Perfect Circle (JM) and Appraisals

[turnstylez18]

Hello,

Well I have the e-ring picked out and almost paid for. Paying the remaining amount this weekend. However, I have a question about insurance and appraisal.

Since I am in Canada, I will be going with Perfect Circle for insurance. With my soon to be made BGD ring, do I get the ring appraised by BGD in U.S. or do I get the ring appraised locally in Canada?

I feel more comfortable getting it appraised by BGD's in house appraiser but I'm not sure if Perfect Circle would want an American appraisal for a Canadian customer.

If anything were to happen (*knock on wood) I definitely feel I would go to to Brian Gavin again so wouldn't an American appraisal from BGD work? Or am I stuck with getting a local appraisal to do it?

I would call Perfect Circle to get these details but since I am paying for the remaining balance at BGD soon, I'd prefer to let them know if I will be getting an appraisal at that time.

Please let me know your suggestions and experience.

Thank you!

 

[Christina...]

I think that JM is one of the insurance companies that will insure based on receipt for the ring. Most appraisals offered by vendors are somewhat inflated, some more than others. I'm not sure about BGD in particular, many others here are and I'm sure will chime in. It's important to get an accurate replacement value appraisal so that you don't overpay on premiums. Some of us do cost plus 10% or 20%, to avoid having to have the ring re-appraised whenever diamond prices increase, some do more than that, some just on actual cost.

As far as having an appraisal from the States as opposed to Canada, I can't say for sure, but I imagine that JM would adjust based on current exchange rates. On JM's site their is a tab to ask a consultant a question, I've used it several times and they are very friendly and quick to respond. You could send them a quick email and find out for sure. Congrats on your upcoming engagement!

ETA: I just saw where you stated that you would rather wait to contact JM, I'm not sure that I understand why. Many of us shop insurance providers and the answers to these types of questions help us to determine which company is better able to meet our needs. I really wouldn't hesitate to contact them, although, many here use JM and are also located in Canada (Dreamer comes to mind) and I'm sure that they will post about their personal experiences.

 

[turnstylez18]

Thank Christina. I am definitely looking for an appraisal that is not inflated and for insurance purposes only so I do not get higher premiums.

I forgot to mention, I didn't mean I was going to wait to call Perfect Circle. They're closed on weekens so I won't have an answer until Monday. If it were up to me, I'd be calling right now! lol

 

[Christina...]

Gotcha! It may be possible to explain to Leslie, or whomever your contact is at BDG that you are going to use the included appraisal for insurance purposes and request that it reflect actual replacement value. If not though, I believe that JM will insure based on the receipt and a copy of the GIA report.

I can think of several others that have been in a similar situation as yours and I'm sure that they will post as the day passes. When do you receive the finished ring? Post pics for us!!

 

[turnstylez18]

I think with BGD you can receive a letter of verification (on request) or you can pay $75 for a full appraisal. I think the full appraisal with BGD is what I'm leaning towards. However, if it doesn't make sense to have an american appraisal for a canadian customer I'll have to pass.

I make the final payment in the next few days and then its on its way to production. WIll definitely post pics!

 

[diamondseeker2006]

You don't really need a full appraisal as long as you have an insurance valuation letter and provide a copy of the diamond certificate. But I 100% agree that I don't want an inflated value and you have to tell them that. So I'd pay for their appraisal if that is the only way to get an actual value. My insurance lets me insure with sales receipts and I just wish all insurance companies would do that!

 

[turnstylez18]

While a valuation letter would seem work to with Perfect Circle and while I wish that was enough, I'm not sure if they would valuate the ring much higher and I end up paying more premium for it. I'm thinking a full appraisal (if I get the right amount) would help in this case.

I guess no one knows about the american/canadian scenario even though BGD would be my preferred vendor

 

[diamondseeker2006]

While a valuation letter would seem work to with Perfect Circle and while I wish that was enough, I'm not sure if they would valuate the ring much higher and I end up paying more premium for it. I'm thinking a full appraisal (if I get the right amount) would help in this case.

I guess no one knows about the american/canadian scenario even though BGD would be my preferred vendor

The full appraisal is just as likely to be highly inflated, so definitely do not waste your money by not asking about this first. Is JM/Perfect Circle located in the US or Canada? Since the stone was purchased in the US, I cannot imagine that they wouldn't honor the vendor's insurance valuation/appraisal regardless. If you lost it the next day, I assume you'd replace it in the US and not in Canada, right?

 

[turnstylez18]

Perfect circle is located in the US. If I were to replace the ring it would most likely be from BGD. My purpose of the appraisal is for insurance purposes only. If the letter of verification is suffice then I wouldn't need a full appraisal. However, how would perfect circle know what to value the ring at if there is no number listed.

I thought this was the purpose for insurance. Or can I use the invoice as well?

I think PC can use the invoice if less than $5000. I'm so lost. Lol

 

[phtp]

I'm sure going to follow this thread and I am glad I came across this. I am in the exact same boat as you on many levels: Canadian, bought from BGD this week and looking at insurance. Even almost went with the same diamond that you had picked out.

I forgot to ask Jamie at BGD, but do you know if they provide some sort of free appraisal or only the AGSL certificate?

Thanks.

 

[CharmyPoo]

You may have already gotten the answer (I didn't read). You need the appraisal to have CDN dollar - you will have to eat the fluctuations in exchange rate. I had my appraisal done in the US but they had to put CDN in order for Perfect Circle to accept it.

 

[turnstylez18]

Looks like having a Canadian Appraisal is necessary for a Cdn customer. I guess I'll do it locally. Will probably call Perfect Circle a call to find out for sure.

 

[CharmyPoo]

Looks like having a Canadian Appraisal is necessary for a Cdn customer. I guess I'll do it locally. Will probably call Perfect Circle a call to find out for sure.

I am from Toronto and have been a customer of Perfect Circle for years. All my insured pieces are from the US - they may tell you no but all you need is a cdn dollar amount on your us appraisal. Most will do it for you based on the curerent exchange rate. Perfect Circle will not take the exchange rate into account and will insure you for the CDN converted amount. It really doesn't matter because if you appraised in Canada and buy in the US... You deal with the exchange rate then too. If you really want a CDN appraisal, just go get an EGL cert for fun and ask them for a non-inflated insurance appraisal. This way u can also compare gia vsa egl ratings. In toronto, same day service and under 100.

 

[phtp]

Looks like having a Canadian Appraisal is necessary for a Cdn customer. I guess I'll do it locally. Will probably call Perfect Circle a call to find out for sure.

I am from Toronto and have been a customer of Perfect Circle for years. All my insured pieces are from the US - they may tell you no but all you need is a cdn dollar amount on your us appraisal. Most will do it for you based on the curerent exchange rate. Perfect Circle will not take the exchange rate into account and will insure you for the CDN converted amount. It really doesn't matter because if you appraised in Canada and buy in the US... You deal with the exchange rate then too. If you really want a CDN appraisal, just go get an EGL cert for fun and ask them for a non-inflated insurance appraisal. This way u can also compare gia vsa egl ratings. In toronto, same day service and under 100.

This is all new to me and I apologize if this is a obvious question, but where do you get your US appraisals done?

 

[turnstylez18]

Based on the info here, I believe the appraisal must be in canadian funds. I'm going to see if BGD can provide the appraisal in canadian funds, if not, a local appraiser it is.

Going through BGD for appraisal will make me more comfortable and I believe they can work with me in getting it valuated without the high inflation.

 

[phtp]

Based on the info here, I believe the appraisal must be in canadian funds. I'm going to see if BGD can provide the appraisal in canadian funds, if not, a local appraiser it is.

Going through BGD for appraisal will make me more comfortable and I believe they can work with me in getting it valuated without the high inflation.

I called BGD to inquired about getting the letter of verification in Canadian funds and was told they have no way of doing that. Appraisals will need to be done by a third party. They were very busy today and didn't go into much detail.

 

[turnstylez18]

I guess we'll have to do it locally. Not a big deal. I just didn't want to take the time to set up another appointment for one. All in one shot would have been nice. Oh well.

I'll get more info for when I call tomorrow to make my final payment. I'm going to ask for a letter of verification though.

 

[phtp]

I guess we'll have to do it locally. Not a big deal. I just didn't want to take the time to set up another appointment for one. All in one shot would have been nice. Oh well.

I'll get more info for when I call tomorrow to make my final payment. I'm going to ask for a letter of verification though.

Any word from BGD or Perfect Circle?