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Was it to good to be true???

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andrea

Shiny_Rock
Joined
Dec 9, 2002
Messages
154
My last question may have been to vague.
I just want to find out if I got a good deal or not.
I bought a 2.56 ct. for $2200.00. It's a round brilliant, J-K color, I1 clarity. No culet, or fluoresence. I don't know the other numbers on it, but the EGL had a replacement value of $14590.00. Is the EGL even trustworthy, or should I have it re-appraised?? I'd love to have it reset, but my husband sees $$. Any advice appreciated!!:-o
 

mike04456

Brilliant_Rock
Joined
Nov 20, 2002
Messages
1,441
EGL or not, I'd definitely have that stone independently re-appraised. There is often a lot of difference between the sale price and the appraisal (especially when it's an "appraisal" provided by the seller concurrently with the sale), but 2200-15k is a real eyebrow-raiser.

It's possible the EGL cert was obtained for a different stone than the one you have--unethical jewelers have been known to switch them.
 

Mara

Super_Ideal_Rock
Joined
Oct 30, 2002
Messages
31,003
I have also seen similar deals on eBay with appraisals for stones that are 3-4 times of what the buyer pays (e.g. buys for $5k and appraisal is for $15k). Sometimes appraisals are inflated for retail purposes, so I agree..get the stone independently appraised if you want to know more from a professional.
 

pricescope

Ideal_Rock
Joined
Dec 31, 1999
Messages
8,266
I found a stone listed in the internet:

2.56 J I2 61% 59% EGL $3497.

So $15k appraisal value is obviously too much.

I agree with LawGem - you better check it with an appraiser.
 

golfer

Shiny_Rock
Joined
Oct 7, 2002
Messages
128
Regardless of the "appraisal," you appear to have gotten a good deal -- if the cert matches the stone and is decently accurate. If by your husband seeing "$$" you mean making money off selling the stone, I doubt the deal was that good that you'll turn a significant profit, unless you find a real sucker.
 

andrea

Shiny_Rock
Joined
Dec 9, 2002
Messages
154
I should probably add that I took it to my local jewelers who are very reputable in our area. They weren't able to do a full appraisal, but did look at the diamond for me. They were pretty confident that the diamond would check out from what they could tell, and that the diamond was matched up with the right EGL cert., and claimed that they thought it was reputable. I'm just out looking for multiple opinions until I can get an actual appraisal.
Thanks for any and all help!!!!
 

tdu2000

Rough_Rock
Joined
Nov 18, 2002
Messages
7
The replacement value always seems to be overly inflated, by all appraisers, independent or not. Can you actually ask an appraiser to give the "real" value of a stone, such that you don't have to pay a higher insurance premium?

What does this number mean anyway? I don't know if anyone can get any insurance company to pay for that amount should something happened to the stone.

Any thoughts?

Thanks:angryfire:
 

Mara

Super_Ideal_Rock
Joined
Oct 30, 2002
Messages
31,003
We took our items to an independent appraiser who is very conservative in her appraisals. She told us straight up that she wouldn't add any sort of inflated retail pricing onto the appraisal, that it would be technically what she thought we could replace it for if we didn't just go to the local Tiffany's and pay for extra markup. So we were pretty happy with the outcome, knowing that if we took it elsehwere, it would have appraised for thousands more, but for no particular reason. We also don't have to pay extra for the insurance now that its a realistic appraisal. I know that I could easily replace the ring for the amount she appraised it for, esp with the knowledge I have know!
 
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