Is an independent appraiser needed?

[AEM27]

I am using one of the people in the diamond district discussed as trusted on this forum. What do you think, do I still need to get an independent look at it, it's GIA. It's already been set, but not paid for yet, when it arrives in the mail do I go through this process at that point even though it's set already?

 

[Bron357]

An appraiser is someone who gives you a valuation in $$$$ terms.
GIA, AGL and other laboratories only provide factual details on the gem(s) Such appraisals are normally used for insurance purposes though if your receipt is specified sufficiently, an insurance company can use that information to calculate your premium.
A gem laboratory report ie GIA only gives you factual information about the diamond, they never give you a $$$$ value, that’s not what they do. If you have a recent GIA report you don’t need another one after purchase.
An appraisal by a valuer is only an “opinion” on what it would cost to replace / recreate the same ring with similiar diamonds. Nothing more.

 

[diamondseeker2006]

As long as the stone is GIA or AGS graded, I'd use that and my sales receipt to insure. I see no reason to get an inflated appraisal as it will cost you extra in insurance premiums yet will not result in a higher value stone if it is ever replaced. I never get additional appraisals from trusted PS vendors.

 

[AEM27]

thanks maybe appraisal was the wrong word, i meant someone else looking at it to make sure actually i got what i paid for type thing. It's got the GIA inscribed numbers on it. Sounds like it's not necessary. I've just never made such a big "small" purchase. Usually at this price it's a new car or something you can really know what you are getting.

 

[MollyMalone]

thanks maybe appraisal was the wrong word, i meant someone else looking at it to make sure actually i got what i paid for type thing. It's got the GIA inscribed numbers on it. Sounds like it's not necessary. I've just never made such a big "small" purchase. Usually at this price it's a new car or something you can really know what you are getting.

You could ask your jeweler to show you the GIA inscription through his microscope so you can see for yourself that the stone is the one corresponding to the report

 

[AEM27]

You could ask your jeweler to show you the GIA inscription through his microscope so you can see for yourself that the stone is the one corresponding to the report

Yes, he insisted on doing that already when I was there, then it will get mailed to my house.

 

[MollyMalone]

Yes, he insisted on doing that already when I was there, then it will get mailed to my house.

If you viewed the diamond's lasered inscription when the stone was loose & you want to confirm that the completed ring being mailed to you has the same stone in it, a local jeweler is likely to be willing to let you view the mounted stone's inscription through their microscope for no fee, as a neighborly, good will gesture. Would that ease your mind about whether you actually got what you paid for?

 

[Texas Leaguer]

Getting an independent evaluation from a qualified professional is worthwhile for a couple of reasons fro a couple of reasons.

First, the piece of mind in knowing that you got what you bargained for. A lab report often contains information about the diamond above and beyond the 4 Cs that can be important to understand. A good gemologist can walk you through the finer points of reading a lab report.

Second, an appraisal evaluation can help for insurance purposes by noting aspects of the diamond and or jewelry item that might not be contained on a diamond lab report. This can assure you that a claim would be actually replaced by 'like kind and quality'. And a conservative valuation can give you some protection against rising costs over time.

Choosing your independent expert is as important as choosing your merchant. Qualifications and experience matter. A lot. Also very important is finding a truly independent expert who is not in the business of business of buying and selling. Otherwise the opinions can be unduly biased.

 

[Karl_K]

Second, an appraisal evaluation can help for insurance purposes by noting aspects of the diamond and or jewelry item that might not be contained on a diamond lab report. This can assure you that a claim would be actually replaced by 'like kind and quality'. And a conservative valuation can give you some protection against rising costs over time.

Choosing your independent expert is as important as choosing your merchant. Qualifications and experience matter. A lot. Also very important is finding a truly independent expert who is not in the business of business of buying and selling. Otherwise the opinions can be unduly biased.

This.
The more you can bury a claims adjuster with relevant and valid paperwork the better the odds of you getting a fair replacement rather than something that meets the min. requirements.
This is not the one line appraisal that is too common it needs to describe the item in detail and have pictures.

 

[crbl999]

This.
The more you can bury a claims adjuster with relevant and valid paperwork the better the odds of you getting a fair replacement rather than something that meets the min. requirements.
This is not the one line appraisal that is too common it needs to describe the item in detail and have pictures.

Second, an appraisal evaluation can help for insurance purposes by noting aspects of the diamond and or jewelry item that might not be contained on a diamond lab report. This can assure you that a claim would be actually replaced by 'like kind and quality'. And a conservative valuation can give you some protection against rising costs over time.

Choosing your independent expert is as important as choosing your merchant. Qualifications and experience matter. A lot. Also very important is finding a truly independent expert who is not in the business of business of buying and selling. Otherwise the opinions can be unduly biased.

This is the main reason why I chose to have my wife's ring appraised by Neil Beaty. We did have a loss this year and the adjuster from State Farm offered a cash payout for the appraisal amount with no hassle. I do believe having a detailed appraisal on file with State Farm helped in this regard, otherwise they may have tried to negotiate a lower payout based on what one of their jewelers could replace it for.

 

[Karl_K]

This is the main reason why I chose to have my wife's ring appraised by Neil Beaty. We did have a loss this year and the adjuster from State Farm offered a cash payout for the appraisal amount with no hassle. I do believe having a detailed appraisal on file with State Farm helped in this regard, otherwise they may have tried to negotiate a lower payout based on what one of their jewelers could replace it for.

If you state farm adjusters are like the ones here(their a nightmare) it made a ton of difference.
They had no wiggle room so they had to pay.

 

[david b]

Insurance companies usually request an independent appraisal on a diamond ring and will not always accept the receipt as the replacement value, showing the diamond certificate will not help either.
Appraiser is someone who can look at the diamond and check it against the diamond certificate and get it verified and not only do the appraisal itself.
I recommend you do it and have a quite mind with wearing that diamond ring and that can buy a car:roll

 

[denverappraiser]

A GIA report is not an appraisal.

There are several reasons to get an appraisal on new purchases with lab papers, but I’ll mention a few:

1) Correct matching. Having a report does not mean it’s the report for THAT diamond. It also doesn’t rule out damage or modification since the date the lab saw it.

2) Gemological details not present. Dealers often make claims about things like hearts and arrows or ‘superideal’ cutting that are completely outside the scope of the report.

3) Most people are buying a piece of jewelry, not just a diamond. This means that there are other materials ranging from other stones to metals. There’s a craftsmanship component. In the case of designers, there’s often an authentication component (is it really the work of XYZ). Condition is almost always a question that gets asked.

4) Documentation. The usual purpose given for new purchase appraisals is for insurance. This is effectively the purchase order for the replacement. That means the description, weights, dimensions, karatage, photographs and so on become the most important part and often the dealer supplied paperwork is missing much of this.

5) Spotting problems up front. If you’re going to have an issue with something like craftsmanship, condition or really any of the above, soon is a good schedule. Complaining about loose stones, for example, will get a different reaction the week after you get it than 2 years later. Many jewelers will allow returns for a while after your purchase but there’s ALWAYS a meter on this. 2 weeks or a month is pretty typical. Beyond that it’s your problem. Getting it appraised during that period can save a lot of grief if there turns out to be a problem.

6) Second opinion. It’s not a second opinion if it comes from the same source as the first.