Do I need to get a new Bluenile ring appraised?

[soupcxan]

So I just bought a new e-ring from BlueNile for $3k, it''s a three stone princess in the platinum trellis setting, the stones are 0.5/0.25/0.27 ct with grades of G-H color, VS1/2 clarity, and Very Good cut. They all came with GIA certificates and the ring looks great. The appraisal from BN that was included with the ring put the retail value at $5k.

My question is - do I need to take this to an independent appraiser before my 30 day return period expires? I don''t have any reason to think that the ring is not what I ordered and based on the research I''ve done at other vendors, I''d be really surprised if they came back with a much lower appraisal than what I paid. $3k is a fair amount of money but it''s not like this is a +$10k solitare where I would insist on an appraisal. Am I missing something here? Will I need a non-Bluenile appraisal to get my homeowners insurance to cover it? Or are most insurers not that picky?

Appreciate your input.

 

[Independent Gal]

I think you should be fine! My jewelry insurance (which is a tack on to my homeowner's) just used the appraisal from the jeweler. No problemo!

And in terms of 3K being a fair price, the easiest way to figure that out is to look at a few other sites and see if that's about what you'd pay elsewhere. I'm guessing it is.

So, if it were me, I wouldn't bother paying for another appraisal.

ETA: You know you probably have to list the ring SEPARATELY and pay a little extra to get your homeowner's to cover it, right? Just making sure! Shouldn't be too expensive. I got 2K of coverage for about $18 a year.

 

[RockDoc]

I would suggest you get an appraiser.

An appraisal issued by the seller without disclosing that he was an interested party, and disclosing the actual price of the item, AND valuing the item that cost $ 3K for $5, is just plain problematic.

I would suggest you insure your jewelry separately from your homeowners coverages. This sort of depends where you are. In states where there have been severe weather damage, you could risk losing you homeowner''s coverage if you have a jewelry claim. In some states insurance companies are looking for any excuse not to write coverage. Florida where I am is one such area. Louisiana is another.

If you use the BN valuation, you''ll be paying excessive premiums most likely.

I recently did an appraisal for an item sold by Blue Nile in 2002. The client paid premiums based on their value for 5 years.
My current value, taking into consideration of what BN currently charges was still less than the value they provided.

Insuring an item using a replacement type policy, using an inflated value, won''t get you the amount you insured it for if the company replaces it for less. And if you can buy it for $3K, chances are they can buy it for the same price or less.

Alternatively, you could ask BN to ammend the report with a more sensible and realistic value.

Rockdoc

 

[strmrdr]

Id get it appraised by an appraiser who understands cut to find out how good or bad BN VG cut is and get some comps.

 

[diamondseeker2006]

I think if you love the ring and you compared prices before you bought it, then I wouldn''t bother with an appraisal on a ring with certified stones unless it was very expensive. Almost all diamond purchases come with an insurance valuation higher than the purchase price. I had the choice of insuring for the purchase price or the insurance valuation price.