Diamond Appraisal Question

[Eric33w]

Hi guys,

I had a quick question about my engagement ring that is about to be appraised. Do appraisers typically factor in that you might have paid a premium for a true hearts and arrows diamond, or will they just grade it on an Ideal 0 scale? I have a Brian Gavin and I am concerned the appraisal will be too low to get it replaced through them should something happen to the ring.

Thanks in advance

 

[Texas Leaguer]

Hi guys,

I had a quick question about my engagement ring that is about to be appraised. Do appraisers typically factor in that you might have paid a premium for a true hearts and arrows diamond, or will they just grade it on an Ideal 0 scale? I have a Brian Gavin and I am concerned the appraisal will be too low to get it replaced through them should something happen to the ring.

Thanks in advance

An appraiser should factor in cut quality and any added value of the brand, and notate any evidence of the brand on the appraisal (inscription, proprietary lab certificate, etc). However, much depends on the insurance company and the policy specifics in terms of the coverage.

 

[denverappraiser]

Hi guys,

I had a quick question about my engagement ring that is about to be appraised. Do appraisers typically factor in that you might have paid a premium for a true hearts and arrows diamond, or will they just grade it on an Ideal 0 scale? I have a Brian Gavin and I am concerned the appraisal will be too low to get it replaced through them should something happen to the ring.

Thanks in advance

I can't speak or all appraisers, but I certainly do. Most insurers try to replace branded goods with the same brand when they can. It's part of the whole 'like kind and quality' thing. That means the girdle inscription of his logo and the branding notation on the lab report are important things to include in the document.

 

[Diamond_Hawk]

Hi guys,

I had a quick question about my engagement ring that is about to be appraised. Do appraisers typically factor in that you might have paid a premium for a true hearts and arrows diamond, or will they just grade it on an Ideal 0 scale? I have a Brian Gavin and I am concerned the appraisal will be too low to get it replaced through them should something happen to the ring.

Thanks in advance

Do be sure the insurance company will replace the ring with same quality and branding - often times insurance companies will simply match Carat, Color, Cut and Clarity as shown on the lab report. Ask for specificity from your insurer.

 

[breanne]

From my understanding, since I just went through the insurance process, as long as all the details of the diamond are included on the appraisal, it doesn't 'matter' what the appraised monetary value is per se, which I think is what you're asking. I got really rapped up about it, I was concerned that I'd have my diamond appraised, and maybe it would be appraised for less than what it cost me, but if you're insuring the diamond to be replaced for what it IS, then the details of the diamond are far more important than the value it was estimated.

So, just be sure that whatever you submit has every single detail about the diamond that's important, and worry less about what it's valued at, hope this helps.

 

[oldminer]

You should make sure the appraiser has all the evidence of special circumstances when the appraisal is made for you. In this way, you allow the appraiser to use the proper retail range for the specific brand and to call out in the report the reasoning behind the value. You need to keep your records in case of loss, too. These two things, a proper appraisal and your proof of Brand purchase, will force the adjuster to give you a suitable Branded replacement so long as you have sufficient coverage at the time of loss.

There are times when this is not as important as other times. What if you bought a name brand item with a premium price and then found you would be just as happy with a more generic product? You could have the appraiser gloss over the Brand's supposed added value and report a generic product result at retail. You could save a bit of premium costs, but it may not be a major saving on the insurance side. However, the retail on highly similar products, without regard to name Brand issues, often creates quite a difference in retail pricing. It is a consumer's choice in this regard. Most appraisers will understand such a request to keep a replacement price based on a non-Branded product if that is what you want. I would get you to sign off on such a request, but others may not bother. The main thing is making sure we are all on the same page and stay that way. Time has a strange way of changing what we remember. Writing it down tends to be a safer way to go.

 

[Modified Brilliant]

Always have a discussion with your appraiser before the process begins. Ask questions, get answers, make decisions...just like seeing your accountant, lawyer or doctor, be prepared and make sure that you are both on the same page. Personally, I always refer to the specific vendor, cut, or specific brand if applicable. Most of my clients really want that information in the body of the appraisal because they have spent countless hours of research and shopping for that specific "one."