Certification for basic insurance appraisal?

[adrift02]

Hey All,

I'm planning to insure a diamond engagement ring through Jewelers Mutual and it looks like I need to get it appraised (it's been almost two years since I bought it from WhiteFlash). Since I already have a full AGS report I'm just looking for a basic insurance appraisal and wanted to know what minimum certification I should look for (for the appraiser)? I read that you just want to make sure they are GG certified -- is that all?

Doesn't seem like I need to be too anal here given the basic service that I'm looking for, but would hate to waste money on a poor appraisal. FYI, looking at this place currently given the close location: http://www.mcjewelryappraisals.com/rates.php

Thanks!

 

[kenny]

I'd only use an appraiser who does not sell diamonds or work for a jeweler ... conflict of interest and all.

I'd pick one from the Pricescope list.
Near the top of this screen click on Resources, then Appraisers.

 

[adrift02]

So you think that someone would attempt to lower its value even though there's no way I'd be looking to trade it in? I could see that happening with an early/full appraisal, but figured this quick insurance appraisal for a set stone wouldn't be an issue (as long as the person knew what they were doing). I have a couple of places picked out from the PriceScope list, but they won't be near as convenient given the locations and our work hours.

 

[denverappraiser]

Matching a stone to an existing lab report is usually pretty easy.

Evaluating condition is usually pretty straightforward if you’ve got a microscope and know what to look for.

Evaluating craftsmanship and condition on the mounting takes some practice but it’s not usually all that hard.

Good photographs takes some practice but usually aren’t that hard.

Writing a description takes some practice but, as with the above, it’s not that tough to learn how to do it.

By the way, NONE of that is part of the GIA-GG program. You’re not asking them to grade the stone (other than questions around condition). Start with someone who presents themselves as an appraiser, rather than as a jeweler who is doing it as a sideline.

Lowering the value depends on what you're lowing it from. WF is pretty price aggressive, and they were 2 years ago too. It's unlikely you could replace the piece for below your 2 year old cost from them and any professional appraiser will have a pretty good grasp on this. They have no incentive to lie. Usually the problem is the other direction where the value conclusion is too high and it causes your insurance premiums to be more than necessary.

 

[WinkHPD]

So you think that someone would attempt to lower its value even though there's no way I'd be looking to trade it in? I could see that happening with an early/full appraisal, but figured this quick insurance appraisal for a set stone wouldn't be an issue (as long as the person knew what they were doing). I have a couple of places picked out from the PriceScope list, but they won't be near as convenient given the locations and our work hours.

I will let Kenny answer your questions, but will add my own caveat.

It will be important that you have the appraisal done properly. I have no issue with an appraiser who works for a jeweler doing the appraisal if you have a relationship with the jeweler. What you want to be sure of though, is that the appraisal will cover the cost of replacing the diamond should it be lost for damaged. For that you need to talk with WhiteFlash you need to make sure that the supplier's name is in the appraisal, as well as the details from the AGS report. If it was one of their branded stones that MUST be in the appraisal in order for you to have it replaced with a branded stone from WhiteFlash. Otherwise, any old AGS 0 will do. NOT ALL AGS 0 STONES ARE CREATED EQUAL!

If your appraiser will work with you to include all of the relevant data into the appraisal and not raise the price to levels that will cost you too much to insure or so low that you are not covered if the item should need replacing, then it really does not matter much from whom the appraisal comes from. (Did you contact WhiteFlash to see whether or not their appraiser will update the appraisal for you?)

Dang, I started this reply an hour or three ago, then the phone rang and rang again and again. I hope it is still relevant...

Wink

 

[adrift02]

Thanks a bunch for the info guys. WF's price estimate that came with the ring (I assume this would have counted as an "appraisal") ended up being almost $3,000 more than I paid. Of course, looking at WF now I can see similar loose stones priced above what I paid for both the diamond and setting -- prices have definitely gone up.

One thing Wink said caught my attention -- will WF update my appraisal with new estimates so that I can just skip the B&M appraiser? Another thing, I was adding insurance because I'm going to ship it back to WF for replating (should have added it initially anyways). Should I be thinking about just having WF reappraise then and add really good shipping insurance?

 

[WinkHPD]

Thanks a bunch for the info guys. WF's price estimate that came with the ring (I assume this would have counted as an "appraisal") ended up being almost $3,000 more than I paid. Of course, looking at WF now I can see similar loose stones priced above what I paid for both the diamond and setting -- prices have definitely gone up.

One thing Wink said caught my attention -- will WF update my appraisal with new estimates so that I can just skip the B&M appraiser? Another thing, I was adding insurance because I'm going to ship it back to WF for replating (should have added it initially anyways). Should I be thinking about just having WF reappraise then and add really good shipping insurance?

Probably. But to be sure, pick up the phone and call them. They will tell you better than we will what they can do and also what they will do. My bet is that they will be happy to do what you need done. They already have the information and they will need to see the ring to confirm that there is not damage, so what better time than when they are already doing some work for you?

Please let us know what happens.

Wink

 

[adrift02]

Quick update: Since I sent the E-ring back for re-plating and ordering bands WF is just going to update my appraisal for free.

 

[WinkHPD]

Awesome. Why am I so NOT SURPRISED?

Wink

 

[diamondseeker2006]

Good call, Wink! And very nice of WF, too!

Honestly, I have had no issues getting local jewelers to do insurance appraisals for me. I know the value going in and state that I do not wish to have an inflated appraisal, and if it is a branded stone, I give them that info. It's an easy $40-50 bucks for them and my lab reports are attached for insurance.