Sheilas Wheels – Diamond Ring Question?

Sheilas wheels are due to replace my engagement ring and I just wonder how they go about it??
Do they send you to a certain jeweller or give u vouchers?? I literally have no idea and they are rather vague on the phone.
Also my ring was valued at £5000 7 years ago, so a like for like replacement will obviously be worth more that £5000 7 years later or would I get a ring at £5000 which is not like for like as it would not be the same quality simply due to inflation.
I just wonder what it is they do, any help would be much appreciated.

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