Appraisal Too Low?

[Gr8fulDave]

I purchased my diamond from James Allen, who I highly recommend, and my mounting from a local very well-respected jeweler. The local jeweler''s GG did the insurance appraisal. Based on what the local jeweler charges for a diamond with the same specs as mine (GIA Excellent Cut, G SI2, 1.02c) I expected the appraisal to be at least $2500 higher. If you take into account the fact that the mounting was sold on closeout at a considerable discount and I have seen it elsewhere for anywhere from $500-$800 more than what I paid for it, the appraisal may be off by over $3000. Do you think that the jeweler discounted the value of the diamond based on the assumption that it was purchased online? What do you recommend that I do? Should I get an independent appraisal? I did get an independent appraisal of the loose diamond and the appraiser felt that it was worth at least $1600 more than what I paid for it. To complicate matters I''ve already submitted the appraisal to the insurance company because my fiancee was (rightfully) worried about not having it insured. Thanks in advance for your thoughts.

 

[Ellen]

Have an IA redo it, and then submit that to the insurance company.

 

[surfgirl]

You can get the appraisal re done by an independent appraiser. This often happens, sadly, and the jewlery GG person has a conflict of interest so you should let the insurance co know this and tell them that you want a re-appraisal independently.

 

[bee*]

Definitely have it done again by an independent appraiser.

 

[diamondseeker2006]

Let me understand this clearly. Was the appraisal LESS than you paid for the diamond and setting? Or was it the same or a little more? You certainly don''t need to overinsure. It''s not bad to have a 10% cushion to allow for prices increasing, but I would not want the appraisal to be higher than that or else you will be paying extra for the insurance needlessly. Please don''t waste money on another appraisal as long as it was enough to cover what you actually paid.