Engagement Ring Appraisal

[PaulH78]

Should I get my e-ring appraised by a 3rd party after purchase during the return policy period? Is it ok that the diamond is already in setting? Is the appraisal mainly for insurance purposes? I'm a renter with renters insurance. I think I've seen that an appraisal would be about $200. Thanks for the help.

 

[TC1987]

It's advised, but whether or not to do it probably depends on your comfort range. If I had a very expensive diamond, I might do that:
1. to verify that it's what the seller claims, and
2. to put a more realistic replacement cost on it, if that would significantly lower the insurance cost. (not vastly over-insure it, in other words)

I bought two diamonds from a PS vendor (one, then traded that in on an upgrade). I just used that vendor's appraisal for insurance. I felt that their appraisal was accurate and it provided a detailed analysis of the 3Cs plus all of the dimensions, test results, AGS lab report, and H&A, ASET, and a photo. With all of that paper trail, I think there is more than enough proof of what caliber of stone it is, in case of loss or damage.

eta: An appraiser can probably check color and clarity while a stone is mounted, and can get some of the measurements. Otherwise, I think they have to take it out of the setting. Not all appraisers will unmount and remount stones.

 

[diamondseeker2006]

I don't think you need a 3rd party appraisal if Brian Gavin will provide you with one. The diamond is graded by AGS and we know price comps from comparisons here. So all you need is an insurance valuation describing the ring and it's value, and then you attach a copy of the diamond grading certificate and send it to whatever insurance you plan to use. The insurance really should be in her name since it will be hers. Many here use Jeweler's Mutual for engagement ring insurance.

http://www.jewelersmutual.com/

I would ask BG to please make the value close to what you paid, because I cannot stand to have an inflated valuation and overpay insurance premiums.

If BG does not provide you with what you need, then find a high quality independent local jeweler (not a chain!) and call and ask if they do appraisals for insurance purposes. Take your sales info and grading report with you because what you want is an accurate representation of what you bought for your insurance. I have paid around $40-60 for this kind of insurance appraisal.