How to update theme?
1. Re-download theme from ThemeForest (it’s always the recent version here).
2a. If you use WordPress theme installer: delete the old version and install the new one (remember to upload just the website folder from the package downloaded from ThemeForest).
2b. If you want to do it the pro way :
Using an FTP client, upload new files, replacing the old ones.
No settings will be lost (unless you’ve modified theme files).