Taken to the cleaners by the "appraiser"

[mimi72]

Although I am a well informed diamond consumer and a frequent PS lurker, unfortunately I did not perform due diligence prior to selecting an appraiser. I took two items to a local jeweler asking for an appraisal for insurance purposes. I will admit to the grave and stupid mistake of not asking any questions except what the cost would be. That was before I had read on this site an online about what questions to ask and what to expect with a formal appraisal.

The first item was my main diamond. This is the report in it's entirety:
My name/address
Description: Loose Emerald Cut Diamond.
3.77 ct (10.58 x 7.66 x 5.10)
E color. SI1 Clarity.
G.I.A. Certificate # xxxxxxxx
Replacement Value: x
The end
Signed X
Graduate Gemologist (G.I.A.)
Certified Gemologist Appraiser (A.G.S.)

The second piece is a vintage diamond and platinum dinner ring, with one OEC white and one OEC yellow diamond and lots of complicated gallery work, marquise and baguette diamonds, signed Olga Tritt, France. I was curious to see what the value might be because this is a well known high end jeweler but I do not see many of her pieces for sale anywhere.
The appraiser basically did an inventory of the diamonds, size, number and clarity. She says the yellow diamond is "Fancy Canary Yellow" OEC but doesn't state whether it's natural or enhanced. No photos were included for either piece!

I was charged $250 for the loose stone appraisal, $200 for the ring. I picked up my jewelry and paid for the appraisals then they came in the mail. It was only then that I got really steamed seeing how woefully inadequate they are.

This is meant to be a cautionary tale. ASK QUESTIONS!

I plan on calling the appraiser today to ask why proportions, plot and finish haven't been assessed for the loose stone, and on what basis she evaluated the value of the ring with respect to the maker. And if she has maintained her CGA certification (I now know this isn't the preferred certification) since she's not listed on the AGS website. Why there are no photos.

Comments about any recourse would be welcome. I half want to reverse the credit card charges. I am angry, but accept partial responsibility for not clarifying expectations prior to the transaction.

 

[Asscherhalo_lover]

That's ridiculous! I used a local appraiser I found on here and I spent an hour with him with my piece and he was very thorough giving me tons of information and a well written appraisal, it cost $90!

 

[diamondseeker2006]

That is the kind of appraisal that many local jewelers give because that is about all that is required by insurance companies. But I pay $40-$60 for that kind of "appraisal". For pieces that need a special appraisal, I'd send them to Neil or David. But truthfully, the GIA report describes your diamond, and that and a value is all you need for insurance. The other piece might have needed more desciption if it's value is partly determined by the person who made it. It is possible the jeweler has not heard of that designer (and I haven't either).

In thinking about it, though, I bet your appraisal fees were based somewhat on the value of the items you presented. Some jewelers do it that way. Surely they wouldn't charge $200 to appraise a $1000 gold bracelet.

 

[tyty333]

Wow, I would talk to them and ask for a reduce rate. Basically sounds like they used the GIA report to verify the stone and the
only real work they may have had to do was to do some searches on the replacement value.

Odd that they had to do more work on the ring but the charge was less.

 

[Rockdiamond]

Keep in mind that 99% of the folks walking into that store have never read this forum and are far less informed.
I agree that we're blessed here with some of the top people in the appraisal field as posting members, but there's so mny sub standard ones out there- like jewelers in general.

I'd suggest calling the appraiser and asking for a reduced rate. They may be interested in satisfying you.

In terms of insurance, DS is correct, you won't need as thorough an appraisal as you might like to have just to obtain insurance, after learning more about diamonds.
In fact, a detailed bill of sale may be sufficient- of course check with your insurance agent to be sure.

 

[mimi72]

Thanks for the comments. It is good that I do not need a detailed appraisal since I have the GIA report. I called the AGS and they said this appraiser was "inactive" and therefore not allowed to sign appraisals with the CGA title. I have a call out to speak with her about this and hopefully get the price reduced to something more reasonable.

 

[denverappraiser]

Claiming a credential they don't have is a material misrepresentation about the service. The credit card company may have something to say about that.

 

[Dreamer_D]

Yeesh, I expect to pay about $30 for an "appraisal" like that. I would demand a refund.