Please Help with Appraisal & Insurance!

[olla]

Hello,

I recently bought a replacement engagement ring and matching wedding band from Tacori, I already had a diamond that I bought from Union Diamond, so I had to send it to Tacori to do the mounting.

Anyways, my jeweler gave me an appraisal just for the engagement ring, it has a general picture of the style (from Tacori's site) and not a picture of the actual ring I bought with my diamond in the "appraisal", it also states the color and clarity of the diamond, as well as the inscription number but does not state any proportions nor cut. It has a replacement price of $11,500
The ring by itself with a CZ retail price is $4,500

Union Diamond on the other hand gave me their "appraisal" for the diamond I had, and of course it list the proportions, cut, etc. and the diamond alone its appraised (according to them) at a value of $9,000 (which if I include the ring its a difference of $2-3k)

Since I of course do not was provided with an appraisal for the wedding band, I have to go with a certified appraiser to do one.

I was just wondering if I should re-appraise again the whole thing; e-ring with mounted diamond + wedding band, instead of just appraising just the wedding band. The appraisal for the whole thing cost around $200.00

Or should I appraise the wedding band by itself and save the $150.00?

Thank you!

 

[denverappraiser]

Your insurance company will probably be happy to bind a policy based on the lab report on the center stone and a receipt from both companies as documentation so if that’s your objective then you can probably do it for free. Ask. If you’re looking for a quality control step and documentation of exactly what you have then someone will need to look at the finished piece(s). That’s what appraisers do. There’s a list under the ‘resources’ tab at the top of the page or we can make a specific recommendation if you’ll say where you are (well, other people can make a specific recommendation. It’s against the rules for ME to do it)

 

[diamondseeker2006]

Okay, you have a replacement value on the e-ring for $11,500. How much did you actually PAY for the setting and diamond? A picture is not necessary as long as the Tacori model number of the setting was listed and the kind of metal it was made from. You attach a copy of the GIA report to document the diamond quality.

You would just need a replacement valuation for the wedding band, and whoever sold you that should provide you that free for insurance purposes.

 

[olla]

The setting alone for the e-ring was $4,000 plus tax
The diamond cost was $6500 (no tax)

The diamond is an AGS ideal or 3x, D color, SI2 1.03 ct.

The wedding band was $3000 (no tax (bought out of state) The dealer actually priced match an error on his website at the time of purchase, but every other retailer sells the band at $4,000 plus tax.

If I decide to appraise the WB alone it would be $100 (I just doubled check) with an independent ICGS gemologist.

 

[diamondseeker2006]

Then you are fine for insuring the e-ring for $11,500. Just use the valuation for $11,500 and include the copy of the AGS report. Whoever sold you the wedding band should write you a replacement value statement for free. There is no reason to pay $100 for an appraisal on a wedding band. If they do not do insurance valuations, did they provide you a receipt that shows what the item is and how much you paid? My insurance will accept a sales receipt as long as it states what the item is and the price paid.

 

[olla]

I just called the place where I bought the wedding band, they told me they would send me an appraisal for the ring free of charge.

I will do as advised and send the appraisal for the $11,500 and then the one (probably next week) for the wedding band to the insurance company, in the meantime I will send them the receipt for the wedding band.

Now, since the receipt is less $1000 than what the appraisal will actually be for the wedding band, should I just hold on and wait for the appraisal that will state the full price and then send it, just so that there is no confusion with the insurance company? O will the insurance update the replacement price once they get the binder?

Thank you all for your help, I appreciate it!

 

[denverappraiser]

The insurance update will set the premium and the policy limits based on your most recent documents. That said, you may be better off using the receipt than a jeweler supplied appraisal. Ask your insurer how claims are handled but usually they are agreeing to replace with 'like kind and quality' in the case of a loss and inflating the value beyond what it will actually cost them to do the replacemet is doing you no favors. It just raises your premiums without changing their behavior in the case of a loss one bit.

 

[diamondseeker2006]

Excellent Neil!

I am always in favor of not overinsuring. So Neil's advice is good...you can just use the sales receipt and leave it at that. If it makes you feel better to insure the wedding band at normal retail just to be safe, then wait and send that document and don't send the sales receipt. But he is right that the insurance company wouldn't be paying full retail to replace your piece. I usually don't mind if my values are running a little low because over 35 years of having jewelry, I have never lost a piece. I just have coverage on a couple of things that I wear the most and that it would hurt the most if I had to replace myself. On the other hand, if you insure at full retail, you wouldn't have to reappraise for a long time since it would hopefully take a few years for you to be underinsured. And in reality, an extra $1000 coverage is only probably going to cost you around $10 more a year. So you can just choose which to use, but only send them one value for the wedding band, not both.

 

[olla]

Thank you again DiamondSeeker and DenverAppraiser, I appreciate your advice and will use the receipts instead.

I hope you guys have a wonderful holiday!

 

[kindred]

The diamond cost was $6500 (no tax)

The diamond is an AGS ideal or 3x, D color, SI2 1.03 ct.

The diamond is probably worth a lot more now than it was when you bought it, so you might want to get it re-appraised.

 

[diamondseeker2006]

That price looks current to me according to the PS search tool. How long ago was the stone purchased?

 

[denverappraiser]

It’s pretty easy to shop for comparables on lab graded diamonds and current production designer mountings. Just shop a bit. Craftsmanship and condition are more difficult to evaluate if you don’t have some experience and if you don’t have a benchmark to work from with the photos and descriptions from a prior appraisal. The reason to get an appraisal on a new purchase item is to document what you have if the paperwork they gave you is inadequate, as a quality control step in the manufacturing, or if there’s something about your purchase that doesn’t seem right and you have questions that you would like to ask of a 3rd party expert. The reason to ‘update’ the appraisal is if something changes, either prices or condition.

 

[kindred]

That price looks current to me according to the PS search tool. How long ago was the stone purchased?

It's a D color and I thought it was a round diamond. Is it a different shape?

 

[diamondseeker2006]

Yes, it is round. I saw prices from around $6000-7000 for one carat D SI2 stones. The e-ring appraisal for $11,500 is current, so that should cover the stone and setting from what we were told.

 

[kindred]

Yes, it is round. I saw prices from around $6000-7000 for one carat D SI2 stones. The e-ring appraisal for $11,500 is current, so that should cover the stone and setting from what we were told.

Wow, that's a great price! We paid almost $6,000 for my 1 carat I color, SI2 round.

 

[diamondseeker2006]

Yes, it is round. I saw prices from around $6000-7000 for one carat D SI2 stones. The e-ring appraisal for $11,500 is current, so that should cover the stone and setting from what we were told.

Wow, that's a great price! We paid almost $6,000 for my 1 carat I color, SI2 round.

Well, prices can vary a lot depending on many factors such as the grading report your diamond has as well as where you bought it.