(Closed) My ring got appraised for 3x what my fiance paid for it, is this normal?

posted 8 years ago in Rings
Post # 3
Member
14186 posts
Honey Beekeeper
  • Wedding: June 2009

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…Wink

Post # 4
Member
3125 posts
Sugar bee
  • Wedding: December 2009

mine seemed to be about double – but I feel like that’s typical, for insurance purposes?

Post # 5
Member
157 posts
Blushing bee
  • Wedding: September 2009

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! ;))

Post # 6
Member
153 posts
Blushing bee

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!

Post # 7
Member
1962 posts
Buzzing bee

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.

Post # 9
Member
14186 posts
Honey Beekeeper
  • Wedding: June 2009

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 =]

Post # 10
Member
7 posts
Newbee
  • Wedding: August 2009

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!

Post # 11
Member
1573 posts
Bumble bee
  • Wedding: August 2009

wow why dont you sell it and get something cheaper and save the rest of the money

Post # 12
Member
1490 posts
Bumble bee
  • Wedding: December 1969

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.

Post # 14
Member
14186 posts
Honey Beekeeper
  • Wedding: June 2009

Yeah that’s not very nice….I agree

I think it’s like having found some hidden treasure, Nexus! Wink

Post # 15
Member
1980 posts
Buzzing bee
  • Wedding: March 2014

Love your ring Nexus. Will you post a bigger pic, please?

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