Kay Jewelers currently operates a nationwide trade-in or buy-back program. You can take an item of diamond jewelry to any of their stores in the US and use it as part payment for another piece of jewelry. It’s a simple and convenient scheme, but there are several drawbacks. We’ll explain exactly how the buy-back system works – and why there are better alternatives if you want to sell a Kay Jewelers engagement ring.
What is a jewelry buy back program?
A jewelry buy-back program is a form of retention scheme designed to encourage customer loyalty to major brands. Jewelers figured out that their customers’ tastes in jewelry design change over the years. They also understand that serious jewelry lovers usually have more disposable income as they mature. Jewelry trade-ins offer consumers an apparent shortcut to a more expensive upgrade.
Why will Kay Jewelers buy back engagement rings?
The simple answer is that they’ll buy back engagement rings because it’s profitable to do so. It might look like they are offering an amazing deal or rewarding valued customers, but jewelry trade-ins are a carefully thought out sales strategy. The main advantage of jewelry buybacks for customers is that they are extremely convenient. You can walk into a store with a $1,000 diamond solitaire engagement ring that you bought years ago, and trade it in for an instant $1,000 discount on a more beautiful and expensive item.
The 4 disadvantages of jewelry buy back schemes
There are 4 key disadvantages to jewelry buybacks. There are also several minor details that you need to know before you decide to trade in a diamond engagement or wedding ring (or diamond earrings, pendants, necklaces or tennis bracelets). It pays to actually read the terms and conditions before you visit a store.
- You are a captive buyer and can only spend your trade in money in that particular store.
- You have to buy a new item at least twice the value of your trade in item.
- You have to buy new diamond jewelry on the spot. You can’t take your buy back funds in the form of credit.
- It’s not possible to arrange an online buy back. You have to physically visit a Kay jewelers store.
Will Kay Jewelers buy back engagement rings every time?
No, there are several circumstances where Kay Jewelers won’t buy back diamond jewelry. If your diamond is chipped, cracked or otherwise damaged (it’s rare but it can happen) it won’t be eligible for buyback. If you want to trade in an item of jewelry you will also need a valid US or UK address. If you bought the original engagement ring on a holiday or business trip to the US, you will be ineligible; even if you still have a store receipt.
- When you plan a buy back, don’t assume that you’ll get the actual price shown on your original store receipt. Kay Jewelers reserves the right to deduct any taxes and shipping costs from the receipt price when they calculate the buy back price.
- Laboratory diamonds, gemstones and precious metal items are excluded from trade ins. You can only return diamond jewelry to the store and must buy new diamond jewelry from the same store.
Alternatives to jewelry buy backs
If you want to buy a specific item of new diamond jewelry from Kay Jewelers (or any other jeweler with a buy-back program) and your highest priority is convenience, an in-store trade may be ideal for you. If you want more flexibility and freedom of choice, you may prefer to sell your engagement ring to a different buyer and pocket the cash. If you live a long way from the nearest Kay Jeweler outlet, it may be more logical to sell your diamond engagement ring to an online jewelry buying service. Your payment will go straight into your bank account and you can then order your new jewelry online. There’s no need to visit any jewelry store.
Online Jewelry buying services
An online jewelry buying service like Gemesti rates close to an in-store buyback program for overall convenience and security. It’s not as fast as shooting into your local Kay Jewellers outlet and taking care of business during your lunch break, but it’s a lot more flexible. There are several possible advantages:
- You’ll get paid cash straight to your account
- You’ll get the current market price for your diamond jewelry
- When you have money in the bank, you can widen your search for the perfect jewelry upgrade and you aren’t confined to a single store or brand of jewelry
- You are not compelled to make a purchase on a specific day
- You don’t need store receipts or proof of ownership – just a valid photo ID.
- Your choice of upgrade isn’t limited to a brand new item diamond jewelry that’s a minimum of twice the value of your original purchase. Cash is king and you can buy anything you want. That includes lab diamonds, gemstones like sapphires, emeralds and rubies, and precious metal items.
How do I sell a diamond engagement ring online?
It literally takes just a couple of minutes to get started when you decide to sell an engagement ring online at Gemesti. All that’s really required is that you complete an online form, be around to take a couple of calls and answer an email, coordinate with FedEx to arrange your free overnight shipping, and then upload a final sales agreement. If you’re properly organized, your entire involvement in the sales process will be limited to less than an hour of your time – and you could have your cash in as little as 48 hours from completing the online form!
|How it Works
Complete the short online self-assessment form.
|You can complete the form in around 5 minutes or even less.
|Receive a callback with a provisional offer for your jewelry.
|No pressure or hard sell. Your client service manager is a professional who will answer all your questions and work with you.
|Accept or decline the offer.
If you accept, you have two options.
Option 1Receive a printable FedEx label for free overnight shipping and arrange for a courier to collect your ring.
Option 2Receive a scannable code to your phone and take your ring to a FedEx collection point (also for free overnight shipping).
|If you accept the offer, you’re not committed to making a sale. You can back out at any point.
All FedEx shipments are free and come with insurance worth up to $100,000. You’re protected on every level.
|Your ring will be delivered to the EGL USA Laboratory for a free independent appraisal by a professional gemologist. The gemologist will evaluate the diamond and determine the exact market price of the ring.
|The receipt of your package and appraisal are filmed for additional security.
|Your customer services manager will contact you again, either to make a formal offer, or to decline to purchase your ring.
In the (rare event) that Gemesti doesn’t buy your ring, or if you choose not to sell, it will be returned to you free of charge.
Over 80% of clients are happy with their final offer and agree to sell their ring.
|You can almost always expect a call back the same day.
There are no penalties if you decline to sell, or if your ring is unsuitable. There is never any pressure to accept the final offer. The ring is your property and you are in control.
|Upload the signed and completed sales agreement. As soon as these are checked and approved, your money will be wired to your bank account.
|This is usually done within an hour or two.
Will Kay Jewelers buy back engagement rings at the market price?
Kay Jewelers makes a straightforward commitment to buy back your ring at the original retail price (minus taxes and shipping). The actual market price isn’t a factor in the offer and they may even be paying slightly over the actual second hand value of the ring. They know that they will make a profit on the deal because they have locked you into a more expensive second purchase with your upgrade. Kay Jewelers will also have received a good quality second hand ring without involving a middleman. They will also be hoping that, having used the buy back option once, you will now be a lifelong customer with full brand loyalty. It is a win/win/win situation for them.