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GOG appraisal

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wilco200

Rough_Rock
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Apr 21, 2003
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GOG supplies an appraisal with the diamonds they sell.

Those of you have purchased from them, did you get a second appraisal?

Is it a good idea?
 

Iceman

Brilliant_Rock
Joined
Aug 25, 2000
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1,374
I know its against all rules, but knowing GOG you don't need a second appraisal.
He is very knowledgeable and trustworthy.

That's my 2 cents
 

Adrienne

Shiny_Rock
Joined
Feb 15, 2003
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120
Ahhh, yes...

But is it that reputation of being honest and trustworthy that would allow him to slide a few by???
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I'm buying a diamond from Good Old Gold and I have very little doubt as to his honesty and integrity, I am pretty certain that the diamond is as good as he says...

But you just never know! I've never met him and I don't personally know anyone who has purchased from him....
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So I plan to make the trek to my local independant appraiser... just in case!
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Iceman

Brilliant_Rock
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You never know
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diane5006

Brilliant_Rock
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SO I was under the impression that one would need an independent appraisal for insurance purposes...from all vendors...

It all depends on your level of comfort with the documentation provided...as far as confirming the stone

As for GOG...I am planning on buying from him and the only reason I would get an additional independent appraisal is for insurance...but thats me...

But that being said...I may be wrong...check with your insurance carrier and Jonathan...see what they say

di
 

Iceman

Brilliant_Rock
Joined
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1,374
The insurance company's will accept an appraisal from your grandma , yes that's
right. Ive see people that were housewives the day before writing appraisals. There
are no state laws on who can write them. Be careful on who you choose. If you just
want one to cover you for insurance then the one GOG will give you is enough.
 

RockDoc

Ideal_Rock
Joined
Aug 15, 2000
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Seller's CANNOT legitimately write an unbiased appraisal report.

Particularly if the value is more than you paid. In certain situations, the insurance company could deny your claim if you have one.

Would you buy a house and let the seller do the appraisal? There is no difference. Sellers are interested parties, and as such cannot independently write an appraisal.

A seller CAN write a statement of replacement for insurance coverage, BUT he must disclose in the report that he was not independent, had an interest, and was the seller. He must also disclose the purchase price.

Insurance companies will accept just about anything... but when it comes claims time, then they will study the "appraisal" with a fine tooth comb.

Independent appraisers DO NOT BUY OR SELL, nor do they work for those who do !!!!!


Rockdoc
 

Mara

Super_Ideal_Rock
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On 5/28/2003 6:57
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2 PM RockDoc wrote:

Insurance companies will accept just about anything... but when it comes claims time, then they will study the "appraisal" with a fine tooth comb.

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This is interesting as I have read in past threads from customers as well as I believe from a reputed vendor or two that the insurance company takes what you send them, scans it into their systems and then throws away the hard copies. Is that true? If so, what would they have left to go over with a fine tooth comb except the scanned copy of whatever you sent?

When I insured my ring with Chubb, they told me to just send over the one piece of paper that had the total amounts of worth on it. I asked if they needed the appraiser's resume or the entire appraisal (around 20 pages) to be sure that she was legit etc etc and they said no they only need the one sheet that has the 'this ring is worth x and has a, b, and c type stones in it'. So I sent over what they asked.

In this example, what would the insurance company go over? My one sheet of paper with information on what sort of ring I have?

Just a thought.... ???
 

Rhino

Ideal_Rock
Trade
Joined
Mar 28, 2001
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6,340
Thanks guys.

Ice I appreciate the kind words. Even though we include a documented appraisal with hardcopies of all the data we feature on our stones we ALWAYS encourage a professional 2nd opinion. Some clients are content with a simple confirmation that the diamond being advertised is the diamond they receive some perfer the whole enchilada of tests confirming my complete analysis (though there aren't many appraisers who can do this). The bottom line for that 2nd opinion is peace of mind and I couldn't encourage it more. Rest assured we will not risk our reputation on a diamond that is misrepresented but I think ya'll know that about me.
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We go over each of our stones with a fine tooth comb before it makes it onto our site.

Peace and thanks for the question.

Rhino
 

Jax172

Brilliant_Rock
Joined
Mar 11, 2002
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1,652
We just had my ring "fixed up" and at the time we got another appraisal done. They came out pretty close with GOG's being slightly higher. Nothing too extreme though. Oh and she was extremely impressed with the stone
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pqcollectibles

Ideal_Rock
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Feb 22, 2003
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3,441
Jax's appraisal variance could be due to geographic/regional pricing variations.

White Flash includes a third party appraisal as a courtesy of the sale. My local replacement appraisal was slightly higher than the one provided by White Flash.

GOG being located in NY could account for a slighly higher appraisal than another part of the country.

My insurance experience has been similar to Mara's. They want one sheet stating what the item is, gemstones, carat weight, etc., with a picture, and a replacement value.
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niceice

Brilliant_Rock
Joined
Jan 29, 2003
Messages
1,792
We have no doubt that you can trust the appraisal issued by Jonathan at GOG because he operates a very reputable business. The reality is however that most of the reputable dealers want you to obtain an independent verification and appraisal of the jewelry item that you purchase from us... We want you to rest easy in your Lazy Boy when 20/20 or some other television program takes a swipe at the industry and tries to alarm viewers for a slight boost in their ratings... If you've had your diamond evaluated by a neutral third party, then you won't panic at ten o'clock at night... The only reason we really issue an appraisal at all is because we want people to have a good reference as to what a thorough appraisal looks like just in case they have the diamond mounted by a local jeweler who they are purchasing a mounting from and the jeweler doesn't know how to write a proper appraisal... As Ice pointed out, anybody can issue an appraisal and it has been our experience that most jewelers don't write appraisals that are complete enough to ensure that people are able to replace their lost or stolen item with a diamond equal to what they lost... We think you'll find that the appraisals issued by most of the on-line diamond dealers who frequent the boards here on PS have the experience and integrity to write an appraisal that can be relied on to be an accurate representation of the item purchased and to reflect a fair retail value, but we still urge you to have your diamond evaluated by an independent appraiser for your own peace of mind.
 

ep6585

Brilliant_Rock
Joined
May 10, 2004
Messages
609
I know this is an old posting but I'm in the same situation as the original poster.

I'm getting my e-ring within the next week or so which will include GOG's detailed appraisal. I'm also thinking about having Rich Sherwood appraise it as well.

Will the insurance companies only want the basic specs and not all of the detailed information? How do I ensure that if they have to replace it I'll get the same or better quality diamond and setting? If they have to "cash out", how will they determine the amount?

For insurance purposes is the second appraisal overkill?
 

wonka27

Brilliant_Rock
Joined
Jun 22, 2004
Messages
628
I don't know much about insurance policies and companies yet, but...

...I can tell you about GOG and the second appraisal I did have done.

Jonathan gives a very detailed appraisal report...probably the kind insurance companies hate with pictures, analysis, etc. What I did was took my diamond to be verified by an independant appraiser in my area. She charged me $35 to look at the diamond and verify it was the same according to the GIA and sarin reports. Additionally, she looked at his appraisal and verified it was an accurate account of the stone with a retail replacement price that was very fair. She said many jewelers that give appraisals will inflate to make people feel good, but she said given the high quality of the diamond, H & A, etc. Jonathan did a great job.

So if I were you, I'd see if you could find someone willing to provide that kind of service I received. It took about 20-25 minutes...which included some philosophical discussions on Internet diamond purchasing, etc. It was well worth it, and I did not need to spend more money than necessary getting an appraisal when I had a good one to start with.
 

Richard Sherwood

Ideal_Rock
Joined
Sep 25, 2002
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4,924
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Will the insurance companies only want the basic specs and not all of
the detailed information?
-----------

The insurance companies will take whatever documentation you have that fully describes your purchase. You would want to give them whatever is relevant regarding the quality & characteristics of your diamond.

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How do I ensure that if they have to replace it I'll get the same or
better quality diamond and setting?
-----------

With that comprehensive documentation you give them. In other words, they will have to replace your diamond with an equal quality or better, or cash you out.

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If they have to "cash out", how will they determine the amount?
-----------

By how much that diamond would cost them on the marketplace. In other words, if it would cost them "X" amount of dollars to purchase an AGS 0 super-ideal hearts-&-arrows diamond with a superb idealscope image and top brilliancescope results, they would either offer you that replacement diamond or the amount of money which it would cost them.

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For insurance purposes is the second appraisal overkill?
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The second appraisal is the one from the neutral, non-involved gemologist. I would regard it as the essential document, which removes any onus of bias from the equation. An insurance company is likely to look more skeptically at a document supplied by the selling vendor than a document supplied by an independent appraiser.

If it were me, I would use the independent appraisal, along with any supporting documentation or ancillary test results supplied by the vendor. That way you've got a central document with no possible bias "contamination", and additional helpful secondary documentation.
 

ep6585

Brilliant_Rock
Joined
May 10, 2004
Messages
609
Thanks Rich. I hope you're not too busy next week. My ring should be done by then.
 

noobie

Brilliant_Rock
Joined
Mar 3, 2004
Messages
1,318
Hi ep,




You usually need to have the ring with the diamond mounted in it for the appraisal for insurance. I don't know if Jon sends an appraisal as mounted for stones he sets, but in my case the appraisal was for a loose stone and I needed the whole ring appraised for insurance. Ironically, the loose stone appraisals were within about $100 of each other for different reasons though.
 

ep6585

Brilliant_Rock
Joined
May 10, 2004
Messages
609
Thanks noobie - I think Jon (GOG) appraises the complete ring when they sell you both the diamond and the setting.

For both peace of mind and insurance purposes I'm gonna have Rich S. appraise it for me.
 
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