The appraisal process - Rookie question

[jorgep]

I have decided to purchase a diamond on line and know that my girlfriend wants a tiffany 6 prong platinum setting. Would you recommend getting it set by the on line dealer? I''m confused since I would want to get an independent appraisal, but they should do that with a loose diamond, right?

Also, do most people get the appraisal before or after giving the ring?

Thanks,
JP

 

[JC]

JP,

As long as the online company can provide the ring design that you want, then why not. To my knowledge, an independant appraiser would need you to already have the loose diamond mounted onto a ring design before they would be able to issue an appraisal of your ring. So if you were to take just a loose diamond into an appraiser's office than you most likely would not be able to get the diamond appraised since it has not yet been set and mounted onto a ring. No insurance company that I know of will insure just a loose diamond. So after you get the loose stone mounted onto a ring you can then take the completed ring into an appraiser's office to have it appraised. After that you would then issue an original copy of the appraisal report to your insurance company in order to have it insured. At least that's how the process worked for me. So if it's more convienant for you to have the online company set and mount the diamond for you than you might as well. You'll have to get it mounted anyways to have it appraised and insured. Hopefully this advice was of some assistance. Good luck.

P.S. I got the engagement ring that I purchased appraised before I presented the ring. That way she didn't have to do anything after I gave it to her. Everything was basically already taken care of.

 

[Arlington]

On 9/16/2003 2:39:26 PM JC wrote:


So if you were to take just a loose diamond into an appraiser's office than you most likely would not be able to get the diamond appraised since it has not yet been set and mounted onto a ring.

I would disagree with that. This question has come up several times in the past few months (that's as long as I've been reading this board) and everything I have read indicates that the appraisers would prefer to look at an unmounted stone.

If you wish to have the ring appraised with the stone (for a six-prong, tiffany I wouldn't guess it would add much to be honest), then you can have the setting and the unmounted stone sent to you, get it appraised, then send it back to the vendor to be set. Or get it set on your own somewhere if you want. It will cost you a bit in shipping, but that cost is minimal compared to the cost of the diamond.

That's what I did.

 

[8*flash]

The question is, for what purpose are you getting an appraisal? Is it to determine that the stone you are purchasing is indeed what the vendor says it is? If so then you will want the stone appraised loose PRIOR to buying it from the vendor. Most vendors will ship to an independent appraiser for this purpose. If the reason is strictly for an insurance policy, then just have the vendor set it and have it appraised int he setting, which all appraisers can do, with relatively good accuracy.

 

[JC]

Arlington,

Allow me to clarify myself. You can deffinately take a loose diamond into an independent appraiser's office to be examined. Will the appraiser tell you what that diamond is worth, sure. Will the independent appraiser provide a written report stating the retail fair market value of that diamond for you to provide to an insurance company, no. No insurance company will insure just a loose diamond. At least none that I know of. So I must fully agree with "GlitterGal". The online vendors can provide a way for you to view a diamond through an independent appraiser. However, this isn't to confuse the potential customer into thinking that they will receive an appraisal of that diamond. That process is meant to give the potential client a chance to not only view the diamond before committing to the purchase, but to also allow that client to be given an unbiased inspection of that diamond by a professional. So it may be better for the client to take the completed ring into the appraiser verses just the loose diamond if he is expecting to get a written appraisal for insurance purposes. I appologize for the confusion.

Remember, you would have to pay that appraiser for there

 

[derekinla]

If the internet vendor won't send it to an independent appraiser, another possibility is for you to buy the stone loose and have it appraised loose. Buy the setting locally, thereby buying into the "local support" (cleaning, inspections, prong adjustments etc...) and once mounted, have the appraiser "update" the appraisal do c u ment for a small fee.

The stone that I purchased was from the internet and the final setting was from a local B&M so I feel I have the best of both worlds

 

[Richard Sherwood]

I prefer appraising loose stones over mounted, if possible. Especially if we're talking about a very fine or ideal make stone of high quality. It's much easier to grade color, clarity and cut with a loose stone.

Having said that, most good appraisers can work around a mounted stone with not much trouble. Especially if there is a report from a major lab which supplies the statistics which are difficult to get on a mounted stone. As an example, some mountings prevent the depth measurement from being directly measured, so the appraiser could get that measurement from a lab report performed on the stone when loose. Also, it's difficult to get a face down color grade on a mounted stone, which is the proper way to do it.

I issue retail replacement appraisals on loose stones, but JC is right in that many insurance companies won't insure a loose stone. Often I will issue an appraisal on a loose stone for the client's peace of mind before purchasing, and then they will have me do an update after the stone is mounted.

The update is relatively inexpensive, usually in the $20-$45 neighborhood, depending on the complexity of the mounting.

 

[Arlington]

I am by no means an expert and do not profess to be one. However, I can say that I got a loose diamond appraised by Dave Atlas' company Accredited Gem Appraisers. They did, in fact, issue a retail replacement cost estimate on the stone alone. And they are adding the setting appraisal once it is set at no extra charge.

This is just my experience...can't speak for anyone else.