Ring Appraisal Help

[Lucky Kid]

I bought a diamond from James Allen but the setting from a local store. They are doing an appraisal for me but I don''t know if its correct. I got the diamond for $1660; Here is the link with some info and pics https://www.pricescope.com/community/threads/diamond-angle-help.62941/
The local Jewlers called me to get the amount I paid for the diamond for the appraisal. I told them the amount but also how much I thought it was worth and that I got a really good deal. She said they just use the amount you pay and add %25 for inflation over the next five years. The problem is I doubt I could get an equivlant replacment for that value. She said she is appraising it at $3579 but the setting cost me $1410 with the diamond set. Should I get an independant appriasal or will insurance just find me another with the same stats(Jewlers Mutual)?

Thanks,
Roy

 

[dtnyc]

You should get an independent appraisal from an appraiser who does not sell jewelry.

 

[neatfreak]

Date: 6/8/2007 7:05:55 PM
Author: dtnyc
You should get an independent appraisal from an appraiser who does not sell jewelry.

Yup. And I don't mean to be rude, but these dealers know how to price their diamonds. I think you got a much better deal than if you bought at a B&M store, but I doubt your deal was anything out of the ordinary for online merchants.

So that being said, I would avoid the overinflated appraisal that many places will give you because it will simply tack a premium onto your insurance. AND if you insure it with JM, they won't cash you out for your "appraised value" they will give you the amount that it takes to replace your ring (within reason) with the jeweler of your choice. So there is no point in using an over inflated appraisal value IMO.