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Independent Appraiser, or store?

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johnalbertson

Rough_Rock
Joined
Jan 31, 2009
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1
Hey all,

Sorry if this is in the wrong forum, I was not sure where to post this.

I have an engagement ring which cost roughly $1800. I purchased the diamond from an online vendor (Whiteflash), and bought the setting along with two gemstones and had it put together at a jeweler (who I no longer live close to).

I would like to insure the ring, but don''t have an appraisal on the ring. The independent appraiser near me would cost $95, whereas a jewelry store close by would cost $80. Is there any reason to pay more to go to an independent appraiser, especially if its only for insurance purposes on a relatively cheap ring? Jewelers Mutual said they could insure it for $25 a year.

Also, will the information that came with my diamond from Whiteflash be sufficient for the insurance company to replace my diamond with the same brand diamond (a cut above) in the event something happens to it?

Thank you for your help!!
JA
 

Lorelei

Super_Ideal_Rock
Premium
Joined
Apr 30, 2005
Messages
42,064
Date: 1/31/2009 9:56:54 AM
Author:johnalbertson
Hey all,

Sorry if this is in the wrong forum, I was not sure where to post this.

I have an engagement ring which cost roughly $1800. I purchased the diamond from an online vendor (Whiteflash), and bought the setting along with two gemstones and had it put together at a jeweler (who I no longer live close to).

I would like to insure the ring, but don't have an appraisal on the ring. The independent appraiser near me would cost $95, whereas a jewelry store close by would cost $80. Is there any reason to pay more to go to an independent appraiser, especially if its only for insurance purposes on a relatively cheap ring? Jewelers Mutual said they could insure it for $25 a year.

Also, will the information that came with my diamond from Whiteflash be sufficient for the insurance company to replace my diamond with the same brand diamond (a cut above) in the event something happens to it?

Thank you for your help!!
JA
Definitely an independant appraiser would be preferable rather than someone who sells jewellery. Also a good appraiser can note details and an opinion on the top quality of your branded cut so if you did ever suffer a loss, then you have evidence on that you had a diamond cut to the highest standards and would require a similar replacement.
 

oldminer

Ideal_Rock
Trade
Joined
Sep 3, 2000
Messages
6,442
If all you want is a document and not a professional, independent opinion, the local retailer who does appraisals may be okay for you. However, how will you take it if the "appraiser" tells you that your diamond is defective or that the mounting is broken and needs substantial repairs. If you can just ignore such advice, then maybe you are strong enough to use someone who might provide a biased or inaccurate opinion. Most consumers feel they ought to be able to trust anyone offering appraisals, but that faith is frequently put to the test by dishonest people who provide less than ethical services in hopes of bettering their own bottom line.

The choice is up to you and maybe you can save $15 without having any problem. Maybe your local retailer appraiser is a truly good person who will give you valuable and honest advice. The question remains, how can you be sure?
 

AndyMN

Rough_Rock
Joined
Jun 2, 2008
Messages
47
Some jewelry stores bring in an independent appraiser to ensure that their clients are getting an objective opinion, you may be able to find someone in your area that goes this route. If the ring was a recent purchase the store should be able to send you a certificate of sale which will be sufficient to get it insured. I say recent because diamond and metal prices are constantly fluctuating so you''ll want to be sure that you have it insured for the proper updated amount.
 

neatfreak

Super_Ideal_Rock
Joined
Feb 17, 2007
Messages
14,167
Personally, it's not much more, I would go to the independent place. I feel like often jewelry stores have ulterior motives and you have to listen to them about how their stones are better, yadda yadda. I'd rather avoid that.

And the documentation from WF should be sufficient for most insurance companies, I see you are going to use JM, it is sufficient for them.
 

Regular Guy

Ideal_Rock
Joined
Jul 6, 2004
Messages
5,954
Date: 1/31/2009 9:56:54 AM
Author:johnalbertson

Also, will the information that came with my diamond from Whiteflash be sufficient for the insurance company to replace my diamond with the same brand diamond (a cut above) in the event something happens to it?
JA,

If you do want to be able to get a replacment from WF, part of what you''ll have to factor into the equation is the insurer you select. For example, some fine ones...like USAA...will only, I believe, find replacements from their internal resources, regardless of your documentation.
 
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