Estate diamond

Get it appraised, and choose an appraiser who is familiar with recutting.  Not all are and this issue of recut potential is the heart of your question.  Chipped edges can be a problem, especially on some of the older cuts where the girdle is very thin (this is usually what causes the chipping in the first place).  Recutting carries with it some costs, some risks and it involves some decisions that aren’t entirely obvious.   It also changes the entire character of the diamond.  Recutting a damaged OEC into an RBC is not an unreasonable thing to do, but if what you wanted was an OEC, it defeats the point.

Chipping is a clarity characteristic and unless they are extremely small, it’s not a VS1, which is why it doesn’t have paperwork.  This also raises the question of the accuracy of color grading.

Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Appraisals in Denver

There's never a crowd when you go that extra mile.

Pat

Pat,

There’s a ‘find an appraiser’ utility at the top of the page under resources.  Tell us your area and you may get specific recommendations from the PS membership of people they have used.  Appraisers don’t all charge the same but they are all happy to discuss their rates prior to starting any work.  The selling jeweler or the appraiser should be able to help you locate a skilled cutter and it's usually better to do this transaction through a professional middleman.  They should be able to estimate the price when they have the opportunity to inspect the stone.

Risk of breakage during the cutting process is generally low but not zero.  That’s part of why stones requiring recut are traded at a discount of more than the cutting fees and why you want to find an appraiser that is experienced with this and can help you assess the risk.  The breakage, if it occurs, usually isn’t total destruction by the way.  The result is that the yield becomes less than you originally expected.  

During your appraisal, ask the appraiser about the risks of further damage if you choose not to recut it.  There are lots of variables but occasionally the risk is pretty high.

Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Appraisals in Denver

There's never a crowd when you go that extra mile.

Sara

The most beautiful experience we can have
is the mysterious - the fundamental emotion which
stands at the cradle of true art and true science.
~ Albert Einstein ~

I agree that there is a certain tragedy associated with recutting perfectly good OEC’s and that this advice is given far too lightly but it’s not out of the question that this is a good situation for it.

*IF* it’s a G and
*IF* it can recut to a VS1 and
*IF* it can be recut to GIA- excellent or AGS-0 RBC proportion sets (or both) and
*IF* it can be expected to remain in the range of 2 carats and
*IF* it doesn’t have serious strain or other problems that will undermine the recut,
then this is a way of getting a 2 carat, G-VS1 AGS-0 headlight for less than $13k and nominal risk.  This woul be a terrific deal.

Those are some pretty big if’s, and this is not a project for the faint of heart but Kenny's approach is basically sound, which is why I suggested a consultation with a professional.  Tiny details make a big difference and there’s a huge number of critical assumptions being made here.  It's relatively likely that the dealer has already made their estimation of this and elected not to do it so the bet is whether the dealer and their suppliers know what they're doing.  Some do, some don't.

Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Appraisals in Denver

There's never a crowd when you go that extra mile.

Sara

The most beautiful experience we can have
is the mysterious - the fundamental emotion which
stands at the cradle of true art and true science.
~ Albert Einstein ~

Pat