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WF In-house Appraisal?

adrift02

Rough_Rock
Joined
Apr 18, 2011
Messages
40
Hi All,

Just received my ring from White Flash and had a quick question regarding the in-house appraisal that came with it. The purchase price of the stone and setting was $5,000 total after some discounts. The in-house appraisal marked up the stone considerably, the setting a bit as well, for a total appraised value of $7,800.

Now, I would expect that to happen to some extent (make your customer feel like they got a great deal). But, I wanted to ask those who have purchased from WF, how much did your third party appraisal differ from the in-house one that came with the ring? I would be happy with a slight markup in value when insuring the ring, but a difference of $2,800 seems extreme. Just wondering how much your rings were over-valued in-house.

Thanks!
 

diamondseeker2006

Super_Ideal_Rock
Premium
Joined
Jan 11, 2006
Messages
55,799
They are always done this way (all vendors that I know of). I use my sales receipts for insurance usually. I know Jeweler's Mutual makes you use the "appraisal" value, which is frustrating. That appraisal value is based on full retail value. The thing that makes me mad is that I would not replace my item from a company that charged full retail, so I shouldn't have to pay a premium on an inflated appraisal value. It will depend on who you use for insurance, of course. If you do go ahead and insure at the higher amount, your ring will eventually increase in value to the point that the amount is correct. Then periodically, you'll need to get updated appraisals to be sure your diamond is covered adequately.
 

adrift02

Rough_Rock
Joined
Apr 18, 2011
Messages
40
Thanks for the info diamondseeker. I'll see what the independent appraiser says and just go with the lower amount depending on the premium difference with my insurance. Then again, I guess if the ring got lost I will have made a couple grand for the new one, haha
 

minmin001

Ideal_Rock
Joined
Mar 21, 2011
Messages
2,047
Hi I just got my ring from James Allen and also got the Appraisal from them too. But I went to a appraiser here to get it recheck make sure the diamond is eye clean, setting is right and everything. James Allen gave me a $11,500 appraisal and my appraiser gave me a $10,250 so I went with her and she told me that it's more at the market price and I know it's hard to find the diamond that I bought for the price I paid now.
She said even if you insurance your ring for $10,000, if the insurance company can find the same types of diamond that you lose or damage for $7,000 that's how much they will pay or have you buy the diamond with, so you don't want to over insure it
 

diamondseeker2006

Super_Ideal_Rock
Premium
Joined
Jan 11, 2006
Messages
55,799
adrift02|1304749851|2914631 said:
Thanks for the info diamondseeker. I'll see what the independent appraiser says and just go with the lower amount depending on the premium difference with my insurance. Then again, I guess if the ring got lost I will have made a couple grand for the new one, haha
Yes, minmin is right that insurance almost never pays you the insured amount. They will replace the stone for whatever amount they can get it for even if it is far less than the insured value. Or if you refuse that offer, they would give you the amount they could replace it for. That is why I am against overinsuring. The exception is Chubb insurance (which I have) which does write you a check for the insured amount. I think they have some kind of minimum, though, and I remember reading here in the past that it was $10,000. I have no idea if that is correct now, though.
 

yssie

Super_Ideal_Rock
Premium
Joined
Aug 14, 2009
Messages
20,744
Just looked through your posts - you got a WF ES, right?

If so if your appraisal states that - that it's a branded WF ES stone - then your insurer will be required to replace w/ like kind and quality, including brand, so you have a good safety net there with regard to the minimum that they could replace for.
 
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