My diamond got chipped. Waaah. Insurance company have been great but offered 2 options:
1. Cash out value of the stone (MUCH less than it was appraised for - lesson learned in appraisal ripoffs) or
2. Have stone replaced for same value as cash.
OK, well such is life... but the stone that got chipped was great grandma's and there's sentimental value here, and I am supposed to leave it to my niece in my will. I asked if I can buy back the salvage stone, and they said yes - I will have the opportunity to match the highest bid after it has gone to auction. In other words, AFTER I have selected choice 1 or 2, above.
My question is: how can I determine how much that might be? Can I ask an appraiser now for a valuation? Do these auctioned stones go for a good amount? Or is it total roulette?
Pertinent facts: it's an E-F color round 2.14ct with a chip on the girdle... the big question is will the recut reduce it below 2cts? One jeweler who is popular on this forum who saw it confidently said no, another was not sure.
I will choose option 1 if I can reasonably buy back the stone, recut and reset it, then have some over for some stud earrings perhaps? Add to my niece's inheritance one day, that sort of thing.
Otherwise I'll go for option 2 and a new stone and save some time/hassle.
1. Cash out value of the stone (MUCH less than it was appraised for - lesson learned in appraisal ripoffs) or
2. Have stone replaced for same value as cash.
OK, well such is life... but the stone that got chipped was great grandma's and there's sentimental value here, and I am supposed to leave it to my niece in my will. I asked if I can buy back the salvage stone, and they said yes - I will have the opportunity to match the highest bid after it has gone to auction. In other words, AFTER I have selected choice 1 or 2, above.
My question is: how can I determine how much that might be? Can I ask an appraiser now for a valuation? Do these auctioned stones go for a good amount? Or is it total roulette?
Pertinent facts: it's an E-F color round 2.14ct with a chip on the girdle... the big question is will the recut reduce it below 2cts? One jeweler who is popular on this forum who saw it confidently said no, another was not sure.
I will choose option 1 if I can reasonably buy back the stone, recut and reset it, then have some over for some stud earrings perhaps? Add to my niece's inheritance one day, that sort of thing.
Otherwise I'll go for option 2 and a new stone and save some time/hassle.