Post # 1
I’m getting my rings appraised tomorrow and I’m worried it will be less than we think they should be.
Anyone here have theirs appraise for less?
(my Fiance already had the solitare but we got the setting and wedding ring at a well known jewlery store. I’m scared that he paid too much.)
There was a similar diamond at the store same size color and clarity and I saw the price but I know how stores upsale.
Sorry just freaking out a little. I’m good at that now days. LOL
Post # 3
I’m pretty sure mine was appriased for more..like $1000. I wouldn’t be too worried about it! You should be fine!
Post # 4
We got my rings and stone at a chain store and I worried that we’d paid too much also. It was appraised for almost $2000 more than we paid for it though.
Post # 5
I’ve never actually heard of a ring appraising for less than what it was bought for. Stones are marked up, but appraisals are even worse in the mark up department, or good I supposed depending on if you ever have to claim lost or theft.
Post # 6
Sometimes places won’t appraise things they didn’t sell/create. Our jeweler appraised my ring at about $700 more. Not sure what someone else would say tho.
Post # 7
I really doubt it will appraise for less, even if you think he paid too much. Mine appraised for $4,000 more at least.
Post # 8
Yeah I doubt it will appraise for less.
Post # 9
Thanks bee’s. Yeah He told me this morning that they always appraise jewlery high and not to worry. Whew…now I only have 9999 things to worry about! LOL
Post # 10
The appraisal will come back higher 99.9% of the time, because it’s usually for insurance purposes and they base it on the Retail Value of the ring, not the actual price that was paid. They call it the “replacement value,” but basically they know it’s not going to cost you $9k to replace a ring that was $5500. They say it’s because that’s what it could cost to replace it, but I think it’s just so they can charge more for the insurance, to be honest. The higher the cost of the ring that’s being insured, the more they can charge for premiums and deductable… Sad but true.
Post # 11
Appraisals work the opposite of how most people think. Jewelry will always appraise high because that is what insurance companies (or private jewelers who will also insure) will base your payments off of. So of course they want a high value–it means you will pay more for the insurance. But he amount it appraises for is not what they will refund you if it needs to be replaced. They will refund you the exact amount you paid for it. (You can purchase replacement insurance which will replace your stone/ring with a stone/ring of equal stats. In which case you will probably get more money than you originally paid considering the appreciation of gold and diamonds. But you will pay more for replacement insurance than regular insurance.)
Post # 12
Mine appraised for more, about 3k more.
Post # 13
Mine appraised for double, I think it’s normal that they appraise for more.
Post # 14
I think you should be fine. It will apraise at what you paid or more in most cases.
Post # 15
mine appraised for about 1/3 less than what he paid, and they pointed out all these flaws we didn’t notice before. my SO kicked himself very hard for it. I reassured him that I love my ring and he got over it. (note: this was an antique ring, so that might make a big difference when buying and appraising.)
we don’t think of this ring as an investment, it’s a sentimental gift that I will wear forever and will never try to sell, so we don’t really care what the dollar value is. (we wouldn’t have gotten the appraisal at all, but our insurance company made us do it.) I did write a scathing review of the jeweler who sold it to us though, shame on them for not pointing out the flaws to my SO when he bought it.
Post # 16
I definitely agree with seven12! Most places high-ball your appraisal for insurance purposes. It’s unfortunate, but it’s like most types of insurance. Just like the home insurance people tell you your $250,000 home is worth $400,000 so that you pay a higher insurance premium. Unfortunately, if something actually happened to your home, they’d give you the $250,000 and call it a day. Same thing with jewelry.