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appraiser

raptor673

Rough_Rock
Joined
Jan 23, 2011
Messages
53
hi i just getting a feel for my wifes ring.it cost 8k and got it appraise for 20k for insurance.is this a good appraseal price.
 

yssie

Super_Ideal_Rock
Premium
Joined
Aug 14, 2009
Messages
21,105
That's ludicrously inflated - you'll be paying unnecessary premiums on a replace with like kind & quality policy.

What did you actually pay for stone and setting?
 

tyty333

Super_Ideal_Rock
Premium
Joined
Dec 17, 2008
Messages
22,497
For insurance purposes I would want a more realistic appraisal. If you paid $8k for the ring I think it should be $8k + a bit more
because settings/diamonds keep going up. I would think more like $11/$12k.

(unless you bought your stone back before diamonds prices went up, then it may be a little higher. You can use the diamond
search to see what it would cost to replace your stone.)
 

kindred

Brilliant_Rock
Premium
Joined
Dec 3, 2008
Messages
945
I had a ring appraise very high and I paid inflated premiums on it for many years before I realized that the appraiser had not done me any favors. If you bought it recently for $8,000 it might be worth a little more because prices have been going up, but it's pretty unlikely to be worth $20,000.

I second the suggestion to check out prices through a pricescope search. If you find a comparable diamond, be sure to click on the link and check the prices on the vendor's site, because prices have been going up and sometimes the old price is showing up on the pricescope page.
 

yssie

Super_Ideal_Rock
Premium
Joined
Aug 14, 2009
Messages
21,105
Yssie|1312062114|2980712 said:
That's ludicrously inflated - you'll be paying unnecessary premiums on a replace with like kind & quality policy.

What did you actually pay for stone and setting?

Ahh - is it the stone from this thread? [URL='https://www.pricescope.com/community/threads/diamond.156025/']https://www.pricescope.com/community/threads/diamond.156025/[/URL]
$6k - 1.14 H SI1, and 2k for the setting
I see a few comparable stones in ERD's current inventory -
$8.4k 1.15 H SI1 http://www.engagementringsdirect.com/DiamondDetails.aspx?Item=184308361
$7.8k 1.11 H SI1 http://www.engagementringsdirect.com/DiamondDetails.aspx?Item=184587679

Given that prices of stones and metal are still rising I'd agree that insurance for 12,13k total is reasonably indulgent. At 20k you really are just throwing away good money on those premiums.
 

centralsquare

Ideal_Rock
Joined
Jan 18, 2009
Messages
2,201
appraisals always come back a *bit* more than what you paid, especially if you bought online. but over double is a bit absurd. you can either get it re-appraised or just tell your insurer that you want to insure it for less. if you have an invoice you can probably get it insured at that value.
 

raptor673

Rough_Rock
Joined
Jan 23, 2011
Messages
53
so why what the gemologist insure at this price.matter of fact the gemologist is on this fourm under( dbogess.
 

raptor673

Rough_Rock
Joined
Jan 23, 2011
Messages
53
let me correct myself why would dboggess appraiser so high.he only grades the diamonds on what he sees in quality and i guess thats what he thinks its worth
 

Dancing Fire

Super_Ideal_Rock
Premium
Joined
Apr 3, 2004
Messages
32,399
raptor673|1312077295|2980859 said:
let me correct myself why would dboggess appraiser so high.he only grades the diamonds on what he sees in quality and i guess thats what he thinks its worth
i wouldn't insure it for more than $10K.
 

yssie

Super_Ideal_Rock
Premium
Joined
Aug 14, 2009
Messages
21,105
raptor673|1312077295|2980859 said:
let me correct myself why would dboggess appraiser so high.he only grades the diamonds on what he sees in quality and i guess thats what he thinks its worth
Why not ask him just that?
 
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