Ring Appraisal question...

[drivesafe]

I just picked up my diamond ring yesterday from the local jewelry store and they also gave me an appraisal sheet.

My questions… why is my appraisal is lower then the total price I paid for the ring and diamond?

Tacori Band $4400
Lose Diamond PS Vendor $13,340

Appraised was done from the local jewelry store where I purchased the Tacori band.

 

[stone-cold11]

Talk to the jeweler, ask how they break down the price?

Or just send it to an independent appraiser.

 

[denverappraiser]

Talk to the appraiser about it. The usual appraisal in this situation is for ‘insurance purposes’ and this is designed to provide sufficient funding to replace the ring with another of like kind and quality in the case of a loss. Since it’s a new purchase and you did some research before you bought, you probably have a pretty good idea of what things like that cost. It may be as simple as a typo or a math error or it may be that the appraiser is saying that you could replace the piece for less than you paid. The difference is important.

Presumably they aren’t disputing the price or the authenticity of the ring, since they sold it, so the issue is about the center diamond and, presumably you’ve got a certain amount of documentation provided to you by the diamond seller. Is the appraiser disagreeing with the basic facts of the stone (weight, grading, etc.) or just the price? Again, the difference is important.

Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Appraisals in Denver

 

[drivesafe]

Thanks for the comments!

I just noticed they local Jewelry store appraised my diamond 1 step lower then my GIA reports. AND instead of the SI1 they said it was a SI2 how could that happen?

btw I did not give them my GIA reporting to compare against.



I'm assuming the 1 step lower in color and clarity is the reason why my appraisal was lower then expected.

 

[Modified Brilliant]

Hi Drivesafe,

It is in your best interest to show the appraiser the GIA lab report.
You already own the diamond and you want to have the most accurate
information to provide to your insurance company.
Also your diamond was graded in the mounting and the accuracy of color/clarity
may not be 100%.
If you want total peace of mind, consult with an independent credentialed gemologist/appraiser.
They will be able to verify the information and match your diamond to the lab report.

www.metrojewelryappraisers.com

 

[denverappraiser]

Again, talk to your appraiser about it. Show them the GIA paperwork and ask them if they feel that it’s the correct stone and if they feel the GIA grading is in error. They may need to reinspect the piece to make this determination and, for the benefit of other readers the best time to do this is to have the GIA paperwork with you at the time of the inspection so you can have this conversation right away. You’re almost certainly right that the difference is value conclusion is a result of this difference in grading and the first step to getting to the correct value is to get to the correct grades.

Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Appraisals in Denver