E-Ring appraisal question

[EringNoob]

Hello Pricescope,

I was wondering what to expect from an average appraisal for an solitaire engagement ring. Does the ring usually appraise for higher than the purchase price and is there an average range or percentage that it appraises for. Thanks all.

 

[Lorelei]

This should help,

https://www.pricescope.com/appraiser.asp

 

[oldminer]

Please read the article first.

One must recognize that an appraisal for just about the same value as you just paid is probably the best of all possibilities. However, since the appraiser generally does not know what was paid or where the purchase was made, an appraiser tends to err on the higher side. Few people become upset about a perfectly good purchase if the appraiser is near the price they paid or higher. Most everyone gets upset or concerned if the appraisal value is somewhat lower than what they just paid. This just makes common sense.

I have seen some extraordinary deals over the years where folks paid way more or way less than I expected. Usually there were reasons which later came to light. It doesn''t happen that often, but the odd situations stand out enough to make most appraisers cautious about how low is too low and how high is too high. Appraising is more art than science. A good interview with the client before setting the appraised value often makes the appraiser more able to hit a proper value target.