When to appraise - quickie questions...

[joey_v]

I have the engagement ring. I bought from WF and the Tacori setting from CD Peacock of Chicago. Everything is all set.

Now, I searched but I got way too many results and not many that really got to the meat of my question.

My questions are only 3...

1. Do most people only get the diamond appraised for insurance purposes or do most people get the WHOLE ring (setting + diamond) appraised for insurance purposes?
2. Does it matter WHEN I get the ring appraised... meaning does it change the value if I get the ring appraised after a few days that my fiance has been wearing it (and it gets a few hairline scratches on the plat)? Or should I tell her to remove the ring right now??
3. Does anyone recommend an appraised (and insurance) in Chicagoland, IL?

Thanks everyone!!!!

 

[D&T]

here is pricescope vendor appraisal list. you can start with them and chat about your option. I would appraise it now, that you have everything all set so you can get insurance on the whole set.

https://www.pricescope.com/appraisers_IL.aspx

 

[joey_v]

Thanks DT!

My question is, should I have my fiance stop wearing the ring as I see a few little hairline scratches on the bottom of the ring? Does this significantly affect the appraisal?

Thanks.

 

[Diamond Explorer]

Hey Joey,

It is most common and useful to appraise and insure the whole ring. The appraisal should be itemized with detailed information and values for the diamond and the setting separately. Don''t worry to much if she wears it for a few days before being appraised, but regardless I would get the ring insured ASAP in case anything bad happens to it. Jeweler''s Mutual is good for specialized jewelry insurance or you could call your standard insurance agent and add the value to your existing policy. I am in Chicago and would be willing to help in anyway I can. Congratulations on everything!

 

[D&T]

I don''t think a hairline scratch is going to significantly or even slightly reduce your appraisal amount. Let the love of your life enjoy wearing the ring until you can go get the appraisal done. The only reason why you wouldn''t want her to wear it, is if you feel she would lose the thing before you get it insured

 

[joey_v]

Thanks guys!

Lastly, do insurance companies (like Chubb, State Farm, or other) prefer that we go through certain appraisers or not?

I.E. should I contact the insurance company before I find an appraiser?

 

[Diamond Explorer]

What you should do depends on how important a truly independent appraisal is for you. C.D. Peacock could probably provide you with a detailed appraisal for the entire ring complete with exact proportions and lab certificate number of your diamond that would be sufficient for almost any insurance purpose. It shouldn''t really matter to the insurance company who you use, as long as they are knowledgeable and honest.

 

[denverappraiser]

It depends on the purpose of your appraisa.l

The primary purpose of an insurance replacement document is to provide a full and complete description of the item and to provide for appropriate funding to allow you or the insurer to replace it in the case of a loss. For a branded item like you’ve got, the selling jeweler can usually provide this for you as part of the sale. Meeting the minimum requirements of the insurance companies is pretty easy and the bar is quite low. It’s your requirements that are, or at least should be, more difficult. Read the documents presented and ask yourself if it meets the above purpose. Will the company be able to replace it to your satisfaction using ONLY the information contained in the document having never seen the piece before and is the value conclusion appropriate to do that? Some are and some aren't (most aren't unfortunately). For this purpose you need an appraisal that described the whole ring since that's the completed item that's to be insured.

Often people are seeking appraisals for other reasons. They want to know if they got what they paid for and if they paid an appropriate price. They want to know if the craftsmanship is up to par or if there are manufacturing defects present in the piece. They want to know about information not contained in the lab documents or they want to know if additional information provided by the seller is accurate and complete. Obviously these aren’t insurance related questions and with most a second opinion from the same person who provided the first (meaning the dealer) is of no help at all. For these sorts of questions you need an independent appraisal. Some can be best answered by looking at the stone unmounted and some can only be answered by looking at the completed piece.

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