Appraisal- Do They Try To Make You Feel Good?

[classc1]

Question...I went to a PS appraiser and our ring was appraised for waaay more than we paid for it. In total, we paid $6,300 for the diamond and setting and the appraisal was for just over $11,000 for the diamond (approx 9,000) and setting with bauguettes (approx 1,900.) The ring was in the setting already. It is 1.14 carats...round brilliant with 18K white gold six-prong setting with .15 baugettes on each side.

Now...I know that appraisals come in high. However, should I be concerned that the appraiser thought the color was higher than it was (It is G...he thought F) and of a lot of concern to me was that he thought that clarity rating as VVS2 when it was VS2? Also, he thought that it was an Excellent cut when it was Very Good (GIA). He only saw the tiny feathers when he poured an alcohol solution on the ring. He explained that we likely did not get an EX because there was a natural on the Pavillion. Does that make sense?

He looked at the GIA report AFTER. I was also concerned about my pavillion and crown angles. He pulled out a GIA chart and table and sure enough...the pavillion and crown angles were listed excellent.

Well..I left feeling great but also wondering...what gives? Also, I have to increase my insurance now.

 

[ChunkyCushionLover]

Date: 9/24/2009 11:00:37 AM
Author:classc1
Question...I went to a PS appraiser and our ring was appraised for waaay more than we paid for it. In total, we paid $6,300 for the diamond and setting and the appraisal was for just over $11,000 for the diamond (approx 9,000) and setting with bauguettes (approx 1,900.) The ring was in the setting already. It is 1.14 carats...round brilliant with 18K white gold six-prong setting with .15 baugettes on each side.

Now...I know that appraisals come in high. However, should I be concerned that the appraiser thought the color was higher than it was (It is G...he thought F) and of a lot of concern to me was that he thought that clarity rating as VVS2 when it was VS2? Also, he thought that it was an Excellent cut when it was Very Good (GIA). He only saw the tiny feathers when he poured an alcohol solution on the ring. He explained that we likely did not get an EX because there was a natural on the Pavillion. Does that make sense?

He looked at the GIA report AFTER. I was also concerned about my pavillion and crown angles. He pulled out a GIA chart and table and sure enough...the pavillion and crown angles were listed excellent.

Well..I left feeling great but also wondering...what gives? Also, I have to increase my insurance now.

Classc,

When you go to an appraisor it is important to tell them what you are looking for. Within reason most appraisors can give you an appraisal based on purchase price if that is what you prefer just understand that the cost of replacement may be higher if and when you go to replace it. If you bought wholesale or based on internet prices then you have to specify that is the pricing market you would like your appraisal to be based on.
You can likely go back to the appraisor with your concern and have them amend the reported value.

It is much more difficult to appraise already set diamonds and not that uncommon for an inclusion to be hidden by the setting. Our VS1 was graded by the appraisor as a VVS2 and diamond color is much more difficult to do faceup when GIA/AGS does its color grading facedown looking at the body.

Also keep in mind that GIA/AGS are very strict in their grading and often appraisals are much less so, but within one color grade and one clarity grade is reasonable. It is in your best interests for the appraisal to be listed as a higher color and clarity grade as that is what will be referred to if the insurance company is replaceing with same kind and not paying you cash settlement.

 

[classc1]

Date: 9/24/2009 2:01:15 PM
Author: ChunkyCushionLover

Date: 9/24/2009 11:00:37 AM
Author:classc1
Question...I went to a PS appraiser and our ring was appraised for waaay more than we paid for it. In total, we paid $6,300 for the diamond and setting and the appraisal was for just over $11,000 for the diamond (approx 9,000) and setting with bauguettes (approx 1,900.) The ring was in the setting already. It is 1.14 carats...round brilliant with 18K white gold six-prong setting with .15 baugettes on each side.

Now...I know that appraisals come in high. However, should I be concerned that the appraiser thought the color was higher than it was (It is G...he thought F) and of a lot of concern to me was that he thought that clarity rating as VVS2 when it was VS2? Also, he thought that it was an Excellent cut when it was Very Good (GIA). He only saw the tiny feathers when he poured an alcohol solution on the ring. He explained that we likely did not get an EX because there was a natural on the Pavillion. Does that make sense?

He looked at the GIA report AFTER. I was also concerned about my pavillion and crown angles. He pulled out a GIA chart and table and sure enough...the pavillion and crown angles were listed excellent.

Well..I left feeling great but also wondering...what gives? Also, I have to increase my insurance now.

Classc,

When you go to an appraisor it is important to tell them what you are looking for. Within reason most appraisors can give you an appraisal based on purchase price if that is what you prefer just understand that the cost of replacement may be higher if and when you go to replace it. If you bought wholesale or based on internet prices then you have to specify that is the pricing market you would like your appraisal to be based on.
You can likely go back to the appraisor with your concern and have them amend the reported value.

It is much more difficult to appraise already set diamonds and not that uncommon for an inclusion to be hidden by the setting. Our VS1 was graded by the appraisor as a VVS2 and diamond color is much more difficult to do faceup when GIA/AGS does its color grading facedown looking at the body.

Also keep in mind that GIA/AGS are very strict in their grading and often appraisals are much less so, but within one color grade and one clarity grade is reasonable. It is in your best interests for the appraisal to be listed as a higher color and clarity grade as that is what will be referred to if the insurance company is replaceing with same kind and not paying you cash settlement.

Thanks. I in fact asked the appraiser to do two things...confirm that the ring I purchased was the ring in the GIA report and to do a replacement value appraisal. My concern is that if there is something that is not right with my ring, I want to be told NOW so that I can do something about it. I don''t need puffery or to be made to feel good about my ring...I need the truth. When he was off the mark but only in a way that made the ring seem better than it actually is....I became concerned. I do understand that because the ring was already set, he did not have the same advantage as GIA. Maybe I am over-thinking this. I don''t know...finding this site is both a blessing and a curse

Also...he marked the apparaisal report the very same as the GIA report...he did not upgrade it at all.

 

[CharmyPoo]

I don''t believe all PS appraisers are made equal. Some make you feel good and others are just accurate on the prices.

I have used services of two PS appraisers and my experience with them were very different.

I must say that I highly recommend Richard Sherwood. He was absolutely amazing and I am extremely satisfied.

 

[diamondseeker2006]

Most insurance will let you submit the sales receipts and the diamond lab certificate and allow you to insure for the amount you paid as opposed to an inflated amount. Or perhaps you can provide your appraiser with the actual numbers and ask if he''d revise the value based on those. It wouldn''t make me feel good to have to pay premiums based on a value that is higher than it would really cost to replace the items. In fact, the insurance companies usually get discounts from jewelers to replace lost items, so there is no reason to be paying such an inflated value.

 

[ChunkyCushionLover]

Date: 9/24/2009 4:10:42 PM
Author: CharmyPoo
I don''t believe all PS appraisers are made equal. Some make you feel good and others are just accurate on the prices.

I have used services of two PS appraisers and my experience with them were very different.

I must say that I highly recommend Richard Sherwood. He was absolutely amazing and I am extremely satisfied.

I ditto that statement. The appraisor I used which was listed on the PS list was inexperienced and did not have all the equipment I would have liked. From reading Rich Sherwood''s posts he seems like a top candidate but it really depends on what your specific needs are.

In this case:

i) To verify the stone is the same as in the GIA certificate (that has been done and the appraisor has confirmed it is the same).
ii) To get an accurate replacement cost for the ring. If you tell the appraisor I just want it to reflect the purchase price than usually they will follow your instructions.

If you just need i) and ii) you don''t need to be highly selective on which appraisor you use, however if you go with someone like Mr. Sherwood you will likely get more information and will be more confident in its accuracy.

The local appraisor I used here (i had to for Canadian Insurance) after getting an appraisal done in the US was talking about how she preferred higher colors like (D, E) and didn''t care much Cut, at that point my eyes just glazed over and I just wanted the appraisal report and I knew wasn''t going to learn anything from her. Especially when she told me that on a white background ASET leakage is only shown by black areas.

 

[classc1]

Date: 9/24/2009 4:33:03 PM
Author: ChunkyCushionLover

Date: 9/24/2009 4:10:42 PM
Author: CharmyPoo
I don''t believe all PS appraisers are made equal. Some make you feel good and others are just accurate on the prices.

I have used services of two PS appraisers and my experience with them were very different.

I must say that I highly recommend Richard Sherwood. He was absolutely amazing and I am extremely satisfied.

I ditto that statement. The appraisor I used which was listed on the PS list was inexperienced and did not have all the equipment I would have liked. From reading Rich Sherwood''s posts he seems like a top candidate but it really depends on what your specific needs are.

In this case:

i) To verify the stone is the same as in the GIA certificate (that has been done and the appraisor has confirmed it is the same).
ii) To get an accurate replacement cost for the ring. If you tell the appraisor I just want it to reflect the purchase price than usually they will follow your instructions.

If you just need i) and ii) you don''t need to be highly selective on which appraisor you use, however if you go with someone like Mr. Sherwood you will likely get more information and will be more confident in its accuracy.

The local appraisor I used here (i had to for Canadian Insurance) after getting an appraisal done in the US was talking about how she preferred higher colors like (D, E) and didn''t care much Cut, at that point my eyes just glazed over and I just wanted the appraisal report and I knew wasn''t going to learn anything from her. Especially when she told me that on a white background ASET leakage is only shown by black areas.

Well...I did want the replacement value. So he did what I asked...I was just surprised....not so much by the dollar amount...I expected inflation...but my lack of confidence in him once he upgraded almost every aspect of my ring. It didn''t make me "feel good"...it made me lose confidence in the appraiser.

Bottom line...I will leave it as is...I just went ahead and paid the additional insurance premium. Thank you all for your help.

 

[classc1]

Date: 9/24/2009 4:16:35 PM
Author: diamondseeker2006
Most insurance will let you submit the sales receipts and the diamond lab certificate and allow you to insure for the amount you paid as opposed to an inflated amount. Or perhaps you can provide your appraiser with the actual numbers and ask if he''d revise the value based on those. It wouldn''t make me feel good to have to pay premiums based on a value that is higher than it would really cost to replace the items. In fact, the insurance companies usually get discounts from jewelers to replace lost items, so there is no reason to be paying such an inflated value.

BTW Diamondseeker....forget the appraisal...THAT is some ring you have there!!! LOVE IT!!