appraisal for custom settings?

[Tina T]

Hello! Since I've found this hidden gem of a resource, I have decided to ask for advice before basically doing anything regarding my new engagement ring! It was an heirloom piece and I had the center stone reset into a custom setting. Now, I need to get the new setting appraised and insured. Would it be better to go to an independent appraisal for this or the jeweler who made the setting?

Because my new setting is a plain platinum band, I am afraid an independent appraisal will appraise it for less than I paid since I assume I paid extra for the "custom" part. All of this is hypothetical because I don't know how much the appraiser will appraise a plain platinum band for -- but from looking at jewelry stores, a solitaire setting costs <$1000. I paid $1300 for my setting. I assume if I had the jeweler appraise it (who is not a certified appraiser) -- he will likely appraise it for the amount I paid ($1300) + value of diamond.

I understand insurance premiums cost proportionally to the estimated ring value. Is it better to have it appraised for the value (likely less than I paid for the custom setting) or have it be appraised for how much I actually paid for it?

Please help a newbie! I appreciate your time and advice. Thank you!

 

[KKJohnson]

I would suggest an independent appraiser but that is my personal opinion, as they are not going to be bias to the product

You can take the receipt in with you to most appraisers and they will consider what you paid for it in the replacement value. Also some insurance companies will accept the receipts as well, I am not sure if that is only for the ring as a whole or not. Your ring does have a premium because it was custom so you are correct in that assumption but you also have to consider what you are pricing online most likely doesn’t have the same weight as the custom piece does, the platinum weight should also play a part in the appraisal (I could be wrong but I believe it does).

I have a custom platinum ring as well and when we got it reappraised the value had increased significantly, the total carat weight was a bit higher but the materials changed from yellow gold to plat which increased the overall value.

 

[denverappraiser]

With insurance type appraisals, the usual definition of value is to estimate what you would expect it to cost to replace the item with another of like kind and quality, new, at retail, locally, or words to that effect. That’s not rocket science but there are some squishy variables but it sounds like you mostly know the answer. Talk to your appraiser, tell them what you know, tell them what you want to know and there you are. They may not end up agreeing with you but they should be prepared to explain their reasoning if they think you're wrong about something. Easy peasy.

 

[WinkHPD]

Choosing a great appraiser is no different than choosing a great jeweler. Some are world class, educated on many topics and highly respected. Others are not so capable. For example, some appraisers will understand how to classify cut-quality using advanced tools discussed here, and how to value the difference between the finish on a first-class custom ring, versus something mass produced or rough around the edges.

I would suggest interviewing any appraiser before committing. If you do not like the feeling you get from the interview, move on. Your appraisal may cost a few dollars more, but like your custom made ring, it will have far greater value.

Wink