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Trade Up Policies- Did You Get One When You Purchased?


diamondsbylauren
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Hi everybody!

There's been some discussion about trade of policies in the jewelry industry. Our company offers one, although the client must spend double for us to buy back their diamond, or ring.

 

I'd be very interested to hear other peoples experiences with other companies, and what type of policies they have.

 

If any of the professionals that post here like to add what their store, or company's policy is, I'd love to hear it , and I think would be educational for the readers.

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Jan, the 100% aspect is impressive.

 

 

Buyers need to spend double to trade in their diamonds, or rings with us....with our version, we have been able to offer many people trade ups on the diamond, as well as the ring they purchased- including right hand rings, three stone rings basically everything.

 

Still I don;t see anyone else with any policy at all- I suppose there are not that many out there....

Edited by diamondsbylauren
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On certain rings we do still offer the 100% upgrade on too. One example would be our Ritani micro pav`e endless love designs which have a bezel set center that can`t be changed without making a whole new ring. On these we offer a 100% upgrade on the whole ring if the customer ever wants to go up in size on the center diamond. Still there are no double the purchase restrictions. We are more interested in accommodating our customer and making the process easy for them. Also most three stone rings are no problem either.

 

Our policy is more of a diamond upgrade policy, not to be confused with a trade in system.

 

post-114043-1208304566_thumb.jpg

Edited by Bradley
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Thanks. It depends on it`s condition. Most of the time everything will be fine in a setting like this, so yes it would be sold as a previously owned item.

 

The purpose of our upgrade policy is to allow the customer to be able to get a larger or even higher quality diamond down the road without loosing any of their original investment.

 

In a ring like this the diamond size is specific to the setting. So if someone decided a few years later to move up to a 2.00 ct. we would just make a whole new ring.

 

A lot times though a diamond upgrade involves just changing the center prongs on a setting to accommodate a larger diamond.

Edited by Bradley
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The purpose of our upgrade policy is to allow the customer to be able to get a larger or even higher quality diamond down the road without loosing any of their original investment.

 

If they can't trade the ring back, wouldn't that be a loss of their investment?

 

 

AS a suggestion, since we do allow clients to trade in the rings, we have a special section for rings that have been traded in.

It's a pretty popular page, you might want to put a section like that in your store

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Hi David, my trade up policy is similar to both yours and Brad, but a little different. I seperate finished jewelry / semi-mounts from the center stones.

 

I offer full upgrade on the center stone (no min. purchase), but there are some limitations.

 

And I also offer a trade in on the finished jewelry for double initial purchase similar to yours. This applies to all jewelry not just bridal.

 

So for example, let's say someone buys a diamond bracelet for $2500. They may trade it in any time for any jewelry items of $5000 or greater (may not be traded in towards purchase of a loose diamond).

 

Another example, let's say they buy an enagement ring with a $5000 stone set in a $2500 platinum ring. They may upgrade for any diamond(s) > $5000, and any jewelry item(s) > $5000.

 

I also have a lifetime resize policy, where if they need a ring resized, and the design of the ring allows it without major work, we will resize free of charge. So basically most solitaires, 3 stone rings, etc. At the time of purchase, if an item is not sizable, we disclose it on the invoice. So if they needed an eternity ring resized for example, they could trade it in for any item(s) double the initial purchase price and that way they can get their new eternity ring in their correct size plus something else without worrying about selling their old ring, etc. This also works out well for men's wedding bands, especially titanium that are impossible to size. So he can trade in his ring towards another one in his correct size and buy her a small gift and not worry about sizing or anything.

 

Yosef

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Sounds good Yosef.

Is it a popular policy?

 

Do you must make limitations due to wear?...for example, would you accept a tennis bracelet worn daily for a few years?

Generally, items like that show a lot of wear... would you still accept that back?

 

 

I see that you also restrict people from trading a bracelet back against a loose diamond. That makes a lot of sense.

 

I think the key here is, for a business to be able to offer such a policy, and have it be sustainable, there needs to be ways of making it work.

Edited by diamondsbylauren
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For a tennis bracelet or other similar items, we just say that our trade in policy is applicable consistent with normal wear and tear. If they bring in a heavily used item I guess we have to make a judgement call, but most likely we will still take it back. The goal is to try and be as accommodating and fair as possible. We're obviously not going to resell it even as used if it's in poor shape. That's why the trade in for double is required, so at the very least we break/melt it down and break even with no net loss on the transaction, and the customer is very happy to get full trade in value for something that is used they no longer want.

Edited by Adylon
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