Diamond Upgrade Programs
Diamond upgrade programs are a common service among many jewelry retailers and are a good way to get a new, bigger and/or more expensive diamond at an affordable price. The way most diamond upgrade programs work is simple:
- 1. You have to hand in a diamond of your own that’s in a good condition. Depending on the particular retailer the restrictions may vary but, in general, it needs to be in a “saleable condition”, i.e. it shouldn’t have any wear and tear, any cracks or dirt and so on. If you’ve taken good care of your diamond and if you’ve recently taken it for a professional cleaning and maintenance, it should be in an acceptable condition.
- 2. Most retailers will only take colorless diamonds on their upgrade policy. Some may accept certain colored diamonds but this is less likely.
- 3. The stone must either be loose or the center stone of a ring or jewelry piece – retailers don’t usually accept setting diamonds and side stones for upgrades.
- 4. Most retailers will also upgrade your diamond only the stone you’re upgrading to is of at least twice the value of your old one. In other words, if the diamond you’re trading in was bought for $2,000, most retailers will simply exchange that diamond for store credit of the same value that you can use on another diamond that costs $4,000 or more.
- 5. To upgrade a diamond at a certain retailer you’ll typically need to have bought the stone from them. Most retailers offer diamond upgrades only to their customers and only for diamonds that they’ve sold. Not many retailers will upgrade a stone that they haven’t sold.
- 6. Upgrade credit with most retailers won’t include duty or tax paid on the original purchase. This means that all applicable taxes and duties will be charged on the full price of the new diamond before the store credit is deduced from it.
- 7. To successfully get store credit for your diamond upgrade you’ll also need to have the documents of the original purchase. The diamond grading report needs to be in good and reusable condition too and most retailers will charge fees for damaged reports.
- 8. Retailers will usually only upgrade GIA diamonds.
- 9. If you want to upgrade a ring’s diamond but the new stone doesn’t fit the old setting, even if it’s a halo or pave setting that’s made out of diamonds, those usually cannot be upgraded. Instead, you’ll either have to pick another stone that fits the setting or simply buy a new ring with a new setting and keep your old one.
- 10. Certain retailers may have additional conditions and restrictions but those are the basics that apply to most reputable vendors.
Those are the basic points you’ll need to keep in mind if you want to upgrade your diamond. Again, different retailers will have some different requirements or perks but those should be given to you with the original purchase anyway.