Yes, though the value is calculated another way. Between 30 days and one year after purchase, gold pieces can be traded for a voucher, diamonds or gold, valued at the prevailing gold price after the weight of stones (if any) and the making charges are taken off. A diamond piece can move up to a new diamond item once the remodelling cost, capped at 25% of what the invoice shows, is deducted, provided the new item is priced above the amount offered for the old one.
After the first year, the same method applies to gold, but a further 1% is taken off the prevailing gold price. For diamonds, the valuation uses the market value of the materials they contain, and the new piece has to be worth more than the old one.
Source: Damas Saudi Arabia: services and the Damas Promise