Diamond Appraisal Question!

[tracy47]

Hi Everyone!

What is the procedure like for a ring appraisal? I bought a new setting at a jewelry store, and diamond online that's set in a solitaire setting. The jewelry store who sold me the setting will do the actually setting of the diamond. I asked them if they can appraise the ring for me with the new setting, and the lady said as long as you have the GIA certificate for it.

That brings me to the question, do they always need the certificate to appraise? Doesn't it defeat the purpose, since the certificate outlines all the specs for the diamond, and how do you know if you are getting what the certificate says? Also, if it is already setted, how can I do all the measurements of the diamond? I would think the setting would hinder a very good appraisal of the diamond, especially how would they see all the inclusions under the prong? I bought a very good diamond VVS1 color E, ideal cut and want to know that i have a diamond that the certificate says it is.

What was your experience like? Can they do a blind appraisal? Do they dismount the stone and then appraise? Thanks!

 

[denverappraiser]

The usual objective of a new purchase appraisal is to provide documentation for insurance. That is to say to document exactly what it is so that it is possible to replace it in the case of a loss. Part of what it IS is a GIA graded VVS1. You paid extra for that, it should be what you get replaced with and the GIA pedigree is an integral part of it.

If what you want is a second opinion on the stone grading, have it examined ‘blind’ before it’s set. That’s the way the lab does it and they do it that way for good reason. You’re quite correct that it’s entirely possible to hide things under prongs and, in fact, it’s good setting habit to do just that if the inclusions are situated in a way that it’s possible. It’s also possible to do a much better grading job on the cutting with the stone loose, it’s possible to actually weigh it and it’s possible to take measurements that are inhibited by the mounting. Much of this data appears on the report and if the appraiser can match the stone they’re looking at to the report they can then stipulate some of the data in the document. This is one of the big reasons for getting a GIA graded stone in the first place.

The other big reason for appraising new purchases is as a quality control step. It’s a way of having an expert look at the condition of the stone, the workmanship of the setting job, the above mentioned stone matching, etc. Whether or not you need this depends on your trust in the seller and whether or not they can or will do it. Most people don’t do their best work for ‘free’ and jewelry store appraisals are often severely abbreviated. Insurance companies aren't usually very picky (It's YOU who should be picky). I can’t speak for your jeweler but the fact that they insisted on seeing the lab docs and want to include a copy in the report is a GOOD sign.

 

[sonnyjane]

To get an accurate appraisal of a STONE, yes, typically the most accurate way is by having them look at the stone BEFORE it is set. That's if you have a stone that you don't have all the info or if it's a first-time appraisal. If you have a GIA certificate on the stone, however, then that becomes less important. Do NOT have them set the stone only to take it out for an appraisal. That could damage your ring and isn't necessary in this case at all.

If you would have bought a completed ring, then most insurance companies can just use the receipt as a valuation, but since you have a separate ring and setting, you will need an appraisal on the finished product. You asked why they need the certificate, and then you asked how they make sure the certificate matches the stone you have. You kind of answered your own question. They need the certificate first of all to verify that yes, the stone you have is the stone that the certificate is for. It also is a good baseline and yes, it is very common for them to go off of the certificate that already exists if you have one.

Only get the valuation through the jewelry store if they are reputable. If not, go to an independent appraiser. The cost for mine earlier this year was $120 and took about 2 hours. You want to make sure that the appraisal (for insurance purposes I gather?) reflects any specific brands or other traits that would be important if you need to replace your stone.

One last bit of advice is that it is common for an appraisal value to be MUCH higher than what you actually paid. You don't really need to pay inflated rates to an insurance company, especially if your insurance company replaces with like kind, not a payout. If you think that they come back with a value that is too high, then you can ask them to reevaluate.

 

[tracy47]

Thanks for your replies! Another question, my diamond is a GIA stone, but there is no laser inscription that is tied to a certificate. Does this sound right? Per google, everyone stone should have an inscription, or are there exceptions? i would feel so much better if there was one.

 

[sonnyjane]

Thanks for your replies! Another question, my diamond is a GIA stone, but there is no laser inscription that is tied to a certificate. Does this sound right? Per google, everyone stone should have an inscription, or are there exceptions? i would feel so much better if there was one.

Not every GIA stone has a laser inscription. It's an extra feature that one can purchase at the time of the certification.

 

[denverappraiser]

Laser inscription service has only been available for a decade or so and older stones usually don't have one. As mentioned above,it's an optional service. If you want it, it's usually not that difficult to add but the best time is before it's set. Rather few jewelers have the tools to do it but they can send it in to the lab if you've got a little bit of time. There are services that can do it on a mounted stone but most, including GIA, will only do it unmounted.

I want to second the comment above that it's a mistake to be setting and resetting stones unless you've got a REALLY good reason for it. An appraisal for curiosity or insurance purposes would not be a good reason.