Appraisal question

[Jcm412]

I just bought a stone from an online vendor. Now that I have the loose stone I know I need to get it appraised and authenticated. However, I want to put it in a pave halo. But, that could take 4 weeks. There is only a 30 day return policy on the stone. So do I need to get the loose stone appraised and authentcated now and then again for insurance purposes after it is set in the pave halo?

Also, does anyone know if I need to get any paper work first from the insurance company to take to the appraiser ? Or can I take the appraisal to the insurance company later?

 

[denverappraiser]

There are a couple of different reasons that people seek out appraisals on new purchases and you’re at a conflict between them.

#1 Matching the stone to the grading report, inspecting for damage and adding information that may not have been supplied by the jeweler.

#2 Quality control of the mounting and assembly process. Inspecting for damage, security of stones, finishing work, defective materials, etc.

#3 Documenting what you have to meet the insurance company’s requirements in order get them to bind a policy.

#4 Providing documentation to cause the replacement made by the insurance company in the case of a lose to be of ‘like kind and quality’ in the case of a loss.

For later part of #1, the inspection really needs to happen before its set. The others can usually be done on the completed item but the difference is important since you bought up the return issue. This tells me that the appraisal is part of your shopping decision. Setting the stone usually voids your return privilege, even if they do it quickly, and it almost certainly screws up the mounting for setting a different stone afterwards. Get your decision about whether it’s the right stone for you before the setting process starts (other than possibly showing it to the setter to confirm that it will work in the proposed design if you decide to use it).

You are providing paperwork to the insurer, not the other way around. In most cases the policy won’t start until the piece is completed and until they have paperwork documenting exactly what is being insured.