Have you had your ring appraised?

posted 3 years ago in Rings
Post # 3
Member
567 posts
Busy bee
  • Wedding: November 2013

My DH purchase my ring online so I took my ring to an independent appraisal when he proposed… just to make sure that it is a diamond and he was not scammed lols.. paranoia hereee!.. 

Eventhough i brought with me the GIA certifications, the appraiser was able to tell me the diamond specs exactly as it is and the diamond value without looking at the certification and invoice!.. it was quite impressive!…

it only cost me like $75 for the consultation… for the full appraisal document would have costed me more.. but since i just wanted to make sure we got the diamond that he paid for, the consultation was more than enough…

 

 

Post # 4
Member
610 posts
Busy bee
  • Wedding: October 2014

My FI did have mine appraised for insurance purposes. I personally think it is 100% worth it so that you know what assets you possess and can protect them as such.

Post # 5
Member
886 posts
Busy bee
  • Wedding: June 2013

Our jeweler included the appraisal paperwork with the invoice. The appraisal was way more than what he paid. 

Post # 6
Member
10219 posts
Sugar Beekeeper
  • Wedding: December 2012

Our experience was the same as the one @xdaydreams05x: had.

We bought from a Family Run Jewellery Store / Goldsmith, my ring is semi-custom.  And the purchase included both the ring going out to an Independent Gemologist for GIA Certification and Appraisal (appraised value came in higher than price paid).

We insured my Ring for FULL Replacement at current market value … so if the market increases, so does the value of my ring.  Broken, Lost, Stolen etc. and we get a brand new one made for us.  Just like the original… same stats etc.  Period.

Not all insurance is the same… make sure you know what you are buying.  There is a difference between Replacing the piece of jewellery, and FULL REPLACEMENT.

Hope this helps,

 

Post # 7
Member
6510 posts
Bee Keeper
  • Wedding: June 2013

I would still suggest getting insurance for the ring and to get insurance you will need an appraisal.

Post # 8
Member
5483 posts
Bee Keeper
  • Wedding: October 2013

@oxstardust421xo:  I did but mostly bc I was curious! It was an heirloom stone and I wanted to know approximate specs 🙂 it appraised for almost 5k so I was very happy with that!!

Post # 9
Member
753 posts
Busy bee
  • Wedding: June 2013

My e-ring is a family heirloom and the people who knew the most about it are now deceased. So we had it appraised found out it was Platinum and not Palladium. Got a boatload of history on Platinum and how it was used in WWII. Discovered that the ring was engraved and got to see the engraving which then I was able to find out from family a little bit more about the previous owner of the ring.

The history lesson was super awesome!

The family history that was discovered was priceless! My great-grandmother was a ballsy lady who divorced her first husband because he abused her (unheard of in those times). Remarried to a really wonderful guy who gave her a pretty awesome ring and then they adopted my grandma. 🙂

Post # 10
Member
1599 posts
Bumble bee
  • Wedding: October 2013

@oxstardust421xo:  we did because we had to in order to add it to our personal property insurance rider. We were also required to send our GIA cert.

Post # 11
Member
552 posts
Busy bee
  • Wedding: June 2014

We only paid $400 for my ring (morganite and rose gold), and it comes with a lifetime warranty, so I’m not going to bother with an appraisal or insurance.

Post # 12
Member
752 posts
Busy bee

@oxstardust421xo:  Yes, I got it appraised by an independent gemologist when I received it.   We got a really good deal online and I wanted to make sure that the ring was what the website said it was!  It came from a large online company with a GIA cert already, but I wanted an independent one as well.  Once I got the independent appraisal I had the ring added to our homeowner’s insurance policy.  About 75 bucks, absolutely worth it IMO. 

Also, I think once you start talking about several/many thousands of dollars, you owe it to yourself to protect your assets.  If the ring cost, say, under $500 I probably wouldn’t have paid the $75 to have it appraised.  

Post # 13
Member
3735 posts
Sugar bee
  • Wedding: September 2014

@oxstardust421xo:  So what if your ring is worth less than you paid? What’s done is done. Do get it appraised for insurance purposes.

Mine was appraised and insured before the box had a chance to collect dust and way before I ever saw it. It just is what it is, no biggie. I totally think you should do it. If it’s less, it doesn’t change how much you admire the stone… or will it?

Post # 14
Member
3721 posts
Sugar bee
  • Wedding: August 2013

We took my ring for an independant appraisal for a few reason – 1) we hadn’t used that jewelry store before and wanted to make sure we got what we paid for (it actually apprased higher, I-J color instead of k, VVS1 instead of si1). 2) We needed an independant appraisal for the insurance.

Post # 15
Member
3344 posts
Sugar bee
  • Wedding: April 2013 - Rhode Island

The appraisal paperwork came with our purchase, so we didn’t need to get it done separately.  We used it to insure the rings.  I strongly suggest you ask a lot of questions about what the store will and will not cover.  It’s sad to say, but many will tell you something different orally than what is written in the contract.  And jewelry insurance really varies a lot from company to company.

Will they replace the ring if you damage the setting?  Is only the center diamond covered?  What about side diamonds/embellishments?  What if you lose the ring or it’s stolen?  What if the diamond is just chipped?  Do you need to bring the ring in to be checked every 6 months in order to keep the insurance policy in good standing?  What’s your deductible?  If something does happen, how do you prove it?  Do you need a police report if it’s stolen or will you just have to sign an affidavit?

Do your homework.  You don’t want something to happen and then find out that you’re not covered.  I have a wonderful insurance policy on my rings that only costs about $80/year for $15,000 of coverage and a $100 deductible.  It’s through Perfect Circle if you’re interested.  They cover the ring (setting and all diamonds including the center stone) in all cases.  I went so far as to ask them an extreme scenario like “If I’m at the circus and I throw my hand up and the ring goes flying off my finger and gets stampeded by elephants, will you cover it?”  They laughed and said yes.

ETA: Actually now that I think about it, there’s a difference between a gemologist report and an appraisal.  We didn’t get an appraisal, we just got the gemologist report.  So it doesn’t matter what the ring cost us, they will replace the diamond with another of the same specs (carat weight, clarity, color, etc).  The appraisal gives a dollar value that will fluctuate over time and can be different from appraiser to appraiser.  The gemologist report can only be obtained on unset diamonds, so that’s why they’re given when you purchase the ring.

Post # 16
Member
1470 posts
Bumble bee

You’ll need the appraisal for the insurance. We got two, one from our jeweler that sold us the ring and another from an independent appraiser. Pretty pointless, the independent appraisal was expensive and they pretty much matched up. Can the shop where you bought it just give you an appraisal for insurance purposes? Along with any certifications (GIA, EGL, etc) that came with the diamond, if any?

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