(Closed) Have you had your ring appraised?

posted 7 years ago in Rings
Post # 17
Member
8036 posts
Bumble Beekeeper
  • Wedding: December 2013

When we bought the ring, an appraisal was issued with it for insurance purposes. I wouldn’t have bought a ring without one.

Same with my wedding band…

Post # 18
Member
2278 posts
Buzzing bee
  • Wedding: October 2013

I had the ring appraised so it could be added to FI’s renter insurance.

Post # 19
Member
561 posts
Busy bee
  • Wedding: September 2016

I haven’t, but I need to! I’d like to insure it, since I’m such a klutz, but I try to just be really careful. Since it’s an antique and a family heirloom, there’s really nothing that could replace it. I also want to get it appraised because I literally know almost nothing about it! I know cuts all of the diamonds are (I have mix of OEC’s, old single cuts, and rose cuts), and I know that it’s platinum, but other than that zilch. I walked into an antique jewelry store in my hometown once, to inquire about a repair, and the man working told me some stuff about it. Center diamond is very near colorless and at least VS1 clarity, all stones are original to the ring, etc. There’s also a small crack in the metal of the setting that needs to be repaired (not surprising, my ring got squished right after I got it). I’m waiting until I vacation in the town where I’m from to get the ring repaired and then appraised (no one in my town has the equipment to repair it). For now it’s fine. I’m being careful and enjoying wearing my lovely.

 

Post # 20
Member
85 posts
Worker bee
  • Wedding: February 2015

My ring was ordered online and an appraisal came with it along with the GIA certificate. It was appraised at £1500 more than what Fiance paid, so we’re very happy with that Laughing

Post # 21
Member
4845 posts
Honey bee
  • Wedding: August 2013

Yes, it needed an appraisal to be insured. 

Post # 22
Member
313 posts
Helper bee
  • Wedding: July 2013

Yes! I got this puppy insured!!!!

Post # 23
Member
1671 posts
Bumble bee
  • Wedding: October 2013

I didn’t. We bought my ring from a store, and it came with an appraisal of sorts. Just certification for the diamond, diamond report, etc., and listed the value for replacement as exactly what we paid… It was good enough for the insurance because my ring cost less than $5000.

But I’ve always wanted to do an independent appraisal. We got a pretty decent deal on the ring, so I wonder what it would appraise for.

Also, I wonder about my center stone. It’s graded an SI1, but it is FLAWLESSLY clear. And the inclusions map looks more like a VS1 or even a VVS2… It makes me wonder if the clarity might be higher than it says. If I lost it, I would sure like a diamond of equal quality.

Post # 24
Member
1896 posts
Buzzing bee
  • Wedding: August 2014

@oxstardust421xo:  I didn’t but that’s because my ring is already covered under a blanket policy.  I would seriously recommend that every bee get her ring appraised and covered my insurance.  The mother of a former boyfriend had her e-ring stolen and the only way they were able to pay to have it replaced was through the insurance policy.  An insurance policy is very cheap and provides a huge amount of protection.

Post # 25
Member
162 posts
Blushing bee

Just to add a note, most purchases include an appraisal with a value more than what you paid. If you think about it, it’s the store themselves writing that amount, so IMO it’s more of a ‘feel good’ figure and not what it’ll actually cost to replace. The store isn’t selling what they say is a $5000 diamond for $2500 out of the kindness of their hearts.

In an event of a loss, most insurance companies will try to find a ring that just meets the criteria that is written on the appraisal for the cheapest price, usually using their own jewelers. That’s where an independent appraisal comes in. Those third party appraisals are much more detailed.

You have to be careful not to over-insure your rings. Appraisal values are commonly thousands more than what you paid, but that high of amount will do you no good in a claim. Even if you buy something that was 75% off, you can be sure an insurance company can buy it for less. You’ll be paying much higher premiums for nothing.

I’m insured with Perfect Circle, and they allowed me to lower the insured value to what I consider a reasonable amount to account for inflation for the next few years, and nothing more. I just used my invoice as the appraisal. It’s pretty detailed and since it states that mine’s a branded cut diamond, they can only replace it with another branded cut diamond.

Post # 26
Member
123 posts
Blushing bee
  • Wedding: December 2014

Mine was appraised for insurance purposes.  Since my ring is from the 1940s it’s literally irreplaceable but I wanted to make sure we would be able to afford something nice in the event something ever happened to my ring, or I (gasP!!) were to accidently lose it! 🙁

My ring was appraised for about $700 more than my Fiance paid, so that was a nice little surprise!

Post # 28
Member
168 posts
Blushing bee
  • Wedding: June 2015

@oxstardust421xo:  My store has an identical policy. However, we chose to still have it appraised for insurance purposes. It also gives us an independent form of proof should we ever have to (god forbid) use that warranty. 

 

One other odd thing that I found out recently is to cross a border (for example the canada-us border), wearing jewelry you can be asked to show proof that the jewelry was not obtained on the trip. The best way to do so is to photocopy your appraisal and have it date stamped before you cross the border. Otherwise, you may be charged duty on your way back. 

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