- Blog
- Bios
- Boards
- Classifieds
- DIY
- Gallery
- Vendor Reviews
- Shop Weddingbee
Weddingbee boards
I'm not sure about that, but I do know that mine is worth more than twice what we paid for mine...but only because his BIL has a jewelers license and bought it wholesale. Mine is not an antique piece tho
Maybe this guy just messed up and sold you what he thought was something cheaper than it really turned out to be! I call that a good piece of luck in my book. Maybe go back and buy something else from him...
mine seemed to be about double - but I feel like that's typical, for insurance purposes?
hmmmm.... my ring appraised by someone our jeweler recommended for about 15% more than what we paid at the store. which i thought was a bit odd, since it just really meant that we would have to pay more on the insurance. so, i'm not sure if it's 'normal' for it to appraise for 3x as much, but i would think you would want a second opinion. lord knows i always think about how it affected our insurance payments (i'm such a romantic! ;))
Mine was appraised to 1.5 times what we paid for. So I think appraisals are usually a little bit higher.
My worry for you is that if the ring was appraised for 3 times more and you want to insure for that price, your premium is going to increase by a lot. Have you tried Chubb or a rider on your homeowner/rental insurer? Or an insurer for antiques (not just jewelry)?
Sorry I can't be more help!
That being said, if your ring appraises for more, you will, in the sad event that something happens to your ring, get more money from the insurer. Don't know if this affects how you will proceed.
We don't mind paying a higher premium since it appraised for more. I think my next step is to find an insurance company that specializes in estate jewelry.
Even so the premium is only a few hundred a year. Yours might be a little more since it's antique, but still! Better than losing it =]
Hi, Nexus-6-- I had nearly the exact same thing. My ring is an antique estate ring that my then-fiance got at a steal because the jeweler who was trying to sell it just couldn't get rid of it. We took it to a couple jewelers when we got home (he bought it in TX, we live in CA) and both of them appraised it for more than double what we paid. I think it's partly because even though some people hold "antiques" more dearly, a lot of people don't want an old ring.
I love antiques, I love bargains and I LOVE my ring. We don't pay very much annually for insurance. You may want to look into only having the stone insured, or some configuration thereof, if the premium is very high. My jeweler explained that on these old rings, it's the prongs that'll likely wear out first. That said, we insured the whole ring! Just an FYI. Take care and enjoy your ring!
wow why dont you sell it and get something cheaper and save the rest of the money
Estate pieces often sell for far less than retail value. My wedding band was purchased for a quarter of the price it appraises for and having looked at extremely similar rings new in retail stores, the appraisal price is what the retail price is.
@ilovenycmissie I hope you're being sarcastic because otherwise that's a really rude thing to say. I love my ring, and would never ever trade it in!
Yeah that's not very nice....I agree
I think it's like having found some hidden treasure, Nexus!
Sure, here you go:
Copy_of_rings_013.jpg (91.1 KB, 170 downloads) 2 years old
Nexus,
First off - beautiful ring! Your fiance did great!
I'm a Graduate Gemologist and Appraiser for my friend's Jewelry store here in CA. When we do appraisals, we look at "Retail Replacement Value" so basically, even though it's an antique, we look at the stones you have, the metal you have, and what it would cost if you replaced it today. Like others have said, it's very possible that you got such a great price because the dealer couldn't get rid of it.
There's also no "hard and fast" rule about what something "should" appraise for. Companies that say that they guarantee your ring will appraise for double are actually unethical (unfortunately not illegal, but definitely unethical). Technically an appraiser can appraise something for $100,000 if you really want them to, but it's not ethical and it would cost you more money in premiums. It should just appraise for what it would cost to replace it.
As for JMI - I would think if your appraiser didn't classify it as an "antique" and simply said "antique style" then JMI shouldn't have a problem insuring the item. They never see the actual ring, only the appraisal. We've made plenty of rings that are antique style but are brand new. I never classify anything as an antique unless I know (or can trace) for a fact the lineage of the ring. Otherwise it's my name on the line.
Hope this helps!
Joselyn
It's beautiful! My ring was also an estate piece that appraised for significantly more than what was paid for it.
@jbbelkin: thanks for the advice. I ended up speaking to Jeweler's Mutual, and while they will insure the ring if lost, they will only replace it with a new ring of comparable value, instead of issuing a check for me to choose another estate piece. Unfortunately that option does not work for me, so I am speaking to a few more companies who will issue checks instead of only replacements.
I think ilovenycmissie was just joking with you, and not trying to be intentionally rude. It's kinda hard to tell either way. = )
Great ring! I'm glad you got such a deal on it!
It might not be normal--but consider yourself blessed for having such a valuable ring! As long as you had it appraised by someone trustowrthy, I think it's great that your fiance got such a great deal (without really even knowing it?!)
Congrats...it's lovely.
Mine was appraised at triple the amount we paid as well.
You've got a beautiful ring!
Nexus - anytime! Always glad to help. When you spoke to JMI, did you ask them what "New" meant? Does that mean that they will only replace it with a brand new, modern piece or if they just mean a new-to-you estate piece that would be comparable value? I can't imagine that they'd not allow you to find another estate piece of comparable value if that's the style you prefer.
Also, one thing you could also do is take more photos of your ring (your first one is great in detail) and you could always have that same ring recreated if you ever lost it. I believe they would pay for that as well, and assuming that your appraisal is accurate and current, you'd have the money to do so. Just another thought!
Joselyn
I would just consider myself lucky, and be happy with my happy fiance. It sounds like you guys got a hell of a deal even if the appraisal ended up being slightly high. Typically you can insure the ring as a rider on your homeowners insurance.
It really is a gorgeous piece, it doesn't surpirse me one bit it is so valuable. I would be so nervous wearing it around!! Make sure you get your insurance asap.
JMI specifically stated that it would be a new ring of comparable value, NOT a new-to-me estate piece. I think I may end up with State Farm, as they offer to replace antique jewelry with a comparable antique piece, or if that's not satisfactory, they will send me a check and let me choose another ring on my own. They seem to be the most flexible of any insurer that I've spoken with.
That ring is amazing! Mine was appraised at much more than FI paid, but mainly because two of the stones are family stones, so he didn't have to pay for them. :-)
That sounds like a good deal. I had a friend who had State Farm insurance on her laptop. And once it died, they just sent her a check without any issues.
Do you know anything about the history of the ring from the appraisal? Sometimes they will tell you the year it is from, or where it was made. I find those tidbits so interesting. I'm an Antiques Roadshow junkie!! :)
@sjbee I already learned that the ring was an Art Deco estate piece from the original seller, but my appraiser was able to confirm that the diamond is a hand-cut Old European.
I am a claims adjuster and I deal with jewellery replacement claims regularly. It is extremely common for appraiser to quote for 2,3 even 4 times what someone paid for a ring. Appraisers usually quote on the maximum it would cost to replace the ring in an insurance situation so it's very normal for their estimates to be well above what people pay for the ring itself.
Any insurance company will provide coverage for your ring, just make sure you get a separate rider for the ring to insure it for the full value. Regular property insurance policies limit the amount of coverage you have for jewellery, a rider is like a stand alone policy just for your ring!. Take the appraisal to the insurance brokerage when you go to sign up for coverage!
FYI: If (god forbid) something did happen to your ring, the settlement of your claim would be based on the cost to replace with the same like, kind and quality of ring you had (or they could rebuild your ring for you based on your description) NOT the amount on the appraisal. As I said earlier, appraisers quote on the max it would cost to replace your ring and usually it's possible to replace the ring for a lot less...
You must log in to post.
| Visit our sister sites | eHarmony Online Dating |
eHarmony Advice Dating Advice |
Project Wedding Wedding Songs |
JustMommies Pregnancy Calendar |
Create the honeymoon of your dreams.
| User | Posts Today |
|---|---|
| Lyndzo | 52 |
| This Time Round | 44 |
| Brielle | 43 |
| Future Mrs K | 38 |
| mypinkshoes | 34 |
| his chippymunk | 34 |
| ndreighton | 33 |
| Cady | 32 |
| fivemonthsnotice | 32 |
| TheLionQueen | 31 |
| User | Posts Today |
|---|---|
| JustLove25 | 25 |
| MerryWidow | 16 |
| GelaMac | 14 |
| peppybride | 13 |
| jcent | 10 |
| RayKay | 8 |
| lily69 | 8 |
| sherryberry | 7 |
| Brielle | 6 |
| mrs.t_finally | 6 |
I had my ring appraised last week, and we just got back the appraisal paperwork from the jeweler, and he quoted the replacement value at more than 3 times what my fiance paid for the ring!
My ring is an estate piece and it was purchased from an online retailer who specializes in antique and estate jewelry; all kinds, not just engagement rings. This retailer also apparently has a brick and mortar store in NYC.
I took the ring in for appraisal to a jeweler who specialized in antique pieces, because I wanted to make sure the quote would be accurate.
Imagine my surprise when I found out that now I'm wearing a ring that is apparently worth tens of thousands of dollars, I think my jaw hit the floor! My fiance is of course really happy that he got such a great deal on the ring, the original seller even had the carat size wrong (smaller than what it actually is)
Is it normal for appraisers to quote a price that is significantly more than what the ring retailed for? I'm now shopping for insurance companies (which is why we had it appraised in the first place). I looked at Jeweler's Mutual, but in their fine print it says that they won't insure antique pieces.
Can anyone recommend an insurance company who will insure antique jewelry?