help! 2 questions on my gorgeous new morganite cocktail ring

[anIndecisiveBride]

Just bought a big, gorgeous morganite cocktail ring at a local auction. I am super pleased with it, but I have 2 questions: (1) how much should I insure it for? and (2) given the relative softness of morganite, would I be better off having it made into a pendant?



The ring was appraised by AIG this past March as having an estimated retail value of $18,760. (I know this is much more than the actual "market" value.)

The setting is 14K rose gold with 24 prong-set round brilliant cut diamonds (1.5ct.tw), nice color (G-1) but low clarity (I-1 to I-3).

The morganite is approximately 21.29ct., clarity is eye clean, type I. AIG describes the color as "very slightly brownish, orangy red color (GIA oR 3/3)." A better lay description of the color is that it almost perfectly matches the rose gold setting.



Does anyone have any insight into how much it would cost me to replace this ring with something similar? That's the amount I'd like to insure it for. I suspect the estimated retail value is much too high.

Secondly, while I loved this ring too much to pass it up, I am concerned about wearing it on a regular basis since I know morganite isn't the hardiest of gemstones. With a gem this size, should I be extra concerned -- maybe enough that I need to turn it into a pendant instead of a ring?

Advice welcome! Thanks!

 

[LD]

Re: help! 2 questions on my gorgeous new morganite cocktail

You probably need to break this down into the individual components to find out the actual value. So, for example, here's a 27ct morganite available in the UK for £789 (approximately $1,000) http://www.thejewellerychannel.tv/ProductDetail.aspx?StockCode=1333142&ISFPC=true Your stone looks quite orange/brown and most people prefer the pink colourway but yours has a nice colour. The one I've linked to is less saturated. So let's be generous and say instead of the $1,000 we make it $3,000. A type 1 gemstone should be eye clean and inclusions are not expected to be seen so clarity in this case is a bit of a red herring although of course the larger the stone the more risk you have of having slight inclusions.

Then you have 1.5ct of diamond melee. II1-I3 will not be expensive. So you need to add in the cost for that. Say $500.

Then you have the metal 14ct rose gold but there's no gram weight. Let's say $500.

Then you have the cost of somebody making it all. Let's say $1,000.

So the actual value of your ring is a ball park of around $5,000. Even allowing for being generous, I'm struggling to see how it could be valued at nearly $20,000! I agree with you that the valuation seems incredibly high.

What should you insure it for? Well, it depends! If you want to insure it for $20,000 you end up paying very high premiums and I suspect that if the ring were lost the insurance company may prefer to replace it rather than give you the money (and you can see why they would want to do that by looking at the ACTUAL cost of replacement. I would not want to over pay in insurance but if you wanted to be on the safe side you could insure it for $10,000.

BTW I should add that I'm in the UK so it could well be that US insurance works differently. Hopefully somebody else can chime in.

Now then for your second question. Morganite is not a durable stone and will chip. One of this size would be safer worn as a pendant but it does depend on how heavy you are with your hands and how risk averse you are!

 

[T L]

Re: help! 2 questions on my gorgeous new morganite cocktail

I think $5K is a good estimate on the retail value for that ring in the United States. $5K is only replacement value of course, not what you could sell it for.

 

[JewelFreak]

Re: help! 2 questions on my gorgeous new morganite cocktail

AIG, as far as I know, doesn't give value appraisals. They only report on the traits of the gem -- clarity, color, cut quality, etc. Have you seen their report?

Morganite is beryl, and therefore at risk of chipping or scratching with daily wear. But if it's a cocktail ring, you would wear it for special occasions like parties, right? I can't see a honker that size as an everyday ring, whether you work outside the home or inside the home. It would make a super pendant, though, good idea.

 

[chrono]

Re: help! 2 questions on my gorgeous new morganite cocktail

If you want to play it safe, I would not insure it for more than what you paid for it and you have the receipt as proof as well. As mentioned above, most insurance companies will only replace it with a "like" item, not a cash payout, so there is no reason to pay a higher premium than necessary. Therefore, it is very important for you to have as much detail as possible, which it looks like you do with the carat weight, colour descriptor, clarity and etc of the stone, diamonds and setting. Given that this is a cocktail ring, I would wear it occasionally with care and enjoy it.

 

[anIndecisiveBride]

Re: help! 2 questions on my gorgeous new morganite cocktail

Thanks, everyone!

JewelFreak, I do have the AIG report and it does have the valuation I mentioned. I don't remember how it described the valuation (may have been retail replacement cost or some such) but I will double-check.

I think I will insure it for about $5k and look into the cost of having it made into a pendant. The only downside is not being able to stare at that gorgeous stone! (Despite being a cocktail ring, I have worn it to work twice already with business casual dresses.)

 

[pregcurious]

Re: help! 2 questions on my gorgeous new morganite cocktail

It will make a super pendant

 

[canuk-gal]

Re: help! 2 questions on my gorgeous new morganite cocktail

Thanks, everyone!

JewelFreak, I do have the AIG report and it does have the valuation I mentioned. I don't remember how it described the valuation (may have been retail replacement cost or some such) but I will double-check.

I think I will insure it for about $5k and look into the cost of having it made into a pendant. The only downside is not being able to stare at that gorgeous stone! (Despite being a cocktail ring, I have worn it to work twice already with business casual dresses.)

No need "not" to be able to stare at it...just get a long enough chain!

 

[digdeep]

Re: help! 2 questions on my gorgeous new morganite cocktail

Also, the last time I insured something with Jeweler's Mutual they required a formal written appraisal of the ring. I could not insure it for an amount of my choosing. The gemologist said the days of taking the replacement price and doubling it for insurance purposes are gone. The ring I had could only be insured for the amount the gemologist appraised it for.....which would be a 'like replacement' valuation. Is that how it's worked for other folks in the US?