Re-appraising (in NYC)

[Circe]

I've noticed a fair number of you have mentioned re-appraising your pieces recently, and I'm jumping on the bandwagon - while a lot of my collection is uninsured (it would just be impractical with pieces I only wear once or twice a year, like my pearls), I like the security of knowing I can wear my everyday pieces without worrying. That goes away if they're only insured for, like, half their value.

Soooo ... wanna tell me what your re-appraisal was like? And, if you're in NY, wanna tell me which appraiser you went with?

 

[jewelerman]

For those people re-appraising jewelry...keep in mind that some jewelers will do an up-date appraisal for alot less money. bring in your current appraisal and the appraiser can work out the new replacement value based on the existing paperwork. its less time consuming for both parties, and in some cases you don't have to leave your jewelry, and it will save you MONEY AND TIME on having a full blown appraisal.I would ask the original jeweler to do this if possible.Remember to bring the jewelry and paperwork to the jeweler.AND remember if your leaving your jewelry then get a full written description of what your leaving and if there is damage to the piece etc. read the jewelry envelope before signing.Ask friends for recommendations in finding an appraiser with G.I.A. or equivalent background and is experienced with the type of jewelry you need appraised (not all appraisers are equal in their knowledge of areas like watches,antique jewelry or branded pieces by jewelry house like Tiffany or Cartier) and also please beware that your jewelry may be sent out to a second location for appraisal so ask your jeweler if the work is done in-house or being sent off and what training the appraiser has,this is usually the case with mall or chain stores.

 

[Dreamer_D]

What details do you want about "what our appraisal was like"? Are you just looking for stories or are you looking for tips on who to see?


I can share the former. I got my ring reappraised and it was simply unbelievable how much it appraised for. I bought it for $11k online 16 months ago and at that time it was appraised for $15 including taxes and setting, which was preety accurate I thought, given the exchange rate at the time was in favour of US currency.

I had it reappraised last month and he initially appraised it for $28k not including taxes I said that is too high and he said he was only comfortable lowering it to $25k since that is the retail replacement value at the jewelry store with which he is affiliated. The truly bizarre thing is that I think that is true! The retail markup in Canada is huge. It was a different appraiser, so I have no idea what the first would have charged. I did not go to the first again because a) the scorned H&A status, b) he kept my diamond for 5 days, and c) he did not adequately address my desire to verify my diamond's identity when I picked it up, in fact he was offended that I asked him to show me the serial inscription. So anyways, I did not see him again. The more recent appraiser did the task while I watched and aswered all my questions.

I have not sent the new valuation to my insurance yet because I am unsure whether I should get *another* one that is closer to internet value. Perhaps I can call the appraiser and speak to him about getting a lower value?

 

[Amys Bling]

Hmm, update appraisals seem like a good idea.

 

[that_someone_special]

I'm going to be doing mine soon too.

The good thing is that mine was wayyyyyyyyy over inflated to begin with, so the larger $ insurance payment won't be so bad

 

[jewelerman]

dreamer d,
talk to your insurance company first...some insurance companies will allow you to pay premiums that are based on a lower amount then what the appraisal may state. It does bother me that the appraiser was going off a figure that is based on what retail his employer's replacement values rather then the market as a whole.What are the specs on your stone?

 

[Circe]

What details do you want about "what our appraisal was like"? Are you just looking for stories or are you looking for tips on who to see?

Little bit of both, actually: if anybody in my area (NYC) loves their appraiser and wants to recommend them, awesome; in the meantime, I'm trying to figure out what to expect, ask for, etc. I feel pretty confident about all of my post-PS purchases, but my e-ring was bought uncerted, and I have no clue what my rough rings should be insured for. So ... I figure I can hopefully get some good tips (thanks, Jewelerman - I think you just saved me $150, since the appraiser I picked charges $300 an hour and I can now hopefully just go back to my jeweler to ask them about issuing a new appraisal for my earrings), and have some nice, distracting stories of similar situations in the meantime. Dreamer, your first appraiser sounds outrageous!

 

[Circe]

Nobody else? Am making my list (and checking it twice - sort of like Santa, and almost as rotund at the moment). I figure I can ask my jeweler(s) for updated documents for my pendant and earrings, which leaves only the e-ring, two recent eternities, platinum deco bracelet, and possibly my ruby pendant to be done. I'm hesitating on the pendant - but frankly, one of the reasons I wear it as infrequently as I do is the knowledge that I probably wouldn't be able to replace it outright, not immediately off the bat.

Sigh ... how much of your stuff do you have appraised? At what point do you feel like you're crossing over from being a cautious consumer into being paranoid to the benefit of the insurance companies?

 

[gemgirl]

If you can get to Long Island, our only GIA Master Gemologist/Appraiser in New York state is here in Garden City. His name is Barry Block and he used to be on the PS appraisers list (though I haven't checked recently) but I've always used him. It's pretty easy to get an appointment with and visits to his office are usually informative and somewhat entertaining.

 

[Asscherhalo_lover]

If you can get to Long Island, our only GIA Master Gemologist/Appraiser in New York state is here in Garden City. His name is Barry Block and he used to be on the PS appraisers list (though I haven't checked recently) but I've always used him. It's pretty easy to get an appointment with and visits to his office are usually informative and somewhat entertaining.

I have used him as well. He has always been honest with me and informative.

 

[Amys Bling]

I had mine done pre PS days by the appraiser my local store uses/recommends.

 

[Dreamer_D]

dreamer d,
talk to your insurance company first...some insurance companies will allow you to pay premiums that are based on a lower amount then what the appraisal may state. It does bother me that the appraiser was going off a figure that is based on what retail his employer's replacement values rather then the market as a whole.What are the specs on your stone?

He used the jeweler as the benchmark for the markup above Rap. He used the Rap sheet and also another source to come up with a value. I'm not sure he is really in the employ of the jeweler, he is located in another city and comes to my city once a month to do appraisals at the local jeweler. Bah, this town is small and its hard to find a good appraiser I guess.

I will call my insurance co and see what they say. Thanks!

 

[lyra]

I only appraise my 1.77 RB set. I might add my etoile-ish set because it is getting to the point value-wise where I couldn't just replace it out of pocket. My insurance covers any contingency. I have a habit of tripping, and that easily leads to falling, especially in the winter. So basically I insure based on the fact that I'm likely to damage my rings myself, moreso than having them stolen or lost. But that's just me. If I chip or break my stone, it's covered, and that's my main priority. I will be doing a reappraisal soon. The replacement value is exceeding the insured value right now and it doesn't cost much to cover the extra amount.

 

[Circe]

So I went and got the lot of it appraised today ... goodness, prices have riiiiiiiiiiiiiiiiiiisen. My ring is now 15K, which, !!! - when we bought, we paid 5K, and it was appraised at 10K. I had to nudge him down to get that figure ....

I got a high-pitched squawk of outrage from my suave and debonair appraiser over what I paid for my most recent eternity band: apparently, I paid about 1/5 of what it's worth (which is kind of satisfying, I must admit).

My earrings (they're certed, so I just went back to ID to get an updated figure, per Jewelerman's advice) now cost almost half again what I paid for them, at cost: they're appraised for twice what I paid, and Yekutiel warned me that he gave the low-ball bare-bones bargain-basement current replacement figure because he knows I don't like to pay higher premiums than I have to.

Oh, and my e-ring, bought uncerted from a family friend as a J, VS2, is apparently a "high" J and a VS1 by this appraiser's standards - sweet!

So afterwards, I went and tried on rings for the prospective upgrade: my little 1.46 in its fishtail setting looked almost the same size as the 2.7 cushion I tried on, and considerably bigger than the 2 carat Lucida I couldn't resist slipping into at Tiffany's. Methinks when I share this fun fact with my husband, and explain its implications, his face is going to look a little like this: