Cost of Appraisal

[diamond island]

What does it generally cost to do an appraisal on a diamond ring for insurance purposes and not to verify the certificate? Would you expect the jeweler who sold it to you to do an appraisal for free?

 

[RockDoc]

RE: For Free

If you''re referring to the jeweler who sold it to you....possibly he will write a document for you...but this isn''t really an appraisal and shouldn''t be called one. Some of the other threads hash this out- so look at those.

If you want a "real" appraisal made by an indepent, yes it will cost you. Some charge by size, others by time spent. However, if you''re getting replacement coverage, then it should have EVERY detail in it to insure proper replacement if you have a claim.

Hope this helps.

Rockdoc

 

[NyssaLynne]

Many jewelers will give you an ''appraisal'' certificate with your purchase. From what I understand, these are virtually worthless because this is the person who sold you the ring. You need to have an independent appraiser do the appraisal on your ring.

I am in the process of setting up an independent appraisal for the ring I recieved right before Christmas. My jeweler gave me an ''appraisal certificate'' that stated the actual cost I paid and the cut/color/clarity/carat weight the ring was sold to me as being. They are having an independent appraiser come into their store at the end of this month. I made an appointment with him and it was going to cost me $125 to appraise my ring.

Since I was unhappy with waiting until the end of the month to be able to insure my ring, I did some research (here and at Diamond Source of VA''s website) and found a person in my area who does independent appraisals, that could do my appraisal much sooner. I am only being charged $80 for my ring that is close to 3 carats total weight. This appraisal will be done in my presence so there is no concern of diamonds being switched or anything.

I did learn from this that the cost of appraisals is contingent on the carat weight of the item and how many items you need appraised. Some will discount the additional item''s appraisal costs.

I know everyone says not to insure the ring for more than what it would cost to replace but it just seems smart to me to insure it for a bit more that what you bought it for, especially if you feel you got an excellent deal on your purchase. I may have paid $xxxx for my ring but to get the exact same diamond and setting may cost me more down the road. Also, retail stores tend to charge more, so if you don''t buy that way the first time, it may cost you more to replace if you end up using a retail store.

I am hoping to buy insurance through Chubbs, which offers cash settlements, so I want to make sure that I will be able to replace with the same quality as I have now. If I don''t insure for enough money then it will be harder to replace my ring if anything should happen.

 

[RockDoc]

Date: 1/8/2005 10:36

9 PM
Author: NyssaLynne
Many jewelers will give you an ''appraisal'' certificate with your purchase. From what I understand, these are virtually worthless because this is the person who sold you the ring. You need to have an independent appraiser do the appraisal on your ring.

I am in the process of setting up an independent appraisal for the ring I recieved right before Christmas. My jeweler gave me an ''appraisal certificate'' that stated the actual cost I paid and the cut/color/clarity/carat weight the ring was sold to me as being. They are having an independent appraiser come into their store at the end of this month. I made an appointment with him and it was going to cost me $125 to appraise my ring.

Since I was unhappy with waiting until the end of the month to be able to insure my ring, I did some research (here and at Diamond Source of VA''s website) and found a person in my area who does independent appraisals, that could do my appraisal much sooner. I am only being charged $80 for my ring that is close to 3 carats total weight. This appraisal will be done in my presence so there is no concern of diamonds being switched or anything.

I did learn from this that the cost of appraisals is contingent on the carat weight of the item and how many items you need appraised. Some will discount the additional item''s appraisal costs.

I know everyone says not to insure the ring for more than what it would cost to replace but it just seems smart to me to insure it for a bit more that what you bought it for, especially if you feel you got an excellent deal on your purchase. I may have paid $xxxx for my ring but to get the exact same diamond and setting may cost me more down the road. Also, retail stores tend to charge more, so if you don''t buy that way the first time, it may cost you more to replace if you end up using a retail store.

I am hoping to buy insurance through Chubbs, which offers cash settlements, so I want to make sure that I will be able to replace with the same quality as I have now. If I don''t insure for enough money then it will be harder to replace my ring if anything should happen.

Nyssa

Chubb''s policy should provide you with a clause that covers you should the replacement cost increase. Generally they will pay up to 50% more than the stated value. It doesn''t cost extra either, its included in their policy terms.

One of the PScope merchants had a customer who bought Chubb, and lost the stone. It was insured for $14K...
Chubb paid 18k ( it was an unusal stone ). Make sure your policy will have that clause in it

Rockdoc

 

[skimmy]

if the jeweler who sold you the diarmond also does the appraisal, will insurance companies accept this?

 

[denverappraiser]

Date: 1/10/2005 7:49:17 AM
Author: skimmy
if the jeweler who sold you the diarmond also does the appraisal, will insurance companies accept this?

Usually they will.
The description in the appraisal report will become the description used if you ever file a claim and the company needs to make a replacement. Read it and make sure that you would be satisfied with a piece that meets this description. It should contain all details that are important to you about the piece. A description like ''... mounted in a 14k gold ring.'' can result in a replacment that you may find inadequate in the case of a claim.

Neil Beaty
Independent Appraisals in Denver