appraisal for amethyst

[Sam82]

I bought a ring that is amethyst with 2 tiny accent diamonds set in yellow gold. I want to have it insured. I''ve had a diamond ring appraised, but can I get the amethyst appraised? I paid $500 for it at a B & M store. I already have a policy with JM, so it won''t cost much to add it onto the policy.

 

[T L]

Date: 9/12/2009 7:38:31 PM
Author:Sam82
I bought a ring that is amethyst with 2 tiny accent diamonds set in yellow gold. I want to have it insured. I''ve had a diamond ring appraised, but can I get the amethyst appraised? I paid $500 for it at a B & M store. I already have a policy with JM, so it won''t cost much to add it onto the policy.

If you have an invoice for what you paid for it, perhaps that can be used to insure it. I don''t think I would bother getting an amethyst ring appraised.

 

[SB621]

I agree with TL. I know my insurance company has what they call a blanket insurance on jewelry. I pay a certain about and it covers pieces that are under $2500. If an individual piece is worth more then $2500 then I need an appraisal and it gets covered by itself. Does that make sense?

 

[Sam82]

It does make sense. I''m not sure how it works with jewelers mutual. I have an heirloom piece covered with them and I''m going to cover my e-ring with them. I''ll call them and see what they say. I''ve just never really heard of getting amethyst appraised.

 

[chrono]

In this case, I’m thinking the receipt should be sufficient since you are planning to insure it for the amount that you paid for it.

 

[exturkconner]

You should contact them and see what they suggested. They may even have an appraiser that could send you too at dicount or free. Or they might have restrictions as to who they consider a valid appraiser. As an example many insurance company's won't take appraisals from the seller because seller's have started to "over" appraise thier own jewelry so they could over charge the creation of replacements though policies. Assuming they require one at all.

On a separate note you should never insure anything for what you paid for it. You should insure it for what you can get a comparable example for. If you got a good deal on the stone and you insure it for what you paid you'll likely be disappointed when you can't satisfactorily replace with the insurance claim payout.

 

[Sam82]

Thanks, everyone, I''ll contact the insurance company.

 

[Sam82]

update: I called my insurance company. They said that the receipt was proof enough of the value because it was itemized. I''m glad I didn''t have to spend the money getting the ring appraised. Thanks for the help.

 

[Stone Hunter]

I''m glad that worked out for you.

For future PS searchers -- With most homeowner''s insurance policy''s they insure up to a certain amount of jewelry no reciepts or appraisals needed. But if you have a more expensive piece or it''s so unique you want to get it insured seperately I''d do JM.

That''s just based on my personal experience!

 

[Barrett]

I am not a big fan of appraisers in general..as far as getting an ammy appraised i wouldn''t worry about it...

 

[morecarats]

If I were able to clean up the appraisal industry, I would require that all appraisals be accompanied by an offer to buy the appraised item at the appraised value.

The insurance industry loves inflated appraisals; they can charge higher premiums. The customer is delighted when he gets an inflated appraisal, since he''s deluded into thinking he got a bargain. Sellers love them for the same reason. It''s a kind of group delusion. The only one who loses is the owner of the item who has an unpleasant encounter with reality if he ever tries to sell the item.

Anyone try to sell a diamond recently? That''s when you find out what your stone is really worth in the market ...

 

[Barrett]

I agree with you 100% morecarats..well said!!!!!!!!!!!!!!!!!!!!

Apprasials are so over inflated..it's ridiculous

 

[Richard Sherwood]

Yeah, I agree. All appraisers should be shot.

 

[Linda W]

Date: 9/29/2009 2:05:01 PM
Author: Richard Sherwood
Yeah, I agree. All appraisers should be shot.

Ha ha ha ha ha ha ha ha. And this is why I love you Richard.

 

[Sagebrush]

Morecrafts,

You are quite right about the insurance industry. They could wipe out many of the abuses most of the fraud in the appraisal industry simply by issuing guidelines and requiring credentials and standard format on appraisal documents.

Also, those wishing to insure an item should be advised of the "like kind and quality" clause contained in most policies. This means the insurance company can replace the item with something similar. Absent a detailed appraisal, a Picasso can be seen as an oil on velvet. I mean same amount of paint and canvas. What this means is that they will send you to an approved jeweler, that is, one who will charge the insurance company wholesale and replace at retail.

Best,