Appraisal Process for setting

autospy · Oct 8, 2010

Did a search...couldn't find anything on this particular topic.

I plan on buying a diamond from one dealer and getting it set by another person. I've read that sometimes the appraiser needs to examine the diamond unmounted to make a proper judgment. BUT...of course I would want to send the insurance company the appraisal of the entire ring...with the diamond mounted...so the whole thing is covered.

So how does this process work?

1. Buy diamond.
2. Get appraisal of diamond.
3. Get it set.
4. Get another appraisal of diamond + ring??
5. Get insurance.

Or do I skip #2, and let the appraiser deal with the mounted stone.

Thanks in advance.

denverappraiser · Oct 8, 2010

It depends on your objectives in having the appraisal done in the first place. If you’re looking for info from the appraiser to decide if you’re going to buy the stone, or even moreso if you’re choosing between several stones, you need to have it inspected prior to setting. Not only can they do a better job of looking at the stone, they can apply some tools that aren’t usable on mounted stones, like a Sarin machine. It also often voids your return privileges to have the stone mounted so if you’re considering returning it if you’re unhappy with the appraisers results, get it done prior to setting.

The documentation for insurance needs to be done AFTER the whole job is complete. This allows them to inspect not only the diamond but the craftsmanship of the whole piece, the other materials involved, photograph the finished item, etc. After all, you will be insuring a piece of jewelry, not a loose diamond and the better the paperwork is on the front end the less headache you’re going to have if you ever need to file a claim.

oldminer · Oct 9, 2010

My own policy is to strongly encourage the appraisal of the unset stone and then after setting to have the client return for a finalreport of the entire ring. I encourage this process because it is the completely correct way to proceed. My fees for diamond engagement ring appraisals include the loose stone exam and the second final exam after setting. Many other appraisers do the same thing or break up the fees for each portion, but either way there is more accuracy in appraisal of an unset diamond than a set one.