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Independent Appraisal for re-insure on 19 yr old ring?

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Gayletmom

Brilliant_Rock
Joined
Nov 29, 2008
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735
I have a 1.44 ct, G, VS1 round diamond set in a simple, 18k YG setting. It was purchased by dh 19 years ago when we were engaged. Last fall I lost the ring, contacted my State Farm agent and eventually rec''d a check for $11,000, which was the amt of my original appraisal on file with SF. Fast forward to this weekend when I found my ring!! So I will now send my check back to SF (luckily, I had not already spent the $ on a planned upgrade-don''t know what would happen then!).

My question is how I should handle the re-appraisal for insurance purposes? This experience has taught me that I should update my appraisal periodically but I am wondering if an independent appraisal would be useful. Keep in mind that my stone is nice but not a premium cut like we see on PS. It is also, obviously, currently set. As I recall, SF offered either to replace my ring or pay me the appraised value. For an independent appraisal I would probably send it to someone from PS as none show up in a search of New Orleans so it would be more expensive then taking the ring to my local, reputable jeweler.

What do you guys think? Are there some good reasons to spend the money for an independent appraisal or do you think a local jeweler would be sufficient?
 

Ellen

Super_Ideal_Rock
Joined
Jan 13, 2006
Messages
24,427
Personally I would get it independently appraised. They are more thorough in the details (which can affect price).
 

Fly Girl

Ideal_Rock
Joined
Jan 9, 2007
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7,312
First of all, congratulations on finding your ring! I had the same thing happen to me, and I sent the check back to SF. What would happen if you had already spent the money is that SF has essentially bought your old ring, so you could have sent that to them. I''m wondering if that is still an option that you might want to consider.

In any case, I asked around at a number of local jewelry designers and found an independent appraiser in my city that isn''t listed on PS. I contacted her and had an appraisal done in her office. Then I sent the new appraisal to SF and paid the new, much higher, premium.
 

Gayletmom

Brilliant_Rock
Joined
Nov 29, 2008
Messages
735
Thanks, Fly Girl. I didn''t even think about asking around for an independent appraiser but I have made a few contacts since I have been visiting jewelers frequently lately. I''ll bet one or two of them might know someone. It will certainly be easier for me to do it locally, if possible, because I have three pieces that I would like to have re-appraised. It''s been several years and I''m a bit nervous about mailing all of them away.

I appreciate the input.
 

Richard Sherwood

Ideal_Rock
Joined
Sep 25, 2002
Messages
4,924
Sounds like the insurance company reimbursed you a fair price for your 1.44 G VS1. Just about exactly what it should have been. Congratulations to them.

Since you''ve found the diamond, you should send them check back, as you have no loss.

Then you should find out exactly what you have. An independent appraiser is excellent for this purpose.
 
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