Appraisal from Jeweler

[thor]

When I purchased my diamond, I received an appraisal from the jeweler I bought it from. Fully knowing that this will be biased and will not be as accurate as from a 3rd party appraiser, I was amazed to see this statement in the appraisal:

"I have no past, present, or future interest in the property which is the subject of this report, no relationship with the parties of this report which would result in any bias on my part and my involvement with this assignment and my fee arrangement is not in any way contingent on the success of any venture for which this report may be utilized..."

Doesn't the jeweler owning the property in the past constitute an interest in the property? Doesn't the fact that I can still return the diamond constitute a present and future interest in the property? Isn't the relationship of buyer and seller one that would result in a bias if the seller was doing the appraisal?

Also, I got a custom setting made not by them and they held off on the appraisal until I provided them information on the setting. I called them and told them what kind of setting it was, what metal it was, how much it weighed, and how much I paid for it. This information was incorporated into the final appraisal. I was surprised to see in the appraisal a description of how they determine the metal such as acid test, reliance on manufacturer's trademark, etc. But doesn't mention that they just take the word of the customer...

Anyways, I purchased from a reputable jeweler but was a little surprised that the appraisal has these statements which do not appear to be true.

Any thoughts?

 

[yowahking]

Neil????????

 

[denverappraiser]

Thor,

Many people who produce documents that they call appraisals will simply use a fill-in style template of a word processer to produce their documents and pay little or no attention to what the content says. The statement is clearly inaccurate.

I am less critical of the second issue. It is not unreasonable at all to ask the client for what information they know about the item and to some extent to rely on this information as correct (although it should be verified when possible). Certain information, like the identity of the owner, is solely based on the statement by the client. Other items, like the designers style number, can come from the client's receipt and then verified with the manufacturer. Weight of the item is a peculiar area to rely on a client statement. I presume that the issue was the weight of one or more of the components. They should include a statement about what sources were used, including the client.

What was your purpose in seeking the appraisal?

Edited to add:

Was there a charge for these documents?

Neil Beaty, GG ISA
Independent Appraisals in Denver

 

[Iceman]

I think if you look at how signed it had as much knowledge on appraising as your paperboy next door.

There is no law that you have to be qualified to do and appraisal. If you appraised a house then you have to be state certified.

Then your appraised Value does not reflect what it is worth! Ask for a Fair Market Value, Willing buyer , willing seller and that will tell you what it is worth in the real world you live in.

Best of Luck

Corey J

The Iceman