Reality Check: Appraisal

[keroppi_bud]

Hi everyone!

I've been lurking here for awhile, admiring PSers beautiful stones . I'm posting this thread because I want to ask for your honest opinion. Here is my situation:
I recently purchased a sapphire ring that I adore. The center stone is an 8.65ct unheated sapphire, not eye-clean but super sparkly. I got it appraised with a local jeweller for insurance purposes, and it was appraised for $7,850. I'm kinda surprised...
Is this enough amount to insure this ring? In case anything happened to this ring, I just don't want to end up getting much less than what is needed to replace it... Should I get a second opinion? Does it even matter?

GIA report number: 5201364554
The Gem & Pearl Laboratory:



(It's so hard to take picture of it clearly....)

 

[keroppi_bud]

GIA has a clearer picture of this ring...

 

[elizat]

Is this from Diana? I think I recognize it. The appraisal seems a bit off to me. It had good diamond weight in the halo as well.

 

[keroppi_bud]

Yes, it is from her!
This is my first colored stone purchase too, so I'm still kind of lost...
Is it worth it to drive 1.5 hours one-way to get it re-appraised with AGS certified appraiser?

 

[T L]

No, I’m not an appraiser but it’s a lovely Ceylon color, and unheated and almost 9 carats and it’s in a substantial diamond halo. That appraisal is way too low for insurance purposes. It would be a steal if one could purchase it for 8k. That’s like $1k/ct for the stone and the mounting is free!!!

 

[Rfisher]

I also love love love the sapphire faceting pattern!
More pictures if you will?

 

[elizat]

No, I’m not an appraiser but it’s a lovely Ceylon color, and unheated and almost 9 carats and it’s in a substantial diamond halo. That appraisal is way too low for insurance purposes. It would be a steal if one could purchase it for 8k. That’s like $1k/ct for the stone and the mounting is free!!!

Agree- You could not recreate it for the appraisal price... I was interested in it and almost put it on layaway. It's a really pretty stone. I decided it was a bit too formal though for me in the setting.

 

[elizat]

You might want to to send it someone like Dave Atlas or Neil Beatty. Take a look at the appraisal listings here. Jewels by Grace uses Dave Atlas and this is a vintage piece, if I recall. I don't think it was super old though.

 

[keroppi_bud]

@T L Thank you for reassuring me that I'm not crazy for thinking of getting it re-appraised

@Rfisher THANK YOU!!! I LOVE HOW SPARKLY IT IS!!! It looks even sparklier than my e-ring when it arrived These are the pictures that I took last weekend


@elizat AWWW!! It is indeed a beautiful stone.. I do think the setting is a tad too formal too I was seriously considering to reset it, but the jeweller/appraiser somewhat convinced me to keep the current setting and just "restore" it -- had an interesting chat with Diana about this too

Thank you for the referral!! I will check them out

 

[Mrs_Strizzle]

Lovely ring! I love big, bold sapphire rings that command attention!

Side question- and how do I get ahold of this Diana you speak of? Thanks!

 

[T L]

I love the setting. It’s classic. It’s well protected with all those heavy prongs too.

 

[distracts]

That appraisal is definitely too low... I would either find a better appraiser or go back and ask what their comps were and walk them through the ways in which they were wrong.

(Who is Diana???)

 

[junebug17]

Agree with others, the appraisal is low -

I love the setting

 

[elizat]

Diana is SinCityFinds. One of my favorite vendors.

 

[AV_]

I am guessing that its replacement cost is not quite its cost because of how unusual this sapphire is!

 

[Bron357]

Sorry, but that’s a “sh**” valuation !
No mention of the metal content ie platinum or gold or tin foil!
White colourless stones ! Um, is it that difficult for an appraiser to identify CZ from white Topaz from White Sapphire from Diamonds! I mean, isn’t that the job!
An 8.65 carat unheated sapphire for less than $800 a carat (hey, I’m giving the setting a nominal value but the replacement value difference between a base metal nickel setting with CZ is $50 and a platinum setting with diamonds is $3,000) - address please, I’ll be having some of those!
Realistically the appraisal for insurance should be 10% over retail replacement. This is because insurance companies always put the screws onto any supplier they use and/ or demand a wholesale pricing. It’s a business for profit!

 

[keroppi_bud]

@distracts hahaha I actually called him when I received the appraisal, asking him about his reasoning. He said that it's because of the inclusion. He got a little bit defensive and offered to bump up the appraisal by $700, but he thought that those should be enough to replace the ring.
I didn't want to push it further... He is probably the only jeweler within 30 mins driving distance from me... I most likely still need him in the future..

I've been doing some diggings as to getting it reappraised. This lady (https://www.pricescope.com/appraisers/cynthia_l_konney) is located 1.5 hours driving from me. Should I try her or contact David Atlas instead -- and possibly get it shipped to him if he do indeed accept it?

 

[keroppi_bud]

Sorry, but that’s a “sh**” valuation !
No mention of the metal content ie platinum or gold or tin foil!
White colourless stones ! Um, is it that difficult for an appraiser to identify CZ from white Topaz from White Sapphire from Diamonds! I mean, isn’t that the job!
An 8.65 carat unheated sapphire for less than $800 a carat (hey, I’m giving the setting a nominal value but the replacement value difference between a base metal nickel setting with CZ is $50 and a platinum setting with diamonds is $3,000) - address please, I’ll be having some of those!
Realistically the appraisal for insurance should be 10% over retail replacement. This is because insurance companies always put the screws onto any supplier they use and/ or demand a wholesale pricing. It’s a business for profit!

OMG LOL!!!!! This is so funny But you have a valid point!

 

[keroppi_bud]

OMG LOL!!!!! This is so funny But you have a valid point!

Ohh.. by the way the picture I included is not the appraisal.. I didn't want to give the person away.. That's the other certificate that Diana included when I purchased the ring

 

[keroppi_bud]

This is the appraisal..

 

[whitewave]

Oooh, who is Diana?

It’s a beautiful ring and I would think that appraisal is about right.

 

[LilAlex]

Agree with above. Appraisal for new is based on retail replacement cost and, imo, is typically 2 - 4X what you would be willing to pay. Appraisal as a vintage piece is completely different and is based on comparables currently listed for sale -- so much closer to what an actual human would pay. This has been my experience and how it has been explained to me. Others here may have different opinions or experience.

I hate the inflated appraisal "value" for new jewelry because it just triples what one pays to schedule an item for insurance. But when the time comes for actual replacement after a loss, you will get a replacement for what the appraisal says -- one medium-sized blue sapphire, say . Any decent appraisal needs to have numerical grading of the hue, saturation, and tone, imo, since that's where the money is. Eight-carat blue sapphires could be three or six figures!

 

[keroppi_bud]

Good morning everyone!

Thank you for the feedback From what I gathered so far, it seems to point to the need for reappraissal--regardless of whether or not the appraisal value is expected to change. The new appraisal should have more detailed description of the ring -- so that in case of loss, they don't replace it with a "blue stone" gravel instead
Hopefully I could also learn more about the piece/sapphire in general with this new appraisal.

Thank you for supporting this noob (me)!

 

[Rfisher]

Is that a culet facet I see?
Is that kozibe I spy?
So, so, so, envious over here!

 

[PreRaphaelite]

I have to agree with everyone else that the appraisal is woefully inadequate. Your ring is amazing and gorgeous! Congratulations on a great find!

 

[elizat]

There is a thread in Rocky talk right now about this. Some trade advice was given about how to ask for a redo nicely, if you want to see if you can avoid paying for another appraisal.

 

[MJO]

The good part is he did mention the GIA Cert and number so they could not replace it with gravel. If the cert gives more details on the stone the replacement would have to be at least that quality.

 

[Weeivy73]

Diana is SinCityFinds. One of my favorite vendors.

Me too, I love her instagram!

 

[keroppi_bud]

Hi all! Apologies for the delayed response. Work is distracting me

@elizat Thank you for remembering me! I just checked out the thread
I have exchanged a couple of emails with David Atlas. AND. OH. MY. GOD. He is the sweetest and nicest guy ever He helped me shed some light to my situation. I truly appreciate all his help and patience when dealing with a noob like me
Unfortunately, I won't be able to travel to PA--but he did refer me to other appraisal services that might be able to help. I wish I live closer to PA though

@MJO I was just being silly but that's good to know! haha