Post # 1
Hi! I was wondering if everyone saw a huge difference in what they paid versus what their engagement/wedding ring got appraised for.
My ring appraised for $19,500 but I know that he didn’t pay that much at all! (That would have paid off my friggin car!)
Also, do appraisals vary based on where you get them done or are they the same across the board?
Thanks in advance!
Post # 3
Appraisals are basically always above what you paid. They do that for insurance purposes – it leaves room for appreciation of the metals, higher labor costs of replacement for the future should you lose or damage it.
It isn’t what someone would pay for the ring. You will generally lose a huge percentage of the purchase price selling it.
Post # 4
Appraisals for insurance purposes are generally twice what you paid.
Post # 5
WHICH type of appraisal? We paid far less than my “replacement value,” but more than “fair market value.”
Post # 6
My FI went to some wholesaler dude (sounds sketchy but it wasnt) who didnt charge him tax or extra fees. I guess he appraised it at what he, the wholesaler, could replace it at.
Honestly, this wholesale process is kinda crazy. Zales, Jared, Kay etc seem to really jack up their prices in comparison to what the ring/diamonds are worth.
Has anyone else noticed this?
Post # 7
@heathuhhhhwebbbb: yep! my ring cost around $8,400 but it was appraised for $15,000. The first time I misplaced it, he was sitting there cool as a fan. He kept repeating, “don’t worry… I got insurance on it. I’ll just buy you a bigger one next time so you won’t miss it if you put it down.” lol
Post # 8
My ring was appraised for 2.5x what we paid for it.