Repurposing a diamond can save money (in some cases) and preserve diamonds with sentimental value. That being said, numerous factors affect the price of repurposing a diamond ring. This price range ensures that you get the new diamond ring you want with the same diamond you brought.
It costs between $500 to $4,000 or more to repurpose a diamond ring. The labor costs usually range from $100 to $500, whereas the setting price, the cost of a new ring, and other factors can bring the price tag well into the thousands. Damaged diamonds usually cost more to clean and repurpose.
Throughout this post, we’ll explain how you can find out how much money it’ll cost to repurpose your diamond ring, what affects the price tag, and whether or not it’s worth it.
How To Estimate the Cost of Repurposing Your Diamond Ring
To estimate the cost of repurposing your diamond ring, get a quote from a local jeweler to estimate their hourly labor charges. Next, consider your diamond’s quality, condition, and cut. You should also factor in the price of a new ring (unless you’re recasting your ring or transferring the diamond to a necklace).
Follow this detailed process to estimate how much you’ll pay to repurpose a diamond ring:
- Lexie Jordan Jewelry claims the labor charges usually cost around $100 to $500 for repurposing a diamond. You should get a quote based on an hourly rate or a fixed rate. Countless details can change the labor cost, so it’s important to ask your chosen jeweler how much you might have to spend.
- According to Brides, you should expect the total cost to be up to $5,000 for repurposing a high-quality diamond. As you can see, labor costs make up a small fraction of the total price. Expect the worst and estimate that repurposing your diamond ring will cost $5,000, then you can be glad if it costs less.
- Old, damaged diamonds often increase the price because they have to be cleaned and revitalized. Not only does this process increase labor costs, but it also requires more supplies. The deeper the scratches and debris, the longer it’ll take and the more it’ll cost to repurpose the diamond ring.
- Repurposing a diamond with a similar ring often costs less than choosing a ring that has a completely different setting. This is because the stone doesn’t have to be shaped, cut, or redesigned. It’s also much quicker to swap a like-for-like diamond ring, which reduces labor costs.
- The best way to estimate the cost is to contact multiple jewelers to ask for quotes. You can speculate the price tag by using the previously mentioned tips, but direct contact is the best way to know how much you’ll have to spend when you’re repurposing a diamond ring.
Price estimates will bring you one step closer to repurposing your diamond ring. If you’re curious about the various factors that affect the price, you’ll be happy to know that we have you covered in the following section.
What Affects the Cost of Repurposing a Diamond Ring?
The things that affect the cost of repurposing a diamond ring include the diamond’s weight, the jeweler you choose, which kind of ring you’re using to repurpose your current ring, the ring you have right now, and whether or not you’re cutting the diamond. Keep in mind that backlogs and seasonal sales will influence the price, too.
Here’s an in-depth look at each of these conditions:
- A heavier diamond can cost more to repurpose because the jewelry has to work hard not to cut the diamond on accident. Diamonds are weighed to determine their worth and cost. You can save money by repurposing a diamond that’s lighter, even if it’s only 0.1 carat less than average.
- Choosing a low-quality jeweler might be cheaper, but there’s an increased risk of damaging the diamond or the ring. We always suggest getting a high-end jeweler to repurpose your diamond. It might cost more, but you’ll save more money in the long run by not having to go back and ask for revisions.
- Switching to a better ring will always cost more. You’ll have to buy the ring while repurposing the diamond and paying for labor costs. You might be able to save money by having the ring recast or repurposed without changing the diamond. Consider getting multiple quotes to know which route is optimal for you.
- Pulling the diamond from a damaged ring will affect the cost, as will the ring’s materials. It’s no secret that some metals cost more than others. If you end up choosing more expensive metals while cleaning the damaged ring, you’ll spend significantly more than repurposing a clean, high-quality diamond ring.
- Cutting the diamond increases the cost because it requires more labor and tools. This process usually only happens if you’re switching the ring size. It can also be used to remove deep scratches and cracks that can’t be removed by buffing them out.
All of these variables might make repurposing a diamond ring seem like a daunting situation. However, it usually saves a lot of money for many people. That being said, some people find that it’s more expensive to repurpose a diamond if they want a top-notch ring with the same diamond.
Is It More Affordable To Repurpose or Buy a New Diamond Ring?
It’s typically more affordable to repurpose a diamond ring rather than buy a new one. This is because you’ll reduce the cost of getting a new diamond vs. cleaning and transferring an old one. It’s very rare that getting a new diamond ring of the same quality will be cheaper than repurposing one.
According to True Facet, selling a repurposed second-hand diamond ring can reduce its value between 30% to 50%. If you want to repurpose your diamond ring, you shouldn’t expect to get the same return value. However, you can repurpose a second-hand diamond ring to save money in the long run (rather than repurposing a new diamond ring).
Let’s discuss why the cost of repurposing a diamond ring can be the better choice:
- You can have a completely different appearance while keeping the same diamond.
- Some jewelers will recast your ring with a polymer, then set the repurposed diamond to keep the same appearance while improving the whole setup.
- Repurposing a ring can bring a modern feeling, size, and appearance to your diamond without switching to a new one.
- If the job is quick, the fixed rate might be much cheaper than the cost of getting a new ring with a new diamond.
- Most diamond rings are repurposed on sight rather than shipped to another place, so it’ll save time and shipping costs.
Do Repurposed Diamond Rings Lose Their Value?
Repurposed diamond rings lose their value because they’re considered used. Also sold as second-hand rings, they can lose up to 50% of their value. If you’re not worried about the resale value of your repurposed diamond ring, then this won’t be a considerable factor.
Here’s why you should expect your repurposed diamond ring to lose its value:
- People often prefer brand-new rings. Most potential customers are searching for a new ring that doesn’t have a reduced value. You should expect to lose a fraction of the original cost. However, well-maintained, high-carat diamond rings can often retain their value for many years down the road.
- Repurposing a ring means the stone is older and more prone to damage (in some situations). Unseen fractures and scratches can quickly worsen, especially if the wearer works with their hands. If the ring is in good condition, then you might not have as much of a reduced value.
- It’s harder to find someone to sell your repurposed diamond ring to, which reduces its market value. Anyone looking to buy a repurposed ring knows it’s going to be difficult to sell it, especially if they need to find a third buyer down the line. The more wear and tear and wearers a diamond ring goes through, the less valuable it’ll be.
Should You Melt a Ring and Recast It With a Diamond Stone?
You shouldn’t melt a ring and recast it with a repurposed diamond because it can be more expensive than getting a new ring for the repurposed diamond. Recasting a ring often reduces its integrity. It can also increase labor costs and material expenses because the recast metal has to be mixed with a polymer.
Serendipity Diamonds reports there’s more work and money involved in recasting a metal ring compared to making a new one. This means you can use the same diamond from your old ring and add it to a new one while saving money. It doesn’t get better than cutting costs by getting new rings.
Consider these issues prior to recasting your ring when repurposing the diamond:
- Recasting can take multiple rounds to prevent porous metal casts, which can cost more if the jeweler charges by the hour.
- The only time we recommend recasting a ring is if it’s for sentimental reasons, if it adds value to the diamond ring, or if you want to use the same material mixed with a new one.
- Repurposing the diamond is an absolute must if you want to recast the ring and save money.
- Recasting a ring can affect how well it holds the diamond, so make sure you go to a reputable jeweler.
- A recast ring often loses some of its value, so you won’t be able to sell it for as much money.
Is Repurposing a Diamond Ring Worth It?
Repurposing a diamond ring is always worth it if you’re looking to retain the diamond’s sentimental value. It might not be worth it if you want a more expensive ring or the diamond is scratched and damaged beyond repair without costing thousands of dollars. You can often get a new diamond for the same cost.
So, should you repurpose a diamond ring for the aforementioned price tag? Ask yourself these questions:
- Do you have an emotional connection to the diamond? No price tag can affect the importance of keeping a diamond within your family or maintaining its core value. If you’re attached to a diamond, it’s worth repurposing it, regardless of how many carats it is. Consider repurposing it as a necklace if you want to save money.
- Is the cost of repurposing the diamond close to that of a new ring? If you want to get a diamond ring and the new set costs less than repurposing your diamond, why not get the new one? You could sell or trade in your old diamond and use the money toward the new ring.
- How soon do you need the diamond ring? It can take multiple weeks to repurpose a diamond ring. If you’re proposing or you need a ring as quickly as possible, you’ll be better off getting a new one. Another option is to ask the jeweler how long it’ll take to give yourself a reliable timetable.
- What condition is your diamond ring in? If your diamond looks fine, then you should repurpose it if you want to change the ring. You won’t have to worry about cleaning costs, so you’ll save a lot on your investment. However, a damaged diamond ring might be worth repurposing to start fresh and restore its appearance.
- How long have you had the diamond? If you’ve had the diamond for a long time and you want to repurpose it, consider the wear and tear, damage, carats, and more. If you have a new diamond, repurposing it could be quite beneficial. Not only does it maintain its appearance, but it can serve a brand-new purpose.
Final Thoughts
Repurposing your diamond ring can help you cut costs without losing your diamond. It also lets you keep diamonds within the family, maintain the same ring metal from a recast, and more. Use the aforementioned specs and suggestions to decide if you want to repurpose your diamond ring and how much it’ll cost.
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