Post # 1
I was hoping someone would have a little more insight on this than what I have currently. So I decided on a vintage Tiffany & Co wedding band circa 1950. I had a second appraisal done by an independant appraiser who I trust to accompany the appraisal that the vendor sent me.
The vendors appraisal is a Retail Sales Consumer Information appraisal for the purpose of Retail Replacement. The ring appraised at 3,400, but there is an incorrect description with “single-cut diamonds” when the diamonds are actually full cut. The appraisal describes the ring as a 1950s ring. The diamonds were also graded as E-F
My independant appraiser did an insurance appraisal for the purpose of Retail replacement value. He appraised the ring at 2014, but listed the ring as a circa 2014 ring, saying something about how if I need it replaced I would be getting a current day ring. The diamonds were graded as a G-H.
My question is, which appraisal should I send in, or should I submit both? I current use A Perfect Circle by Jewlers Mutual. I find that they give very fair prices.
Anybody have any thoughts
Post # 3
@memmielee: I would contact both appraisers and ask them to review your appraisals because you feel their are some discrepancies. Once you have both adjusted to accurately reflect the ring, then choose the one with the lower appraisal value. Insurance companies do not just cut you a check if the ring is lost or stolen. They simply replace it with an equivalent piece. Your insurance premiums will be higher with the higher appraisal value but will be replaced with a comparable ring as the lesser appraisal if they are equal.
Hope this helps!
Post # 4
@memmielee: circa 2014 is totally false/inaccurate, would not accept that appraisal at all. Falsification of an appraisal would be an excellent reason for an insurance company to refuse to pay a claim. Tiffany & co pieces being iconic, are well documented and would be relatively easy to research by an astute adjuster. Thus I would go back to your personal appraiser and have him correct that and submit that appraisal I would not use the original appraisal by the vendor due to the significant inaccuracy about the diamond cut. Honestly would wonder if it is actually a real Tiffany at all. Would take the ring into a Tiffany store and ask them to clean it/polish it for you. They look up the serial number when they do that. They won’t want to touch it if it isn’t truely one of theirs.
@GretaMae316“Insurance companies do not just cut you a check if the ring is lost or stolen. They simply replace it with an equivalent piece.”
Yes, true however there is an ability to negotiate with them. Diamonds and stats being what they are are not all inclusive (no pun intended LOL!) . A .75 E SI1 valued at $3000 replcmt value may show rather differentlly than a .75 E SI1 valued at $5000. Thus there is ammunition to negotiate with the insurance company if the appraisal says one is valued at a higher amt…especially as some appraisals are done with the diamond in the setting and all the measurements/cut are estimated…
Post # 5
Thanks guys! I did bring the ring into tiffany & co. They dont authenticate at the Houston store, and Im not sure they even authenticate in the NY store. They provide valuation reports & if you dont have the original purchasers name, that costs $. Tiffany agree to clean and service the ring though, so they are accepting the ring as a real tiffany ring.
I went ahead and sent in the old report, cause I noticed in the full, fleshed out description that it said “full brilliant cut diamonds”, and then when the report described the diamonds in a bullet point, it referenced 35 single cut diamonds.
Either way, the vendor misread the report and advertised the ring as single-cut, even though the written out description clearly states full cut diamonds.
I get insurance through Perfect Circle. They replace the rings with the SAME kind of ring, so both my rings would be replaced with Tiff & Co rings. I went with the older report because the ring was listed in better condition (very good as compared to good) and the diamonds had a better colour rating.