Independent Appraiser, or store?

[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

 

[Lorelei]

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]

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]

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]

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.

 

[Richard Sherwood]

I''d go the extra $15, to find out all the good, the bad, and the ugly, instead of just what I wanted to hear.

 

[Regular Guy]

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.