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Here Are the Various Trade-In Policies That Our Brain Squad Offers on Diamonds




Here Are the Various Trade-In Policies That Our Brain Squad Offers on Diamonds
THIS MONTH’S QUESTION: Do you allow customers to trade in their diamonds for bigger stones? 

Yes: 87%

If it is a diamond purchased from us, we buy it back at the price they paid to apply toward the next diamond. If it was purchased somewhere else, we will offer a percentage below wholesale (depending on the resaleability of the diamond). — Jennifer Farnes, Revolution Jewelry Works, Colorado Springs, CO

  • Yes. If the original diamond was purchased from us, we will allow it to be traded in. The original diamond must be a GIA or EGL stone and the new diamond must have a higher retail value. We will give full credit on the original purchase price. — Travis Piper, Piper Diamond Co., Vincennes, IN
  • On diamond studs, you get what you paid. If purchased many years ago, it could be more, but I do not go up to the current retail price. But I may give a bit more to loyal customers. We do the same on diamond pendants but discount the chain at today’s chain price and possibly the bail if worn. On loose diamonds used in engagement and anniversary rings, we give full trade value; what you paid for the diamond, you receive in credit, as long as there is no damage to the diamond. — Tom Nelson, Nelson Jewelry, Spencer, IA
  • Yes, if the stone is not chipped or damaged, and if it is over a half-carat and SI1 or better clarity. Often, because customers have paid way too much for poor quality stones; they expect too much trade-in value. I have to look at each “deal” on an individual basis, just as I look at each diamond as an individual, unique stone. I never say “no” to a customer without looking at what they propose. — Elizabeth Breon, Coast Jewelers, Florence, OR
  • We give them what they paid. I wish I had never started doing it. — James Pesis, Continental Diamond, Minneapolis, MN
  • First, it must be something I can use, with cut and clarity being foremost. As with any transaction, I need to be interested in what you have to trade. No clunkers here, thank you. I try to get at least 40 percent back of Rap as I try to be fair with the customer. — Mark A. Young, Mark A. Young Jewelers, Oxford, MI
  • We will buy back a diamond for what they paid for it, but they must spend at least 150 percent. Helps make the initial sale so that guys know they can upgrade down the line. — Mike Doland, Doland Jewelers, Davenport, IA
  • We give them full credit for their diamond purchase if it was from us, and we do not make them spend double the price — it can be any larger stone. — Joseph Delefano, Regency Jewelers, Rotterdam, NY
  • Clear 10 percent, beat the Internet and make them happy. — David Kammeraad, Preusser Jewelers, Grand Rapids, MI
  • Full credit for what they paid, more if the market has increased enough since original purchase. No restrictions or requirements as to what they spend on the new diamond. However, may not trade for a different shape of diamond without owner approval. — Richard Wilson, Wilson Diamonds, Provo, UT
  • Actually, it really depends on the quality of the stone. One does not want to insult their customer by offering a small trade-in allowance. I always say, “This is what I can offer you at this time.” — Laurie Cusher, Hyde Park Jeweler, Hyde Park, NY

No: 13%

  • We have never been and never intend to be a “diamond store”. Diamonds are part of the overall design. Engagement rings, especially for us, are intricate works of art. Not old hoopty cars that you swap parts out of. — Deric Metzger, DeMer Jewelry, Carlsbad, CA
  • I don’t do diamonds. — Janne Etz, Contemporary Concepts, Cocoa, FL
  • I said no only because we really don’t get this request. We probably would if we could make it work for both of us. — David Lindsay, Purdy’s Jewellery & Gems, Bobcaygeon, Ontario

What’s the Brain Squad?

If you’re the owner or top manager of a U.S. jewelry store, you’re invited to join the INSTORE Brain Squad. By taking one five-minute quiz a month, you can get a free t-shirt, be featured prominently in this magazine, and make your voice heard on key issues affecting the jewelry industry. Good deal, right? Sign up here.



This Third-Generation Jeweler Was Ready for Retirement. He Called Wilkerson

Retirement is never easy, especially when it means the end to a business that was founded in 1884. But for Laura and Sam Sipe, it was time to put their own needs first. They decided to close J.C. Sipe Jewelers, one of Indianapolis’ most trusted names in fine jewelry, and call Wilkerson. “Laura and I decided the conditions were right,” says Sam. Wilkerson handled every detail in their going-out-of-business sale, from marketing to manning the sales floor. “The main goal was to sell our existing inventory that’s all paid for and turn that into cash for our retirement,” says Sam. “It’s been very, very productive.” Would they recommend Wilkerson to other jewelers who want to enjoy their golden years? Absolutely! “Call Wilkerson,” says Laura. “They can help you achieve your goals so you’ll be able to move into retirement comfortably.”

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