Appraisal and Insurance in DC?

[jsmp1225]

A couple questions: My diamond from Whiteflash should arrive tomorrow mounted in the setting I picked out. What do I need to do now? I think I need to have the ring appraised and then get it insured. Is the insurance my responsibility or my future fiance''s (not sure of the proper etiquette there)? Also, can anyone recommend a good appraiser and a good insurance company in my area. I checked the list of appraisers on pricescope and saw one very close to my area. I''m assuming if the appraiser is listed on here they''re reputable. Any assistance would be great.

 

[tayd]

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On 10/13/2003 9:34:24 AM jsmp1225 wrote:

A couple questions: My diamond from Whiteflash should arrive tomorrow mounted in the setting I picked out. What do I need to do now? I think I need to have the ring appraised and then get it insured. Is the insurance my responsibility or my future fiance's (not sure of the proper etiquette there)? Also, can anyone recommend a good appraiser and a good insurance company in my area. I checked the list of appraisers on pricescope and saw one very close to my area. I'm assuming if the appraiser is listed on here they're reputable. Any assistance would be great.----------------

One of the best appraisers in the DC metro area is no other than Martin Fuller of Fuller & Associates, located in Tysons Corner (McLean, VA). His number is 703-442-6690. I've used his services several times now and even my boss who recently bought a H&A diamond from GOG was really impressed with his service. Tell him I sent ya!

As for insurance, most people usually go with either Chubb, Jeweler's Mutual, or as an addition to their homeowner's insurance. I decided to go with Chubb's Valuable Articles program.

Regards,
David

 

[jsmp1225]

Thanks for the advice. Next question, do I even need an appraisal? Whiteflash said an appraisal will come with the ring but can I rely on that for insurance purposes?

 

[tayd]

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On 10/13/2003 1:54:48 PM jsmp1225 wrote:

Thanks for the advice. Next question, do I even need an appraisal? Whiteflash said an appraisal will come with the ring but can I rely on that for insurance purposes?----------------

It's up to you. Having an independent appraisal is exactly what it implies: to confirm or validate what you purchased is exactly what is stated on the certificate (if any) that is not associated with any seller or jeweler, and also to determine a "true" replacement or market value of what your diamond (and/or the completed diamond with the setting) is, so that you don't under or over insure your diamond.

Regards,
David

 

[niceice]

We recommend that our clients obtain an independent evaluation and appraisal of their purchase for their own peace of mind. Vendors like WF, GOG, SC and ourselves conduct our own evaluation of the diamonds that we sell, but we do so to determine whether the diamond meets our own selection criteria and whether the diamond was accurately graded by the lab. However, it is well worth the small expense of having your purchase verified by the appraiser of your choice to eliminate any nagging hints of doubt which might otherwise be floating around in your mind for the next few years... Especially when 20/20 or one of those other tabloid trash television programs decides to boost their ratings by running an expose on the diamond industry or internet diamond dealers as a whole... A few years ago 20/20 ran a 'rag' of a story on the diamond dealers of 47th Street in NYC and we were fortunate that most of our clients had obtained their own independent evaluation rather than depend on ours because our clients weren't freaking out at ten o'clock at night while so many other diamond buyers were... A little peace of mind is well worth the minimal expense and time in our opinion. We second the motion for Martin Fuller & Associates in McLean, Virginia, they're the best in your area.

 

[fire&ice]

The insurer insures the one who is in possession of the ring. So, if you & your soon to be resides in the same house, then either you or she can insure. If the ring resides outside of your house/insurance coverage then she needs to have the policy.

I believe this is the case - but please inquire.

 

[rxpbr]

If you bring the diamond to Fuller and Associates will they do the appraisal right there or do you have to come back? (assuming you make an appt of course). How long does an appraisal take assuming its a standard brilliant round?

 

[Klamorris]

I called Fuller and Assoc. yesterday adn was told that they charge $175 dollars per hour

. If it takes less than an hour they will prorate it, but you can wait. I was told that a 1 carat diamond should take just about an hour.

 

[diamondnovice]

I have used Martin several times and highly recommend him. He is extremely thorough and extremely pleasant to deal with. In fact, I brought my Mom there as well as sent a friend there.

$175 may seem pricy but I think that what you get from Martin is worth it. He gives you two color copies of the appraisal (one for you and the other for your insurance company). The appraisal consists of:
- a full description of the piece including detailed descriptions of all stones
- color pictures of the piece
- an independent mapping of the center stone
- the metal the piece is made from including the total weight of the piece
- total value

In addition, they offer for additional $ (I think around $30) micro photography of your stone. He takes between three and four images at various magnification. He takes a micro image of the entire stone and then picks out noteworthy identifying characteristics of the stone to zero in on for the additional 2-3 pictures. I had the micro photography done for my Lazare Kaplan ideal e-ring and my H&A diamond earrings but did not think it was worth it for my run of the mill diamond earrings. For my mom, she had the pictures done because her e-ring has an internally flawless stone. Martin found two or three areas along the girdle that had naturals in them. Since that is the only identifying flaw in her diamond, it is good that she has a way to identify it now in case of theft.

Also, please mention to them that you got their name from Pricescope. I think that they reduce the fee slightly.


Good luck!