Appraisal question

[JP78]

Hello, I have been reading these forums for a little while and finally purchased a ring from a vendor that is very highly praised on these forums. I received the ring last week along with the appraisal. The purchase price for the complete ring was just around $8000 while the appraisal was a little over $13,000. Which I thought was great. I had the ring appraised at a local jeweler that was higher recommended by a friend and that appraisal for the replacement cost came in at $7800. The jeweler stated that I over paid for the diamond by around $1000. He compared my 1.03 G VS1 Princess cut, which cost me around 6K and said that he could find a similar stone for 5K. Is it possible that the cut of my diamond would be good enough to add the extra $1000? I guess I''m wondering how two appraisals could be so different. I really want to think that I didn''t get ripped off, and would appreciate any thoughts.

 

[belle]

an ''appraisal'' by someone who can benefit by a sale should not be considered a good source.
this is why we continually advocate INDEPENDENT appraisals around here. a jeweler can never be considered an independent appraiser. they will always have something better and cheaper. always.

 

[Regular Guy]

Belle, well said.

Independent appraisers are nicely documented on this site, above, under Resources...also here.

 

[JP78]

I found that area with the independent appraisers but none of them are around the corner. I was hopping that a trusted jeweler could be good enough, but I will try an independent appraiser. I don''t really like how different an appraisal could be, but I guess that is how the business goes. Thanks for your input.

 

[belle]

i am certain that the difference lies in the appraiser being a jeweler. independent appraisers are familiar with all aspects of the diamond value and can give a better estimate than a jeweler who holds a vested interest by giving a ridiculously low ''appraisal''.
i hope you didn''t pay too much for this guys ''service''. i''m not sure what amount you want to insure for but if it is anywhere near the 13k price, perhaps you should just use that for insurance purposes and call it a day.

 

[lyra]

I got 2 independent appraisals done on my stone because I bought it as an estate piece and it had no papers. I found that both appraisers agreed on everything except valuation, so for insurance purposes, I went with the "too low" appraisal. It was for more than we paid, and all things considered, I could still replace the stone using PS vendors and advice from members here although it would be tight. I didn''t want to pay double the insurance premium for nothing though.

 

[JP78]

I am going to get another appraisal but this time from an independent appraiser. Like you said lyra, i want to cover myself, but I don''t want to pay unnecessary premiums. Thanks.