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 » RockyTalky
»  » Jewelry Insurance
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Jewelry Insurance |
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| P: 9/6/2004 3:25:32 PM | |
TxsAg1998 Rough Rock Total Posts: 2 Last Post: 9/6/2004 Member Since: 9/6/2004 |
I recently bought an engagement ring and would like to have it insured. I bought the custom-made ring from a jewler that is a friend of a friend. The deal was that I pay him cash to avoid taxes and thus save a little bit. The ring came with an appraisal from a reliable source but I did not get a reciept. My question is this: Do I need a reciept to get the ring insured? Or only the appraisal?
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| Posted: 9/6/2004 3:25:32 PM | |
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There are 3 replies to this message. There are 3 replies on this page. |
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| P: 9/6/2004 3:34:29 PM | |
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yowahking Cut Rock Total Posts: 317 Last Post: 11/13/2004 Member Since: 8/16/2004 |
Two things, since it is not legal to give you a ring without taxes, he does not want paperwork tracing back to him. No one wants the IRS in their business. Most jewelers play that game a few times and then either get caught, or dedide the risk is too high. Second, if he really did give you a good deal, and the appraisal is from a good appraiser and not the bogus ones that are so common, the insurance company want the appraisal. Sometimes, they want proof that you actually own it and not playing insurance fraud. I gave my mother a ring, she had no paperwork because it was a gift, so the appraisal is all she needed. Scott Bohall |
| Posted: 9/6/2004 3:34:29 PM | |
| P: 9/6/2004 3:54:18 PM | |
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TxsAg1998 Rough Rock Total Posts: 2 Last Post: 9/6/2004 Member Since: 9/6/2004 |
Great. I'm pretty sure the appraisal is real. I checked out the appraisal service that it came from here in town. But, how would you be able to know if the appraisal is real or bogus?
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| Posted: 9/6/2004 3:54:18 PM | |
| P: 9/6/2004 5:20:33 PM | |
denverappraiser Ideal Rock Total Posts: 4,614 Last Post: 11/22/2009 Member Since: 7/21/2004 |
Tex, As Scott points out, what you are describing is illegal on the part of the jeweler. This would cause me to cast some doubt about his business ethics and I would be suspicious of his choice in appraisers for that reason. In general, I recommend that you get jewelry appraised by an appraiser who is selected by you, not by the seller because of conflict-of-interest issues. At the very least, talk to the appraiser and see if they have anything that they want to add that may not be represented in the report. here is an advertisement for AGA, an appraisal firm in Pennsylvania, that does a pretty good job of explaining what an appraisal is for. Does the document they gave you do this? If not, you might consider getting another appraisal that is done by a unrelated party. In straight answer to your question, you insurance company will probably accept almost anything. I'm reminded of a sign on the wall of a diamond dealer friend. It says "I cheat the other guy and pass the savings on to you." Neil Beaty, GG ISA Independent Appraisals in Denver There's never a crowd when you go that extra mile. |
| Posted: 9/6/2004 5:20:33 PM | |
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