Appraisal Question

[noodles0686]

Hello everyone! Quick question here. I just recently purchased a loose diamond from JA. Here is the one I bought:

http://www.jamesallen.com/diamond.asp?find=1&cid=130&item=1197109

I took it to a reputable jewelry store in my area to have it appraised for insurance purposes. I gave the guy the stone and a copy of the AGS certificate. He wrote down the ct weight, cut, color and the clarity on a piece of paper and then looked at the stone through this hand-held microscope for 5 seconds (no exaggeration). He then wrote down an appraisal amount of $4000. I was shocked because this is almost exactly what I paid for it! After extensive research with the help of Pricescope of course, I determined that you can get huge savings off of the internet than what you would pay for in a retail jewelry store and thought I found a great deal on this stone at JA. I was so excited to go have it appraised to see how great of a deal I got. Sorry to keep rambling, but here are my questions. Is this process typical of how a diamond is appraised? Is this appraisal accurate or should I get a second appraisal done? Thanks for the help!

 

[beach]

No it is not typical at all for an accurate assessment. He did not check for color and do a thorough assessment. I have seen several stones both GIA and AGS not make the stated color grade. This is not just an issue with EGL (more common with EGL), so you never assume that they are accurate. From what I understand, AGS and GIA round up in color if it is in the borderline range and that could explain the discrpencies I have seen. You also gave him the certificate which is something you do not want to do until he grades it himself. He should have no idea about the stone and should do an assessment without any info. You should go to an independent appraiser and not to a jewler if you want an unbiased assessment. That is someone who does not sell jewelry etc...

 

[Lorelei]

Date: 2/1/2009 9:49:30 AM
Author:noodles0686

Hello everyone! Quick question here. I just recently purchased a loose diamond from JA. Here is the one I bought:

http://www.jamesallen.com/diamond.asp?find=1&cid=130&item=1197109

I took it to a reputable jewelry store in my area to have it appraised for insurance purposes. I gave the guy the stone and a copy of the AGS certificate. He wrote down the ct weight, cut, color and the clarity on a piece of paper and then looked at the stone through this hand-held microscope for 5 seconds (no exaggeration). He then wrote down an appraisal amount of $4000. I was shocked because this is almost exactly what I paid for it! After extensive research with the help of Pricescope of course, I determined that you can get huge savings off of the internet than what you would pay for in a retail jewelry store and thought I found a great deal on this stone at JA. I was so excited to go have it appraised to see how great of a deal I got. Sorry to keep rambling, but here are my questions. Is this process typical of how a diamond is appraised? Is this appraisal accurate or should I get a second appraisal done? Thanks for the help!

It sounds to me as if a jeweller took a quick look and agreed with the info you provided him with, rather than a qualified independant appraiser giving an impartial expert opinion, so no that isn't typical. This page describes the appraisal process in more detail.

https://www.pricescope.com/appraiser.asp

 

[noodles0686]

Thanks for the replies. This gives me much more peace of mind. I am going to schedule an appointment tomorrow with an independent appraiser in my area.

 

[John P]

Date: 2/1/2009 9:49:30 AM
Author:noodles0686

Hello everyone! Quick question here. I just recently purchased a loose diamond from JA. Here is the one I bought:

http://www.jamesallen.com/diamond.asp?find=1&cid=130&item=1197109

I took it to a reputable jewelry store in my area to have it appraised for insurance purposes. I gave the guy the stone and a copy of the AGS certificate. He wrote down the ct weight, cut, color and the clarity on a piece of paper and then looked at the stone through this hand-held microscope for 5 seconds (no exaggeration). He then wrote down an appraisal amount of $4000. I was shocked because this is almost exactly what I paid for it! After extensive research with the help of Pricescope of course, I determined that you can get huge savings off of the internet than what you would pay for in a retail jewelry store and thought I found a great deal on this stone at JA. I was so excited to go have it appraised to see how great of a deal I got. Sorry to keep rambling, but here are my questions. Is this process typical of how a diamond is appraised? Is this appraisal accurate or should I get a second appraisal done? Thanks for the help!

Unfortunately it's not standardized. I hope you didn't pay a lot.

Here is an article you, or others, may find useful. You'll need to maximize your browser window or Neil Beaty winds up looking a lot like Patti Geolat (actually this is growing on me...Neil, do you have a pearl necklace and earrings?).

http://journal.pricescope.com/Articles/58/1/%e2%80%9cAppraise-the-Appraiser%e2%80%9d---Help-for-Consumers.aspx

 

[Richard Sherwood]

Geez, I wish I had that guy''s expertise.

Typically takes me an hour and half to appraise the damn things.

 

[Richard Sherwood]

Beach, I apologize. I saw your name and was reminded that I owe you a hardcopy on your report.

I''m working on it right now.