Getting an Insurance Appraisal

[tuf customer]

Friends, I recently purchased a diamond engagement ring and need to get it insured. The center stone is an EGL certified 1.30 E VS2 Hearts & Arrows Tolkowsky cut round diamond. The seller gave me an appraisal, but from reading forums such as this, I understand that’s a big no-no. Please correct me if I’m wrong, but I think what I need is an independent insurance appraisal for the retail replacement cost. I found someone who will do it for $75 and another person who will do it for $100. My question is this, if the stone is certified, what is the appraiser going to do? Re-grade it? I doubt that. Half of you reading this could give me the rap sheet appraisal, tack on another grand for the mounting, and take my money. What should I do?

 

[EricaR]

An appraiser will give you documents that can be used to estimate value in case you ever need to repair or replace it. I''d use the list of Appraisers available here on Pricescope to find an independent appraiser in your area.

Appraiser List

 

[denverappraiser]

Meeting the minimum requirements for your insurance company is pretty easy and the receipt from the selling jeweler and the report from EGL will probably be acceptable to them and for zero cost. What a new purchase appraisal is good for is to provide a ‘second opinion’ that everything said during the sales presentation is correct, that there are no problems with the craftsmanship or other materials with the mounting and to document everything in a way that allows the insurer to replace a or repair your piece in the case of a covered loss or damage. If you are 100% confident in both your jeweler and your insurer then you have no need of an appraisal at this time. If you are less than confident in one or both of those, you might find value in professional assistance.

Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Appraisals in Denver