average appraisal cost for a wedding set and insurance

[Ravinmad]

All,

Is there a base line or approximate a appraisal should cost for a diamond solitare with .54ct stone and simple gold wedding band? Stone is GIA certified, and that info would be included when the set was to be appraised

. One local shop who isnt listed as an appraiser here offers appraisals for replacment value, insurance, and gives you a image dome image of your stone as part of the package deal. Total time is approximately 1-1.5 hours and approximately 100-120dollars.
http://www.jenkinsjewelers.com/appraisals.html

The nearest listed one on the resouces tab is http://www.birminghamgemological.com/

His services and credentials look fantastic, but I'm not sure if he does appraisals sent to him or just does appointments where you bring in the goods, they are almost 2-3 hours way.

Any insight would be great!

 

[diamondseeker2006]

Ravin, I can't remember, but did your diamond vendor set the stone? I would not spend that much on an appraisal. You know how much it is worth and you have the lab report on the stone. I use sales receipts and GIA reports all the time to add things to insurance. But if you are using JM, I think they require an "appraisal" which is really a way they can make more money since most "insurance valuations" are higher than the price paid for the item.

We do have local jewelers who will do an insurance appraisal for $40-60. I don't see why you'd include a plain wedding band, though. You wouldn't want to make a claim on an item of low value or that was lower than the deductible, so I would only insure the diamond ring.

 

[denverappraiser]

JM requires documentation but a receipt from the selling jeweler(s) that contains sufficient information to allow them to replace the piece in the case of a loss works just fine. This is true with most insurers. Assuming the jeweler supplied this, the reason to get an appraisal is for YOUR purposes, not the insurance company’s. The reason to use a professional appraiser is because they have better credibility, they have better training, they have the proper tools, they don’t have the same conflicts of interest, and they take the time to do a thorough job. Not surprisingly, that usually costs more. Whether or not professional services are useful to you depends on your own requirements and objectives. The cheapest document titled ‘appraisal’ may be what you want, but frankly, I don’t see much value in them, even though they’re not usually very expensive. Not that I’m an unbiased observer on this question. Meeting the minimum standards of the insurance companies is pretty easy. Meeting your standards may not be.

 

[Dreamer_D]

I have been so disappointed with all my local appraisers, I have tried four different ones and each was disappointing in their own way. The biggest problem I have is inflation, even when I say: "Be very very conservative in the estimate" or "Give me the e-tailer replacement value" it is inflated. Being in Canada they won't accept a bill of sale it must be an appraisal. Annoying. Anyways, $40 to $60 is what I pay for appraisals for insurance since I already know the value of what I own and usually have lab reports. The appraisal is more of a formality required by the insurer.