Belden/Kay Jewlers is running a clearance right now that goes pretty much as follows:

40-60% off "blue dot/line" clearance items
+ an additional 20% off lowest clearance price
+ $100 Holiday Cash Back for every $300 you spend (Holiday cash valid January 12 - June 8th (?) 2009)

Also, they are accepting trade-in's as part of this deal, as long as the trade can be valued at at least half of what your buying, they will take it.

Here is an example of what we got (we didn't get the Holiday bucks and they won't return/rebuy even though they told us they would, so we're working that part out still, but)

$3299 ticket price for 1.5 ct 5 stone anniversary band
-$1319 60% off
-$396 additional 20% off

$1056 total
-$528 trade in (for a ring I paid $100 for off eBay a year ago)

$528
+ $99.99 lifetime warranty/ESP
+ tax

$680 total paid for an originally ticketed ring that was $3299, with lifetime ESP, once we get the "holiday bucks" for this, we'll have an additional $200 to spend next Spring, meaning I can get the wife some earrings or a necklace to go with the new ring. Great deals are to be had.

Another similar deal we saw while there was a 3ct Diamond Tennis Bracelet for $1100 before trade in. Great prices. You could buy things at these prices and go sell them for more at a jewler. I was offered $1000 cash when I got the above mentioned ring appraised and I told him how much I paid. Good Luck, as with any clearance deal, YMMV