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Advice needed on Tiffany engagement ring upgrade

bcyc

Rough_Rock
Joined
Jan 21, 2014
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10
I'm a newbie here hoping to get some advice...

I bought an engagement ring from Tiffany about 2 years ago - a Round Brilliant with Channel-set Band. It was I, VS2 0.80ct for ~$8k. For some medical reasons of her family, I decided not to propose to her 2 years ago and have put the ring in the safe deposit box at my bank for the past 2 years.The ring is brand new, unworn and unadjusted, and I have all the certificates and documentation for the ring.

Now I'm planning to propose to her and I'm hoping to get a better Tiffany ring for her, something more than 1 ct. However, since the ring has been purchased for over 2 years, Tiffany would not take it back, unless it is for an "upgrade". My budget is to spend additional $5k or so on the ring, and I've considered the following:

1. Do the ring upgrade at Tiffany - Tiffany would let me upgrade the ring, but it has to be at least 2X of the original price, so the new ring needs to be about $16k, and the value of the old ring can be applied towards the new ring. However, for some reasons, when they valued my ring, although it is brand new, unworn and unadjusted, the value only comes back at about $6,700. I was expecting that it would be much closer to the ~$8k price that I paid 2 years ago. With that, I'll need to spend at least additional ~$9k ($16,000 - $6,700). Does the valuation sound reasonable from your experience? Also, from your experience, could exceptions be made to their 2X original price policy?

2. Sell the ring to a jeweler and purchase another ring at Tiffany - I've checked with a couple jewelers and it looks like the ring would only be bought back at ~$2,500 or so, since Tiffany has marked up the ring so much. Does this sound reasonable?

3. Sell the ring on eBay and purchase another ring at Tiffany - does anyone have any experience in this and how much do you think I can sell it for?

Tiffany's 1ct, I, VS2 rings are going at about $12k or so. If possible, the best thing to me would be for me to get back closer to ~$8k in value from the original ring, and spend additional $5k or so on the new ring. However, based on Tiffany's 2X original price policy and the low value of the ring, this doesn't look to be feasible. Any suggestions or advice would be much appreciated!!

Thanks!!
 
I don't really understand why they're telling you a ring THEY sold you isn't worth what you paid for it and I'd want a damn good explanation as to why that item didn't retain any of it's value with them before I buy anything else from them OR upgrade. If nothing is changed from when you bought it, it should be exactly the same cost to apply for the new ring. It's my understanding of their policy that the only "loss" is in the setting and that setting shouldn't lose you that much in value.

Is having the brand name important to either of you? That's important to know.

You'll probably still not likely to get what you paid for it reselling it on Ebay or elsewhere, so you're likely going to lose money regardless of what you do. You may get lucky, but don't go in with expectations that you'll break even. You also might not find a jeweler willing to take a Tiffany in on trade or consignment, so be aware of that. There are a few sellers that specialize in brands like that, but you'll need to see what kind of value they'd give you. Oakgem is one, Betteridge is another.
 
As much as I love Tiffany, personally, I wouldn't be shopping there for the upgraded ring. The fact that they value your ring at less than what you paid for it, even though you have inquired about upgrading with them, doesn't sit right with me.
I choose none of the options that you listed and vote for selling your ring outright and purchasing a different ring elsewhere (not at Tiffany).
 
HI:

Like the OP I am confused about the lower valuation--was this information from a sales person--or did you speak to someone in head office? I would clarify before moving forward.

cheers--Sharon
 
I sold a channel set e-ring (0.81ct, I/VS1) almost two years ago. I posted the ring on eBay and met the buyer in person at the local Tiffany's. I sold it for $5500. If she still wants a ring from Tiffany's, just take advantage of their upgrade program. I don't understand why they wouldn't apply the price you paid for your ring, though. If she doesn't care much about brand names, consign your ring or try to sell in on eBay and get her a well cut diamond from one of the trusted online vendors. Good luck!
 
momhappy|1390337533|3597887 said:
As much as I love Tiffany, personally, I wouldn't be shopping there for the upgraded ring. The fact that they value your ring at less than what you paid for it, even though you have inquired about upgrading with them, doesn't sit right with me.
I choose none of the options that you listed and vote for selling your ring outright and purchasing a different ring elsewhere (not at Tiffany).

Ditto.

Can I ask why you don't just propose with the current ring though? It sounds like a lovely ring, and you will take a loss if you sell it.
 
momhappy|1390337533|3597887 said:
As much as I love Tiffany, personally, I wouldn't be shopping there for the upgraded ring. The fact that they value your ring at less than what you paid for it, even though you have inquired about upgrading with them, doesn't sit right with me.
I choose none of the options that you listed and vote for selling your ring outright and purchasing a different ring elsewhere (not at Tiffany).


Tiffany is a wonderful store and has an amazing reputation. However, If you still want a beautiful sparkly ideal cut diamond for a a non branded price you have come to the right place

Example http://www.whiteflash.com/loose-diamonds/round-cut-loose-diamond-2953769.htm

$7,000 for an ideal hearts and arrows superior cut AGS stone 1 carat
 
canuk-gal|1390338039|3597894 said:
HI:

Like the OP I am confused about the lower valuation--was this information from a sales person--or did you speak to someone in head office? I would clarify before moving forward.

cheers--Sharon

It comes from the sales person from the local Tiffany store. I asked to confirm that this is the right valuation as it is substantially lower than what I expected, and she said in her email that she checked with her manager the allowance is about 15%. She also said the ring was out of the store more than 2 years so it will not be sold as engagement ring.

It doesn't sound very reasonable to me, but what else can I do? Can I inquire the head office directly? I have asked previously to talk to the head office directly to see if they can make an exception to the 2X policy, but she wouldn't give me the contact information.

Thanks!
 
ame|1390337027|3597877 said:
I don't really understand why they're telling you a ring THEY sold you isn't worth what you paid for it and I'd want a damn good explanation as to why that item didn't retain any of it's value with them before I buy anything else from them OR upgrade. If nothing is changed from when you bought it, it should be exactly the same cost to apply for the new ring. It's my understanding of their policy that the only "loss" is in the setting and that setting shouldn't lose you that much in value.

Is having the brand name important to either of you? That's important to know.

You'll probably still not likely to get what you paid for it reselling it on Ebay or elsewhere, so you're likely going to lose money regardless of what you do. You may get lucky, but don't go in with expectations that you'll break even. You also might not find a jeweler willing to take a Tiffany in on trade or consignment, so be aware of that. There are a few sellers that specialize in brands like that, but you'll need to see what kind of value they'd give you. Oakgem is one, Betteridge is another.

Yea I know that Tiffany's mark-up is a lot, but I know the brand name is important to her. :)
 
Laila619|1390338380|3597901 said:
momhappy|1390337533|3597887 said:
As much as I love Tiffany, personally, I wouldn't be shopping there for the upgraded ring. The fact that they value your ring at less than what you paid for it, even though you have inquired about upgrading with them, doesn't sit right with me.
I choose none of the options that you listed and vote for selling your ring outright and purchasing a different ring elsewhere (not at Tiffany).

Ditto.

Can I ask why you don't just propose with the current ring though? It sounds like a lovely ring, and you will take a loss if you sell it.

Yea I can propose with the current ring, and I know she would love it too. But I just feel that I can get her something a little better now, as compared to two years ago. If I need to take a big loss in the ring then I will need to re-think, but if the loss isn't too big, I wanted to get her something better.
 
If this just the engagement ring you are talking about, how about proposing with it and buying her a fantastic wedding band to compliment it?
There is romance around that stone - it waited for her - and for you- for the right time. If you think about it in the right way there could be much emotion associated with the ring you already have.

Meanwhile, I agree with other posters - I think more questions about the value from someone higher up at Tiffany are in order. Call the NY store.
 
bcyc|1390339457|3597915 said:
canuk-gal|1390338039|3597894 said:
HI:

Like the OP I am confused about the lower valuation--was this information from a sales person--or did you speak to someone in head office? I would clarify before moving forward.

cheers--Sharon

It comes from the sales person from the local Tiffany store. I asked to confirm that this is the right valuation as it is substantially lower than what I expected, and she said in her email that she checked with her manager the allowance is about 15%. She also said the ring was out of the store more than 2 years so it will not be sold as engagement ring.

It doesn't sound very reasonable to me, but what else can I do? Can I inquire the head office directly? I have asked previously to talk to the head office directly to see if they can make an exception to the 2X policy, but she wouldn't give me the contact information.

Thanks!


HI:

Honestly, I wish I had a better solution, ...but here is the contact number nonetheless.....

http://investor.tiffany.com/contactus.cfm

Good luck!

cheers--Sharon
 
Hi bcyc,

I was actually just at Tiffany's a couple hours ago with my fiance looking at their channel set engagement rings and weeping that they were out of our price range. Yours is about the size we were looking for, if you're trying to sell it I may be interested. Please let me know.

Hemimorphite
 
I'd try to sell it for as much as possible and buy elsewhere without the insane markup. If you'd be throwing good money after bad if you spend 2x. The jewelers are giving you 2.5K because that what's .8 I VS2 is going for right now Just check under Resources > Diamond Search.
 
Hemimorphite|1390340979|3597937 said:
Hi bcyc,

I was actually just at Tiffany's a couple hours ago with my fiance looking at their channel set engagement rings and weeping that they were out of our price range. Yours is about the size we were looking for, if you're trying to sell it I may be interested. Please let me know.

Hemimorphite

Hi Memiorphite - can you leave your email and we can discuss? Apparently there's no PM functionality here.
 
Please read our policies everyone. No personal info on the forums for your own protection.
 
Apparently the usual work-around in cases like this is to list it for sale somewhere like www.loupetroop.com and notify the interested party to correspond with you there.
 
bcyc|1390339585|3597917 said:
ame|1390337027|3597877 said:
I don't really understand why they're telling you a ring THEY sold you isn't worth what you paid for it and I'd want a damn good explanation as to why that item didn't retain any of it's value with them before I buy anything else from them OR upgrade. If nothing is changed from when you bought it, it should be exactly the same cost to apply for the new ring. It's my understanding of their policy that the only "loss" is in the setting and that setting shouldn't lose you that much in value.

Is having the brand name important to either of you? That's important to know.

You'll probably still not likely to get what you paid for it reselling it on Ebay or elsewhere, so you're likely going to lose money regardless of what you do. You may get lucky, but don't go in with expectations that you'll break even. You also might not find a jeweler willing to take a Tiffany in on trade or consignment, so be aware of that. There are a few sellers that specialize in brands like that, but you'll need to see what kind of value they'd give you. Oakgem is one, Betteridge is another.

Yea I know that Tiffany's mark-up is a lot, but I know the brand name is important to her. :)

Has she specifically said that brand name jewelry is important to her? I ask because I love a brand name when it comes to certain things, but when it comes to jewelry, a "brand name" on an E-ring/wedding band is the last thing that I care about. Many women who are into brands/designers would rather get a bigger/better ring than a ring from Tiffany because at the end of the day, you can't see a brand name on an E-ring/wedding ring. For what it's worth, I have worn an E-ring/wedding ring for almost 20 years and I've never had anyone ask me who made it/where did it come from - likewise, I've never asked anyone else those questions either.
Having said all that, you know your GF best and if she truly wants a Tiffany ring, then it's very sweet of you to honor that request. I'm sure that she will be thrilled with your choice :)
 
I'm concerned about Tiffany valuing their own ring as worth less now than it was purchased for a couple of years ago. Tiffany also requires you to spend double for their one time trade in offer and even with the lower valuation and the extra $5K you have, that's unobtainable to you at the moment. If it were me I wouldn't do any of your options. I'd either keep the original ring, propose with it and put the extra money toward the wedding ring, wedding, and house. Or I'd sell it on the second-hand market knowing that you'll take a loss and then buy a Tiffany ring on the second-hand market, getting better value then you would in store.

Jewels by Erica Grace has a very large 1.42 in a platinum Tiffany setting for $10,900 http://www.jewelsbyericagrace.com/antique_vintage_and_reproduction_rings_page_4

Oakgem has some great options: http://oakgem.com/Categories/Rings-Tiffany_%28and%29_Co_0.aspx
I noticed a .84, VS2, F with channel set sides on their website that sounds a bit like yours. They are a well-known dealer and are asking $4,500 for it and it's slightly larger with a higher colour. I know you paid $8,000 but you will not be able to get anything like that for it. Some place like Oak Gem will command a much higher price than you will get on your own for obvious reasons.
 
momhappy|1390337533|3597887 said:
As much as I love Tiffany, personally, I wouldn't be shopping there for the upgraded ring. The fact that they value your ring at less than what you paid for it, even though you have inquired about upgrading with them, doesn't sit right with me.
I choose none of the options that you listed and vote for selling your ring outright and purchasing a different ring elsewhere (not at Tiffany).

I agree with this. It would bug me bad that they're offereing less than I paid, when diamonds have gone nowhere but UP in price for the last couple years. I wonder how much you'd pay for a new identical ring now. Something tells me it's more than $8k. :roll:
 
If those where my options I would rather take the ring you have and spend that extra money on a fabulous wedding band, or a few of them! The visual difference for a .80 and 1.00 is not worth that much money to me.
 
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