I got my ring appraised today

[Class n Sass]

So I went to an independent GIA certified appraiser today after work to have my ring appraised. He said my fiance should not have paid anymore than $5300. He paid $4900 so at least we feel good knowing he was not ripped off. He told me that it really is a good quality stone. He used the word "desirable" to describe it. He appraised it at $6500. The original appraisal that my fiance got when he bought the ring from the jeweler was $7300. The man I met with today said that it''s not good to appraise a ring at a value that is too high because if something happens to it and I do need to get it replaced they will not give me a check for $7500(they will simply replace it). Appraising it at a prices of $6500 will mean that it is more likely they will give me a check and I can buy my own new ring. How much truth is there to this? Which appraisal should I use for insurance purposes?

Also he noticed that the specs the original jeweler wrote on the appraisal are slightly different than the specs on the GIA report. For example she put different measurements on the appraisal than what the report says. There''s not a huge difference. Is it common for jewelers to do this in order to make the stone look better on the appraisal so that they can give it a higher appraisal? What are your thoughts???

 

[jaz464]

Measurements may be off if the diamond is in a setting. Appraisals of set diamonds can''t be as accurate.

Why would you want to insure the diamond for so much more than it is worth? You will be paying a higher premium but if your ring is lost or stolen, your insurance company is going to replace it with the closest thing they can find (or give you a check to replace it for the closest thing you can find). They are not going to give you extra $$ to upgrade. Stick with an amount closer to the replacement value and keep it updated every so often, so the appraisal reflects current prices.

 

[rjdodd]

I''m going through this process at the moment: appraising / insuring a stone for more than I paid for it. Why? Because I expect diamond prices to increase and I want (hope) the appraisal to be good for 2-3 years.

If I insured it for what i paid for it today, if it disappeared in two years I wouldn''t be able to replace it for the insured amount (like kind insurance at least). Sure I could update the appraisale every year - but what''s the cost of the extra insurance today vs. the cost of a new appraisal every year?