- Oct 23, 2011
Another thread got me thinking—would you trust a PS vendor enough not to confirm your purchase with an appraisal? Or would you get one just in case.
As a trade member the line is "its never a bad idea to get an independent appraisal."
Since I agree with it I will use it.
The biggest reason I would consider it is documentation for insurance. The vendor for my Wifey's upgrade/cancer survival celebration ering diamond provided a 15+ page insurance document that had all the important pictures and data for the diamond so I did not.
Does the documentation you have describe what you have to a degree it can be replaced with the exact same thing and lists everything that was important about that diamond and setting that made you want to purchase it?
The brand being listed is very important if its branded but by itself in my opinion is not adequate. It still needs a description and ideally images if the images were part of your purchase decision.
Its a great idea to get an appraisal! Even if you opt not to insure your new bling, appraisal can help you decide whether to keep or return what you bought based on whether the price you paid was fair (Or better yet a great bargain). It can’t hurt to appraise something, and it can really help.
I’ll put myself in an imaginary scenario. I sell a diamond, the buyer isn’t sure they love it, so they get an appraisal. Afterward the buyer decides not to keep the stone so they return it. They offer me a copy of the appraisal. Buyer gets their money back, and the I get an appraisal copy to help me understand whether my listing price was fair or not, so I am able to adjust. Why would I not be happy and grateful for that? I’m free to disregard it, but why? Admittedly I’m not some huge vendor, but I don’t see a down side to getting things appraised.
Is the cost of appraisals a deterrent?
Some newbies have no idea about prongs or chips. There was another post a few month ago and the buyer had gotten a chipped diamond and called immediately to try to rectify the situation. It was a nightmare! Imagine if she had no knowledge of chips and waited too long to scrutinize it or appraise it. As it was, she still struggled to get a refund!
I understand your point but if I am paying thousands of dollars for a diamond, I would check for such a thing same as she did. I also need to trust the information and images I receive of the diamond before I plunk down cash for it. That’s not to say that damage couldn’t happen in the setting process either but having those magnified images of a finished product can be priceless.
Assuming the stone is also set when purchased, how many appraisers remove the stone to see a chip concealed under a prong? I don't think that is typical. Isn't the appraisal usually done while the stone is set?prongs could conceal chips and when it’s time to upgrade, and they remove stone from ring and send in for inspection and recertification—
That’s another concern. Online vendors who set your stone and ship it to you—prongs could conceal chips and when it’s time to upgrade, and they remove stone from ring and send in for inspection and recertification—who gets stuck with that? Hopefully you had insurance from the get-go. I’ll tell you why I originally posted this thread. My sister was scared to purchase online but her husband surprised her. I had educated her on the subject but not him. Well turns out she didn’t tell him to get insurance. And They didn’t take it to an appraiser. Just trusted completely and put on the ring. When she gave us the news I urged her to insure it. I don’t know if she did. This was during covid so I couldn’t even scrutinize it for a few months and then, at the point, I didn’t want to even go there bc hopefully she is insured.
Assuming the stone is also set when purchased, how many appraisers remove the stone to see a chip concealed under a prong? I don't think that is typical. Isn't the appraisal usually done while the stone is set?
Yes anything is possible and insurance would be your friend in this instance. However, I feel that a big part of it depends on who you deal with too. Reputable folks aren’t going to try to conceal stuff like that as it doesn’t behoove them to be shady. I hope your sister took your advice regarding insurance!