Appraisal Cost/Value

[megumic]

My grandmother passed about 9 months ago and left me her engagement ring. It is a round brilliant somewhere btw 1.5 and 2 carats but I have no paperwork for it. I'd say it's roughly 40-50 years old. I'd like to get it appraised so I can have it insured. How much should an appraisal cost?

The local jeweler that I like and trust works with an expert gemologist who does research and studies on diamonds, provides a plot, measurements, stats, etc. when she does appraisals on diamonds with no paperwork or documentation. What is the going rate for something like this and is there value in having this done??

 

[MomInstyle]

My gemologist does my appraisal documented and plotted for $45 per ring.

 

[SB621]

My GIA appraiser who I think does a very good job charged me $75 for a solitare ring. I think it would be closer to $50 if it were unset. Definitely when looking for an appraiser make sure they are GIA and see examples of their work (typically posted on the website).

 

[kenny]

At the top of this screen click on the tab fro Resources, then select Appraisers.

I'd be worried your insurance company may not recognize some people who call themselves appraisers but do not have the credentials your insurance companies requires to pay a claim.
It wouldn't hurt to ask your insurance company if the appraiser you intend to use is accepted by them.

I'd hate for you to just find the cheapest person, but then have an insurance claim rejected.

 

[smitcompton]

Hi,

If you need an appraisal for insurance purposes then you must get one. The charge you and others mention, with all the data ploted seems pretty reasonable to me. I thought it would be a lot more. Sounds good to me. I called my insurer about appraisals i had done at the mall. He said it was fine.


Annette

 

[megumic]

Hm my jeweler quoted $200-250. I did see an example of her work and it is quite professional, but I am hesitant since it sounds so expensive. Thoughts?

 

[denverappraiser]

The address of the appraiser isn't the key to whether or not it's useful but insurance companies will accept nearly anything. The secret is in the details of the description and the photographs. The purpose of an insurance appraisal is to define exactly what you have for purposes of replacement should it become required. Weak descriptions benefit the insurer. Overvaluation benefits the insurer. With most mall type jewelers and especially those that are farming out the work to an outside contractor, these both can be problems.

FWIW, my insurance type documents for single items are normally a tad under $100 or a tad over if it includes a Gemprint but each appraiser sets their own rates an decides on what services they want to offer. I'm on the high side for my neighborhood (Denver). In other places I would be cheap.

There is WIDE variation in what sorts of service you can expect and the best are rarely the cheapest. It's not your insurer who should be picky, it's you.

 

[megumic]

The address of the appraiser isn't the key to whether or not it's useful but insurance companies will accept nearly anything. The secret is in the details of the description and the photographs. The purpose of an insurance appraisal is to define exactly what you have for purposes of replacement should it become required. Weak descriptions benefit the insurer. Overvaluation benefits the insurer. With most mall type jewelers and especially those that are farming out the work to an outside contractor, these both can be problems.

FWIW, my insurance type documents for single items are normally a tad under $100 or a tad over if it includes a Gemprint but each appraiser sets their own rates an decides on what services they want to offer. I'm on the high side for my neighborhood (Denver). In other places I would be cheap.

There is WIDE variation in what sorts of service you can expect and the best are rarely the cheapest. It's not your insurer who should be picky, it's you.

I appreciate this reply and perspective. Thank you!

 

[brellymom]

WOW - I must be living in the wrong place! I just called two appraises in my area - both recommended on PS at different times - and both quotes were in the same ballpark - $200-250/hour for up to 2.5 hours to appraise 2 rings. That's $500-600, or $300 per ring. THe local jeweler will do it for under $150 which sounded cheap comparatively, but now seems expensive as well. time to move!