Question about getting diamond appraised

[RoyalRaindrop63]

We just purchased an OEC (from a Pricescope trusted vendor) that came with a 7 day return policy which will be up Weds. I am new to this and have several questions about it:

1) Should we be getting it appraised inside this 7 day return window? I love the diamond, and being from a trusted vendor I don't think I have reason to doubt it, but is it better to be safe and get it appraised just in case?
2) If we do, will we need to have a separate appraisal done once it's set, for insurance purposes? Do you insure the entire ring?
3) Since it's an OEC, do we need to take it to someone special, or will all appraisers understand how to value an OEC?
4) Who exactly does appraisals - any jewelry store? Do you need to take care to find a good appraiser? (I looked at Pricescope's appraisers by state, and none at listed for our state.)
5) How much can we expect to pay for the appraisal? I am sure this varies a lot by area, but a ballpark figure would be helpful.

Thanks in advance for your help!


Edit: I looked on AGS's website for Certified Gemologist Appraisers and there is one in our area. Would this be the best route to go (whenever we get it appraised)?

 

[Boo247]

I'm in the UK but maybe some of my answers will be helpful.

I'd say get it checked out even if not a full appraisal with a trusted jeweller within your 7 day period. If there was a serious mos selling issue, in the UK you'd still have rights after the 7 days anyway with distance sling laws and trade description regulations. Is it the same with your area? Not that it sounds like you have reason to worry.

We had our e-ring appraised to get insured. This has to be done by a goldsmith with particular credentials and memberships - so check your insurers rules on this.

If you want it insured straight away then get it done now and then again after reset. They'll be a cost each time though unless you can negotiate that with your jeweller. I guess you have to weigh up the cost vs the risk vs the value of the item.

Appraisals in the UK are generally 1% of the total appraisal value plus VAT (sales tax). We did a deal for cash for ours so saved some money. I hope this is helpful.

 

[ecf8503]

Don't take it to a jewelry store - they have a conflict of interest obviously and will likely downgrade it as they want you to buy something from them. Use an independent appraiser, one not associated with a store.

Does your stone come with a cert? From which lab?

Appraisal varies by area I've found - I'd call the AGS appraiser you found and ask them.

If the appraiser says something slightly different will you retrun the stone? If so, get the appraisal now if it will sway you. If it's graded by a reputable lab and you are happy with it no plans to return then I think you have a bit more time, especially if you want the setting insured too.

 

[RoyalRaindrop63]

Thanks so much for the info guys. It's all very helpful.

The diamond is GIA-certified and I do have the certificate in hand. I definitely love it and the *only thing* that would cause me to send it back were if it were fake or something. I trust this vendor and I really don't think that's an issue here but that would be the only thing. At any rate, after it's set and I get it appraised, if it was discovered to be fake, we should still have a right to legal action even after the 7 day period - right (as Boo247 mentions)? I mean in general it is illegal here in the USA to sell something advertised as something else... so you'd think it would be illegal to sell fake diamonds advertised as diamonds. Does anyone have any more insight on this here in the USA?

The info about an independent appraiser makes sense. The AGS appraiser I mentioned is actually affiliated with a jewelry store so maybe that's a bad idea.

I only see one independent appraiser on Google in my area (which is surprising to me, are they hard to find?).