(Closed) FI said he wished he bought 2 engagement rings

posted 7 years ago in Rings
Post # 3
Member
5118 posts
Bee Keeper
  • Wedding: November 1999

I was just thinking about doing this before we renew our policy in September…sounds like it’s worth the $35 ‘appraisal check up.’ 50%, wow! 

Do you know if the large increase was due mostly diamond or gold prices, or both?

Post # 5
Member
188 posts
Blushing bee
  • Wedding: February 2013

Yeah, the price of gold has really shot up this past year or so. I haven’t been aware of diamond prices though. It makes me hope that it’ll go down a little bit before we purchase our rings.

Post # 6
Member
14485 posts
Honey Beekeeper
  • Wedding: June 2011

The price of gold and diamonds have shot up but that still doesnt make it an investment unless you are buying pure 24k nuggets of gold.  I’m am almost certain that even with the prices of gold and diamonds having shot up that much and your appraisal increaing 50% that if you were to try to sell your ring today, you would still not get what you originally paid for it.  You’re right that it would be a good idea to update that apprasial for replacement cost just in case something does happen to the ring though.

Post # 7
Member
764 posts
Busy bee

Don’t be overly excited about a higher appraisal. It means nothig except you’re going to pay more into insurance. Most insurance companies will only replace your ring, not give you the money. Try selling your ring and youbwill most likely not be offered half of what you PAID much less half of the NEW appraisal price. Diamonds, although fabulous are NOT an investment

Post # 8
Member
8738 posts
Bumble Beekeeper
  • Wedding: September 2011

Even though it is appraising for more, does not mean you could sell it for more.

Appraisal values are for insurance coverage (i.e. what it would cost to have the exact same ring manufactured for you in the event of a lost or stolen ring).

But if you tried to go out and sell your ring 2nd hand, I doubt you’d get anywhere close to the appraisal value.

Post # 9
Member
257 posts
Helper bee
  • Wedding: May 2012

diamond rings appraise for a lot higher than their purchase price.  you will be surprise how little you get when you try to sell your ring. 

i bought a diamond to just wear for fun.  It’s appraised for $16k.  I paid $3k for it.  my engagement ring and wedding band appraises for over $20k but I know Boyfriend or Best Friend didn’t pay that much for it.  even with all the flawless diamonds, i’m sure if i try to sell it, i would prob only get 1/4 of the appraised price.

Post # 11
Member
5118 posts
Bee Keeper
  • Wedding: November 1999

@flutterbi: I had mine checked over today, and the appraisal price has gone up 60% on my ring! I would have been way under-insured had something terrible happened to my ring. Thankfully I’ve got a current appraisal now. Phew! Thanks for the info 🙂

Post # 12
Member
1429 posts
Bumble bee
  • Wedding: April 2012

My Fiance runs a pawn shop. Gold is way up. Diamonds not so much. Unless the diamonds are a significant size they are not even concidered in the $ given for the ring. 

Post # 13
Member
230 posts
Helper bee
  • Wedding: November 2011

Some of the posts above already said it all.  The appraised price means nothing – no one ever pays the appraised price for a ring or diamond when they buy it new, and you would never in a million years be able to sell it for that much.  You will always lose money selling a ring, compared to how much you bought it for.  Actually, getting it re-appraised for a higher price would backfire because you just have to pay more to insure it.  And it’s true that you wouldn’t get the cash from the insurance company. Jewelery is not an investment.  Wear and and enjoy it for the beautiful sparkle!

Post # 15
Member
230 posts
Helper bee
  • Wedding: November 2011

@flutterbi:  I understand what you mean – my ring is also insured for that reason.  But if we had to replace it, it wouldn’t cost the same as the appraisal, maybe half. So if you get it re-appraised, you just end up paying more in insurance premiums, even though the previous appraisal would give you enough to replace the ring.

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