So perhaps the only point of contention in my diamond buying process came with my appraisal. I paid $13,305 for my ring, and the GOG appraisal that came with the ring was just over $21K. Nancy Stacy, the Bay Area appraiser that I had review my diamond, mentioned that the valuation was the only problem with the appraisal from GOG. While she agreed the diamond may have cost $21K in a B&M store, she didn''t see the reason to insure it at that value since I purchased it in the internet market. Her logic was, chances are if the diamond were lost or damaged, either the insurance company would be tasked with finding a like diamond, which at their wholesale volume would probably cost them even less than $13,305, or I would be given the amount to go purchase a diamond on my own, which I would most likely do again on the internet and not through a B&M store. Her appraisal came in at just under $16K. I actually asked her to take the tax out of the appraisal, putting the value around $14,500, since, barring online legislation changes, I wouldn''t be paying tax if I were to replace it with a like diamond online. My primary reason for asking her to do so was my fiance lives in LA, and the Jeweler''s Mutual insurance rate was $2.00 per $100 in value for jewelry up to $15K, and $2.50 per $100 for jewelry valued between $15K and $30K. IMO, that''s a HUGE difference in insurance premium for little value, seeing as both the $14,500 and the $21,000 valuation are both higher than I paid anyway.
Am I missing something here?
Am I missing something here?