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JA.com appraisal came in lower

mjfer4

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Sep 4, 2015
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Hey guys how are you going? Long time lurker first time poster.

I just received my ring from jamesallen.com which I am going to propose with at the end of October and I am a bit concerned and need some peace of mind.

I for the following rock from JA and setting:
http://www.jamesallen.com/engagemen...d-baguette-diamond-engagement-ring-item-1023

http://www.jamesallen.com/loose-diamonds/emerald-cut/0.70-carat-f-color-vvs1-clarity-sku-627476

total price was $5500 plus taxes.

Now i've always read that the valuation that comes from JA always comes in higher but on this ring it came in lower - at $5200!!!! that $300 less PLUS i had to pay another $600 in taxes to get it here to Australia! So thats nearly $1k less!

I am booking it in for a indep appraisal but given that I have booked everything for the proposal in a less then 4 weeks time I am pretty nervous right now that i have monumentally stuffed this purchase. The ring looks great though....

Should i be worried?
 

kb1gra

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Jul 6, 2012
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Did you pay in AUD or in USD? Or rather, is your $5500 figure in AUD or USD?
 

denverappraiser

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At least in the US, insurance valuations are supposed to be an estimate of the required budget to replace an item with one of like kind and quality, new, locally. Ordering a new item from an overseas vendor would not be an acceptable approach for replacement for most people. Obviously taxes are part of it. Normally the insurer will require documentation from a domestic appraiser for this sort of reason. The vendor paperwork MAY be sufficient for customs purposes but I would expect them to want to see the actual receipt, not some estimate of value. That makes it not very useful in any case and, given that, what difference does it make if it has an error?

I can't speak for Aussie appraisers (excuse me, valuers) but around here 4 weeks is PLENTY of time. I'm usually done within an hour.
 

mjfer4

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Sep 4, 2015
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kb1gra said:
Did you pay in AUD or in USD? Or rather, is your $5500 figure in AUD or USD?

that is a good point. I paid in AUD but not sure if the value was in AUD OR USD... if it is in USD then that explains the dif as that makes it roughly $7200 AUD.

denverappraiser said:
I can't speak for Aussie appraisers (excuse me, valuers) but around here 4 weeks is PLENTY of time. I'm usually done within an hour.
The 4 week turn around was more regarding to if i end up returning it then needing to get a new ring in time.

I have booked for an independent appraiser tomorrow morning.
 

diamondseeker2006

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I am quite certain that all James Allen insurance valuations are in US dollars since they are based in the US! So I think you have nothing to worry about! I'd cancel the other appraisal.
 

mjfer4

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Sep 4, 2015
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diamondseeker2006|1443581080|3933359 said:
I am quite certain that all James Allen insurance valuations are in US dollars since they are based in the US! So I think you have nothing to worry about! I'd cancel the other appraisal.

still want to get it to make sure the diamond is what I ordered and to get a local appraisal done. :)
 

kb1gra

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James Allen appraisals are in USD and they don't specify currency since their primary business is in the US - so I think that explains your difference perfectly.
 

Niel

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mjfer4|1443592059|3933393 said:
diamondseeker2006|1443581080|3933359 said:
I am quite certain that all James Allen insurance valuations are in US dollars since they are based in the US! So I think you have nothing to worry about! I'd cancel the other appraisal.

still want to get it to make sure the diamond is what I ordered and to get a local appraisal done. :)

Yes, sure, but didn't the first appraisal confirm that already?
 

denverappraiser

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Niel|1443613768|3933417 said:
mjfer4|1443592059|3933393 said:
diamondseeker2006|1443581080|3933359 said:
I am quite certain that all James Allen insurance valuations are in US dollars since they are based in the US! So I think you have nothing to worry about! I'd cancel the other appraisal.

still want to get it to make sure the diamond is what I ordered and to get a local appraisal done. :)

Yes, sure, but didn't the first appraisal confirm that already?
It's not a second opinion if it comes from the same source as the first.
 

Niel

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denverappraiser|1443613980|3933418 said:
Niel|1443613768|3933417 said:
mjfer4|1443592059|3933393 said:
diamondseeker2006|1443581080|3933359 said:
I am quite certain that all James Allen insurance valuations are in US dollars since they are based in the US! So I think you have nothing to worry about! I'd cancel the other appraisal.

still want to get it to make sure the diamond is what I ordered and to get a local appraisal done. :)

Yes, sure, but didn't the first appraisal confirm that already?
It's not a second opinion if it comes from the same source as the first.

I guess I'm confused I was under the impression he got a local appraisal that was lower.

Never mind carry on.
 

kb1gra

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Niel|1443614917|3933420 said:
denverappraiser|1443613980|3933418 said:
Niel|1443613768|3933417 said:
mjfer4|1443592059|3933393 said:
diamondseeker2006|1443581080|3933359 said:
I am quite certain that all James Allen insurance valuations are in US dollars since they are based in the US! So I think you have nothing to worry about! I'd cancel the other appraisal.

still want to get it to make sure the diamond is what I ordered and to get a local appraisal done. :)

Yes, sure, but didn't the first appraisal confirm that already?
It's not a second opinion if it comes from the same source as the first.

I guess I'm confused I was under the impression he got a local appraisal that was lower.

Never mind carry on.

I believe he's referring to the appraisal document that JA sends with the purchase, which was confusing to him as it lists the replacement value in USD which is a pretty useless number to someone in Aus.
 

Niel

Super_Ideal_Rock
Premium
Joined
Jul 23, 2012
Messages
20,044
kb1gra|1443617487|3933426 said:
Niel|1443614917|3933420 said:
denverappraiser|1443613980|3933418 said:
Niel|1443613768|3933417 said:
mjfer4|1443592059|3933393 said:
diamondseeker2006|1443581080|3933359 said:
I am quite certain that all James Allen insurance valuations are in US dollars since they are based in the US! So I think you have nothing to worry about! I'd cancel the other appraisal.

still want to get it to make sure the diamond is what I ordered and to get a local appraisal done. :)

Yes, sure, but didn't the first appraisal confirm that already?
It's not a second opinion if it comes from the same source as the first.

I guess I'm confused I was under the impression he got a local appraisal that was lower.

Never mind carry on.

I believe he's referring to the appraisal document that JA sends with the purchase, which was confusing to him as it lists the replacement value in USD which is a pretty useless number to someone in Aus.


Yes I've gathered. Thank you.
 
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