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ENGAGEMENT RING APPRAISAL WRONG?? NEED HELP PLEASE!!!

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likamarie82

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My fiance and I just bought my engagement ring, It is absolutely gorgeous:) The man we bought it from is a retired state trooper who was selling it for his friend in MD who recently got laid off and needed money quick so he decided to sell his deseased wife''s ring. The man took his mother''s diamond solitaire and had a custom mounting made and selected a channel set with 4 round diamonds on each side. He gave us the appraisal his friend had done from 1997. The appraisal was very simple and did not contain much information. The original appraisal in 97'' said the retail replacement value was 2500.00. All it had was color grade K, Clarity SI1, Cut Round, and Carat .71. Well, I fell in love with the ring as soon as I saw it and HAD to have it!!! It was absolutely stunning and very unique. The mounting is in 18k yellow gold with a VERY high bar setting. After we purchased to ring from the middle man, we took it to the most reputable independent appraiser in our area to get appraised and resized from 6.5 to 5.75. I called several jewelry stores and they all recommended him and said most shops send the rings to him to appraise anyway. I called this guy and he charges by the hour, so we went in and left the ring.. before we left he said the ring would take 45 min-1 hr because of the setting. He calls us the next day to pick up the ring, when I opened up the appraisal I almost fainted. He appraised to ring at 4850.00 and we only paid $ 650.00. It had so much more detail in this appraisal than the one done in "97. The Appraisal read:

One ladies, 18Kt yellow gold, Euro shank, engagement ring weighing approximately about 5.36 dwt,with one round white stone in the center set in a white gold, bar setting and a channel set row of four round, white stones on each side. It contains:

One rond, brilliant cut diamond measuring approximately 5.62mm in diameter by 3.6mm in depth and weighs about .72 carats. It color grade is in the J-L range and clarity grade SI1...........$3110.00

Eight round, brilliant cut diamonds measuring from approximately 2.2mm to 2.5mm each in diameter and weight a total iof about .40 carats. Their color grades are in the G-I range and average clarity grade os SI1...........$810.00

Mounting............$930.00


Estimated Replacement Cost: 4850.00



I did some research online and you can see the shape of my diamond perfectly because of the setting and its ideally cut... also, for being such a low color grade and clarity, it shines and sparkles better than my friend''s ring which is graded at a F color and VS1 clarity. It truly is a beautiful ring, the colors that bounce off it is what caught my attention. So my question is, could this appraisal truly be what the ring is worth? Or are most appraisals off quite a bit? Thanks for ANY info or help I may receive!!!!
 

strmrdr

Super_Ideal_Rock
Joined
Nov 1, 2003
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23,295
way off, the internet pricing on the diamond is between $1000 and $1500 depending on the exact color assuming the clarity is correct.
So even b&m pricing is around $2k max.

Price on the setting seems high but cant say for sure without seeing it and doing comps.
 

strmrdr

Super_Ideal_Rock
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Nov 1, 2003
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23,295
$650 is a very nice price for it so overall you did well.
The appraiser on the other hand is smokin something funny.
 

likamarie82

Rough_Rock
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Feb 4, 2009
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I talked to my friend and she told me that it could be priced so high because of the cut?? What exactly is that? I also called the man who sold it to me and he said the diamond solitaire in the ring is probably about 80-100 years old. I am just confused.. I appreciate you trying to help me out!!!! But if you look at the ring, the center stone stands out tremendously because of the sparkle, colors, and shine to it.. how is that possible if its rated at a lower grade than the accent stones? Thanks!!! I appreciate it so much.. I really dont know very much about diamonds, I want to learn all I can:)
 

strmrdr

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nope don''t explain it...
 

Deelight

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Oct 4, 2007
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5,543
Colour and clarity have nothing to do with sparkle, what makes a diamond sparkle is the way it is cut - the better and tighter the proportions a diamond is cut the more alive it will be :).
 

strmrdr

Super_Ideal_Rock
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23,295
the very best cuts with a high level of documentation to prove it in .7ish J-eyeclean si1 just barely break $2k.
80-100 year old stones would be priced below that.
 

likamarie82

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39
Thanks!! How would anyone know how old a stone is? Do they have testing for tha? Just curious:)
 

likamarie82

Rough_Rock
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Feb 4, 2009
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Thanks!!! Then I truly believe this diamond cut is wonderful cause it sparkles so beautifully with different colors too.. its strange, it seems to be more bright when there is less light???? I am confused about that too
 

JulieN

Super_Ideal_Rock
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13,329
normal. there was less light 100 years ago.
 

likamarie82

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Date: 2/4/2009 8:42:17 PM
Author: JulieN
normal. there was less light 100 years ago.
Thanks for your sarcasm, I am just trying to understand and educate myself on diamonds. There is always the one person who has to be a jerk.
 

strmrdr

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Date: 2/4/2009 8:55:27 PM
Author: likamarie82
Date: 2/4/2009 8:42:17 PM

Author: JulieN

normal. there was less light 100 years ago.
Thanks for your sarcasm, I am just trying to understand and educate myself on diamonds. There is always the one person who has to be a jerk.
actually its the truth.
100 years ago lighting was mostly fireplaces/lamps and candles.
Even electric light where available would be widely spaced.
The diamonds were cut different than today as diamond cut has evolved with lighting.
 

likamarie82

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Date: 2/4/2009 9:04:45 PM
Author: strmrdr

Date: 2/4/2009 8:55:27 PM
Author: likamarie82

Date: 2/4/2009 8:42:17 PM

Author: JulieN

normal. there was less light 100 years ago.
Thanks for your sarcasm, I am just trying to understand and educate myself on diamonds. There is always the one person who has to be a jerk.
actually its the truth.
100 years ago lighting was mostly fireplaces/lamps and candles.
Even electric light where available would be widely spaced.
The diamonds were cut different than today as diamond cut has evolved with lighting.
Oops, sorry.. didnt know all that, you guys really know your stuff!!! I want to take a clear picture of my ring and post it, how does everyone get such good pictures?? I know to use the macro setting for close ups, but its blurry... can anyone tell me how to do it??? Thanks!! And sorry about the comment from earlier, thought someone was trying to be rude:)
 

strmrdr

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Date: 2/4/2009 8:36:12 PM
Author: likamarie82
Thanks!! How would anyone know how old a stone is? Do they have testing for tha? Just curious:)
cutting style.
 

Kaleigh

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29,570
Date: 2/4/2009 9:10:16 PM
Author: strmrdr

Date: 2/4/2009 8:36:12 PM
Author: likamarie82
Thanks!! How would anyone know how old a stone is? Do they have testing for tha? Just curious:)
cutting style.
Ditto.
likemarie82,
People are trying to help you here. No need to call anyone a jerk. I know you are trying to get information, we do our best to give it.
 

likamarie82

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Date: 2/4/2009 9:14:35 PM
Author: Kaleigh

Date: 2/4/2009 9:10:16 PM
Author: strmrdr


Date: 2/4/2009 8:36:12 PM
Author: likamarie82
Thanks!! How would anyone know how old a stone is? Do they have testing for tha? Just curious:)
cutting style.
Ditto.
likemarie82,
People are trying to help you here. No need to call anyone a jerk. I know you are trying to get information, we do our best to give it.
Sorry, I assumed she was being rude because I have absolutely NO knowledge of diamonds besides if it sparkles or shine..lol.. I apologize, wont happen again. I have another question.. its probably stupid but... My ring has a high bar setting, it kind of worries me, I''m afraid its going to just fall out.. has anyone ever heard of a stone falling out of a bar setting?? Thanks!!
 

likamarie82

Rough_Rock
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Feb 4, 2009
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39
Thanks Karl, I will check out that site and try!!! Hopefully, I will be successful:)
 

strmrdr

Super_Ideal_Rock
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23,295
Date: 2/4/2009 9:24:46 PM
Author: likamarie82
My ring has a high bar setting, it kind of worries me, I''m afraid its going to just fall out.. has anyone ever heard of a stone falling out of a bar setting?? Thanks!!
Insure it and get it cleaned and inspected twice a year.
Many jewelery shops will do a cleaning and basic inspection for free while you wait.
It should be fine.
 

likamarie82

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Date: 2/4/2009 9:29:13 PM
Author: strmrdr

Date: 2/4/2009 9:24:46 PM
Author: likamarie82
My ring has a high bar setting, it kind of worries me, I''m afraid its going to just fall out.. has anyone ever heard of a stone falling out of a bar setting?? Thanks!!
Insure it and get it cleaned and inspected twice a year.
Many jewelery shops will do a cleaning and basic inspection for free while you wait.
It should be fine.
How much would it cost to insure? I guess the insurance companies will NEVER give me what I got it appraised for, should I go get another appraisal? Do they replace the ring if the stone simply falls out?? Thanks again for all the help and info!!
 

purrfectpear

Ideal_Rock
Joined
Mar 31, 2008
Messages
4,079
Most home insurance policies cover the first $2K to $3K without a need for additional insurance. You need to call YOUR agent to confirm what your policy covers and what it does not to be sure.

Those of us who have separate policies are insuring jewelry that exceeds the coverage included.
 

ButterBean

Shiny_Rock
Joined
Sep 26, 2007
Messages
351
Sounds like you may have an Old European Cut (OEC) or Transition cut. These antique diamonds just sparkle like crazy even in the lowest light ... and the colors - WOW! I just love mine.
Although the lighting is off in this photo, does yours resemble this pattern at all?

pattern944.jpg
 

denverappraiser

Ideal_Rock
Trade
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Jul 21, 2004
Messages
8,807
You're asking us questions that you should first be asking of your appraiser. I agree with Karl that $3110 for a 0.72/J-L/SI1 without paperwork strikes me as distinctly high for almost every market and if this report is for insurance purposes you may end up paying many times more for your insurance than is necessary for the coverage you're going to get. I'm confident that any US insurer will be able to replace for well under this budget and so you gain no value for the additional coverage. This too is a discussion to have with your appraiser but also with your insurance agent. Call them up. Their phone number should be right there on the report. Understanding their report and how their conclusions may (and may not) be applicable is part of what you paid them for.

Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Appraisals in Denver
 

likamarie82

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Joined
Feb 4, 2009
Messages
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Date: 2/5/2009 8:54:59 AM
Author: denverappraiser
You''re asking us questions that you should first be asking of your appraiser. I agree with Karl that $3110 for a 0.72/J-L/SI1 without paperwork strikes me as distinctly high for almost every market and if this report is for insurance purposes you may end up paying many times more for your insurance than is necessary for the coverage you''re going to get. I''m confident that any US insurer will be able to replace for well under this budget and so you gain no value for the additional coverage. This too is a discussion to have with your appraiser but also with your insurance agent. Call them up. Their phone number should be right there on the report. Understanding their report and how their conclusions may (and may not) be applicable is part of what you paid them for.

Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Appraisals in Denver
Thanks!! I will, I am not going to insure it, I really just wanted an updated appraisal and to make sure it was a real diamond because I bought it secondhand from a complete stranger.. you can never be too careful these days. I really love the ring no matter how much its worth, its very unique, and that was my goal to find a ring that is unique and different. I certainly found it and at an unbelievable price! Thanks for everyone''s help!!!
 

likamarie82

Rough_Rock
Joined
Feb 4, 2009
Messages
39
The colors are exactly like the one you pictured, however, it doesnt really resemble to shape.. I have been trying to take clear pictures of my ring, but I guess I am handicapped in that area. I will post some pictures as soon as I can, thank you for your help!!! By the way, your diamond is BEAUTIFUL!!
 

Noahsmom

Shiny_Rock
Joined
Jan 20, 2009
Messages
228
You might want to rethink the insurance. What happens if one of the prongs breaks? or something happens with the setting and you lose the stone? Considering how old your diamond might be, it is going to be harder to replace if you lose it. Having insurance will at least help put some kind of money down to help find a replacement instead of paying 100% out of pocket for a new ring or stone.
 

likamarie82

Rough_Rock
Joined
Feb 4, 2009
Messages
39
I had to guy email me the pictures he had.. so here are some pictures.. if anyone can give me some information on this ring, I would surely appreciate it!! Thanks so much!! I really feel clueless..lol..

lbring1.jpg
 
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