea to trade this in with a chain-jeweler like Joseph's and number two - given the age of the ring, should I expect those diamonds to have increased in value beyond the original purchase price?

Thank you again!!!

Answer
Good question.

Without seeing the diamond It's hard to say. Jewelers always make money on a trade. If you want you can save the money the jeweler makes by being the jeweler yourself. Go to the city and buy the diamond from a wholesale importer, hire a gemologist to check the deal, and sell your sisters diamond and put the cash towards the cost.
This will make more work for you but it might pay off. Whether you are buying or selling seek the help of an Independent Gemologist Appraiser. This is a service I provide to jewelers as well as many individuals such as yourself. It cant be done online.

If you cant find a qualified appraiser in your area. I can recommend one for you. If your in the New Jersey - New York - New England Area I will be happy to assist you. PS Dont Try to be the Gemologist Appraiser. It can cost you more money than its worth.

Good Luck,


Arthur DeMello GG (GIA)

http://www.nationalgemologicallaboratory.com