what is Insurance coverage appraisal? i am lost!!

[earth]

HI,
Knowing diamonds is a tough task..i am totally lost. i read about those C''s in diamond and thought i was ready. But, after seeing the knowledge everyone here has-i am not a bit ready- i need to buy a ring by 2nd week FEB and i guess i started late

:

1) what is this Insurance coverage appraisal?? WHy do we need it?
2)what is this depth, width etc of diamond?
3)Whish certificate should i look for - GIA /AGS any other?

thanks!!

 

[denverappraiser]

Insurance companies covering jewelry will generally require paperwork in order to define the important properties of the piece over a certain value for purposes of replacement and assign a value for purposes of setting their rates. You can get details about what is required from your insurance agent. If you plan on insuring the piece, you will probably need something that fills this purpose although often selling jewelers can provide you with what you need in the form of a detailed sales receipt. Be very nervous about ‘appraisals’ provided by the selling jeweler, even if written by someone else, if the value conclusion is significantly different from the transaction price or if the description is vague or differs from what you were told during the sales presentation.

Neil Beaty
GG(GIA) ICGA(AGS) NAJA
Professional Appraisals in Denver