Need help from an appraiser

[IrishEyes]

This is a complicated question/s. Someone''s expertise would be greatly appreciated!

My husband and I got married right before we went overseas for military purposes. We bought our rings while we were at home 7 months later on leave. We then had to return overseas and didn''t come home for another 8 months. The rings stayed in safe at home. Because of the short amount of time we were on leave, we did not have the rings appraised/insured before leaving (I know, I know, that''s so bad!). We recently came home, and now need to get these babies insured!! The problem is, I''ve been wearing them for awhile, so I know they''ve depreciated a little in value. When I look at them through a loupe, I can see some scratches on the wg part of the band on my e-ring. I also noticed that one of the prongs is slipping, as my e-ring sits high on the setting and I''ve whacked it a couple times on things

Here are my questions:
1. what types of questions should I ask an appraisor when I am looking for a reputable one in my area?
2. Is it possible to have a ring insured without an appraising? What if the appraisor loses/damages the ring?
3. Will they be taking my center stone out to appraise and then setting it back in?
4. After the appraisal, can I have any problems fixed, then reappraised? I''m worried that the wear on it has decreased the value, and when I have it insured, my trade-in value will be substancially less.

So sorry for all the questions!! I know it''s alot, I''m just really worried and I don''t know too much about the whole process. Thanks!!

 

[denverappraiser]

IrishEyes,

Congratulations on your engagement and WELCOME HOME!

What types of questions should I ask an appraisor when I am looking for a reputable one in my area?
Are you a graduate gemologist? What other credentials do you have?
Do you have appraisal valuation training? When and from whom?
What experience do you have that you feel is important?
What will it cost?
Can I wait while you do the examination? Can I watch?
When will my report be ready?
Do you buy or sell diamonds, gemstones or jewelry?
Do you have insurance that will cover my property while in your care?

Is it possible to have a ring insured without an appraising? What if the appraisor loses/damages the ring?

This will depend on the insurance company. Many will be willing to bind an insurance policy using the paperwork supplied by the original jeweler.
Appraisers can get insurance to insure property left in their care. In any case, they are responsible for your merchandise while they have it.

Will they be taking my center stone out to appraise and then setting it back in?

No. Not unless you specifically request this service and not even then unless there’s a really good reason for it.

After the appraisal, can I have any problems fixed, then reappraised? I''m worried that the wear on it has decreased the value, and when I have it insured, my trade-in value will be substancially less.

The valuation used for most insurance replacement appraisals is the estimated cost to replace the item with another of like kind and quality, new, in the local market. Minor wear will not affect this. If there is important damage to the piece that affects the security of the stone or some other critical element, you should have it repaired.

Your trade-in value will have more to do with the terms and conditions of the jeweler than with your usage of the piece. In most cases, it is necessary to have the piece examined every 6 months and to use that jeweler for ALL repairs. They should have given you a document along with the sale that explains how their program works. Not all stores have the same rules. If you don’t have one, ring them up and ask for a copy. It’s important.

Wear it, enjoy it. That’s what it’s for. Don’t let the insurance and trade-in topics take away the real magic of the piece.

Neil Beaty
Independent Appraisals in Denver

 

[IrishEyes]

Denverappraiser: Thank you so much for your reply!!! I can''t thank you enough for answering all my questions! I feel confident now that I can have this matter taken care of and that my rings will be okay, which is the most important thing! Having such meaningful and precious merchandise in the hands of another is enough to cause me a panic attack, but I think it will be okay

again, thank you for your time, and thanks for the ''welcome home'', I really appreciate it

 

[IrishEyes]

Denverappraiser: oh, one more thing I forgot. The jewler did give us paperwork for the every 6 month maintenance thing, however we obviously missed a couple because we were overseas for so long. Do you think they should make an exception for our situation and still allow us to be under a replacement warranty, even though we technically broke the 6 month maintenance agreement? I am going to ask them, the girl who sold us the ring is very nice and feel she will help us out, but I don''t know. Sometimes businesses don''t make exceptions. Let me know what you think. Thanks!

 

[denverappraiser]

IrishEyes,

You can always ask them to make an exception but the stores that have this kind of policy are pretty used to people breaking this rule and providing an excuse later. This usually has more to do with warranty related problems than the trade-in policy. I would expect this to void any warranty that you have. I wouldn’t suggest that you worry too much about it. A policy with a real insurance company is almost always better than their warranty anyway and this gives you the freedom to have work done by different craftsmen if you wish. If they make an exception for you, be sure to get it in writing because it won’t become important for years and the store may have completely different people working there who won’t remember you when the time comes.

Neil Beaty
Independent Appraisals in Denver

 

[strmrdr]

If they dont make an exception take it to the newspaper they love stories like this.

Id get it repaired then appraised.
That way the appraiser can tell you for sure its properly repaired.

 

[pqcollectibles]

Date: 1/10/2005 9

0:18 AM
Author: strmrdr
If they dont make an exception take it to the newspaper they love stories like this.

Id get it repaired then appraised.
That way the appraiser can tell you for sure its properly repaired.

Agreed. I would imagine if you took some sort of proof that you have been out of the country with you when you go to see the jeweler, they might be more lenient. Especially since you are helping to protect the freedoms and the way of life that we all enjoy here in the US.

The scratching on the metal of the rings might only require a good buffing to restore the finish and luster. Provided it''s normal wear and tear scratches and you don''t have a huge or deep gouge, your rings can look good as new after being buffed.

The prongs bending out of place happens more than most folk would think. I had a head on one ring that I had a prong straightened a couple of times and then my jeweler recommended that we replace the head. Haven''t had any problems with the new head.

Get the maintenance done on the rings and then have them appraised.

Good Luck! And please know, our troops are constantly in our prayers!

 

[IrishEyes]

Hello everyone!! Thank you all for your comments and for the help, it will come in handy! Thank you as well for the great welcome home and supportive comments - the troops love knowing that we are supported and in your thoughts

Have a wonderful day and thanks for the help