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Engagement Set Appraises for 3Xs the Purchase Price??

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IceyIce

Rough_Rock
Joined
Jun 11, 2003
Messages
25
Okay, so I bought a stone online, ColorH, VVS2, Princess Cut, .91ct...blah blah blah (my question here is not about the cost of the stone, but the quality of the appraisal).

Total cost for the stone and setting was around 3000. I get the ring and stone appraised for insurance purposes and the appraiser says the engagement set is appraised at $8500. What the hell?

Is it possible for an engagement set to appraise for almost tripple its purchase price? I mean, it''s a totally nice setting, and kick as$ stone, but damn, $8700???

Thanks in advance!
 

Richard Sherwood

Ideal_Rock
Joined
Sep 25, 2002
Messages
4,924
Does seem a bit high.

Retail appraisals priced out at the "outside world's" bricks and mortar pricing will often appraise for up to double what you pay on the internet, but almost triple is really topping it out.

I'd tell the appraiser that you got a good deal on the stone through the internet, and if you're ever going to replace it you'd do it in a similar manner. With that in mind, would he please lower the value to reflect that perspective.

Sounds like you got a good deal. Congratulations.
 

baloo

Rough_Rock
Joined
Jun 3, 2003
Messages
39
Why would you ask to decrease the valuation ?

(not being funny here, genuinely want to know)
 

69gm

Shiny_Rock
Joined
Apr 28, 2003
Messages
287
hi iceyice,

just out of curiousity, was this appraisal done by one of the recommended independant appraisers on pricescope?

if not, the accuracy of the appraisal might be in question. just a thought.
 

niceice

Brilliant_Rock
Joined
Jan 29, 2003
Messages
1,792

----------------
On 6/26/2003 10:19:54 PM baloo wrote:
Why would you ask to decrease the valuation?
----------------

Because you're going to be paying insurance premium based on the amount stated on the appraisal and most insurance companies will only replace with "similar like and kind" so the reality is that you're overpaying for your insurance... The appraisal does seem kind of high, who was the appraiser?

 

IceyIce

Rough_Rock
Joined
Jun 11, 2003
Messages
25
Thanks for the responses all. The appraiser is an independent GIA certified gemologist who has his own shop here in Sacramento. As far as I know, he is not a recommended price scope appraisor.

I checked on insurance through my home owners insurance, GEICO, they said that it would be $1.65 per $1000 of the jewelry's worth per month ($1.65x8.5x12=$168.3 a year). What does CHUBB offer and what are their rates?

Thanks again!!
 

Dukegirl

Rough_Rock
Joined
Jun 13, 2003
Messages
21
I would see if they could readjust the appraisal to reflect that you got it online...insurance companies have people on staff who know how the get the best deals. My insurance company (USAA) told me that if I got a good deal, then they certianly will be able to, since they have trianed gemologists on staff who do nothing but search for replacement diamonds and can always get a better price than the conumer.

As for insurance companies, Chubb is no longer, as of this week, an option for you, unless you have a homeowner's policy through them. They will no longer insure single jewelry pieces unless they are worth at least $15,000. You bought yours for $3000 and it is appraised at $8500, so they will not take you as a client unless you get other policies through them.

Jewelers Mutual will insure single pieces. They rate a rate calculator on their website, but I think it would be cheaper for you to do a ride on your homeowners policy through GEICO.

Good luck!
 

Dukegirl

Rough_Rock
Joined
Jun 13, 2003
Messages
21
You're welcome! I am trying to do the whole thing myself right now...appraisal appointment set for Tuesday. I called Chubb yesterday and they told me the new policy, so I looked into other options.

Your ring sounds lovely! I got my ring on Tueday and can't stop staring at it.
 

IceyIce

Rough_Rock
Joined
Jun 11, 2003
Messages
25
I am as excited as you DukeGirl! I picked mine up last weekend all incognito...I want to pop the rock (did I just say pop the rock??) on her now but I have to wait until our trip to Maui in september...the suspense is killing me!

I checked Jewelers Mutual, the calc quoted me at 128 a year, a little more than 10 bucks a month, which is better than GEICO.

Thanks again.
 

astogie

Rough_Rock
Joined
Jun 26, 2003
Messages
25
DukeGirl,

I see in another post you called a "local" Chubb agent...interesting, their bluenile program is still active but they are no longer working with non bluenile rings.

When I called the bluenile number they said I should call a local agent...I am sure the local agent will confirm what yours said...to bad Chubb was the BEST insurance by far!
 

Kiz

Rough_Rock
Joined
Jun 16, 2003
Messages
61
----------------
On 6/27/2003 10:48:10 AM IceyIce wrote:

I am as excited as you DukeGirl! I picked mine up last weekend all incognito...I want to pop the rock (did I just say pop the rock??) on her now but I have to wait until our trip to Maui in september...the suspense is killing me!

I checked Jewelers Mutual, the calc quoted me at 128 a year, a little more than 10 bucks a month, which is better than GEICO.

Thanks again.


----------------
Picked up mine on Tuesday night....I have to wait till Friday of next week to "pop the rock" in Paris. The suspense is killing me and I only have to wait 7 more day.
As for insurance I went through my State Farm Agent and was able to insure it (full coverage- no deductible)for about 1.3% of the appraised value. Hope that helps. Good luck
 

Lanee

Brilliant_Rock
Joined
Jan 29, 2003
Messages
534
Hey Dukegirl,

How 'bout you post an update on your announcement thread. I would like to know what you finally decided and also . . .are we going to see pics of your ring?


Iceyice,
Good thread question. . .impressive and good information about the appraisal and insurance info.

I wouldn't be able to wait until September, and my FH definitely, he wanted to propose so much so that he didn't wait for the ring-we are still saving and looking for the prefect ring. Good luck on waiting that long.
 

Dukegirl

Rough_Rock
Joined
Jun 13, 2003
Messages
21
Lanee: I posted an update in the Proposal Ideas forum. No pics yet...no digital camera! There is a tiny, really crappy quality digital spy camera in Eric's laptop, so we may end up using that, although the quality is really bad and the dinemsions always get screwed up. I promise I will post pics once we get them!
 

IceyIce

Rough_Rock
Joined
Jun 11, 2003
Messages
25
I would post pictures of my engagement ring if I could find a decent jpeg compression file...any one know of one? All of my pics are like 400kb each.

This board is too fun!
 
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