Appraisals

[aerodiamond]

Hello, I have been reading and educating myself for a few weeks now. I finally made a decision and purchased a GIA graded Round H&A stone 1 ct. size. The stone is beautiful and my girlfriend loves the stone. Since I made the purchase online I decided to have it appraised by a local appraiser. So I take to stone to him and he writes me a letter and that says he agrees with all the information listed on the GIA report. I was hoping that he would of given me a estimate value for the stone, at the same time he checked the specks. When I asked him about getting an estimate for insurance he tells me that I need to bring the diamond back when mounted and he will write up a report. This will cost me another $50.00. The check out letter costs me $75.00. He also says that since I bought the stone on the internet the insurance appraisal will be less than if I bought the stone in a B&M store. I guess my thinking is that if the stone would ever need to be replaced what difference does it make where I bought it? So my question to all of you is does this sound reasonable? Do the fees seem reasonable?

Thanks

 

[diamondseeker2006]

You don't want an inflated appraisal because that will drive up your insurance premium needlessly. So by all means, let the amount cover what you paid at least, but don't let it be the overinflated amount we see on many insurance appraisals. I like how your appraiser is doing it. And yes, I think $75 to verify that the stone is what it says it is and $50 additional for the insurance appraisal after it is set is fine.

 

[Regular Guy]

Though I agree with a) pricing and b) thinking DS reviewed, I''m disappointed the appraiser was not more clear, to explain their thinking to you, and get agreement. BTW, of course, the independent appraisal can also be used for you to understand if you want to keep this option you purchased, or return it, so be sure you are satisfied with what you purchased, with the help of your appraiser.

 

[strmrdr]

Tell him you want both replacement values listed on the report:
Internet replacement value:
local replacement value:

 

[aerodiamond]

So it is possible to have both replacement values on a report? I guess I should of researched what to expect from an appraisal a little more, what questions to ask. I spent so much time researching diamonds, that I forgot about all the other aspects involved with the purchase. Thanks for the replies.

 

[Regular Guy]

Aero,

A lot''s been written here about appraisals, much presented in the Faqs, section, with one good piece here.

Though expert appraisers here recommend offering both of these numbers, internet and retail, I''m not sure telling this to your appraiser will get it, nor having them both will help you with your insurance agent, who must pick one, and would probably pick the higher one...though...hey, maybe in your case, it will actually help you.

The idea introduces the option of choice, which can never hurt.

Regards,