Appraisal Help

[StillLearning]

Hi,
I am currently finalizing my decision for the stone that I am going to purchase. It is from a wholesaler recommended to me by a friend. It was the best price, and by far the most beautiful stone I''ve seen. It is for a 2.15 F VVS2 Princess Cut. On top of the price for the stone, setting, and side stones, there is a $125 fee in order to get it appraised by IGI. My questions are the following.

1) Is it normal for the seller to handle getting it appraised for me, or is it customary for me somehow to take the stone out, and get it appraised prior to finalizing the purchase?

2) Is this a normal price for an appraisal?

Any information on how I should proceed here would be very much appreciated.

Thanks In Advance,
StillLearning
(Think my girlfriend reads these boards, so I gotta be Incognito )

 

[Nicrez]

Out of curisoity is the seller in NYC? IGI is right across the stree from 47th and MANY seller use them because they are quick and easy. Not sure how their appraisals are...

 

[StillLearning]

Yes they are on 47th St. actually.

 

[pqcollectibles]

Personally, for that money, I'd have the stone shipped to one of the Price Scope appraisers for a complete evaluation.

Just my $0.02 worth.

 

[Nicrez]

Does it come with a GIA cert? Also, do they charge YOU for the apprasial, or do they "suggest" you go to IGI? If it doesn't have any appraisal on it at ALL, THEY should pay for it. If it already does and you just want to verify the stone, you should find an INDEPENDANT one, aside from the wholesaler's choice.




I have some names. Do a search on Bruce Haberman who helped me, and also David Wolf in NYC. Those are two off the top of my head. I know both have Sarins and such, but in all honesty, David Wolf will be more than $125/hr (he works on an hourly rate so BE CAREFUL!)




Bruce is with Gemological Appraisals Laboratory at 54th West 47th Street on the 2nd floor (212) 382-2888. I recommend him only because he was such a sport and didn't even charge me for a semi-precious ring I asked him to verify. he was so good and fast! They charge by carat and not by hour, last I remembered! Good luck and your stone sounds absolutely GORGEOUS!! Please post pics when you can!!!

 

[StillLearning]

Yes it does come with GIA cert. The seller, who I do feel very comfortable with to the extent that I am getting a reasonable price, said it is necessary for insurance. Perhaps he was just trying to guide me to get what I am going to need anyway.

Do you usually have the stone appraised prior to paying for it? Meaning, is it normal to let me "sign out" the ring or something and have it appraised, or would he laugh at me if I asked to do this. As I understand it IGI can sometime have more inflated appraisals, but I am just looking to get it appraised for approximately what I paid for it.

Am I totally off here?

Thanks again for all your help!!!!

 

[cmcwill]

StillLearning, would you mind sharing the specs of the stone and any pictures you might have? We love them!
Colleen

 

[Nicrez]

Still Learning, for insurance you DO need an apprasial, so that's no lie. They may be guiding you to a lab they know, and that's fine, but i really suggest that if you wanted an honet opinion BEFORE you bought it you can do what so many in the industry do. Leave a credit card as deposit, and walk out with the stone and get it appraised by an independant gemologist. If they don't like the idea, THEY can walk it over to the designated guy. MANY people have walked the stones themselves BEFORE buying, and once they buy, they may be able to get a break on the appraisal for the insurance AFTEr it's set...BAsically to also verify it's the same stone that was brought it pre-purchase.

 

[Uncle Marty]

Nicrez et al,
I do not understand why you all think it is necessary to get an inflated opinion from some lab to establish the true value.

Would you really expect an insurance company to pay you the appraised amount if you have a loss ?

The value of your Diamond and ring is what you paid for it. Don't you realize that paying a high premium to an insurance company makes them richer and your poorer.

Ask the seller for a receipt and give that to the insurance company as the true value. Insurance companies can buy Diamonds and jewelry for less than any of you specialists. Insurance companies want independent appraisals so they can overcharge you with their premium. Having a loss of a Diamond is not like loosing a loved one, the loved one cannot be replaced so they give you a check.

Stop looking to rip off the Diamond sellers. Do you actually think they are loosing money each time they sell you a diamond.

No need to get an appraised value. Just find a qualified appraiser that belongs to either NAJA or ISA and has taken the proper courses and passed them if you want the Diamond checked to make sure the Diamond matches the grading report.

Would you buy a car and take it to another dealer and expect that person to tell you the truth about what you bought. Speaking about an automobile purchase where you the one that wanted to take me up on my offer of selling a diamond for a percentage over the invoice price I paid for a diamond ?

Please advise.

Uncle Marty of course