Getting an appraisal tomorrow and have a few quest...

[orchid]

Hello..

My fiance called me today and told me to take my ring to Fords Jewelers tomorrow... it is supposedly a reputable jewelry store located in our town Fords, NJ.

He told me it would cost $40 and to bring the GIA report with me, that it is needed for the appraisal.

I find this a bit skeptical. If there is a GIA # inscibed on the ring.. why can''t they tell me the number and then I will see if it matches? How do I know if i''m getting ripped off if this guy is simply going to take my $40 and read my GIA report back to me???

Am I completely off base or being stuck up here? can someone fill me in on what to do tomorrow or what i should ask or be looking to find out?

Thanks Much!!!
Orchid

 

[verticalhorizon]

You're getting an appraisal by a jeweler? Do they sell diamonds?

It's common for you to bring the cert to an appraisal. The appraiser wants to see if they agree with the document. Plus, they will probably make a copy of it to put in their report.

The problem with getting an appraisal from a jeweler (who didn't sell you the diamond to begin with), is that they may try to talk you in to buying something from them.

 

[orchid]

Yes they do sell diamond rings.. they are v. expensive actually.. to put it this way.. supposedly jon bonjovi bought his wife a ring there, lol.. regardless, if it's so reputable.. doesn't 40$ sound cheap? i read somewhere on here that average appraisal cost is $150-200 an hour.. this is supposedly 15mins....

 

[verticalhorizon]

$40 does sound cheap, but who knows? But I'm a little confused.

1. Did you already buy your diamond/ring?
2. Did you buy it from the guy who's appraising it?
3. Is this an appraisal prior to the finalization of a sale?

I would say 0.5-1 hour would be customary for an appraisal. 15 minutes would only JUST clarify what's on the cert.

 

[orchid]

My boyfriend proposed to me a few weeks ago in Jamaica. I personally know nothing about diamonds and didn't start researching till i got one..LOL.. however, I do want to make sure that it is in fact legit. He bought it from the diamond district in NY.. a friend of his has a relative that works in the diamond district and he bought the ring thru her. I just trust no one and want to verify that the ring is legit. I've heard it's the safe and right thing to do. so he asked the most popular jewelry store in our town if i could come in for an appraisal.

so will the appraisal just be a confirmation that the ring is what the GIA report claims it is? or will they tell me how much the ring is worth? what do i expect?

 

[bling]

its good to get an appraisal and i dont think it really unusual to have the cert with you. many like to go to indepenedant appraisers..those that dont sell diamonds and have no alternative motive to tell you one thing or another..just tell you the facts. $40 does seem low, but hey, maybe its a good deal. the reason they ask if he sells diamonds, is that you dont want your appraiser to bias what he tells you for any reason, other than it being the truth...not that all of them would do that.

 

[WinkHPD]

"40 dollars seems low"

Well yes, and no.

For someone who does nothing but appraisals, $40 is VERY low. When I used to consult with retail jewelers from time to time about their businesses, you would be surprised at the number who felt that they could not charge more than $15 - $20 for an item.

When I first graduated from GIA in 1975 I went to work for a very nice jeweler here in Boise who told me no one would pay more than $15 for an item to be appraised and was staunchly against letting me charge $25 per hour. No one balked at the $25 per hour so eventually he let me raise it to $50 per hour by the end of the year that I worked for him.

While it is frowned upon here, it is really very common for jewelers to appraise jewelry. Most of us provide insurance appraisals with the jewelry that we sell, and most retail clients feel that this should be provided at no charge and as a jeweler I agree, I do not charge to appraise an item that we have sold, I feel that would be a conflict of interest. I have no qualms if someone wants an independent opinion, so long as the opinionator is qualified.

I have had some horrible experiences with "independent" appraisers. One had no idea of the market value of an EightStar and appraised it as if it were just another diamond, he did not even note that it had a Hearts and Arrows pattern. Obviously this man, although independent, was totally unqualified to appraise even ideal cut diamonds, let alone the "super ideals".

Another graded an unpapered .60ct stone that I sold as an I - VVS2 as an M or N color VVS2. She then made such a fuss about me selling it as a I that I should be ashamed. I was indignant enough that I sent it to GIA where it was graded as J-VVS1. (I agree with her on the VVS2 part) Back in those days it was rare to paper a stone that small, especially for local clients. Now for the internet we paper almost every thing. I still own this stone thanks to her incompetence and how riled she got my clients, or should I say former clients. It never seemed to matter to them that I graded the clarity one grade stricter or that I was within one color grade on the clarity, it mattered that she accused me of being "SEVERAL GRADES OFF" and I was never forgiven for trying to "hoodwink" them.

Oh, why would he want to see the paper? For many reasons. For one thing, with the paper he can verify that it is the same stone. For another, GIA had the advantage of seeing the stone unmounted in ideal lighting conditions, so that they will not have any influence of the mounting to add or deduct color or to hide a small inclusion. Besides, GIA are the arbiters of the grading system, it is after all their system. So even though I believe the stone I sold to be an I-VVS2, GIA says it is a J-VVS1. It does not really matter what I think when it comes to selling that stone to another, but it does matter what GIA thinks.

So, another rambling answer, sorry...

In my opinion your jeweler is charging a fair price, but very low compared to what an appraisal only firm would have to charge. He is in the business of selling jewelry and will know more about pricing than many "so called" independent appraisers who have no idea what market prices are. He will also know much less about proper appraisal procedures than someone like a David Atlas or a Richard Sherwood, who do know a lot about pricing as well. My rant is more designed at the incompetents. I have no knowledge of your jeweler or whether or not he is qualified, but I imagine that if he is being asked to verify that the stone is what it is supposed to be and that if he has a microscope that $40 will allow you to look through the scope and to be comfortable with the results just as well as a higher price.

Now if you need an estate appraisal, a quick cash appraisal for IRS purposes, or an appraisal and expert witness for a court proceedings, then get a true professional to do the work.

Wink

 

[hoorray]

My experience is that the amount of detail of an appraisals varies along with the price. I had a highly recommended LA gemologist do an appraisal for me and he charged me $45 for the loose stone, and $45 once it was set for the insurance docs. He didn't do a lot in the way of evaluating the cut but did a thorough job of verifying that it was what it was supposed to be and showed us the details of the stone.

I had Rich Sherwood do my earrings, and it cost more for the 2 smaller stones than the one big one, but I got a very detailed report with different values, based on the market, cut details etc.

Soooo... It depends on what you want/need. Both ways worked for my circumstances. I would suggest that you go to someone independant, but I have had items appraised by a gemologist at a small store I used to buy from, and they were very professional and objective about it, so it's not always bad. Just make sure you know what you want out of it and have your questions ready. If you want something super in depth, call first and make sure they are ready and able to do that.

 

[Richard Sherwood]

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I have had some horrible experiences with "independent" appraisers.
-----------

I shudder at the incompentence I have seen on both sides of the fence. Sometimes it starts to get to me, until I step back and take a realism check. Then I realize that a certain range of incompetence is inherent in all professions. It's human nature.

In my experience, it seems to run along the 80/20 rule of thumb. Eighty percent of those in any profession are going to perform at various levels of mediocrity, while 20% will range from good to superb in performance. Those are the people to look for if you're looking for a superior product. Otherwise, the other guys will usually work out fine, and be priced appropriately.

 

[aljdewey]

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On 6/17/2004 10:34:35 PM Richard Sherwood wrote:





In my experience, it seems to run along the 80/20 rule of thumb. Eighty percent of those in any profession are going perform at various levels of mediocrity, while 20% will range from good to superb in performance----------------

..........and may I add......that Sherwood guy is in the 20% superbly talented group in that equation. He's right on the money and a great resource here.

 

[Richard Sherwood]

Thanks Al. Where do you want me to send the twenty bucks?

 

[WinkHPD]

Dang! I knew I should not have hidden your compliment at the end of such a long post!

Wink

P.S. Oh well, maybe David Atlas will see it. (Sniff) sure coulda used that fin for the weekend...

 

[TinLemon]

I paid $200 for an hour long appraisal and a ton of photos that pretty much covers every piece of the diamond. My appraiser is a very well respected person who gets his name recommended a lot on this board.... I'll decline to say who it is though.

 

[WinkHPD]

Just curious, why would you deprive him of a well deserved referral if you were pleased?

Wink

 

[hoorray]

Just in case it wasn't clear in my post since I wrote it quickly, I agree that Rich Sherwood is definitely in the 20% of talented good guys.

Too bad it can't be the other way -- 80% good guys, 20% mediocraty

.

 

[chialea]

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On 6/18/2004 1:01:22 PM lop wrote:


Too bad it can't be the other way -- 80% good guys, 20% mediocraty

.----------------

That also leaves 0% (or up to 1%, depending on how you add) left for the bad guys. Unfortunately, I bet this is an improvement...