eRing price vs appraised value?

[ndirish19]

Hello, everyone. I have a question for the experienced diamond shoppers on this site. I recently purchased a AGS 000 cut 2 carat diamond on Blue Nile for $17,860. I took it to an appraiser that I found on the AGS site here in NY to get it looked at to confirm that I made a good choice (and to get paperwork for insurance). After the appraisal, the guy told me that it was an incredibly cut diamond and totally eye clean. His appraised value came in at $27,700. I asked him to check his math again to ensure he didn't make a mathematical error or something but he still came back with the same number. So here's my question... is it common to get an appraisal that much higher than the purchase price of an eRing? There was a typo on the listing stating that it only had a "Good" grade cut so I don't know if that played into the equation or not. Thanks for your help!

 

[sonnyjane]

So here's my question... is it common to get an appraisal that much higher than the purchase price of an eRing? There was a typo on the listing stating that it only had a "Good" grade cut so I don't know if that played into the equation or not. Thanks for your help!

First of all, yes, it is actually quite common to get an inflated appraisal for insurance purposes compared to what you paid. If you do not wish to pay higher premiums because of an inflated value, you can use your sales receipt to submit to your insurance company, or you can ask the appraiser to work with you on the estimated value.

When you say there was a typo, what exactly do you mean? Where did it say "good", and what should it have said?

 

[CharmyPoo]

What's the rest of the specs? Color / Clarity.

 

[diamondseeker2006]

If your insurance won't take the sales receipt (which is usually what I do), then go back to the appraiser and explain that you don't want to over insure and tell him what you paid and that you'd like him to redo the appraisal with a more realistic value. Appraisals based on the absolutely highest possible retail value only lines the pockets of the insurance company while making you overpay in premiums!