- Joined
- Jan 30, 2015
- Messages
- 409
My worst fear has come true. My recent semi-bezel reset of my 2.24 OEC was knocked loose in a fall and was sent to insurance for repair evaluation. The ring was returned to me so I could send it to Adam at OWD to be repaired but silly me wanted to wear it one last time and I ran outside to bring my barking dog in to find my diamond was gone. I crawled around the backyard with my 3 and 1 year old for 2 hours but can't find it. WAHHHHHHHHH!!!!!!
Thankfully the ring was insured but here is my question: The ring was appraised by a GIA GG/Appraiser for $11,830.00. My insurance company says that their jewelry department will try to source a diamond of equal or better quality. I have the option to take that stone or accept a cash payout but the cash value will be WHOLESALE. What?????? So I am expected to replace a 2.24 carat OEC for, what, $6000? They said they can't give me a number until their jeweler sees what he can purchase of equal quality. He said that he would prorate my insurance policy to reflect the actual value of the ring once their jeweler determines what the stone is worth wholesale. Again... WHAT?
Has anyone dealt with this? Did the insurance company actually source something nice? I am so overwhelmed. I asked why the ring appraised so high and why I wouldn't be given a 'retail value' so that I could purchase a stone of equal value and their response was that, "rings are appraised high to make you feel good." Again..... WHAT?
It's been a sad day. Hoping for some kind words to help me figure out how to respond to them and be given a fair shot to source my own stone for the appraisal value.
Gold stars if you made it to the bottom of this!
Thankfully the ring was insured but here is my question: The ring was appraised by a GIA GG/Appraiser for $11,830.00. My insurance company says that their jewelry department will try to source a diamond of equal or better quality. I have the option to take that stone or accept a cash payout but the cash value will be WHOLESALE. What?????? So I am expected to replace a 2.24 carat OEC for, what, $6000? They said they can't give me a number until their jeweler sees what he can purchase of equal quality. He said that he would prorate my insurance policy to reflect the actual value of the ring once their jeweler determines what the stone is worth wholesale. Again... WHAT?
Has anyone dealt with this? Did the insurance company actually source something nice? I am so overwhelmed. I asked why the ring appraised so high and why I wouldn't be given a 'retail value' so that I could purchase a stone of equal value and their response was that, "rings are appraised high to make you feel good." Again..... WHAT?
It's been a sad day. Hoping for some kind words to help me figure out how to respond to them and be given a fair shot to source my own stone for the appraisal value.
Gold stars if you made it to the bottom of this!