When to get appraisal?

[Tritan84]

Just wondering when to get an independent appraisal when ordering a diamond online? Immediately on receiving the diamond to verify I received the correct diamond and to verify its quality? What about after it has been set?

 

[diamondseeker2006]

I bought from respected vendors with GIA and AGS graded diamonds, so I did not have any need for an appraisal. There's nothing wrong with taking the stone and lab report to an appraiser to be sure they match up, though, especially if you are buying from a drop shipper. Whoever sets your diamond can probably give you a valuation for your insurance, and I would tell them I wanted it as close to the purchase price as possible so you don't overpay insurance premiums. Some people like the valuation to be 10-20% higher so they don't have to worry about price increases for replacements for a few years. But you can discuss this with the jeweler. I send my sales receipt and a copy of the lab report to my insurance. Or you can send your valuation report and GIA or AGS report.

 

[denverappraiser]

There are 5 basic reasons people want to get an appraisal on a new purchase.

1) To confirm or refute things that the salesperson said to you (or omitted).
2) To establish that the price was appropriate.
3) Quality control by an outside inspector.
4) To meet requirements imposed by their insurance carrier.
5) To increase the usefulness of their insurance policy by including better documentation in the contract.

Much of this has to do with your trust in the jeweler and with what they’ve already provided as part of the sale. Usually having the stone set will void your return privileges, especially if you want it set by someone other than the seller so if the appraisal is being used as part of the shopping process, you need to get it examined before it’s set. This also allows the appraiser better access for the inspection. For example, every part of the girdle can be inspected, it can be actually weighed, etc.

For insurance and quality control purposes, you will want them to inspect the finished item, after it’s set. This allows them to see the workmanship on the mounting, any damage that may have occurred during the setting process to the stone, the mounting or both, and to take photographs for replacement purposes of the final item.

This all means that the MOST conservative approach is to have it inspected loose and then again after it’s mounted. Typical is to have it inspected afterwards only. The least expensive it just to rely on jeweler supplied paperwork and don’t get it inspected at all.

So, in the end, it depends on WHY you are getting it appraised in the first place.