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Appraisal needed/costs?

jacksonmann

Rough_Rock
Joined
Mar 11, 2011
Messages
16
Is it necessary to even get an appraisal if you get a ring from GOG, WF, or other reputable PS vendors? At this point it seems like an added cost that will inflate the value of the ring on paper for insurance companies.

If it is needed, what price should one be expected to pay? I've been quoted $200 - $250 for an hour long appraisal that includes diamond and metal testing, photograghs. Seems high.

thx!
 

diamondseeker2006

Super_Ideal_Rock
Premium
Joined
Jan 11, 2006
Messages
57,591
I have stones from Good Old Gold and WhiteFlash that are GIA or AGS graded and I saw no reason to get another appraisal when the stones have already been evaluated by an independent grading lab. Secondhand jewelry, antiques, uncertified stones..yes, I'd get appraisals for those.
 

slg47

Ideal_Rock
Joined
Apr 4, 2010
Messages
9,667
jacksonmann|1305654434|2924061 said:
Is it necessary to even get an appraisal if you get a ring from GOG, WF, or other reputable PS vendors? At this point it seems like an added cost that will inflate the value of the ring on paper for insurance companies.

If it is needed, what price should one be expected to pay? I've been quoted $200 - $250 for an hour long appraisal that includes diamond and metal testing, photograghs. Seems high.

thx!

that price seems appropriate. whether or not you need an appraisal is up to you.
 

CharmyPoo

Ideal_Rock
Joined
Dec 10, 2004
Messages
7,007
From GOG - probably not! They give you so much more than most appraisals even provide.
 

geisha_gyrl

Shiny_Rock
Joined
Jan 21, 2011
Messages
199
If you are getting an appraisal for insurance purposes, the cost is around $100. It probably took about 30-45 minutes. The appraisal was very detailed.
 

jacksonmann

Rough_Rock
Joined
Mar 11, 2011
Messages
16
Thanks for the replies. One additional piece of info, I was able to use a 40X scope to view the laser inscription (wasn't easy!) and it matches up with the AGS report. This was also verified by a third party before shipping. Considering that, and the fact that these merchants are highly respected, I am thinking I don't need an additional verification. I researched the hell out of this and I am very sure of the quality and characteristics of what I bought based on the pics and reports provided by the merchant. Other than verifying for a third time, tellling me about the 4C's and other info that is on the reports/pic, is there anything else I'd get?

Anyone agree, or have done the same thing?

Note: this is for my current situation only. I have had appraisals done in the past when lab ID inscription, photos, and reports were not available.
 

diamondseeker2006

Super_Ideal_Rock
Premium
Joined
Jan 11, 2006
Messages
57,591
I don't think you'd get as much as Good Old Gold provides! But even in terms of WhiteFlash, the information they provide is enough for insurance. The sales receipt will say that they are ACA branded (if they are) and it comes with the AGS report, so the stones are described as well as the insurance needs to know. I don't think any appraisal is going to be looked at more favorably than an AGS report as to the attributes of a diamond. Exception would be a stone that had added value due to some special factor such as being owned by a celebrity or coming from a special mine or something like that. And that is not the case with stones we buy new from these vendors!
 

denverappraiser

Ideal_Rock
Trade
Joined
Jul 21, 2004
Messages
8,927
There are several customary reasons for appraising new purchases. The most obvious is to get a second (or third) opinion that you’re getting what you think you’re getting, that it’s free of defects, and that it’s properly described. The second is to provide sufficient paperwork to allow your insurance company to replace the item with another of ‘like kind and quality’ in the case of a loss. The description in your appraisal will effectively become the purchase order for the replacement should the need arise so this is about the details, the photos, the plots, etc. Lastly, it’s a way of confirming the price is appropriate for what you paid.

Which, if any of these, applies to your situation depends on some non-gemological questions and it boils down to your trust in your jeweler and the quality of paperwork they provide along with the sale. It sounds to me like you’re happy with what you’ve got.

It’s worth noting that insurance companies have very low standards for these things and will accept nearly anything. It’s consumers who should be picky.
 

oldminer

Ideal_Rock
Trade
Joined
Sep 3, 2000
Messages
6,551
On occasion, an independent appraisal of a new purchase has proved invaluable to a consumer. Most of the time it is nopt much more than paperwork which shows the deal was a good one. When the appraisal becomes important then the consumer is very glad they hired a third party. The dilemma is that the consumer cannot ever tell for sure when they need or don't need expert, third party advice.

One thing is certain, not all appraisers have a $200 or $250 minimum cost associated with their appraisal work. There are quite a few who do all the tests and gradings, with all the bells and whistles, yet charge far less. It depends on the overhead of the location, the pricing of the competition and other factors. An independent appraisal gives most every client peace of mind and provides the necessary information on the occasion of finding a problem so that a consumer can seek a fair resolution in a timely manner.
 

dreamer_dachsie

Super_Ideal_Rock
Joined
Dec 16, 2007
Messages
24,365
I would not get a detailed appraisal done on a stone/ring bought from the vendors you list, with the verification you obtained (i.e., the inscription). All you need is a value appraisal for insurance, which I got for $50 from a local store. If I had a hand made setting or a unique stone I would get a better appraisal done, with more detail, to ensure proper replacement value in the event of a loss.
 
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