How Detailed Should Eternity Band Appraisal Be?

[Molls]

I recently bought an eternity band from a BM store (I know, I should have gotten it through a PS dealer; we probably overpaid, but I love it). I just received the appraisal and I''m kind of peeved. It just says that the ring is four carats (tag in the store said it was 4.07), and that the stones "appear to average F/G in color and VS in clarity." I would think it would state the number of diamonds in the band, the ring size, the exact carat weight, and a more precise description than what the stones "appear" to be. Is this a standard type of appraisal for an eternity band or should I request another appraisal?

The appraisal arrived two weeks after I bought the ring, so the store didn''t have the ring in front of it when doing the appraisal (I asked about this and was told that they had all the info). This was a huge purchase for me, and it just seems like they should have done better. BTW, it''s from a well-respected local store and obtained from a manufacturer (store didn''t make it). Thanks for the sanity check.

 

[denverappraiser]

What is your purpose in wanting the appraisal in the first place? The appraisal was written by someone who couldn’t see the ring and who was working for the person who sold it to you. If it’s for purposes of deciding if you got what you paid for, obviously it’s useless but the other purpose often sought for new items is for insurance.

An insurance appraisal is the purchase order for the replacement in the case of a loss. It should describe everything about the piece that you would like to be considered in the case of a loss. For most people this would contain things like the stone count, total weight, grades of the various stones, condition of various stones, width and thickness of the ring, fineness of the metal, any markings present. Photos are extremely helpful. Read the description and ask yourself this question: If my insurance company were to replace my ring with the least expensive thing they can find that meets this description, am I likely to be satisfied with the result? If the answer is no then you need a better appraisal. It's up to you to decide if you think you can get that 'free' from the store or if you should just hire a professional appraiser yourself.

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

 

[NewEnglandLady]

DH bought my e-ring from a high-end B&M and it has an extremely detailed description. We bought the eternity band from a mediocre B&M and it is much less detailed. Mine has # of diamonds/total carat weight/color and clarity of diamonds/metal type and then the replacement value. We didn''t have any issues when insuring it.

 

[denverappraiser]

Meeting the minimum requirements for the insurance companies to accept an appraisal for a policy is easy. They set the bar extremely low. It’s you that should be picky about this stuff. Inflated values and light descriptions benefit the insurer, not the client. Of course they don’t protest, they’re getting extra money for nothing, what’s to protest? The problems don’t appear unless it’s necessary to make a claim. Since most people never file a claim, most people never have a problem.

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

 

[Modified Brilliant]

Date: 10/27/2007 11:52:41 PM
Author: denverappraiser
What is your purpose in wanting the appraisal in the first place? The appraisal was written by someone who couldn’t see the ring and who was working for the person who sold it to you. If it’s for purposes of deciding if you got what you paid for, obviously it’s useless but the other purpose often sought for new items is for insurance.

An insurance appraisal is the purchase order for the replacement in the case of a loss. It should describe everything about the piece that you would like to be considered in the case of a loss. For most people this would contain things like the stone count, total weight, grades of the various stones, condition of various stones, width and thickness of the ring, fineness of the metal, any markings present. Photos are extremely helpful. Read the description and ask yourself this question: If my insurance company were to replace my ring with the least expensive thing they can find that meets this description, am I likely to be satisfied with the result? If the answer is no then you need a better appraisal. It''s up to you to decide if you think you can get that ''free'' from the store or if you should just hire a professional appraiser yourself.

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

This would be a terrific homework assignment for readers of this thread. Honestly, by reading some of the store written appraisals...even a professional appraiser sometimes can''t make heads or tails of the description.

A very well known retailer in our area has been performing appraisals at a very modest fee for decades and never provides basic information such as the diameter and depth of a diamond.

I guess you get what you pay for. A "free" or "budget priced" appraisal probably won''t help you very much in the event of a loss or theft.

Jeff Averbook, G.G.
Graduate Gemologist/Appraiser

www.metrojewelryappraisers.com