Appraisal problem

[r12345678]

We made a bunch of changes to our insurance policies so I had my engagement and wedding rings appraised. We went with the appraiser recommended by our insurance agent. I have a Steven Kretchmer tension ring made in 1993 and he really only seemed to value the diamond and not the setting. I looked to see how much a new ring made by Brian Gavin would be as my original jeweler passed away many years ago. The new ring would be a lot more than my ring appraised for. How can I get an accurate appraisal?

 

[the_mother_thing]

Asking your insurance agent for an appraiser recommendation is like asking the devil for the path to sainthood.

I’d recommend getting a new appraisal from an independent appraiser who is not affiliated with nor recommended by a jewelry business or insurance company. There are two highly-regarded, independent appraisers - Neil Beatty & David Atlas - who frequent & post helpful information for consumers on PS. Depending on your location, either may require that you ship your item/s to them for inspection & appraisal. Alternatively, there are several independent appraisers listed on PS via this link; you can search for one near/in your area.

 

[distracts]

You can either use the PS appraiser search to find the one nearest you OR you can go back to that appraiser, point out that it is a Kretchmer tension setting, and come armed with price comps that you’d like him to use to value the setting, since “like kind” replacement would also be a Kretchmer tension setting rather than any old thing.

BGD might not be the best price comp, especially if your diamond isn’t a super ideal and if you were adding a diamond to the price. So I’d look Kretchmer tension settings up other places as well.

 

[Diamond_Hawk]

It will never hurt to get an independent appraisal - give as much information as possible (including the purpose of the appraisal) to the appraiser.

 

[r12345678]

the_mother_thing - I didn't think about the conflict. It was called NY Jewelers and while he recognized it to be a tension ring, he wasn't familiar with Steven Kretchmer and didn't think it would add any amount to the value.

Thank you for the link, I'll see if there is someone near me.

 

[r12345678]

distracts - The guy came to my house and I was really underwhelmed so I feel like I just wasted $ with them. I know when my ring was made the diamond was sourced from a place called "ideal cut" or something similar because my jeweler would only create Kretchmer rings with ideal cut stones. The diamond isn't that big .69 but it looks bigger because it's cut well and it's a great color.

There is a place about an hour away that sells Kretchmer rings so I may just take a drive over there someday as they don't have an online presence.

 

[r12345678]

Diamond_Hawk - I gave this guy the paperwork from when my husband bought my ring. He agreed with the cut, clarity, and color. He just appraised it at the same price my husband paid in 1993. The gold value alone is so much higher. I'm just worried if something happened to the ring, that it's not fully insured.

 

[lovedogs]

Diamond_Hawk - I gave this guy the paperwork from when my husband bought my ring. He agreed with the cut, clarity, and color. He just appraised it at the same price my husband paid in 1993. The gold value alone is so much higher. I'm just worried if something happened to the ring, that it's not fully insured.

That alone makes no sense, much less completely ignoring that the setting is unique from a highly regarded vendor (and therefore is more expensive than the weight of the gold in the setting itself). Definitely contact one of the trusted appraisers listed here.

 

[OoohShiny]

Pics of the ring would be welcome - I like a good tension setting

 

[the_mother_thing]

@r12345678 I’m sorry, but it sounds like the appraiser had no idea what he/she was looking at/doing, which is a shame and does you an incredible disservice should you experience a loss or damage to your item. If you do a search on Pricescope for people’s experiences involving loss/damage and having to file a claim with their insurance company, you’ll understand quickly how important it is to have an accurate appraisal that details every aspect of your item/s to ensure they are truly ‘replaced with like kind’ or cashed out appropriately.

Definitely get an independent appraisal. Once you do, I think I’d see about getting some (if not all) of my money back for the first appraisal. I’d also inform the insurance agent who recommended the appraiser that the person doesn’t appear trained or knowledgeable about jewelry items to be accurately determining true value, doing a disservice to the insurance companies customers, and he/she should not be recommending them anymore. I hate to say it, but it sounds like the typical “scratch my back, I scratch yours” in the world of business referrals.

Lastly, YES ... we’d love to see pictures of your ring; also, if you have the lab report for your diamond and feel comfortable, share the details on your diamond as we love & appreciate well-cut stones!

 

[r12345678]

OoohShiny - The Omega style where it thins between the fingers came out shortly after I got my ring and I sort of wish I had that style as it's really heavy. For our tenth anniversary, I received a diamond band that doesn't at all go with this ring. I wear that ring during the summer when it's humid and I wear my engagement ring all winter when my finger isn't as swollen.

 

[smg]

that is a very beautiful ring!!!

 

[distracts]

Unfortunately not all appraisers are very knowledgeable or as into researching every aspect as we’d like. Sometimes you have to educate them about the value of things.

 

[OoohShiny]

Love that ring style - bold yet beautiful!

 

[r12345678]

I went to a Kretchmer shop and she is sending my ring back Kretchmer to get the matte finish fixed and will get it appraised as well. She said the appraisal I have is too low.

 

[denverappraiser]

A 1993 Kretchmer is a tricky problem. Mr. Kretchmer died in 2006 although the company of the same name continues by his heirs. I’m sure they would be thrilled to sell you or your insurer a new ring but the current offerings probably aren’t all that similar to yours. On the other hand, they use a proprietary alloy to get the springiness to work properly. A knockoff would most definitely not be ‘like kind and quality’, even if it looked similar. Valuing it based on the diamond an gold weight is definitely not correct. I’m glad you found a solution.

 

[r12345678]

denverappraiser - Thank you!