Purchased Stone... Now What?

[WoodyWest]

I''ve spent the better part of a month "lurking" to gain a better understanding of what I need to know in order to purchase a diamond I can be happy to give... In that time I have seen enough sarin report this, HCA that, Hearts & Arrows this, BrilliantScope that to keep my eyes rolling for another couple of days. What I would now like is some info on the following:

• If I purchase a diamond through a Wholesaler/Resaler who is also an appraiser, who should I get to appraise the diamond?

• Is an appraisal necessary/required?

• Is there a cost involved to have it appraised?

• How much would a Canadian in the Toronto area expect to pay? Does the consumer typically pick up this cost?

• Are there appraisers in the Toronto area that one could recommend?

• How does one go about insuring the ring? What cost would be involved?

Thanks in advance for any light you can shed on the above queries. Take care!

 

[pqcollectibles]

Hi Woody!

Unless you are a diamond expert yourself, you need an INDEPENDENT appraisal. I could sell you a diamond I say is a F, VVS1, H&A, and charge you accordingly when I really sold you a G, VS2, Ex/Ex, non H&A. Would you know the difference? An appraiser would. And so would your wallet.

Check out return policies on any vendor you plan to buy from. Then you can get the diamond INDEPENDENTLY appraised/verified. If you didn't get what they say you paid for, return it. Or, make purchase contingent on a satifactory INDEPENDENT appraisal. Also, there are several PS vendors who will ship direct to an approved appraiser who reports to you, and you don't pay for the diamond until you approve the evaluation.

The buyer pays the cost of the appraisal. Several advertise their fees here in the range of $125 to $150 or so, US.

You'll need an appraisal for insurance purposes. Loose it, chip it, it get's stolen, you wanna be able to replace the diamond and/or ring. If you have homeowner's/renter's, you might just add a jewelry rider to cover the appraised value. If not, there are several companies that issue jewelry insurance. One mentioned often here is Chubb.

Sorry I can't help with concerns specific to Canada. You might try calling USA Certed. They are Canadian based.

Hope this all helps.

 

[Rhino]

Hi Woody,

Ok ... one by one. My responses will be in the bold.

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On 5/19/2003 11:28:10 PM WoodyWest wrote:
I've spent the better part of a month "lurking" to gain a better understanding of what I need to know in order to purchase a diamond I can be happy to give... In that time I have seen enough sarin report this, HCA that, Hearts & Arrows this, BrilliantScope that to keep my eyes rolling for another couple of days. What I would now like is some info on the following:

• If I purchase a diamond through a Wholesaler/Resaler who is also an appraiser, who should I get to appraise the diamond?

Firstly ... if a company is selling to you (the end consumer) they are not (although they may say they are) a wholesaler. True wholesalers only sell to those within the trade who are resalers. If they are telling you they are wholesalers then they are not being honest with you. In answer to your question about appraisers however you might want to check out the web page here on pricescope listing a bunch of appraisers. http://www.pricescope.com/appr_list.asp
Research their services and choose one. Some of the more popular appraisers recommended here is Rich Sherwood (who posts here frequently), Bill Lieberum (aka RockDoc), Dave Atlas and also Cindy with New England Gem Lab. The links to these guys are on that page above.

• Is an appraisal necessary/required?

No but it is HIGHLY recommended. A professional 2nd opinion brings something the seller cannot fully give and that is 110% peace of mind.

Even with the amount of info we provide with our stones, once a person has confirmed with an outside independant source the veracity of what they purchased (or are considering) this brings a certain level of satisfaction and peace of mind. For what the price is of a diamond, the tiny extra % for that peace of mind is well worth it and then you can recommend your dealer with CONFIDENCE cause you've taken the extra step to check em out.

• Is there a cost involved to have it appraised?

Haha... if you can find an appraiser who'll work for free then his appraisal probably isn't worth the paper it's printed on. A good appraisal cost anywhere from $100 on up depending on the services and time involved.

• How much would a Canadian in the Toronto area expect to pay? Does the consumer typically pick up this cost?

Woody ... listen carefully. If a vendor is paying for the appraisal DO NOT TRUST IT. There are plenty of people here in NY who would JUST LOVE YOU to go to their appraiser... and they'll even pick up the tab! Do not trust sellers who pay for appraisals.

• Are there appraisers in the Toronto area that one could recommend?

Get out those yellow pages Woody and let your fingers do the walkin.

For some tips concerning questions you should ask before getting the stone appraised check out this link. http://www.goodoldgold.com/appriasa.htm

• How does one go about insuring the ring? What cost would be involved?

While most people use their home owners insurance (taking a jewelry rider) there are other companies that provide great coverage and you don't necessarily have to own a home. 2 of those being www.jewelersmutual.com and www.chubb.com. There are different rates for different parts of the country. They may be listed on their sites and if they're not drop em an email or a phone call and I'm sure you'll get some help there.

Thanks in advance for any light you can shed on the above queries. Take care!

Hope that helps.

Peace,
Rhino----------------

 

[pqcollectibles]

Rhino,... We're gonna have to stop meeting like this. People are gonna talk!

 

[Rhino]

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On 5/20/2003 12:24:37 AM pqcollectibles wrote:

Rhino,... We're gonna have to stop meeting like this. People are gonna talk!

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LOL!!! Pq ... DON'T GIVE IT AWAY!

I do want to say that was some good advice above there sweety.