Short Answer: Kay Jewelers does not have an in-store buyback program for rings or other jewelry, but does have a mail-in program for gold and platinum jewelry called the Kay Jewelers Gold Exchange. Below, we explain the KAY Gold Exchange program, plus the retailer’s return policy and diamond trade-in program.
Does Kay Jewelers Buy Back Jewelry?
Kay Jewelers will buy used gold or platinum jewelry, including rings, through the mail-in Kay Gold Exchange program. Kay will buy used jewelry even if it is broken, but will not buy new jewelry.
We confirmed this information by speaking with store associates in Florida, Nebraska, Oregon, Texas, and Virginia and viewing details of the Gold Exchange program online.
While your used jewelry can be broken, it must not include diamonds or stones of any kind. If the piece has stones, you’ll need to remove them before you mail in your gold or platinum pieces.
Additionally, the Kay Jewelers Gold Exchange does not accept wristwatches or other timepieces, investment metals (coins or bars), dental gold, scrap gold, gold flakes, or gold nuggets.
To sell your jewelry through the Kay Jewelers Gold Exchange, you must first register online. Kay will mail you a free, insured packet, which you’ll then fill with your gold and platinum items and ship back. Shipments are insured up to $500.
When Kay receives your jewelry, it will weigh and evaluate your items, providing an offer by email. You can either accept the offer or decline; if you decline, Kay will return your items to you at no charge.
The Kay Jewelers Gold Exchange offers payment by check or Kay Jewelers gift card. If you choose the gift card, Kay will add 10% of the value of your packet to your offer. You will receive your payment by mail as soon as your request is processed.
After you receive the check, you have 30 days to deposit or cash it; if you change your mind during that time, you can contact the Kay Jewelers Gold Exchange to get your items back.
Other Ways to Get Money Back for Jewelry at Kay
If your jewelry does not qualify for the by-mail exchange program, Kay does offer refunds for a specified period after purchase. It also offers a trade-in service for diamond jewelry only. See below for details.
You are generally able to return rings and other jewelry purchased at Kay for a full refund during a specified time period. Most of the stores we contacted said that customers could return jewelry for a full refund within 30 days of purchase; some stores offer returns within 60 days of purchase.
If you made your purchase online, you have 30 days after the item ships to return it or 60 days to exchange it. Kay offers free returns by mail for online purchases.
The following items are excluded from returns:
- Class rings
- Items engraved with personalized information
- Custom-designed jewelry/merchandise
- Earrings for pierced ears
- Any merchandise received under the Jewelry Replacement Plan.
Kay offers a trade-in and upgrade service exclusively for diamond jewelry. Customers can trade in diamond jewelry purchased at Kay and apply the trade-in value toward a new purchase. All the stores we contacted confirmed that they offer trade-in service; Kay.com does not offer trade-ins at the time of this writing.
Kay will apply the full value of the piece you trade toward the purchase of a new item. The diamond jewelry you trade must have been initially purchased at Kay, and the new piece must include diamonds. For example, if you trade in a diamond ring you bought at Kay, you can apply the value toward a new diamond ring or a diamond bracelet.
Note that you cannot trade in the jewelry for cash or store credit. You must select the new jewelry that you will apply your trade-in to at the time of upgrade.
The diamond trade-in policy excludes lab-created diamonds and any diamonds that have been chipped, cracked, or otherwise damaged.
To be eligible for the upgrade, the new piece you want to purchase must cost at least double the purchase price of your original jewelry. For example, if your original ring’s cost was $500, your new purchase must be priced at $1,000 or more for you to be able to apply the trade-in value.