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Diamond Appraisal

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Rough_Rock
Joined
Apr 22, 2003
Messages
18
I recently had my diamond appraised at the price I paid for it since the jeweler knew the price I paid for it. Don't diamonds generally get appraised at a higher value? Should I get a second opinion? My reason for getting appraised was to simply so I can get insurance on in it. Any information would be helpful.
 

newenglandgemlab

Shiny_Rock
Joined
Jan 16, 2003
Messages
316
Hi,

The purpose of an appraisal is to document what you have so it is adequately described and covered properly in case of theft, damage or loss. If you paid a certain price for a stone, I can almost guarantee that the insurance company can replace it at that price or even a little lower. So why would you want to pay premiums on an inflated appraisal? The insurance company will never give you that amount if they can replace it for less. Unless you really got a price that can't be matched the price paid or slightly higher is right in the ballpark.

Cindy
 

oldminer

Ideal_Rock
Trade
Joined
Sep 3, 2000
Messages
6,442
Some insurance companies still send you to a local retail jeweler for a replacement diamond if you suffer an insured loss. If you only insured a diamond for a very low actual cost on an internet pruchase basis, you may very well have too little coverage for the insurance compnay to satisfy your needs.

Insuring a diamond for an amount near the regular retail found in local retail jewelers is probably a safe way to go. Admittedly, the higher the coverage the more your premiums will be. There is no way of escaping the cost of coverage. Pay it now or pay it later...
 

diamondsman

Brilliant_Rock
Trade
Joined
Nov 11, 2002
Messages
648
most appraisals should be much more than the actual price you have paid for ,especially if you shopped around and have gotten the beast deal for your $.
Either you paid too much for the diamond, or you should get a second opinion!

 
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