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Leo Hamel Fine Jewelers Policy Letter

Rev1

Trade-In Values

When a customer is trading in an item, the basic rule for valuing the trade-in is: would we pay that amount in cash for it today? If not, then the deal needs to be looked at a little more closely, and the amount Okayed by the Inventory Manager or whomever the Inventory Manager designates in their absence.

When evaluating a trade for potential trade-in value, make sure you are looking at or have in front of you all the items being offered for trade. This is important because then you can place the value you feel on each item closer to what the customer values each piece. This gives you more room to negotiate the deal. This also applies to any buy in general. REMEMBER: have all the pieces out there to look at, then start wheeling and dealing!

This is written because sometimes people will start negotiating a trade or sell by just describing an item or showing it and putting it back in their purse figuring if they don’t get the price they want on the one piece they won’t bother with the rest.

Leo Hamel, Founder