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Appraisal value help! What should it appraise for?

clearfading

Shiny_Rock
Joined
Mar 29, 2016
Messages
256
Upon the advice of many posts, I told the jeweler I got an appraisal from what I paid for the center stone and that I didn't want an inflated appraisal. He said he'd look for comparable stone prices and Rap sheet and etc etc. The appraisal with a platinum solitaire setting came back at $26,930.00. That is a $351/year policy with jewelers mutual with a $100 deductible. When I picked up the appraisal he said it could have gone upwards well to 30k.
So, how do I know if I am overpaying in premiums to jewelers mutual from an inflated appraisal? What should I ask for it to appraise for? (I have confidence if I asked them to adjust it down they would) I definitely don't want to be overpaying to JM but I love this stone and want something comparable if something were to happen. Thanks!
 

diamondseeker2006

Super_Ideal_Rock
Premium
Joined
Jan 11, 2006
Messages
55,631
Did you buy second hand at a steep discount? If you bought at retail, there is no way on this earth I would pay double the true value...what you paid...for replacement insurance. I get insurance to cover the amount I have invested in the piece (or maybe a tiny bit higher to cover inflation for a few years). I can guarantee you that it won't cost JM more than it would cost you to replace the piece.

When getting an appraisal, upfront, I would say that I paid retail and will supply them with the receipts and I want the appraisal to reflect that and be absolutely no more than 10% more than I paid. If they aren't willing to do that, then I'd move on.
 

clearfading

Shiny_Rock
Joined
Mar 29, 2016
Messages
256
I bought online through a vendor so I do not think I got a great deal (although not a bad one) and no, I did not buy second hand. Yeah, I had a feeling this was too much! Ok, so upon your advice add up my 2 receipts for the stone and the setting and add 10% to cover inflation for the next few years. Do you know if JM allows you to be picky about the stone replacement and do the searching yourself? Thanks!
 

denverappraiser

Ideal_Rock
Trade
Joined
Jul 21, 2004
Messages
8,749
The JM replacement will be of 'like kind and quality', and where that comes from the description section of your appraisal. If there's something that you would like to be considered in your replacement, like for example hearts and arrows symmetry, and you actually have it, this should be mentioned in the report. The same applies for the brand name of the manufacturer and similar non-gemological attributes. The description and photographs will become the purchase order for the replacement.

If you think your appraiser made a faulty value conclusion, ask them to explain. Show them why you think it's wrong. They may not end up agreeing with you, but they should be able to explain what they're thinking and why. Their contact information should be in the body of the report if you don't already have it.
 

diamondseeker2006

Super_Ideal_Rock
Premium
Joined
Jan 11, 2006
Messages
55,631
I remember your ring now and that you are in my area! I think most local appraisers are used to doing those "feel good" kind of appraisals that make people think they got some kind of a great deal on a jewelry item. That is the last thing I want when insuring jewelry!

My understanding is that some PSers have said that JM will often allow you to work with a jeweler you choose for the replacement. That might be more likely with jewelers who have JM insurance themselves or offer it to their customers, but I don't know that for sure. For example, they might let you work with Whiteflash and they could call in diamonds for you and you would have a say in the replacement diamond (I don't recall where you got your stone, but I think you could say you wanted to work with WF who you bought the setting from for both, for example.)
 
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