Jewelery store appraisal... was I wrong?

[Aeromax]

Before you all flame me for getting my ring appraised at someone other than an independant appraiser, let me explain.

I dropped my ring setting and diamond off at the jeweler yesterday to be set. They said it would take a week, and I told them I absolutely needed it to be done no later than friday the 11th, because I was leaving for Mexico that sunday, where the proposal would take place. I was hoping to not cut it so close, but due to setbacks with getting the ring setting, I couldn''t avoid it. I asked them where I could get it appraised, since all the appraisers on pricescope are too far away for me to get to conveniently. They said they would do it, for $75. I asked them what was involved, and they assured me an entire dossier would be made up, and it would be compared against it''s cert. I was satisfied, since this is a nice, very small local jewelery store with nice people running it, so I felt comfortable. I really needed the appraisal for insurance done as soon as I could get it due to the need to travel with the ring in a week''s time, and due to my time constraints figured it would be easiest to have it appraised at the store after it is set. However, note that I did not buy the diamond, NOR the ring setting from this store. They are simply setting it for me, so I felt the conflict of interest was minimal.

What are anyone''s thoughts? Should I, or do I need to have it reappraised in the future by an independant appraiser?

 

[MikeRato1]

aeromax, i wouldnt be worried as long as you have a gia/ags cert. and as long as you trust your jeweler. i never had mine appraised. just make sure you get some insurance on it!

 

[Ellen]

Date: 4/4/2008 8:49:10 AM
Author:Aeromax
What are anyone's thoughts? Should I, or do I need to have it reappraised in the future by an independant appraiser?

That depends. If the appraisal is extremely thorough, should the need ever arise where you have to replace the ring/stone(MOST important)/setting, then no you wouldn't. Do I think you'll get the detailed report you'd like/need? No.

When you make a claim to the ins. co, they go by what is in that appraisal. If it just says GIA EX Cut 1.3 G VS1, that's what they'll look for (and that could end you up with a not so hot stone). If in fact your stone is a super ideal H&A's that would also fall in AGS0 territory, they're not going to know, nor care if you tell them, because it's not in the report. The more detailed info you have, the more you can demand a stone of TRULY like kind. And you're going to get that from an appraiser, not a jeweler most likely.

So, at least you will have ins. on the ring to travel and that's good, but be careful, and unless the appraisal is all that it should be, have it redone when you get back.

And good luck!

 

[Aeromax]

Well, the jeweler store is supposed to be an AGS certified gemologist, according to their website. I''m hoping for the best.

 

[february2003bride]

Date: 4/4/2008 9:51:40 AM
Author: Ellen

Date: 4/4/2008 8:49:10 AM
Author:Aeromax
What are anyone''s thoughts? Should I, or do I need to have it reappraised in the future by an independant appraiser?

That depends. If the appraisal is extremely thorough, should the need ever arise where you have to replace the ring/stone(MOST important)/setting, then no you wouldn''t. Do I think you''ll get the detailed report you''d like/need? No.

When you make a claim to the ins. co, they go by what is in that appraisal. If it just says GIA EX Cut 1.3 G VS1, that''s what they''ll look for (and that could end you up with a not so hot stone). If in fact your stone is a super ideal H&A''s that would also fall in AGS0 territory, they''re not going to know, nor care if you tell them, because it''s not in the report. The more detailed info you have, the more you can demand a stone of TRULY like kind. And you''re going to get that from an appraiser, not a jeweler most likely.

So, at least you will have ins. on the ring to travel and that''s good, but be careful, and unless the appraisal is all that it should be, have it redone when you get back.

And good luck!

I agree with Ellen (as usual). When I found out from my jeweler that my original e-ring diamond (princess cut) had a chip on the corner, it was my appraisal with photos, a copy of the GIA cert, and a summary from the appraiser that helped me get full value (at today''s value- my stone was 5 years old) for my stone from Traveler''s. Also, it allowed me to replace it with my current diamond. I fully intend to get my new stone and setting appraised, because if anything happens to my new diamond and/or setting, I would want it replaced with a similar diamond (AGS000 H&A). I don''t doubt my AGS cert, I just want a bakcup report should anything happen, and the insurance co. question the real value of my diamond.

 

[Ellen]

Date: 4/4/2008 10:01:15 AM
Author: Aeromax
Well, the jeweler store is supposed to be an AGS certified gemologist, according to their website. I'm hoping for the best.

That's nice, but it doesn't persuade me to think you'll get what you should. I've never ever seen an appraisal from a jeweler that came close to what one should have for ins. puposes.

I'm not trying to be mean, just honest!

 

[deegee]

I had my ring appraised by the jeweler who set it (the stone was from Whiteflash). He was very detailed in describing the center stone and including the AGS number and the words "A Cut Above" inscribed on the girdle. He stated that the diamond had the true "hearts and arrows" pattern, AGS triple 0 - all of that. I chipped the stone and had to file an insurance claim, and I had no problems replacing it with one of like quality from Whiteflash.

 

[ephemery1]

One thing to note is that jewelry store appraisals tend to be wayyyyyyyy over inflated.

We bought my stone online, but got the setting through a local store (also certified gemologists), and they gave us an appraisal automatically when they set it. It came in at almost triple what we'd actually paid (we paid $8000 total, they estimated it's worth at $23,000)... and I was told this is fairly common. We then had it assessed by a highly-regarded independent appraiser in the area, and they gave us a much more reasonable figure ($14,000 I think?), which kept us from having to pay an exorbitant price for insurance.

 

[diamondseeker2006]

I think it will be completely fine. I never got independent appraisals on my stones because they came from vendors who sell top quality stones. The AGS and GIA reports are enough to prove the quality of the stones and then the appraisal just puts a value on it. My concern would be what was already mentioned, that they not drastically overvalue the ring. You don''t want to overpay for insurance. I would discuss this with the jeweler before they finish the report.

I will say that I chose Chubb insurance, and they just cut a check in case of loss. I wouldn''t want an insurance company trying to choose a replacement stone for me no matter how good the appraisal was!