Hi,
Recently bought a Whiteflash ACA round brilliant with setting.
The ring looks stunning.
We recently got around to having it valued for insurance purposes. We wanted a reputable store, so chose a jeweller in Melbourne whose founder is at the forefront of diamond cut.
We were a bit shocked when the valuation came 15% under what we paid for it.
We're located in Australia, so to purchase a direct replacement from whiteflash you have to account for the exchange rate plus 10% sales tax. The figure given is actually fairly close to the purchase price in Australian Dollars without taking into account the 10% sales tax and customs fees.
From the reading I've done it seems the overwhelming majority of jewellers tend to grossly overvalue.
Now I'm not after a high valuation for ego purposes and high premiums, but am worried the ring is a little underinsured. At a minimum I'd like to insure it at it's true replacement value.
Does anyone have any thoughts on this? We're thinking of asking the jeweller how they came to their valuation. Can you challenge a valuation? Has anyone else done this? Would you just take it to another jeweller?
Recently bought a Whiteflash ACA round brilliant with setting.
The ring looks stunning.
We recently got around to having it valued for insurance purposes. We wanted a reputable store, so chose a jeweller in Melbourne whose founder is at the forefront of diamond cut.
We were a bit shocked when the valuation came 15% under what we paid for it.
We're located in Australia, so to purchase a direct replacement from whiteflash you have to account for the exchange rate plus 10% sales tax. The figure given is actually fairly close to the purchase price in Australian Dollars without taking into account the 10% sales tax and customs fees.
From the reading I've done it seems the overwhelming majority of jewellers tend to grossly overvalue.
Now I'm not after a high valuation for ego purposes and high premiums, but am worried the ring is a little underinsured. At a minimum I'd like to insure it at it's true replacement value.
Does anyone have any thoughts on this? We're thinking of asking the jeweller how they came to their valuation. Can you challenge a valuation? Has anyone else done this? Would you just take it to another jeweller?
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