Experts: $30K budget and appraisal question . . .

[WhoaNelly]

Hi all---I'm thrilled and nervous to be asking questions of you experts and diamond freaks As a total newbie, I've been vaccuuming up the wisdom here. I am ready to go shopping---armed as I am with a dangerous amount of "knowledge" . Here's my question: my fiance and I are flying to NY and we're going to OWD and GOG next week. If I end up liking one (yeah right, I'll probably end up liking more than that ) and it comes with a GIA or AGS report, do I still take the diamond to an appraiser before I buy?

FYI if it is useful: I'm looking for an engagement ring:
---an antique cushion (am open to OEC and other cuts) or AVC: after doing research, I realized I am most interested in the cut and willing to take my time to wait for 'the one true stone'
---Clarity: I will go as low as SI1 as long as it is really eyeclean
---Color: warmer since I have light brown skin---J, K, L or lower as long as it is not too buttery---maybe a vanilla?
---Carat: 2 to 3 carats but am flexible---more interested in a great cut
---Budget, including setting (which I want to be simple/delicate---maybe sidestones or maybe solitaire): $30K

So, Chunkycushionlover, dreamerd, diamondseeker, et al---any advice appreciated.

Be well.

 

[SB621]

If it comes with a report I wouldn't bother.

 

[liaerfbv]

Do you know how much you want to mentally "set aside" as your setting budget? I would want to know ahead of time that I would spend X on the stone, leaving Y left over for setting. So

And I agree, if the stone came with a cert, I wouldn't bother with an appraisal before purchase.

 

[WhoaNelly]

Thanks to you both for your swift responses and guidance. I feel better now.

 

[diamondseeker2006]

I've bought 4 times, I think, from GOG, and I have never felt any need to have a stone appraised. I feel like they provide more information than the typical appraiser, so I feel like I know what I am getting! On the other hand, if I bought an antique stone, I MIGHT consider having it checked for leakage or else take an ASET scope with me if the vendor didn't provide it! And obviously, if it was EGL graded, I might want to have the color evaluated by an appraiser to make sure I was paying a fair price for the stone.

Sounds like a VERY fun trip!!! Good luck!!!

 

[SB621]

An appraisal is generally used for two purposes: one, to determine a retail value for insurance purposes, and second to verify the characteristics of the jewel. Since GIA is the leading authority on diamonds and gemstones, I would not seek an appraisal for the second reason. But a valuable diamond that will be on your homeowner's policy should have an appraisal because a GIA certificate does not include any retail replacement cost information.

I disagree with your second point. An appraisal is typically inflated. Why insure a ring for an inflated price? It is wasted money. OP insure your ring for what you paid (using your receipts) plus 10-15% for inflation.

My Point:
[URL='https://www.pricescope.com/community/threads/insured-by-perfect-circle-jm-but.194084/']https://www.pricescope.com/community/threads/insured-by-perfect-circle-jm-but.194084/[/URL]

 

[arkieb1]

GOG no I wouldn't bother, but keep in mind a lot of OWDs reports are by EGL USA not GIA. Depends if you want a really accurate report as current EGL USA reports can be out (soft and incorrect) in the grading of colour. Calling Grace from Jewels By Erica Grace might be another place you could look as well.

 

[WhoaNelly]

You guys rock (yeah, pun intended) --- thank you thank you. It's so cool to receive replies from you---I've been reading your posts on other threads and it's exciting to have you respond to my question.

Diamondseeker & ArkieB: great advice. I would agree given the amount of info from GOG, I'd feel comfortable foregoing an appraisal. With OWD, if it is an EGL, I think for my peace of mind, I may do GIA as well. And I've been visiting JBEG almost daily. hubba hubba They are on my list too---it's just that I'll be in NY. And yah, looking forward to it! First time doing anything like this: I'm excited and a wee bit nervous!

SB621 & Ice baby: I get what you both are saying---and thanks for the link to the JM thread---that was eye opening! This insuring jewelry thing is a whole new world for me.

 

[madelise]

On the other hand, if I bought an antique stone, I MIGHT consider having it checked for leakage or else take an ASET scope with me if the vendor didn't provide it! And obviously, if it was EGL graded, I might want to have the color evaluated by an appraiser to make sure I was paying a fair price for the stone.

Agree agree agree!

I don't believe OWD provides ASET. If you're spending $30K, I'd just fork the "minuscule" amount of $ to pay for an independent appraiser to check it out. You don't want to hang on to it past the return/exchange policy date, THEN get it checked out and wish you had done it sooner.

Also, if it was EGL graded, regardless if it came from OWD, GOG, or a random person, I'd still want an independent appraiser to compare it to a GIA master set, and SHOW IT TO ME. Heck, I got a GIA stone from GOG, yet I was still interested in seeing it compare to a GIA master set with my *own* eyes. Not that I don't trust The Rhino or GIA, but I think $30K is enough to warrant you to check all things for yourself! Why not? Appraisals are, what, less than $100? It's very minuscule to just reaffirm everything in such a large investment (not that diamonds nor jewelry are investments, ever!). The way I see it is that you're playing with an amount of money that is no longer "play money". When dealing with that value, you should always affirm and reaffirm. The amount you'd invest in the appraisal is less than 1% of your budget. Why not??


With 30K, you will have *plenty* of options, and if anything, I feel like your budget is more than generous with the specs you're stating. I cannot wait until you post more about your options!!

What I *will* strongly urge you to do is figure out for sure what type of setting you want, and then figure out how much of your budget will that take up. Set that dollar amount aside, and don't say "my budget is 30K" to the vendor. Say, "my budget is (30k minus setting budget)". It's very very easy for them to find something that will blow your mind that is at the top of your budget, and then you fall in love and you just can't tear yourself away from this magical stone….. and then you think maybe you'll get a temporary cheapy setting… except you start feeling sad that you can't have your dream setting so you convince yourself to splurge…. and then you fall in the Madelise trap

 

[WhoaNelly]

Madelise: you are spot on and well said! My problem is I don't have a setting in mind other than simple---I've been looking and I like the BostonJeff setting from a while ago---but that's for a honker and I may want to have some side stones. Erk. Well, we're in no hurry---it's just that sometimes the longer I have to make a decision, the more I complicate it. sigh. Will def keep PS posted. Will be looking for help as I shop!

 

[Kawfee]

I fell into that trap too, I had set myself between a 2ct and 2.5 ct ring and what did the jeweler do, had a nifty 3 ct ring at a ridiculous price....i was amazed and was aweeeeing and caved...guys can be suckers too when they see a good deal.

TL/DR: looked for a 2 - 2.5 ct with budget of $20-$25K, came out with a 3 ct and over my budget