Second evaluation/appraisal for engagement ring?

[GQjordy]

I recently just bought an engagement ring that appraised for $9k (insurance value) from the jeweler that I bought it from -they have an inhouse appraisor.

Should I get a second evaluation/appraisal from an unbaised source -an independant appraisor, or should I just take the word/appraisal where I originally got it from?

 

[enibas]

i have the EXACT same question: why did i also think this was weird? i too am interested in the responses...

 

[rsilvers]

If the goal is to insure the ring, then you can use that one. If the goal is to know, for yourself, what you can replace the ring for, then ask someone else or research it online (easy to do if it is a certified stone).

The insurance appraisals are always high. My stone cost me $8300 and came with an $11K appraisal. I never once for a second believed it was worth $11K, I just know that is how they do it. The stone is worth at most what I paid for it because I can replace it for that much.

 

[Richard Sherwood]

Jordy, if you feel comfortable with the jeweler you bought it from and his appraisal, I'd say there's nothing wrong in using it for insurance purposes.

However, here's some reasons you might consider having it re-appraised by an independent appraiser:

1. To get a more comprehensive appraisal than what is usually issued by a jeweler. Comprehensive appraisals hold the insurance companies feet to the fire in the event of a loss. Because the diamond is comprehensively described, they are duty bound to replace it with a diamond that good, or better if they can't find the former.

2. To save money on premiums if the appraisal issued by the selling jeweler is unrealistically high. The insurance company will happily insure your ring for the higher figure, but will only replace it with a "like" diamond if you lose it. In other words, you will have paid unnecessary premiums for no good reason.

3. To check the quality and characteristics of the diamond, and see if it confirms what the jeweler sold it to you as.

4. To check the value on the diamond, and confirm whether the jeweler sold it to you for a fair price.

5. Some insurance companies will only accept appraisals from a Graduate Gemologist. If your jeweler is not one, his appraisal might be rejected.

Rich, GG
Sarasota Gemological Laboratory