curious about appraisal values

[ephemery1]

I''m curious... my fiance purchased our center diamond from an internet vendor for $7200, and had it set at a local B&M store. They gave us the setting for $950... for a grand total of $8150. When my fiance picked up the finished ring from the store, they included an appraisal with it listing the value of the ring at $23,000. Now, I know we found an excellent stone for an excellent price... but I highly doubt we paid $15,000 under value! What''s the deal? I would understand if we purchased the stone from them as well as the setting, and they were trying to prove its worth... but we didn''t? What would the reasoning be for an inflated appraisal value?

 

[Modified Brilliant]

Welcome to PS

An over inflated replacement value serves no useful purpose. Why not ask the person that did the appraisal why he or she valued your ring so high?
You may want to take your ring to an independent appraiser for a more realistic and comprehensive appraisal report.

www.metrojewelryappraisers.com

 

[Richard Sherwood]

Sounds like an appraiser unfamiliar with the market appraising something for double what it''s worth. Was the appraisal signed by a gemologist?

Appraisers who are "out of touch" and just doing appraisals as a sideline seem to generally appraise high, from my observation. They don''t want to upset anybody, and consequently put out a lot of "feel good" appraisals.

All it does is cost you unnecessary insurance premiums without protecting you anymore than an accurate appraisal.

 

[ephemery1]

Not sure if the appraisal from the jewelry store was signed by a gemologist. We''re still planning to take the ring back over to D. Atlas for the official appraisal (they took a look at the stone for us before purchase to ensure we were getting a great deal)... because the insurance rates we were quoted at that value are insane. They are a very established B&M on Jeweler''s Row in Philly, so I don''t think they''re totally out of touch... but who knows. Just curious as to whether there was any natural explanation for it, because I know it''s not uncommon for appraisals to come in a bit high... that just seemed especially excessive.

I appreciate the input!!