Trade-Ins

We will take in some trades from customers towards new purchases.

Find Out What the Customer Wants First

Find out from your customer how much the least amount that they will accept in trade-in value is. It is up to the sales person to find out what the customer wants BEFORE coming to the inventory manager for approval. Even when the customer says that they don’t know what they want, they DO have at least some idea. Always get a number first before bringing it to the Inventory manager for approval. But if the number they want is obviously too high, tell them so and get a more realistic number. The negotiation should be done before you see the Inventory Manager for approval.

Take the proffered trade in to the Inventory Manager. The Inventory Manager decides if we want to take in the piece and at what price.

If you make a deal with the customer to use the item as a trade-in, you must invoice it in the following manner: Inventory will fill out and sign a NCR Trade-In form with the trade-in allowance listed, and give the trade-in a stock number. This stock number must be printed on the trade-in slip before the invoice is turned in. Enter the invoice selecting “Trade In” as the form of payment. In the box to the right of form of payment, you must type a brief description of the trade in so that it prints on the invoice. Staple the trade-in form to your invoice.

ACCOUNTING WILL NOT PAY COMMISSION ON ANY SALE IN WHICH A TRADE-IN IS TAKEN AS A FORM OF PAYMENT UNLESS IT HAS THE NCR TRADE-IN FORM ATTACHED.

Hearts On Fire Loose

Any customer who purchases a HOF certified diamond may trade it in for full purchase price towards a HOF certified diamond of higher retail value. HOF will not lose value and we can always resell them at full retail. Enter a refund for the returned HOF diamond, giving the customer a store credit and then invoice the new stone.

Hearts On Fire Jewelry

We cannot give full credit on trade-ins of worn jewelry. We can allow 30% off original cost if the item is in good condition. Inventory must consider condition when determining trade-in value.

Hearts On Fire Studs

If certified, subtract mountings and give full value as above. If uncertified, see Inventory to determine value.

These trade-in “refunds” of Hearts On Fire diamonds are treated as trade-ins for stats purposes. The current salesperson takes the refund and the new sale and does not split with the original salesperson.

Diamonds other than Hearts On Fire are treated as any other diamonds even if being traded towards the purchase of a Hearts On Fire diamond. A Hearts On Fire diamond traded in towards a non-HOF diamond is not given full purchase price trade-in; it is evaluated by Inventory as are other diamonds. They do carry a premium but they are not given full purchase price as a trade-in in this instance.

We do not usually take in trade any accessory items, i.e.: bracelets, links, and dials (with the exception of Rolex brand accessories and others that have value). These still of course, go through the Inventory Manager who determines what, if any value to allow.